Culp Structured Finance and Insurance

The ART of Managing Capital and Risk
1. Auflage 2011
ISBN: 978-1-118-16099-2
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 912 Seiten, E-Book

Reihe: Wiley Finance Editions

Praise for Structured Finance & Insurance
"More and more each year, the modern corporation must decide whatrisks to keep and what risks to shed to remain competitive and tomaximize its value for the capital employed. Culp explains thetheory and practice of risk transfer through either balance sheetmechanism such as structured finance, derivative transactions, orinsurance. Equity is expensive and risk transfer is expensive. Asunderstanding grows, and, as a result, costs continue to fall, ARTwill continue to replace equity as the means to cushion knowablerisks. This book enhances our understanding of ART."
--Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus,Graduate School of Business, Stanford University
"A must-read for everyone offering structured finance as abusiness, and arguably even more valuable to any one expected topay for such service."
--Norbert Johanning, Managing Director, DaimlerChrysler FinancialServices
"Culp's latest book provides a comprehensive account of the mostimportant financing and risk management innovations in bothinsurance and capital markets. And it does so by fitting theseinnovative solutions and products into a single, unified theory offinancial markets that integrates the once largely separatedisciplines of insurance and risk management with the currenttheory and practice of corporate finance."
--Don Chew, Editor, Journal of Applied Corporate Finance (a MorganStanley publication)
"This exciting book is a comprehensive read on alternativeinsurance solutions available to corporations. It focuses on thereal benefits, economical and practical, of alternatives such ascaptives, rent-a-captive, and mutuals. An excellent introduction tothe very complex field of alternative risk transfer (ART)."
--Paul Wohrmann, PhD, Head of the Center of Excellence ART andmember of theExecutive Management of Global Corporate in Europe,Zurich Financial Services
"Structured Finance and Insurance transcends Silos to reach theEnterprise Mountaintop. Culp superbly details integrated, captive,multiple triggers and capital market products, and provides thearchitectural blueprints for enterprise risk innovation."
--Paul Wagner, Director, Risk Management, AGL Resources Inc.

Autoren/Hrsg.

Culp, Christopher L.

Inhaltsverzeichnis

Foreword: Wherefore ART Thou? The Importance of Principle-BasedStructured Finance (Tom Skwarek, Swiss Re Capital Solutions).
Preface.
PART ONE: Integrated Risk and Capital Management.
Chapter 1: Real and Financial Capital.
Chapter 2: Risk and Risk Management.
Chapter 3: Leverage.
Chapter 4: Adverse Selection and Corporate FinancingDecisions.
Chapter 5: Capital Budgeting, Project Selection, and PerformanceEvaluation.
Chapter 6: Risk Transfer.
Chapter 7: Risk Finance.
PART TWO: Traditional Risk Transfer.
Chapter 8: Insurance.
Chapter 9: Reinsurance.
Chapter 10: Credit Insurance and Financial Guaranties.
Chapter 11: Derivatives.
Chapter 12: Credit Derivatives and Credit-Linked Notes.
PART THREE: Structured Finance.
Chapter 13: The Structuring Process.
Chapter 14: Hybrids, Convertibles, and Structured Notes.
Chapter 15: Contingent Capital.
Chapter 16: Securitization.
Chapter 17: Cash Collateralized Debt Obligations.
Chapter 18: Synthetic Collateralized Debt Obligations.
Chapter 19: Structured Synthetic Hybrids.
Chapter 20: Securitizing Private Equity and Hedge Funds.
Chapter 21: Project and Principal Finance.
PART FOUR: Structured Insurance and Alternative RiskTransfer.
Chapter 22: Risk Securitizations and Insurance-Linked Notes.
Chapter 23: Captives, Protected Cells, and Mutuals.
Chapter 24: Finite Risk.
Chapter 25: Multiline and Multitrigger Insurance Structures.
Chapter 26: Contingent Cover.
PART FIVE: Case and Issue Studies.
Chapter 27: The Emerging Role of Patent Law in Risk Finance (J.B. Heaton, Bartlit Beck Herman Palenchar & Scott).
Chapter 28: Critical Distinctions between Weather Derivativesand Insurance (Andrea S. Kramer, McDermott Will & Emery).
Chapter 29: Is Insurance a Substitute for Capital under theRevised Basel Accord? (Barbara T. Kavanagh).
Chapter 30: Is My SPE a VIE under FIN46R, and, If So, So What?(J. Paul Forrester, Mayer Brown Rowe & Maw, and Benjamin S.Neuhausen, BDO Seidman).
Chapter 31: Credit Derivatives, Insurance, and CDOs: TheAftermath of Enron (Alton B. Harris, Ungaretti & Harris, andAndrea S. Kramer, McDermott Will & Emery).
Chapter 32: Project Finance Collateralized Debt Obligations:What? Why? Now? (J. Paul Forrester, Mayer Brown Rowe &Maw).
Chapter 33: 2004 Review of Trends in Insurance Securitization:Exploring Outside the Cat Box (Morton N. Lane and Roger Beckwith,Lane Financial).
Chapter 34: Enterprise Risk Management: The Case of United GrainGrowers (Scott E. Harrington and Greg Niehaus, University of SouthCarolina, and Kenneth J. Risko, Willis Risk Solutions).
Chapter 35: Representations and Warranties Insurance and OtherInsurance Products Designed to Facilitate Corporate Transactions(Theodore A. Boundas and Teri Lee Ferro, Boundas, Skarzynski, Walsh& Black).
APPENDIXES.
Appendix A: Capital Structure Irrelevance.
Appendix B: Risk-Based Capital Regulations on FinancialInstitutions.
Appendix C: Risk Capital.
Commonly Used Abbreviations.
Notes.
References.
Index.

Über Autor(innen)

CHRISTOPHER L. CULP, PhD, is Director of Risk Management Consulting Services, Inc., in Chicago and Bern, Switzerland; Senior Fellow in Financial Regulation at the Competitive Enterprise Institute in Washington, D.C., an adjunct professor of finance at The University of Chicago's Graduate School of Business; and an Honorarprofessor (Adjunct Professor) at Unversität Bern in the Institut für Finanzmanagement. He consults actively in the areas of structured finance and insurance for (re)insurance companies and brokers, corporate users of structured products, asset managers, and law firms. Culp's previous books from Wiley include Risk Transfer: Derivatives in Theory & Practice, The Risk Management Process, The ART of Risk Management, and Corporate Aftershock (as coeditor with William Niskanen). Culp holds a PhD in finance from The University of Chicago's Graduate School of Business.