The normal accidents and high reliability organisations theories are widely known as presenting the intellectual discourse between two opposing schools of thought for risk management of complex systems as the first is tagged as pessimistic while the latter is labelled as optimistic. Due to high...

Climate changes require special attention and global monitoring. Impacts on nature and industry are increasingly evident. Water transport could be the backbone of the future European combined transport system. Unfortunately, risks in water transport are perhaps an under researched area and...

Purpose –The purpose of this paper is to analyse the implementation of risk management as a tool for internal audit activities, focusing on unexpected effects or uncertainties generated during its application. Design/methodology/approach –Public and confidential documents as well as...

Purpose – What copulas are, their estimation, and use is illustrated using a geographical diversification example. To accomplish this, dependencies between county-level yields are calculated for non-irrigated wheat, upland cotton, and sorghum using Pearson linear correlation and Kendall's tau....

Purpose – The purpose of this paper is to explore the extent of the so-called “small-sample problem” within quantitative exchange-rate risk management. Design/methodology/approach –The authors take a closer look at the frequency distribution of nominal price changes in the European...

Prediction markets have emerged fairly recently as a promising forecasting mechanism to handle efficiently the dynamic aggregation of dispersed information among various agents. The interest that this mechanism attracts seems to be increasing at a steady rate, in terms of both business interest...

Banking system in Iran in recent years faced an increasing growth in deferred debts; which one of most obvious effects of deferred debts outbreak is creating disruption in the correct and timely circulation money in the system and in fact creating disruption in the vital artery of bank which in...

In recent years the CSR has been a mainstream to the organization’s activities. CSR considers society, environment and ethics in making strategy that can secure economic and competitive advantage of the organizations. CSR takes care of the interest of all stakeholders, rather than that of the...

We test for the presence of a systematic tail risk premium in the cross-section of expected returns by applying a measure on the sensitivity of assets to extreme market downturns, the tail beta. Empirically, historical tail betas help to predict the future performance of stocks under extreme...