Risk Management and Corporate Finance : The Impact of Black Swan

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  • リスク・マネジメントと企業財務 : ブラック・スワンのインパクト

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Despite that most of major financial institutions have strengthened risk management based on BIS regulation, many of them faced the risk of bankruptcy during the period of subprime mortgage problem and Lehman Shock. Under such environment, the publications of "The Black Swan" and other papers issued by Taleb, N.N. are in the spotlight as innovatory idea of risk recognition and management. In this paper I survey the problem of financial engineering and finance theory which are the background of Taleb's critics, and consider the framework of value based management (VBM) and as a conclusion, I propose the importance of financial "Risk Buffer", which is opposite concept of VBM, from the view of risk management for the big economic crisis occurring at the extreme distribution.

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