Risk Management Decision-Making: An Integrated Approach
Cho, Dongsae
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Permalink
https://hdl.handle.net/2142/71505
Description
Title
Risk Management Decision-Making: An Integrated Approach
Author(s)
Cho, Dongsae
Issue Date
1982
Department of Study
Finance
Discipline
Finance
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Finance
Abstract
The thesis study consists of seven chapters. Chapter I describes the objective of the study as well as the decision-making criteria and standards selected to accomplish this objective.
Various risk management tools available to deal with the workers' compensation exposure are discussed in Chapter II in order to examine the suitability of these tools for the study. Reasons are given for the exclusion of some risk management devices from the study.
In Chapter III, the model is developed to compute the postloss cash flows for all combinations of applicable risk management devices.
Several variables necessary to achieve the objective of the study are discussed in Chapter IV, and some of the data accumulated for the study are presented. Also this chapter includes the experimental design. The response for the study is postloss cash flows under all combinations of risk management devices, and the factors are preloss cash flows, and preloss and postloss risk management costs.
In Chapter V, empirical results are discussed on the basis of Sharpe's measures, probabilities of unfavorable financial ratios, and the expected values of earnings per share under all combinations of applicable risk management techniques.
The optimum allocation of the risk management budget to handle the fire exposure and the selection of the best combination of risk management tools to deal with the two loss exposures (the fire and workers' compensation loss exposures) are discussed in Chapter VI. This chapter extends the model to seek the optimum allocation of the risk management budget for all loss exposures of a business firm among all applicable risk management devices.
In Chapter VII, some applications of the model are discussed. This chapter explains how the model can be used by risk managers to seek the optimum allocation of the risk management budget. Some of the problems of the model and future research directions are discussed.
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