Risk Management Challenge and Opportunity
Dealing with all aspects of risk management that have undergone significant innovation in recent years, this book aims at being a reference work in its field. Different to other books on the topic, it addresses the challenges and opportunities facing the
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Michael Frenkel ´ Ulrich Hommel Markus Rudolf (Editors)
Risk Management Challenge and Opportunity Second Revised and Enlarged Edition
With 100 Figures and 125 Tables
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Professor Dr. Michael Frenkel Professor Dr. Markus Rudolf WHU Otto Beisheim Graduate School of Management Burgplatz 2 56179 Vallendar [email protected] [email protected] Professor Dr. Ulrich Hommel EUROPEAN BUSINESS SCHOOL International University Stiftungslehrstuhl Unternehmensfinanzierung und Kapitalmårkte Schloss Reichartshausen 65375 Oestrich-Winkel [email protected]
Cataloging-in-Publication Data Library of Congress Control Number: 2004114544
ISBN 3-540-22682-6 Springer Berlin Heidelberg New York ISBN 3-540-67134-X 1st edition Springer Berlin Heidelberg New York
This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. Springer is a part of Springer Science+Business Media springeronline.com ° Springer Berlin ´ Heidelberg 2000, 2005 Printed in Germany The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Hardcover-Design: Erich Kirchner, Heidelberg SPIN 11308300
43/3130-5 4 3 2 1 0 ± Printed on acid-free paper
#9QTFQH)TGGVKPI In my "Word of Greeting" of the first edition of this book which was dedicated to Günter Dufey, I pointed out that I appreciate Günter Dufey as someone who builds bridges between Germany and the United States. Meanwhile, almost 5 years have gone by. Günter Dufey's significance as an academic intermediary between the continents has even increased since then. Due to his efforts, the cooperation between high ranked U.S. business schools and the WHU - Otto Beisheim Hochschule in Germany have been intensified. The joint summer MBA program on the WHU campus is attended by 45 U.S. students every year. This number is still growing. Moreover, since the issue of the first edition, Günter Dufey has enlarged his activity spectrum also to Asia. In 2002 until 2003 Günter Dufey joined the Singapore Office of the firm as Senior Advisor, supporting the Corporate Governance Practice of the firm in the Region. Since then he was appointed as Professor of Banking and Finance at the Nanyang Business School - Nanyang Technological University and as Principal of the Pacific International Business Associates. Last but not least, he is now an ordinary member of the Singapore Institute of Directors. I
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