结构性金融与选择性风险转移STRUCTURED FINANCE AND INSURANCE: THE ART OF MANAGING CAPITAL AND RISK

作者： Christopher L. Culp著

出 版 社： 吉林长白山

出版时间： 2006-12-1字数：版次： 1页数： 892印刷时间： 2006/12/01开本：印次：纸张： 胶版纸I S B N ： 9780471706311包装： 精装内容简介

The evolution and development of structured finance and structured insurance (a.k.a. alternative risk transfer or ART) have provided increasing numbers of nonfinancial corporations with dynamic new techniques for creating value by integrating the management of capital and risk. A practical obstacle, however, has been the difficulty of structuring efficient, customized solutions to risk and capital management without—intentionally or not—creating even larger problems and pitfalls.

Structured Finance and Insurance explores the develop?ment of this new generation of products and solutions for managing market, credit, operational, legal, and other risks in the context of the broader themes of corporation finance and risk management. Risk managers, treasurers, and CFOs on the corporate side, as well as reinsurers, insurance brokers, and investment bankers on the product side, will gain new insights and knowledge through its well-organized approach:

Part One provides a theoretical backdrop by reviewing the fundamental principles of capital management, corporation finance, risk transfer, and risk finance

Part Two presents a review of traditional risk transfer with a strong emphasis on credit risk management—the products and solutions reviewed include insurance, reinsurance and retrocession, financial guarantees, sureties, and credit derivatives

Part Three provides a detailed look at structured finance products and processes, including structured notes, hybrid and convertible structures, contingent capital, CDOs, and project/principal finance

Part Four examines techniques of structured insurance and ART, including insurance-linked notes, captives and mutuals, finite risk, multi-line and multi-trigger structures, and contingent cover

Part Five features valuable chapters written by leading experts on specific issues and topics including the treatment of insurance under the Basel Accord, trends in insurance securitizations, specific examples of the use of structured finance and insurance techniques to facilitate enterprise risk management, new accounting and disclosure requirements, and more

Structured Finance and Insurance provides today's most detailed and well-grounded coverage of the latest alternatives for managing corporate risks by either employing insurance solutions or accessing capital markets. Case studies and examples help practitioners to understand that while insurance and financial solutions are in many ways similar, they often possess critical differences that can explode on the unwary user. By helping capital markets and insurance professionals to speak the same language—the common language of capital management and corporate finance—this essential book will bring structure and precision to an often-cloudy world and help eliminate the confusion that has, in the past, turned the convergence of structured finance and insurance from a financial boon to a headline-making nightmare.

作者简介：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.

目录

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 alenchar & Scott)

Chapter 28: Critical Distinctions between Weather Derivatives and Insurance (Andrea S Kramer, McDermott 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, 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 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