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Risk analysis and management are very important tasks in modern finance. In the recent years one could see the development of many methods of risk management and risk measurement. This refers first of all to two main types of risk, namely market risk (this is risk due to the changes of prices on the financial market) and credit risk (this is risk due to the possibility that the counterparty will not make contractual payments). On the other hand, recently new types of risk emerged, the remarks on which we present in this paper. Among these new types of risk are:
- weather risk (risk resulting from unexpected changes in temperature, unexpected amount of rainfall and snowfall etc.);
- catastrophe risk (risk resulting from the natural catastrophes, like earthquakes, hurricanes, floods);
- insurance risk (risk resulting from the unexpected claims of the insured entities);
- accounting risk (risk resulting from the misrepresentation in the financial statements);
- environmental risk (risk resulting from the unexpected events in the environment, like excessive pollution, ecological catastrophes);
- terrorism risk (risk resulting from terrorism attacks);
- sport risk (risk resulting from the unexpected outcomes of sport events leading to losses). (fragment of text)
- weather risk (risk resulting from unexpected changes in temperature, unexpected amount of rainfall and snowfall etc.);
- catastrophe risk (risk resulting from the natural catastrophes, like earthquakes, hurricanes, floods);
- insurance risk (risk resulting from the unexpected claims of the insured entities);
- accounting risk (risk resulting from the misrepresentation in the financial statements);
- environmental risk (risk resulting from the unexpected events in the environment, like excessive pollution, ecological catastrophes);
- terrorism risk (risk resulting from terrorism attacks);
- sport risk (risk resulting from the unexpected outcomes of sport events leading to losses). (fragment of text)
Rocznik
Strony
25--33
Opis fizyczny
Twórcy
autor
- Wrocław University of Economics, Poland
Bibliografia
- Black F., Scholes M. (1973): The pricing of options and corporate liabilities. Journal of Political Economy" nr 81, s. 637-654.
- Brace A., Gątarek D., Musiela M. (1997): The market model of interest rate dynamics. "Mathematical Finance" nr 7, s. 127-155.
- Heath D., Jarrow R., Morton A. (1992): Bond pricing and the term structure of interest rates: a new methodology. "Econometrica" nr 60, s. 77-105.
- Hull J.C. (2003): Options, futures and other derivatives. Upper Saddle River: Prentice Hall.
- Embrechts P., Lindskog F., McNeil A. (2001): Modeling dependence with copulas and applications to risk management. Report. ETHZ Zurich.
- Jarrow R.A., Lando D., Turnbull S.M. (1997): A Markov model for the term structure of credit spreads. "Review of Financial Studies" nr 10, s. 481-523.
- McNeil A. (1999): Extreme Value Theory for risk managers. Report. ETHZ, Zurich.
- Merton R.C. (1973): Theory of rational option pricing. "Bell Journal of Economics and Management Science" nr 4, s. 141-183.
Typ dokumentu
Bibliografia
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bwmeta1.element.ekon-element-000171437506