《金融学教学课件》bodie2echapter10ppt[精选].pptx

Chapter 10:Principles ofRisk ManagementObjective.Risk and Financial Decision MakingConceptual Framework for RiskManagementEfficient Allocation of1Risk-BearingCopvright c)2009 Pearson Education.Inc.Publishing as Prentice hallContents10.1 What is Risk?10.2 Risk and Economic DecisionsRisk management:Risk management:QualitativeQuantitative10.3 The Risk-Management10.7 Portfolio Theory:ProcessQuantitative Analysis for10.4 The Three DimensionsOptimal Risk Managementof Risk Transfer10.8 Probability Distributions of10.5 Risk Transfer andReturnsEconomic Efficiency10.9 Standard Deviation as a10.6 Institutions for RiskMeasure of RiskManagement2Copyright2O9 Pearson Education,Inc.Publishing as Prentice Hall10.1 What is Risk?Uncertainty-An unrealized event is uncertain for anobserver at a given time if he/she does notknow its outcome at that time-I enter a sealed bid on a public contractThe value of my bid is certain to meBefore unsealing,my bid is uncertain to youAfter unsealing,my bid is known to you3Copyright2O09 Pearson Education,Inc.Publishing as Prentice HallWhat is Risk?Uncertainty that mattersRisk is uncertainty that matters,because it affectspeoples welfare.Uncertainty is a necessary but notsufficient condition for risk.E.g.:You manage The Intergalactic Herringsandhave a choice between two contracts for the concerthall1 Pay the hall owner$2 for each ticket sold-2 Pay a specified lump-sum for the hall that has a lowerexpected cost than(1)Copyright2o09 Pearson Education,Inc.Publishing as Prentice HallContractual OutcomesTicket salesis the risk that matters-While each fan may be certain aboutattending or not attending,management isnot fully informed,and is at risk becauseif sales are in fact higher than N*,it paysmore if it selected choice 1if sales are in fact lower than N*,it paysmore if it selected choice 25Copyright2O09 Pearson Education,Inc.Publishing as Prentice Hall