Abstract

http://ssrn.com/abstract=1278073
 
 

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Risk Management Failures: What are They and When do They Happen?


Rene M. Stulz


Ohio State University (OSU) - Department of Finance; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

October 2008

Fisher College of Business Working Paper No. 2008-03-017
Charles A. Dice Center Working Paper No. 2008-18

Abstract:     
A large loss is not evidence of a risk management failure because a large loss can happen even if risk management is flawless. I provide a typology of risk management failures and show how various types of risk management failures occur. Because of the limitations of past data in assessing the probability and the implications of a financial crisis, I conclude that financial institutions should use scenarios for credible financial crisis threats even if they perceive the probability of such events to be extremely small.

Number of Pages in PDF File: 25

JEL Classification: G20, G32

working papers series


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Date posted: October 6, 2008  

Suggested Citation

Stulz, Rene M., Risk Management Failures: What are They and When do They Happen? (October 2008). Fisher College of Business Working Paper No. 2008-03-017; Charles A. Dice Center Working Paper No. 2008-18. Available at SSRN: http://ssrn.com/abstract=1278073 or http://dx.doi.org/10.2139/ssrn.1278073

Contact Information

Rene M. Stulz (Contact Author)
Ohio State University (OSU) - Department of Finance ( email )
2100 Neil Avenue
Columbus, OH 43210-1144
United States
HOME PAGE: http://www.cob.ohio-state.edu/fin/faculty/stulz

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
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