Risk Management and Corporate Governance  book cover
1st Edition

Risk Management and Corporate Governance

ISBN 9780415879705
Published December 21, 2011 by Routledge
512 Pages 23 B/W Illustrations

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Book Description

The asymmetry of responsibilities between management and corporate governance both for day-to-day operations and the board’s monthly or quarterly review and evaluation remains an unresolved challenge. Expertise in the area of risk management is a fundamental requirement for effective corporate governance, if not by all, certainly by some board members. This means that along with board committees such as "compensation", "audit", "strategy" and several others, "risk management" committees must be established to monitor the likelihood of certain events that may cause the collapse of the firm.

Risk Management and Corporate Governance allows academics and practitioners to assess the state of international research in risk management and corporate governance. The chapters overlay the areas of risk management and corporate governance on both financial and operating decisions of a firm while treating legal and political environments as externalities to decisions undertaken.

Table of Contents

Introduction. Abolhassan Jalilvand and A.G. Malliaris  Part I: The Performance Effects of Risk Management and Corporate Governance  1. Managers’ Behavior when Governance is Weak. Ralf Steinhauser  2. Stock Repurchase Programs and Corporate Governance: Ethical Issues and Dilemmas. Richard McGowan  3. The Role of Enterprise Risk Management in Determining Audit Fees: Complement or Substitute. Kurt Desender and Esteban Lafuente  4. Performance Based Equity Grants and Corporate Governance Choices. Yu Flora Kuang and Bo Qin  Part II: Theoretical and Experimental Approaches to Risk Management  5. Board Risk Oversight, Hedging Intensity, and the Idiosyncratic Risk of U.S. Banks. Kathy Fogel, Yingying Shao, and Timothy Yeager  6. Tail Dependence of Major U.S. Stocks. Long Kang and Simon Babbs  7. Investors’ Cognitive Profile and Herding. Beatriz Fernández, Teresa Garcia-Merino,Rosa Mayoral Valle Santos, and Eleuterio Vallelado  8. Sample Tangency Portfolio, Representativeness and Ambiguity: Impact of the Law of Small Numbers. Ghislain Yanou  Part III: Global Dimensions of Corporate Governance and Risk Management  9. A Theoretical Framework for Voluntary Corporate Governance.  Rodrigo Zeidan  10. Lending Currency Mix of Globalized Banks: A Potential Risk for Foreign Affiliates via Internal Fund Transfer. Yuki Masujima  11. Corporate Governance of Banks. Peter O. Mülbert  Part IV: Legal and Regulatory Dimensions of Corporate Governance and Risk Management  12. Corporate Political Spending & Shareholders’ Rights: Why the U.S. Should Adopt the British Approach. Ciara Torres-Spellicy  13. Disclosure 2.0: Leveraging Technology to Address ‘Complexity’ and Information Failures in the Financial Crisis. Erik Gerding  14. Data Integrity Preservation and Identity Theft Prevention: Operational and Strategic Imperatives to Enhance Shareholder and Consumer Value. Kevin Govern and John Winn  15. Credit Derivatives and Corporate Governance: A Review of Corporate Theory. P.M. Vasudev

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Abol Jalilvand received his Ph.D. in Finance from the University of North Carolina at Chapel Hill. His scholarly work in corporate debt structure, risk management, cost of capital and international capital flows has appeared in top refereed journals. He is Dean of the School of Business Administration and Graduate School of Business at Loyola University Chicago.

A.G. (Tassos) Malliaris, PhD, joined Loyola University Chicago in 1972 and is currently Professor of Economics and Finance and holds the Walter F. Mullady Sr. Chair in Business Administration. He specializes in financial economics and has made significant contributions in the area of futures and options markets.