Anthony Saunders – Financial Institutions Management. A Risk Management Approach (6th Edition)

Автор: Anthony Saunders
Название книги: Financial Institutions Management
Формат: PDF
Жанр: Бизнес
Качество: Изначально компьютерное, E-book

Anthony Saunders
Anthony Saunders is the John M. Schiff Professor of Finance and Chair of the
Department of Finance at the Stern School of Business at New York University.
Professor Saunders received his PhD from the London School of Economics and
has taught both undergraduate- and graduate-level courses at NYU since 1978.
Throughout his academic career, his teaching and research have specialized in financial
institutions and international banking. He has served as a visiting professor
all over the world, including INSEAD, the Stockholm School of Economics,
and the University of Melbourne. He is currently on the Executive Committee of
the Salomon Center for the Study of Financial Institutions, NYU.
Professor Saunders holds positions on the Board of Academic Consultants of
the Federal Reserve Board of Governors as well as the Council of Research Advisors
for the Federal National Mortgage Association. In addition, Dr. Saunders
has acted as a visiting scholar at the Comptroller of the Currency and at the Federal
Reserve Bank of Philadelphia. He also held a visiting position in the research
department of the International Monetary Fund. He is an editor of the Journal of
Banking and Finance and the Journal of Financial Markets, Instruments and Institutions,
as well as the associate editor of eight other journals, including Financial
Management and the Journal of Money, Credit and Banking. His research has been
published in all the major money and banking and finance journals and in several
books. In addition, he has authored or coauthored several professional books, the
most recent of which is Credit Risk Measurement: New Approaches to Value at Risk and
Other Paradigms, 2nd edition, John Wiley and Sons, New York, 2002.
The financial services industry continues to undergo dramatic changes. Not only
have the boundaries between traditional industry sectors, such as commercial
banking and investment banking, broken down but competition is becoming increasingly
global in nature. Many forces are contributing to this breakdown in interindustry
and intercountry barriers, including financial innovation, technology,
taxation, and regulation. It is in this context that this book is written. Although the
traditional nature of each sector's product activity is analyzed, a greater emphasis
is placed on new areas of activities such as asset securitization, off-balance-sheet
banking, and international banking.
When the first edition of this text was released in 1994, it was the first to analyze
modern financial institutions management from a risk perspective. Thus, the title,
Financial Institutions Management: A Modern Perspective. At that time, traditional
texts presented an overview of the industry sector by sector, concentrating on balance
sheet presentations and overlooking management decision making and risk
management. Over the last decade other texts have followed this change, such
that a risk management approach to analyzing modern financial institutions is
now well accepted. Thus, the title: Financial Institutions Management: A Risk Management
Approach.
The sixth edition of this text takes the same innovative approach taken in the
first five editions and focuses on managing return and risk in modern financial
institutions (FIs). Financial Institutions Management ’s central theme is that the risks
faced by FI managers and the methods and markets through which these risks are
managed are similar whether an institution is chartered as a commercial bank, a
savings bank, an investment bank, or an insurance company.
As in any stockholder-owned corporation, the goal of FI managers should always
be to maximize the value of the financial intermediary. However, pursuit of
value maximization does not mean that risk management can be ignored.
Indeed, modern FIs are in the risk-management business. As we discuss in this
book, in a world of perfect and frictionless capital markets, FIs would not exist
and individuals would manage their own financial assets and portfolios. But since
real-world financial markets are not perfect, FIs provide the positive function of
bearing and managing risk on behalf of their customers through the pooling of
risks and the sale of their services as risk specialists