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Book part
Publication date: 18 December 2009

Yuki Matsuoka, Anshu Sharma and Rajib Shaw

The pace of urbanization in the developing world is led by Asia. Over the next 25 years, Asia's urban population will grow by around 70% to more than 2.6 billion people. An…

Abstract

The pace of urbanization in the developing world is led by Asia. Over the next 25 years, Asia's urban population will grow by around 70% to more than 2.6 billion people. An additional billion people will have urban habitats (ADB, 2006).

The “Hyogo Framework for Action 2005–2015: Building the Resilience of Nations and communities to disasters” (HFA) was adopted at the UN World Conference on Disaster Reduction (January 2005, Kobe, Japan). The HFA specifies that disaster risk is compounded by increasing vulnerabilities related to various elements including unplanned urbanization. Across the HFA, important elements on urban risk reduction are mentioned as one of crucial areas of work to implement the HFA. In particular incorporating disaster risk reduction into urban planning is specified to reduce the underlying risk factors (Priority 4).

Details

Urban Risk Reduction: An Asian Perspective
Type: Book
ISBN: 978-1-84855-907-3

Book part
Publication date: 21 April 2022

Jude Ndzifon Kimengsi and Richard Achia Mbih

Surging natural disasters globally has precipitated renewed interests in disaster risk management. Though several global and regional disaster risk management policy frameworks…

Abstract

Surging natural disasters globally has precipitated renewed interests in disaster risk management. Though several global and regional disaster risk management policy frameworks have been put in place, it is necessary to evaluate their successes and capacities to deliver. This chapter reviews key disaster management frameworks, particularly the Yokohama Strategy, the Hyogo Framework for Action and the Sendai Framework for Disaster Risk Reduction. It examines the extent to which these policies shaped Africa’s regional disaster risk management processes, with an emphasis on sub-Saharan Africa (SSA). Through documentary analysis and scientific literature review, this chapter identifies key parameters that shaped SSA’s disaster risk reduction (DRR) processes and their implications for DRR policy instruments and impact studies. The analysis reveals a number of findings. First, the roll-out process of global disaster reduction and management policy processes and instruments is yet to optimally impact SSA, in terms of effective disaster management. Second, a more comprehensive understanding of the magnitude and severity of natural disasters could contribute to stem the damages linked to their occurrence. This is yet to be achieved. Third, paradigm shifts towards fully appreciating underlying disaster risk factors and manifestations could potentially support the practical drift from disaster coping and management towards risk identification, reduction and resilience building in SSA. Finally, instruments that prioritise capacity building (such as extension services training, research and development, information and communication), organisational governance, sustainable financing and technology, still relatively weak in SSA, should be stepped up to promote DRR capacities and strategies.

Details

Disaster Management in Sub-Saharan Africa: Policies, Institutions and Processes
Type: Book
ISBN: 978-1-80262-817-3

Keywords

Article
Publication date: 31 May 2021

Yi-Hsi Lee, Ming-Hua Hsieh, Weiyu Kuo and Chenghsien Jason Tsai

It is quite possible that financial institutions including life insurance companies would encounter turbulent situations such as the COVID-19 pandemic before policies mature…

Abstract

Purpose

It is quite possible that financial institutions including life insurance companies would encounter turbulent situations such as the COVID-19 pandemic before policies mature. Constructing models that can generate scenarios for major assets to cover abrupt changes in financial markets is thus essential for the financial institution's risk management.

Design/methodology/approach

The key issues in such modeling include how to manage the large number of risk factors involved, how to model the dynamics of chosen or derived factors and how to incorporate relations among these factors. The authors propose the orthogonal ARMA–GARCH (autoregressive moving-average–generalized autoregressive conditional heteroskedasticity) approach to tackle these issues. The constructed economic scenario generation (ESG) models pass the backtests covering the period from the beginning of 2018 to the end of May 2020, which includes the turbulent situations caused by COVID-19.

Findings

The backtesting covering the turbulent period of COVID-19, along with fan charts and comparisons on simulated and historical statistics, validates our approach.

Originality/value

This paper is the first one that attempts to generate complex long-term economic scenarios for a large-scale portfolio from its large dimensional covariance matrix estimated by the orthogonal ARMA–GARCH model.

Details

China Finance Review International, vol. 11 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

Abstract

Details

Understanding Financial Risk Management, Second Edition
Type: Book
ISBN: 978-1-78973-794-3

Article
Publication date: 9 January 2017

Arash Amoozegar, Kuntara Pukthuanthong and Thomas J. Walker

In most financial institutions, chief risk officers (CROs) and their risk management (RM) staff fulfill a role in managing risk exposures, yet their lack of involvement in the…

2076

Abstract

Purpose

In most financial institutions, chief risk officers (CROs) and their risk management (RM) staff fulfill a role in managing risk exposures, yet their lack of involvement in the governance has been cited as an influential factor that contributed to the financial crisis of 2007-2008. Various legislative and regulatory bodies have pressured financial firms to improve their risk governance structures to better weather potential future crises. Assuming that CROs and risk committees are given sufficient power to influence the corporate governance of financial institutions, can CROs and risk committees protect financial institutions from violating litigable securities law? Can they improve bank performance? The paper aims to discuss these issues.

Design/methodology/approach

The authors employ a principal component analysis to construct a single measure that captures various aspects of RM in a firm. The authors compare the risk governance characteristics of sued firms with their non-sued peers and consider one of the final outcomes of risky behavior: shareholder litigation. The authors compute ROA and buy-and-hold abnormal returns to capture operating and stock performance and examine whether risk governance improves bank performance by reducing litigation risk.

Findings

Proper risk governance reduces a firm’s litigation probability. The addition of the RM factor to models that have been previously proposed in the literature improves the accuracy of those models in identifying companies that are most susceptible to class action lawsuits. Better RM improves the financial and stock price performance of financial institutions.

Research limitations/implications

The data collection is laborious as the information about CRO governance has to be hand-collected from the 10-K report. A broader sample employing, e.g., non-US banks may provide additional insights into the relationship between RM practices, shareholder litigation, and bank performance.

Practical implications

The study shows that a bank’s RM functions play a critical role in improving bank and operating performance and in reducing shareholder litigation. Banks should emphasize the RM function.

Originality/value

This is the first study to examine the mechanism behind the positive association between RM and bank performance. The study shows that better RM improves overall bank performance by decreasing litigation risk.

Details

Managerial Finance, vol. 43 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

Abstract

Details

Disaster Management in Sub-Saharan Africa: Policies, Institutions and Processes
Type: Book
ISBN: 978-1-80262-817-3

Article
Publication date: 9 November 2015

Nicholas Addai Boamah

The purpose of this study is to explore the applicability of the Fama–French and Carhart models on the South African stock market (SASM). It examines the ability of the models to…

2030

Abstract

Purpose

The purpose of this study is to explore the applicability of the Fama–French and Carhart models on the South African stock market (SASM). It examines the ability of the models to capture size, book-to-market (BM) and momentum effects on the SASM. The paper, additionally, explores the ability of the Fama–French–Carhart factors to predict the future growth of the South African economy.

Design/methodology/approach

The paper relies on data of 848 firms from January 1996 to April 2012 to examine the size, BM and momentum effects on the SASM. The paper constructs the test assets from a 3 × 3 sort on size and BM and a 3 × 3 sort on size and momentum. The paper estimates momentum as the past six-months’ cumulative return. The momentum portfolios are monthly rebalanced. Additionally, the size and BM portfolios are formed annually at the end of each June.

Findings

Evidence is provided that size, BM and momentum effects exist on the SASM; also, the small- and high-BM firm portfolios, respectively, appear riskier than the big- and low-BM firm portfolios. The paper provides evidence of past winners outperforming past losers aside from the small-firm group. Additionally, the models only partially capture the size and value effects on the SASM. The Carhart model partly captures the momentum effects, but the Fama–French model is unable to describe the returns to the momentum-sorted portfolios. The evidence shows that the models’ factors predict future gross domestic product growth.

Originality/value

The models do not fully describe returns on the SASM; any application of the models on the SASM should be done with caution. The Carhart model better describes returns than the Fama–French model on the SASM. The Fama–French–Carhart factors may relate to the underlying economic risk of the South African economy.

Details

Review of Accounting and Finance, vol. 14 no. 4
Type: Research Article
ISSN: 1475-7702

Keywords

Book part
Publication date: 28 October 2019

Angelo Corelli

Abstract

Details

Understanding Financial Risk Management, Second Edition
Type: Book
ISBN: 978-1-78973-794-3

Abstract

Details

Hyogo Framework for Action and Urban Disaster Resilience
Type: Book
ISBN: 978-1-78350-927-0

Article
Publication date: 2 February 2015

Ernest Effah Ameyaw, Albert P.C. Chan, De-Graft Owusu-Manu and Ekow Coleman

The purpose of this paper is to identify and then evaluate perceived risk factors influencing variability between contract sum and final count, and to develop a fuzzy risk

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Abstract

Purpose

The purpose of this paper is to identify and then evaluate perceived risk factors influencing variability between contract sum and final count, and to develop a fuzzy risk assessment model for evaluating the overall impact of established critical risk factors impacting on variability between contract sum and final account in government-funded construction projects. Construction projects are characterised by risk factors that significantly impact on variability between the contract sum and final account.

Design/methodology/approach

A research approach integrating questionnaire survey, mean scoring ranking and principal component factor analysis (PCFA) methods was adopted to evaluate and classify the critical risk factors. A fuzzy synthetic evaluation method was sequentially applied to compute the overall risk impact (ORI) of eight critical risk factors’ impact on variability between contract sum and final account.

Findings

Initial results showed that eight critical risk factors have high impact on variations between contract sum and final account, namely (in order): project funding problems, underestimation of quantities, variations by client, change in scope of works, inadequate specification, change in design by client, defects in design and unexpected site (ground) conditions. PCFA produced two factor solutions: “professional-related factors” and “client factors”. The fuzzy model further showed that the ORI is 5.48, indicating that these risk factors have a high impact on variability between contract sum and final account in public construction projects. The client factors have a very high impact (5.59), while the professional-related factors indicated a high impact (5.41) on project cost variability.

Originality/value

A practical model is proposed to evaluate the key risks associated with cost overruns in public projects. By giving effective and sustained attention to these factors, variability between contract sum and final account, a common situation in Ghana, can be controlled to achieve cost savings in public infrastructure projects.

Details

Journal of Facilities Management, vol. 13 no. 1
Type: Research Article
ISSN: 1472-5967

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