Praise for Structured Finance & Insurance
‘More and more each year, the modern corporation must decide what
risks to keep and what risks to shed to remain competitive and to
maximize its value for the capital employed. Culp explains the
theory and practice of risk transfer through either balance sheet
mechanism such as structured finance, derivative transactions, or
insurance. Equity is expensive and risk transfer is expensive. As
understanding grows, and, as a result, costs continue to fall, ART
will continue to replace equity as the means to cushion knowable
risks. 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 a
business, and arguably even more valuable to any one expected to
pay for such service.’
–Norbert Johanning, Managing Director, Daimler Chrysler Financial
Services
‘Culp’s latest book provides a comprehensive account of the most
important financing and risk management innovations in both
insurance and capital markets. And it does so by fitting these
innovative solutions and products into a single, unified theory of
financial markets that integrates the once largely separate
disciplines of insurance and risk management with the current
theory and practice of corporate finance.’
–Don Chew, Editor, Journal of Applied Corporate Finance (a Morgan
Stanley publication)
‘This exciting book is a comprehensive read on alternative
insurance solutions available to corporations. It focuses on the
real benefits, economical and practical, of alternatives such as
captives, rent-a-captive, and mutuals. An excellent introduction to
the very complex field of alternative risk transfer (ART).’
–Paul Wohrmann, Ph D, Head of the Center of Excellence ART and
member of the Executive Management of Global Corporate in Europe,
Zurich Financial Services
‘Structured Finance and Insurance transcends Silos to reach the
Enterprise Mountaintop. Culp superbly details integrated, captive,
multiple triggers and capital market products, and provides the
architectural blueprints for enterprise risk innovation.’
–Paul Wagner, Director, Risk Management, AGL Resources Inc.
Tabella dei contenuti
Foreword: Wherefore ART Thou? The Importance of Principle-Based
Structured 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 Financing
Decisions.
Chapter 5: Capital Budgeting, Project Selection, and Performance
Evaluation.
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 Risk
Transfer.
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 Derivatives
and Insurance (Andrea S. Kramer, Mc Dermott Will & Emery).
Chapter 29: Is Insurance a Substitute for Capital under the
Revised 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: The
Aftermath of Enron (Alton B. Harris, Ungaretti & Harris, and
Andrea S. Kramer, Mc Dermott 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 Grain
Growers (Scott E. Harrington and Greg Niehaus, University of South
Carolina, and Kenneth J. Risko, Willis Risk Solutions).
Chapter 35: Representations and Warranties Insurance and Other
Insurance 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 Financial
Institutions.
Appendix C: Risk Capital.
Commonly Used Abbreviations.
Notes.
References.
Index.
Circa l’autore
CHRISTOPHER L. CULP, Ph D, 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 Ph D in finance from The University of Chicago’s Graduate School of Business.
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