Macroeconomic turbulence and volatility in financial markets can fatally affect firm's performance. Very few firms make serious attempts to inform market participants and other outsider stakeholders about the impact of macroeconomic fluctuations--manifested as changes in exchange rates, interest rates, inflation rates and stock market returns-- on performance. These stakeholders, as well as financial analysts, must make their own assessments but they generally lack both the required tools and the information to do so. Worse, top management in most firms do not themselves possess the tools to identify whether a change in performance represents a change in the firm's intrinsic competitiveness or a reflection of macroeconomic conditions outside their influence. Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management develops and presents in an easily comprehensible way the essential elements of a corporate strategy for managing uncertainty in the macroeconomic environment. This Macroeconomic Uncertainty Strategy, or MUST, enhances firm value by allowing management and external stakeholders to become better informed about the development of corporate competitiveness in a turbulent macroeconomic environment. The MUST also provides guidelines for how to develop a successful risk management program. This research based book includes methods to identify the impact of macroeconomic fluctuations on cash flows and value, to develop strategies for macroeconomic risk management, to provide informative reports to external stakeholders, to evaluate the relative performance of subsidiaries and business units in multinational companies, and to evaluate performance for purposes of setting executive compensation and of fulfilling the due diligence requirements in an M &amp; A context. The authors' use of value-based management, various performance measurements, the concept of real options, and risk management from the perspective of shareholder wealth maximization, makes the book rich and compelling. They address researchers and students in the field of international business, finance and corporate governance. On the business side, executives with strategic responsibilities, chief financial officers, and bankers who analyze corporate performance and give advice on risk management will benefit from reading this book.

Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management

Business & Money

Oxelheim, Lars

Wihlborg, Clas

Finance

Oxford University Press

In recent years, the term 'transparency' has emerged as one of the most popular and keenly-touted concepts around. In the economic-political debate, the principle of transparency is often advocated as a prerequisite for accountability, legitimacy, policy efficiency, and good governance, as well as a universal remedy against corruption, corporate and political scandals, financial crises, and a host of other problems. But transparency is more than a mere catch-phrase. Increased transparency is a bearing ideal behind regulatory reform in many areas, including financial reporting and banking regulation. Individual governments as well as multilateral bodies have launched broad-based initiatives to enhance transparency in both economic and other policy domains. Parallel to these developments, the concept of transparency has seeped its way into academic research in a wide range of social science disciplines, including the economic sciences. This increased importance of transparency in economics and business studies has called for a reference work that surveys existing research on transparency and explores its meaning and significance in different areas. The Oxford Handbook of Economic and Institutional Transparency is such a reference. Comprised of authoritative yet accessible contributions by leading scholars, this Handbook addresses questions such as: What is transparency? What is the rationale for transparency? What are the determinants and the effects of transparency? And is transparency always beneficial, or can it also be detrimental (if so, when)? The chapters are presented in three sections that correspond to three broad themes. The first section addresses transparency in different areas of economic policy. The second section covers institutional transparency and explores the role of transparency in market integration and regulation. Finally, the third section focuses on corporate transparency. Taken together, this volume offers an up-to-date account of existing work on and approaches to transparency in economic research, discusses open questions, and provides guidance for future research, all from a blend of disciplinary perspectives.

The Oxford Handbook of Economic and Institutional Transparency (Oxford Handbooks)

Forssbaeck, Jens

Business Culture

Offers an alternative to traditional corporate approaches to macroeconomic uncertainty and presents in-depth analyses which point out why conventional solutions are often inadequate. The authors offer an original and consistent approach to such areas as measuring and managing exchange rates, inflation, interest rates, and market fluctuations; exposure to international monetary and fiscal policies; transaction and translation exposure measures, and more. Concepts and strategies in each topic are illustrated with numerous examples. The emphasis throughout is on providing corporate decision makers with effective tools to assess information needs and to obtain feedback at various corporate levels in order to formulate strategies consistent with the objectives of the company and its shareholders.

Macroeconomic Uncertainty: International Risks and Opportunities for the Corporation

Wihlborg, Clas G.

Economics

wiley

Macroeconomic Uncertainty International Risks and Opportunities for the Corporation L. Oxelheim, Scandinavian Institute for Foreign Exchange Research and C. Wihlborg, University of Southern California, Los Angeles All corporate bodies are exposed to economic risks over which they have little or no control. Studies of macroeconomics have highlighted areas which threaten corporations, but until now no book has developed a comprehensive and consistent approach for managers faced with the problems of measuring and managing risks. In Macroeconomic Uncertainty, fluctuations in exchange rates, inflation rates, interest rates, relative prices among commodities as well as changes in different markets’ ‘rules of the game’ are analysed in terms of how they may affect a company’s profitability. Disturbances which may result from monetary or fiscal policy shifts, or from non-policy factors, are evaluated. Both domestic and international macroeconomic disturbances are approached with a view to developing a management strategy consistent with shareholders’ objectives to implement a successful programme by identifying an adequate trade-off between risks and opportunities. This highly readable book will provide senior managers and executives with a method for arriving at a strategy to deal effectively with macroeconomic uncertainty.

A practical and accessible guide that demystifies ForEx risk for managers in all areas of business Virtually any organisation active in the global economy is impacted by fluctuations in foreign exchange (FX or ForEx) markets. Managers need to understand this increasingly complex issue and measure their firm’s exposure to risk. Corporate Foreign Exchange Risk Management is an in-depth yet accessible guide on effective ForEx exposure management. Designed for professionals responsible for managing a profit &amp; loss or balance sheet influenced by ForEx fluctuations, it enables risk managers to navigate the interconnected worlds of financial management and economics. This innovative guide integrates academic discussion of the economics of risk management decisions and pragmatic advice for various situations in which performance measures affected by accounting standards are paid considerable attention. Readers are provided with the tools and knowledge required to handle a broad range of issues related to ForEx risk management. Clear, non-technical chapters demystify concepts that often appear complicated and confusing to managers. Written by globally-recognised experts in corporate finance, risk management and international business, this book: <ul>
<li>Employs a reader-friendly narrative style to explain complex concepts</li> <li>Provides a clear, actionable risk management strategy which can be used in a variety of businesses</li> <li>Places all concepts in relatable, real-world contexts</li> <li>Explains important academic research to practitioners in plain English</li> <li>Includes effective pedagogical tools and explanations, straightforward examples and end-of-chapter summaries which highlight key points</li> </ul>
Corporate Foreign Exchange Risk Management is a must-read for any manager who deals with corporate exposure to ForEx risk, as well as analysts wishing to better understand the relation between corporate performance and ForEx fluctuations and students of corporate risk management.

Corporate Foreign Exchange Risk Management

Jankensgard, Hakan

Alviniussen, Alf

See the best price to sell, buy, or rent books by Oxelheim, Lars. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Oxelheim, Lars

See the best price to sell, buy, or rent books by Oxelheim, Lars. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management

The Oxford Handbook of Economic and Institutional Transparency (Oxford Handbooks)

Macroeconomic Uncertainty: International Risks and Opportunities for the Corporation

Macroeconomic Uncertainty: International Risks and Opportunities for the Corporation

Corporate Foreign Exchange Risk Management