Catálogo de publicaciones - libros

The analysis and the coordination of global supply chain networks is of great interest to managers of globally operating firms. This tutorial addresses important issues related to the management of global manufacturing and distribution networks. In particular, the benefit of operational and managerial flexibility is examined in the context of the coordination of a multi-stage supply chain network and the deployment of real options. We demonstrate i) that the value of operational flexibility can be exploited, e.g., through global coordination, transfer pricing and knowledge transfer, and ii) that the option value of managerial flexibility can enhance the firm’s shareholder value and reduce its downside risk exposure, e.g., through distribution postponement or stochastic recourse. A wellpublished Harvard case study is utilized to illustrate how these benefits and option values can easily be quantified. In teaching and in practice, global supply chain network analysis can be supported effectively through the use of spreadsheet addins, such as Monte Carlo simulation and (non-linear) optimization tools. We discuss briefly the differences between operational and financial hedging. The corresponding spreadsheet models can be downloaded by accessing the following internet address: http://www.whu.edu/prod.

In April 2001, E.ON AG announced the details of its pre-conditional cash offer for Powergen plc. Due to pending regulatory clearance in the USA, the UK and Europe as well as shareholder acceptance, the acquisition was not finalized until July 2002. This chapter identifies contingent currency risk exposures as a predominant concern in such cross-border acquisitions and develops an acquisition- related approach to managing them. Based on an exemplary risk management process, decision problems arising in the various phases of the acquisition are discussed and complemented with information on E.ON’s risk management policies actually adopted.

This article describes the new paradigms that have emerged with respect to the infrastructure of capital markets, and explores why Deutsche Börse intends to capitalize on these new developments by establishing an exchange for energy derivatives: (1). Market liberalization makes it feasible to use existing financial instruments for new risk classes in electricity (2). Deutsche Börse intends to utilize its new understanding of its own role and its new capabilities to develop the energy market (3). Deutsche Börse intends to further expand into new markets (4). Deutsche Börse will no longer be an exchange in the traditional sense, but instead a developer and operator of trading platforms in a market economy that has undergone extensive deregulation.

This article describes the new paradigms that have emerged with respect to the infrastructure of capital markets, and explores why Deutsche Börse intends to capitalize on these new developments by establishing an exchange for energy derivatives: (1). Market liberalization makes it feasible to use existing financial instruments for new risk classes in electricity (2). Deutsche Börse intends to utilize its new understanding of its own role and its new capabilities to develop the energy market (3). Deutsche Börse intends to further expand into new markets (4). Deutsche Börse will no longer be an exchange in the traditional sense, but instead a developer and operator of trading platforms in a market economy that has undergone extensive deregulation.

In general, individuals will be interested in consumption of goods with “original” prices denominated in various currencies. Traditional risk management is nominally oriented and typically neglects this differentiated consumption preferences of investors. We outline the relevance of a consumption oriented “real” risk management and sketch resulting problems connected with such an approach.

Risk Management is still relatively new to Operations Management (OM), but of ever increasing importance given new legislation such as Basel II. The consideration of risk in operations recently led to the emergence of a research interface between OM and Finance. The present article reviews the evolution of the literature on supply contracts towards this interface with the new focal point represented by the application of real options to capacity management in capital intensive industries. It will be shown that options on capacity enable risk-sharing among trading partners, improve economic efficiency and enhance the viability of online trading platforms. As a consequence, we view the establishment of longterm and short-term contracting as an essential step towards superior supplychain efficiency as well as a means of incorporating risk in operations management.

The Barings, Daiwa Bank and Sumitomo Corp. financial debacles in the mid-1990s suggest that management failures rather than misfortune, errors, or complexity are a major source of the risk of financial debacles. These errors are systematic and are a concommittant of the structure of trading and of human nature. Risk management systems must take these facts into account. Two years after this chapter first appeared, John Rusnak, a trader at Allied Irish Bank’s US subsidiary lost US$691m in unauthorized trading.

This paper reviews recent research and the first five years of EMU experience with a view to examine the risks that EMU entails for governments, firms, and workers. It also looks at the long-term stability of the euro. Although it has often been emphasized that exchange rate risk is eliminated by EMU, risks can occur for a variety of reasons which are discussed in this paper. More specifically, we consider fiscal policy, rigidity of labor markets, and EMU enlargement as potential sources of risk in the EMU and look at shifts of the importance of different risk components in financial markets resulting from EMU.

Value-at-risk figures are calculated on the basis of historical market volatility and capital requirements are determined on the basis of these calculations. A rise in historical market volatility leads to an increase of the regulatory capital requirement. If market participants engage in forced selling to decrease risk exposure to meet imposed capital requirements, volatility may be amplified. Risk management on the individual firm level may thus actually lead to an increase of market volatility in the economy as a whole and the regulatory aim to limit the chances of systemic effects is undermined. We present an informal exposition of this argument as well as supporting empirical and anecdotal evidence.

As institutional investors are engaged to realize attractive risk-adjusted returns, they can by definition be seen as risk managers. This paper analyzes their risk management behavior from a macro perspective and focuses on their incentives for rational herding. Based on a questionnaire survey we find clear evidence of herding among fund managers in Germany. While all different subgroups of fund managers perceive institutional herding, senior fund managers perceive herding even more strongly than more junior managers. Regarding herding as rational strategy of adapting to incentives, one might ascribe this finding to the higher pressure of success that senior managers face.