Purpose – The purpose of this paper is to introduce a novel measure of access to credit suited to estimate the relative change in credit reserves. Design/methodology/approach – A debt possibility frontier is estimated using data envelopment analysis and the Malmquist index is calculated. The...

Purpose - To evaluate various hedge programs designed to minimize the risk of an extreme monthly gas bill subject to a pre-determined hedge program budget. Design/methodology/approach -Historical data were collected on natural gas spot and futures prices. Also, theoretical options prices were...

Purpose –This paper seeks to show optimal strategies for firms to cope with analysis and management of risks. Design/methodology/approach - Empirical and experimental studies on gender differences in risk analysis and risk management are reported and assessed. Findings - Women appear less...

Purpose – The purpose of this paper is to investigate the connection between the accrual quality and the growth/value characteristics (and their return premia) at firm level. Design/methodology/approach – The paper employs a battery of univariate and multivariate cross-sectional tests....

Purpose – Glode provides theoretical and empirical evidence that, in aggregate, funds underperform during economic expansions and outperform during contractions. The authors find that this result is not robust to the more appropriate conditional CAPM and to alternative methods for estimating...

Purpose - The purpose of this study is to demonstrate the use of weather derivatives to hedge firm exposure to previously unmanageable risk events caused by natural phenomenon such as excessive rainfall. Design/methodology/approach - The paper adopts a case study approach to meet the objectives...

Purpose – In June of 2001, Tokyo Electric Power Company (TEPCO) and Tokyo Gas Supply Company (TGSC) made a zero-cost risk swap contract on the average temperature of August and September of 2001 in Tokyo for their adverse situations. This is an exchange of two options on the average...

Purpose – The purpose of this paper is to investigate how non-finance departmental involvement in the management of exchange rate risks impacts the extent of foreign exchange speculation in non-financial firms. Design/methodology/approach – Non-financial firms in a small open economy...

Purpose – The purpose of this paper is to show how employees' work cultural values in three cities of two different South American countries (Buenos Aires, Sao Paolo, and Rio de Janeiro) differ, and how these differences are related to the manner in which people perceive risk and construe the...

Purpose – The purpose of this paper is to examine the current status of risk management in Indian companies and explore the reasons for the adoption or lack of adoption of integrated approach to risk management. It identifies the imperatives for implementation of comprehensive risk management...