Risk Management: Foundations For A Changing Financial World《风险管理》 2025 chm pdf kindle rb azw3 下载 115盘

　　Key readings in risk management from CFA Institute, the

preeminent organization representing financial analysts

Risk management may have been the single most important topic in

finance over the past two decades. To appreciate its complexity,

one must understand the art as well as the science behind it. Risk

Management: Foundations for a Changing Financial World provides

investment professionals with a solid framework for understanding

the theory, philosophy, and development of the practice of risk

management by

Outlining the evolution of risk management and how the discipline

has adapted to address the future of managing risk

Covering the full range of risk management issues, including firm,

portfolio, and credit risk management

Examining the various aspects of measuring risk and the practical

aspects of managing risk

Including key writings from leading risk management practitioners

and academics, such as Andrew Lo, Robert Merton, John Bogle, and

Richard Bookstaber

For financial analysts, money managers, and others in the finance

industry, this book offers an in-depth understanding of the

critical topics and issues in risk management that are most

important to today’s investment professionals.

Foreword.

Acknowledgments.

Introduction.

PART I: OVERVIEW—TWO DECADES OF RISK MANAGEMENT.1990–1999.

　CHAPTER 1: A Framework for Understanding Market Crisis (Richard M.

Bookstaber)

　　Reprinted from AIMR Conference Proceedings: Risk Management:

Principles and Practices (August 1999):7–19.

　CHAPTER 2: Practical Issues in Choosing and Applying Risk

Management Tools (Jacques Longerstaey)

　　Reprinted from AIMR Conference Proceedings: Risk Management:

Principles and Practices (August 1999):52–61.

　CHAPTER 3: The Three P's of Total Risk Management (Andrew W.

Lo)

　　Reprinted from the Financial Analysts Journal (January/February

1999):13–26.

　CHAPTER 4: Reporting and Monitoring Risk Exposure (Robert W.

Kopprasch, CFA)

　　Reprinted from AIMR Conference Proceedings: Risk Management

(April 1996): 25–33.2000–Present.

　CHAPTER 5: Risk Management: A Review (Sébastien Lleo, CFA)

　　Modifi ed from The Research Foundation of CFA Institute (February

2009).

　CHAPTER 6: Defining Risk (Glyn A. Holton)

　　Reprinted from the Financial Analysts Journal (November/December

2004): 19–25.

　CHAPTER 7: Value and Risk: Beyond Betas (Aswath Damodaran)

　　Reprinted from the Financial Analysts Journal (March/April

2005):38–43.

　CHAPTER 8: A Simple Theory of the Financial Crisis; or, Why

Fischer Black Still Matters (Tyler Cowen)

　　Reprinted from the Financial Analysts Journal (May/June

2009):17–20.

　CHAPTER 9: Managing Firm Risk (Bluford H. Putnam)

　　Reprinted from AIMR Conference Proceedings: Ethical Issues for

Today’s Firm (July 2000):51–61.

　CHAPTER 10: Risk Measurement versus Risk Management (D. Sykes

Wilford)

　　Reprinted from AIMR Conference Proceedings: Improving the

Investment Process through Risk Management (November

2003):17–21.

PART II: MEASURING RISK.

　CHAPTER 11: What Volatility Tells Us about Diversifi cation and

Risk Management (Max Darnell)

　　Reprinted from CFA Institute Conference Proceedings Quarterly

(September 2009):57–66.

　CHAPTER 12: Risk2: Measuring the Risk in Value at Risk (Philippe

Jorion)

　　Reprinted from the Financial Analysts Journal (November/December

1996): 47–56.

　CHAPTER 13: How Risk Management Can Benefi t Portfolio Managers

(Michelle McCarthy)

　　Reprinted from AIMR Conference Proceedings: Risk Management:

Principles and Practices (August 1999):62–72.

　CHAPTER 14: Merging the Risk Management Objectives of the Client

and Investment Manager (Bennett W. Golub)

　　Reprinted from AIMR Conference Proceedings: Exploring the

Dimensions of Fixed-Income Management (March 2004):13–23.

　CHAPTER 15: The Mismeasurement of Risk (Mark Kritzman, CFA, and

Don Rich)

　　Reprinted from the Financial Analysts Journal (May/June

2002):91–99.

　CHAPTER 16: Riskiness in Risk Measurement (Roland Lochoff)

　　Reprinted from AIMR Conference Proceedings: Exploring the

Dimensions of Fixed-Income Management (March 2004):40–51.

　CHAPTER 17: The Second Moment (Don Ezra)

　　Reprinted from the Financial Analysts Journal (January/February

2009): 34–36.

　CHAPTER 18: The Sense and Nonsense of Risk Budgeting (Arjan B.

Berkelaar, CFA, Adam Kobor, CFA, and Masaki Tsumagari, CFA)

　　Reprinted from the Financial Analysts Journal (September/October

2006): 63–75.

　CHAPTER 19: Understanding and Monitoring the Liquidity Crisis

Cycle (Richard Bookstaber)

　　Reprinted from the Financial Analysts Journal (September/October

2000):17–22.

　CHAPTER 20: Why Company-Specifi c Risk Changes over Time (James A.

Bennett, CFA, and Richard W. Sias)

　　Reprinted from the Financial Analysts Journal (September/October

2006): 89–100.

　CHAPTER 21: Black Monday and Black Swans (John C. Bogle)

　　Reprinted from the Financial Analysts Journal (March/April

2008):30–40.

　CHAPTER 22: The Uncorrelated Return Myth (Richard M. Ennis,

CFA)

　　Reprinted from the Financial Analysts Journal (November/December

2009):6–7.

PART III: MANAGING RISK.

　　Alternative Investments.

　CHAPTER 23: Risk Management for Hedge Funds: Introduction and

Overview (Andrew W. Lo)

　　Reprinted from the Financial Analysts Journal (November/December

2001): 16–33.

　CHAPTER 24: Risk Management for Alternative Investment Strategies

(Leslie Rahl)

　　Reprinted from AIMR Conference Proceedings: Exploring the

Dimensions of Fixed-Income Management (March 2004):52–62.

　CHAPTER 25: Sources of Change and Risk for Hedge Funds (Clifford

S. Asness)

　　Reprinted from CFA Institute Conference Proceedings: Challenges

and Innovation in Hedge Fund Management (August 2004):4–9,

13–14.

　CHAPTER 26: Risk Management in a Fund of Funds (S. Luke

Ellis)

　　Reprinted from CFA Institute Conference Proceedings: Challenges

and Innovation in Hedge Fund Management (August 2004):31–39.

　CHAPTER 27: Hedge Funds: Risk and Return (Burton G. Malkiel and

Atanu Saha)

　　Reprinted from the Financial Analysts Journal (November/December

2005): 80–88.

　　Credit Risk.

　CHAPTER 28: Credit Risk (Jeremy Graveline and Michael

Kokalari)

　　Modifi ed from The Research Foundation of CFA Institute (November

2006).

　CHAPTER 29: Tumbling Tower of Babel: Subprime Securitization and

the Credit Crisis (Bruce I. Jacobs)

　　Reprinted from the Financial Analysts Journal (March/April

2009):17–30.

　CHAPTER 30: Applying Modern Risk Management to Equity and Credit

Analysis (Robert C. Merton)

　　Reprinted from CFA Institute Conference Proceedings Quarterly

(December 2007):14–22.

　　Derivatives.

　CHAPTER 31: The Uses and Risks of Derivatives (Joanne M.

Hill)

　　Reprinted from AIMR Conference Proceedings: Investing Worldwide

VI (January 1996):46–58.

　CHAPTER 32: Effective Risk Management in the Investment Firm (Mark

C. Brickell)

　　Reprinted from AIMR Conference Proceedings: Risk Management

(April 1996):48–55.

　CHAPTER 33: Risk-Management Programs (Maarten Nederlof)

　　Reprinted from AIMR Conference Proceedings: Risk Management

(April 1996):15–24.

　CHAPTER 34: Does Risk Management Add Value? (Charles W.

Smithson)

　　Reprinted from AIMR Conference Proceedings: Corporate Financial

Decision Making and Equity Analysis (July 1995):47–53.

　CHAPTER 35: Risk Management and Fiduciary Duties (Robert M.

McLaughlin)

　　Reprinted from AIMR Conference Proceedings: Risk Management:

Principles and Practices (August 1999):20–31.

　　Global Risk.

　CHAPTER 36: Financial Risk Management in Global Portfolios (R.

Charles Tschampion, CFA)

　　Reprinted from AIMR Conference Proceedings: Investing Worldwide

VI (January 1996):67–73.

　CHAPTER 37: Universal Hedging: Optimizing Currency Risk and Reward

in International Equity Portfolios (Fischer Black)

　　Reprinted from the Financial Analysts Journal (July/August

1989):16–22.

　CHAPTER 38: Strategies for Hedging (Mark P. Kritzman, CFA)

　　Reprinted from AIMR Conference Proceedings: Managing Currency

Risk (November 1997):28–38.

　CHAPTER 39: Currency Risk Management in Emerging Markets (H.

Gifford Fong)

　　Reprinted from AIMR Conference Proceedings: Investing Worldwide

VII (September 1996):18–23.

　CHAPTER 40: Managing Geopolitical Risks (Marvin Zonis)

　　Reprinted from CFA Institute Conference Proceedings Quarterly

(September 2009):22–29.

　CHAPTER 41: Country Risk in Global Financial Management (Claude B.

Erb, CFA, Campbell R. Harvey, and Tadas E. Viskanta)

　　Reprinted from The Research Foundation of CFA Institute (January

1998).

　CHAPTER 42: Political Risk in the World Economies (Marvin

Zonis)

　　Reprinted from AIMR Conference Proceedings: Investing Worldwide

VIII: Developments in Global Portfolio Management (September

1997):1–6.

　　Nonfi nancial Risk.

　CHAPTER 43: A Behavioral Perspective on Risk Management (Andrew W.

Lo)

　　Reprinted from AIMR Conference Proceedings: Risk Management:

Principles and Practices (August 1999):32–37.

　CHAPTER 44: Behavioral Risk: Anecdotes and Disturbing Evidence

(Arnold S. Wood)

　　Reprinted from AIMR Conference Proceedings: Investing Worldwide

VI (January 1996):74–78.

　CHAPTER 45: The Ten Commandments of Operational Due Diligence

(Robert P. Swan III)

　　Reprinted from CFA Institute Conference Proceedings: Challenges

and Innovation in Hedge Fund Management (August 2004):47–52.

　CHAPTER 46: Models (Emanuel Derman)

　　Reprinted from the Financial Analysts Journal (January/February

2009):28–33.

　CHAPTER 47: The Use and Misuse of Models in Investment Management

(Douglas T. Breeden)

　　Reprinted from CFA Institute Conference Proceedings Quarterly

(December 2009): 36–45.

　CHAPTER 48: Regulating Financial Markets: Protecting Us from

Ourselves and Others (Meir Statman)

　　Reprinted from the Financial Analysts Journal (May/June

2009):22–31.

　　Pension Risk.

　CHAPTER 49: Budgeting and Monitoring Pension Fund Risk (William F.

Sharpe)

　　Reprinted from the Financial Analysts Journal (September/October

2002):74–86.

　CHAPTER 50: The Plan Sponsor's Perspective on Risk Management

Programs (Desmond M...

　　Walter V. "Bud" Haslett Jr., CFA, is Head, Risk Management,

Derivatives, and Alternative Investments for CFA Institute. Mr.

Haslett has served CFA Institute as an exam grader and member of

the Council of Examiners as well as an ad hoc reviewer for the

Financial Analysts Journal and abstractor for the CFA Digest. He is

past president of the CFA Society of Philadelphia and former board

member of the New York Society of Security Analysts. He holds a

Master of Liberal Arts from the University of Pennsylvania and an

MBA from Drexel University. Prior to joining CFA Institute, Mr.

Haslett was head of option analytics for Miller Tabak & Co.,

LLC, and spent much of his career managing risk on the option

trading floors at the Philadelphia Stock Exchange.

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书籍介绍

Key readings in risk management from CFA Institute, the preeminent organization representing financial analysts Risk management may have been the single most important topic in finance over the past two decades. To appreciate its complexity, one must understand the art as well as the science behind it. Risk Management: Foundations for a Changing Financial World provides investment professionals with a solid framework for understanding the theory, philosophy, and development of the practice of risk management by Outlining the evolution of risk management and how the discipline has adapted to address the future of managing risk Covering the full range of risk management issues, including firm, portfolio, and credit risk management Examining the various aspects of measuring risk and the practical aspects of managing risk Including key writings from leading risk management practitioners and academics, such as Andrew Lo, Robert Merton, John Bogle, and Richard Bookstaber For financial analysts, money managers, and others in the finance industry, this book offers an in-depth understanding of the critical topics and issues in risk management that are most important to today’s investment professionals.