Corporate Decision-Making with Macroeconomic Uncertainty_Performance and Risk Management_Lars Oxelheim 2008

希望楼主能先介绍下这本书~

1 Macroeconomic Uncertainty in a Corporate Perspective 3
1.1 Introduction 3
1.2 The macroeconomic environment of the fi rm 6
1.3 What level of concern? 11
1.4 Macroeconomic Uncertainty Strategy (MUST) 12
1.5 The contents of this book 13
2 Concepts of Macroeconomic Risk Management 16
2.1 Introduction 16
2.2 Corporate risk: A brief review of the concept 17
2.3 Corporate risk: Who cares? 20
2.4 Macroeconomic risk 25
2.5 What could be gained from a risk management
program? 28
2.6 Risk management and the creation of options 30
2.7 Concluding remarks: The case for risk management 31
3 Traditional Approaches to Measuring Macroeconomic
Exposure 34
3.1 Introduction 34
3.2 From transaction exposure to economic exposure 35
3.3 Translation exposure 42
3.4 From translation exposure to economic exposure 43
3.5 Does the translation method matter? 45

7 Evaluating Cash Flow at Risk 143
7.1 Introduction 143
7.2 From exposures to Cash Flow at Risk (CFaR) 144
7.3 Information requirements for CFaR analysis 147
7.4 Norsk Hydro and its exposures 148
7.5 Estimating CFaR 151
7.6 Hedging exposure to reduce CFaR 152
7.7 Concluding remarks on Cash Flow at Risk 153
8 Strategies for Risk and Exposure Management 155
8.1 Introduction 155
8.2 Choice of target variable and time horizon 156
8.3 Management’s risk attitude 159
8.4 Price adjustment in goods and fi nancial markets 160
8.5 Choice of exposure management strategies 161
8.6 Information requirements 164
8.7 Adjustability of commercial operations: Real options 167
8.8 Concluding remarks on the choice of strategy 169
9 Recognizing Macroeconomic Fluctuations in Value-Based
Management 170
9.1 Introduction 170
9.2 VBM and macroeconomic fl uctuations 171
9.3 Cash fl ow decomposition and valuation: The case of
Electrolux 173
9.4 Decomposition in performance assessment 176
9.5 Taking fl exibility into account 177
9.6 Concluding remarks about MUST analysis in performance
assessment 180
10 Evaluation, Feedback, and Organization 183
10.1 Introduction 183
10.2 Managers’ incentives and the fi rm’s objectives 184
10.3 Realized versus non-realized and anticipated versus
unanticipated gains and losses 187
10.4 Nominal versus real magnitudes 190
10.5 Evaluation of risk management strategies 190
10.6 Centralization versus decentralization of risk
management 192
10.7 Concluding remarks on evaluation, feedback, and
organization 195