Abstract

http://ssrn.com/abstract=1787144
 
 

Citations (3)



 


 



Managing Risk Management


Gordon M. Bodnar


Johns Hopkins University - Paul H. Nitze School of Advanced International Studies (SAIS)

Erasmo Giambona


University of Amsterdam - Finance Group; Tinbergen Institute - Tinbergen Institute Amsterdam (TIA)

John R. Graham


Duke University; National Bureau of Economic Research (NBER)

Campbell R. Harvey


Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

Richard C. Marston


University of Pennsylvania - Finance Department; National Bureau of Economic Research (NBER)

March 15, 2011

AFA 2012 Chicago Meetings Paper

Abstract:     
We survey and analyze risk management goals, policies, and perceptions of risk managers in businesses and organizations around the world. With more than 1,100 responses and a global scope, we ask specific questions about risk management behavior in six risk areas: interest rate, foreign exchange, commodity, energy, credit, and geopolitical risk. We question risk managers about their firm's exposures to these risks areas as well as their financial and operational methods used to in risk management. In addition, we pose specific questions about the interaction between risk management and the firm's investing and financing policies as well as the impact of recent and possible changes to derivatives market regulation on the firm's derivative usage. As some questions in the survey are drawn directly from earlier surveys we are also able to assess changes in policy and practice over time. Finally, we link the personal characteristics of risk managers to their practices. For example, we are able to determine whether a manager's personal risk aversion is linked to the risk management policy that manager oversees. Overall the results suggest that in the post global financial crisis world, risk management is an important part of corporate activities and that best practice in risk management policy and behavior has become global.

Number of Pages in PDF File: 57

Keywords: Corporate risk management, Global survey

JEL Classification: G32

working papers series


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Date posted: March 18, 2011 ; Last revised: December 20, 2013

Suggested Citation

Bodnar, Gordon M. and Giambona, Erasmo and Graham, John R. and Harvey, Campbell R. and Marston, Richard C., Managing Risk Management (March 15, 2011). AFA 2012 Chicago Meetings Paper. Available at SSRN: http://ssrn.com/abstract=1787144 or http://dx.doi.org/10.2139/ssrn.1787144

Contact Information

Gordon M. Bodnar
Johns Hopkins University - Paul H. Nitze School of Advanced International Studies (SAIS) ( email )
1740 Massachusetts Avenue, NW
Washington, DC 20036
United States
202-663-7731 (Phone)
202-663-7718 (Fax)
Erasmo Giambona (Contact Author)
University of Amsterdam - Finance Group ( email )
Roetersstraat 18
Amsterdam, 1018WB
Netherlands
+31 20 525 5321 (Phone)
HOME PAGE: http://www1.fee.uva.nl/pp/egiambona/
Tinbergen Institute - Tinbergen Institute Amsterdam (TIA) ( email )
Gustav Mahlerplein 117
Amsterdam, 1082 MS
Netherlands
John Robert Graham
Duke University ( email )
Box 90120
Durham, NC 27708-0120
United States
919-660-7857 (Phone)
919-660-8030 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Campbell R. Harvey
Duke University - Fuqua School of Business ( email )
Box 90120
Durham, NC 27708-0120
United States
919-660-7768 (Phone)
919-660-8030 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Richard C. Marston
University of Pennsylvania - Finance Department ( email )
The Wharton School
3620 Locust Walk
Philadelphia, PA 19104
United States
215-898-7626 (Phone)
215-573-2242 (Fax)

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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