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The Market Value of the Corporate Risk Management Function
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The Market Value of the Corporate Risk Management Function (1990)The Market Value of the Corporate Risk Ma…Insurance and Corporate Risk Management (1987)Insurance and Corporate Risk …Corporate Risk Management: A Financial Exposition. (1987)Corporate Risk Management: A …Large Losses, Risk Management and Stock Prices (1983)Large Losses, Risk Management…On the Corporate Demand for Insurance (1982)On the Corporate Demand for I…Reinsurance under Conditions of Capital Market Equilibrium: A Note (1981)Reinsurance under Conditions …Corporate hedging versus risk-shifting in financially constrained firms: The time-horizon matters! (2011)Corporate hedging versus risk…The Cost of Capital, Corporation Finance and the Theory of Investment (1958)The Problem of Social Cost (1960)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Derivatives and Corporate Risk Management: Participation and Volume Decisions in the Insurance Industry (2001)The Demand for Reinsurance: Theory and Empirical Tests (2003)The link between life insurance activities and economic growth: Some new evidence (2012)Credit Rationing in Markets with Imperfect Information (1981)Risk and insurance (1973)The Mathematical Theory of Insurance. (1975)Optimal Risk Exchanges (1979)Financial Innovation in the Management of Catastrophe Risk (1997)Moral Hazard, Basis Risk, and Gap Insurance (2002)The allocation of catastrophe risk (2002)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Large Losses, Risk Management and Stock Returns in the Airline Industry (1987)Gaining from Loss: Property-Liability Insurer Stock Values in the Aftermath of the 1989 California Earthquake (1992)Catastrophic Events, Parameter Uncertainty and the Breakdown of Implicit Long-Term Contracting: The Case of Terrorism Insurance (2003)Cost Effectiveness of Risk Management Practices (1990)Business process re-engineering: some aspects of how to evaluate and manage the risk exposure (1996)Financial Risk Management by Insurers: An Analysis of the Process (1997)Corporate Insurance and the Underinvestment Problem (1987)Franchising and Risk Management (1988)On the Corporate Demand for Insurance: Evidence from the Reinsurance Market (1990)
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References

  • 1982On the Corporate Demand for Insurance570 cited
  • 1987Insurance and Corporate Risk Management152 cited
  • 1981Reinsurance under Conditions of Capital Market Equilibrium: A Note122 cited
  • 1987Corporate Risk Management: A Financial Exposition.63 cited
  • 1983Large Losses, Risk Management and Stock Prices53 cited

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  • 2011Corporate hedging versus risk-shifting in financially constrained firms: The time-horizon matters!20 cited

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