Corporate Decision Making With Macroeconomic Uncertainty PDF Download
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Author | : Lars Oxelheim |
Publisher | : Oxford University Press |
Total Pages | : 256 |
Release | : 2008-09-26 |
Genre | : Business & Economics |
ISBN | : 0190450576 |
Download Corporate Decision-Making with Macroeconomic Uncertainty Book in PDF, ePub and Kindle
Macroeconomic turbulence and volatility in financial markets can fatally affect firm's performance. Very few firms make serious attempts to inform market participants and other outsider stakeholders about the impact of macroeconomic fluctuations--manifested as changes in exchange rates, interest rates, inflation rates and stock market returns-- on performance. These stakeholders, as well as financial analysts, must make their own assessments but they generally lack both the required tools and the information to do so. Worse, top management in most firms do not themselves possess the tools to identify whether a change in performance represents a change in the firm's intrinsic competitiveness or a reflection of macroeconomic conditions outside their influence. Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management develops and presents in an easily comprehensible way the essential elements of a corporate strategy for managing uncertainty in the macroeconomic environment. This Macroeconomic Uncertainty Strategy, or MUST, enhances firm value by allowing management and external stakeholders to become better informed about the development of corporate competitiveness in a turbulent macroeconomic environment. The MUST also provides guidelines for how to develop a successful risk management program. This research based book includes methods to identify the impact of macroeconomic fluctuations on cash flows and value, to develop strategies for macroeconomic risk management, to provide informative reports to external stakeholders, to evaluate the relative performance of subsidiaries and business units in multinational companies, and to evaluate performance for purposes of setting executive compensation and of fulfilling the due diligence requirements in an M & A context. The authors' use of value-based management, various performance measurements, the concept of real options, and risk management from the perspective of shareholder wealth maximization, makes the book rich and compelling. They address researchers and students in the field of international business, finance and corporate governance. On the business side, executives with strategic responsibilities, chief financial officers, and bankers who analyze corporate performance and give advice on risk management will benefit from reading this book.
Author | : Lars Oxelheim |
Publisher | : |
Total Pages | : 298 |
Release | : 2005 |
Genre | : Business & Economics |
ISBN | : |
Download Corporate Performance and the Exposure to Macroeconomic Fluctuations Book in PDF, ePub and Kindle
Author | : Lars Oxelheim |
Publisher | : Oxford University Press |
Total Pages | : 255 |
Release | : 2008-09-26 |
Genre | : Business & Economics |
ISBN | : 019971472X |
Download Corporate Decision-Making with Macroeconomic Uncertainty Book in PDF, ePub and Kindle
Macroeconomic turbulence and volatility in financial markets can fatally affect firm's performance. Very few firms make serious attempts to inform market participants and other outsider stakeholders about the impact of macroeconomic fluctuations--manifested as changes in exchange rates, interest rates, inflation rates and stock market returns-- on performance. These stakeholders, as well as financial analysts, must make their own assessments but they generally lack both the required tools and the information to do so. Worse, top management in most firms do not themselves possess the tools to identify whether a change in performance represents a change in the firm's intrinsic competitiveness or a reflection of macroeconomic conditions outside their influence. Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management develops and presents in an easily comprehensible way the essential elements of a corporate strategy for managing uncertainty in the macroeconomic environment. This Macroeconomic Uncertainty Strategy, or MUST, enhances firm value by allowing management and external stakeholders to become better informed about the development of corporate competitiveness in a turbulent macroeconomic environment. The MUST also provides guidelines for how to develop a successful risk management program. This research based book includes methods to identify the impact of macroeconomic fluctuations on cash flows and value, to develop strategies for macroeconomic risk management, to provide informative reports to external stakeholders, to evaluate the relative performance of subsidiaries and business units in multinational companies, and to evaluate performance for purposes of setting executive compensation and of fulfilling the due diligence requirements in an M & A context. The authors' use of value-based management, various performance measurements, the concept of real options, and risk management from the perspective of shareholder wealth maximization, makes the book rich and compelling. They address researchers and students in the field of international business, finance and corporate governance. On the business side, executives with strategic responsibilities, chief financial officers, and bankers who analyze corporate performance and give advice on risk management will benefit from reading this book.
Author | : Murillo Campello |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
Download Corporate Decision-Making Under Uncertainty Book in PDF, ePub and Kindle
Uncertainty over future business conditions lies at the heart of firm decision-making. Uncertainty can arise from a myriad of sources and is difficult to measure. We present a simple conceptual framework showing how several key corporate decisions are affected by uncertainty. We also highlight recent advances in the measurement of uncertainty, distinguishing between approaches that gauge aggregate uncertainty and those that capture different dimensions of firm-specific uncertainty. These approaches incorporate information obtained from market prices, big data, machine learning techniques, surveys, and more. We then review the growing body of empirical work that studies the role played by uncertainty in shaping outcomes ranging across corporate investment, asset base composition, innovation, liquidity management, payouts, and mergers. Our review outlines several opportunities for future research.
Author | : Lars Oxelheim |
Publisher | : |
Total Pages | : 300 |
Release | : 1987-08-10 |
Genre | : Business & Economics |
ISBN | : |
Download Macroeconomic Uncertainty Book in PDF, ePub and Kindle
A much needed bridge between financial and commercial decision making is provided by this comprehensive coverage of macroeconomic uncertainty.
Author | : William Hankins |
Publisher | : |
Total Pages | : 42 |
Release | : 2019 |
Genre | : |
ISBN | : |
Download Corporate Decision-Making in the Presence of Political Uncertainty Book in PDF, ePub and Kindle
Using a quarterly panel of U.S. corporations over the period 1985 - 2014 we show that corporate managers respond to political uncertainty and economic policy uncertainty shocks in different ways. We proxy for political uncertainty using the Partisan Conflict Index and employ a prevalent empirical macroeconomic methodology to construct structural shocks that are orthogonal to shocks captured by the Economic Policy Uncertainty Index. Following a political uncertainty shock, corporations increase cash but do not adjust investment. Alternatively, following an economic policy uncertainty shock, firms appear to draw on cash and reduce capital spending to increase R&D spending.
Author | : ANDERSON ANDERSON WEBSTER |
Publisher | : Academic Press |
Total Pages | : 314 |
Release | : 2014-06-28 |
Genre | : Business & Economics |
ISBN | : 1483294994 |
Download Financial Decision Making Under Uncertainty Book in PDF, ePub and Kindle
Financial Dec Making under Uncertainty
Author | : George G. Szpiro |
Publisher | : Columbia University Press |
Total Pages | : 413 |
Release | : 2020-01-07 |
Genre | : Business & Economics |
ISBN | : 0231550979 |
Download Risk, Choice, and Uncertainty Book in PDF, ePub and Kindle
At its core, economics is about making decisions. In the history of economic thought, great intellectual prowess has been exerted toward devising exquisite theories of optimal decision making in situations of constraint, risk, and scarcity. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the rational and irrational sides of human behavior. One strand develops formal models of rational utility maximizing while the other draws on what behavioral science has shown about our tendency to act irrationally. In Risk, Choice, and Uncertainty, George G. Szpiro offers a new narrative of the three-century history of the study of decision making, tracing how crucial ideas have evolved and telling the stories of the thinkers who shaped the field. Szpiro examines economics from the early days of theories spun from anecdotal evidence to the rise of a discipline built around elegant mathematics through the past half century’s interest in describing how people actually behave. Considering the work of Locke, Bentham, Jevons, Walras, Friedman, Tversky and Kahneman, Thaler, and a range of other thinkers, he sheds light on the vast scope of discovery since Bernoulli first proposed a solution to the St. Petersburg Paradox. Presenting fundamental mathematical theories in easy-to-understand language, Risk, Choice, and Uncertainty is a revelatory history for readers seeking to grasp the grand sweep of economic thought.
Author | : Ettore Piccirillo |
Publisher | : World Scientific |
Total Pages | : 159 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 9812708030 |
Download Guidebook for Supporting Decision Making Under Uncertainties Book in PDF, ePub and Kindle
The Inside Ring is the first novel in Mike Lawson’s critically acclaimed series of political thriller starring Joe DeMarco, fixer for the Speaker of the House. It opens with an assassination attempt on the president. He is only wounded, but his best friend and a Secret Service Agent are killed. It turns out that the attack wasn't without warning. General Andrew Banks, the Secretary of Homeland Security, received a note that the president was in danger, and even more alarming, that Secret Service agents guarding the president had been compromised. General Banks is reluctant to tell the FBI about the note, partly for self-serving political reasons, and partly because he doesn’t want to damage the Secret Service’s reputation based on something that might very well be a hoax. So he requests help from his friend, Speaker Mahoney, and Mahoney assigns his man DeMarco to determine if the Secret Service was really involved. Moving at a breakneck pace, and packed with plenty of humor and suspense, The Inside Ring is a must-read for fans of political thrillers.
Author | : Vincent A. W. J. Marchau |
Publisher | : Springer |
Total Pages | : 408 |
Release | : 2019-04-04 |
Genre | : Business & Economics |
ISBN | : 3030052524 |
Download Decision Making under Deep Uncertainty Book in PDF, ePub and Kindle
This open access book focuses on both the theory and practice associated with the tools and approaches for decisionmaking in the face of deep uncertainty. It explores approaches and tools supporting the design of strategic plans under deep uncertainty, and their testing in the real world, including barriers and enablers for their use in practice. The book broadens traditional approaches and tools to include the analysis of actors and networks related to the problem at hand. It also shows how lessons learned in the application process can be used to improve the approaches and tools used in the design process. The book offers guidance in identifying and applying appropriate approaches and tools to design plans, as well as advice on implementing these plans in the real world. For decisionmakers and practitioners, the book includes realistic examples and practical guidelines that should help them understand what decisionmaking under deep uncertainty is and how it may be of assistance to them. Decision Making under Deep Uncertainty: From Theory to Practice is divided into four parts. Part I presents five approaches for designing strategic plans under deep uncertainty: Robust Decision Making, Dynamic Adaptive Planning, Dynamic Adaptive Policy Pathways, Info-Gap Decision Theory, and Engineering Options Analysis. Each approach is worked out in terms of its theoretical foundations, methodological steps to follow when using the approach, latest methodological insights, and challenges for improvement. In Part II, applications of each of these approaches are presented. Based on recent case studies, the practical implications of applying each approach are discussed in depth. Part III focuses on using the approaches and tools in real-world contexts, based on insights from real-world cases. Part IV contains conclusions and a synthesis of the lessons that can be drawn for designing, applying, and implementing strategic plans under deep uncertainty, as well as recommendations for future work. The publication of this book has been funded by the Radboud University, the RAND Corporation, Delft University of Technology, and Deltares.