{"product_id":"the-black-swan-problem-isbn-9781119868149","title":"The Black Swan Problem","description":"\u003cp\u003e\u003cb\u003eAn incisive framework for companies seeking to increase their resilience\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eThe Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty, \u003c\/i\u003erenowned risk and finance expert Håkan Jankensgård delivers an extraordinary and startling discussion of how firms should navigate a world of uncertainty and unexpected events. It examines three fundamental, high-level strategies for creating resilience in the face of “black swan” risks, highly unlikely but devastating events: insurance, buffering, and flexibility:\u003c\/p\u003e \u003cp\u003eThe author also presents:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eDetailed case studies, stories, and examples of major firms that failed to anticipate Black Swan Problems and, as a result, were either wiped out or experienced a major strategy disruption\u003c\/li\u003e \u003cli\u003eExtending the usual academic focus on individual biases to analyze Swans from an organizational perspective and prime organizations to proactive rather than reactive action\u003c\/li\u003e \u003cli\u003ePractical applications and tactics to mitigate Black Swan risks and protect corporate strategies against catastrophic losses and the collateral damage that they cause\u003c\/li\u003e \u003cli\u003eStrategies and tools for turning Black Swan events into opportunities, reflecting the fact that resilience can be used for strategic advantage\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAn expert blueprint for companies seeking to anticipate, mitigate, and process tail risks, \u003ci\u003eThe Black Swan Problem\u003c\/i\u003e is a must-read for students and practitioners of risk management, executives, founders, managers, and other business leaders.\u003c\/p\u003e \u003cp\u003ePrologue 3\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: The Swans Revisited 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe nature of randomness 8\u003c\/p\u003e \u003cp\u003eThe Moving Tail 11\u003c\/p\u003e \u003cp\u003eThe role of expectations 16\u003c\/p\u003e \u003cp\u003eWhat makes us suckers? 20\u003c\/p\u003e \u003cp\u003eThe relativity of Black Swans 24\u003c\/p\u003e \u003cp\u003eMeet the preppers 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: Corporate Swans 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Board’s perspective 31\u003c\/p\u003e \u003cp\u003eSwans attack 33\u003c\/p\u003e \u003cp\u003eStrategy Swans 35\u003c\/p\u003e \u003cp\u003eThe Swan within 39\u003c\/p\u003e \u003cp\u003eThe growth fetish 42\u003c\/p\u003e \u003cp\u003eThe fear factor 47\u003c\/p\u003e \u003cp\u003eThe Chief Executive Swan 49\u003c\/p\u003e \u003cp\u003eSwans on the rise 52\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: The Black Swan Problem 60\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTail risk and firm value 60\u003c\/p\u003e \u003cp\u003eUnderstanding wipeouts 65\u003c\/p\u003e \u003cp\u003eStrategy disruption 71\u003c\/p\u003e \u003cp\u003eAll you zombies 76\u003c\/p\u003e \u003cp\u003eThe affordability issue 78\u003c\/p\u003e \u003cp\u003eThe conundrum 84\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Greeting the Swan 90\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRandomness redux 90\u003c\/p\u003e \u003cp\u003eThe roads not taken 98\u003c\/p\u003e \u003cp\u003eFunctional stupidity 102\u003c\/p\u003e \u003cp\u003eThe Swanmakers 108\u003c\/p\u003e \u003cp\u003eOn tools and models 112\u003c\/p\u003e \u003cp\u003eA Swan radar for the Board 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Taming the Swan 122\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDrawing the line 122\u003c\/p\u003e \u003cp\u003eDistance to wipeout 129\u003c\/p\u003e \u003cp\u003eRisk capital 131\u003c\/p\u003e \u003cp\u003eStress testing 140\u003c\/p\u003e \u003cp\u003eThe exit option 146\u003c\/p\u003e \u003cp\u003eResilience vs endurance 150\u003c\/p\u003e \u003cp\u003eQuantitative models 155\u003c\/p\u003e \u003cp\u003eLiquidity is king 162\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Catching the Swan 166\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAntifragility 167\u003c\/p\u003e \u003cp\u003eRestoring the true path 170\u003c\/p\u003e \u003cp\u003eBuying on the cheap 173\u003c\/p\u003e \u003cp\u003eOpportunity capital 176\u003c\/p\u003e \u003cp\u003eFlight to safety 182\u003c\/p\u003e \u003cp\u003eRisk as strategy 187\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Riding the Swan 192\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk shifting 192\u003c\/p\u003e \u003cp\u003eA beautiful strategy 199\u003c\/p\u003e \u003cp\u003eFuel for growth 203\u003c\/p\u003e \u003cp\u003eNarcissism redeemed 208\u003c\/p\u003e \u003cp\u003eA tail of two companies 211\u003c\/p\u003e \u003cp\u003eEnd of the ride 215\u003c\/p\u003e \u003cp\u003eSwans to the rescue? 217\u003c\/p\u003e \u003cp\u003eEpilogue 221\u003c\/p\u003e \u003cp\u003e\u003cb\u003eHåkan Jankensgård\u003c\/b\u003e is a risk philosopher and modeler. He has been passionate about the philosophy, theory and practice of risk management for over 25 years. He has done extensive academic research into various aspects of this field such as the theory of enterprise risk management, firms' hedging strategies, risk governance, and risk capital. This research has been published in well-respected, peer-reviewed academic journals like Financial Management, Journal of Banking and Finance, Journal of Accounting Business \u0026amp; Finance, and European Financial Management. He is actively developing the concept of Risk budgeting, which is about incorporating knowledge about risk and risk appetite into the forecasting models that management uses for financial and strategic decision-making. Jankensgård is a professor of corporate finance and holds a PhD from Lund University.\u003c\/p\u003e \u003cp\u003eUsed widely to describe extremely unlikely but devastating events, the term “black swan” has taken on an increasingly prominent (and anxiety-inducing) role in the perspectives of risk professionals and executives around the world. After all, it seems that once-in-a-lifetime incidents like pandemics, environmental disasters, and financial crises are occurring more frequently than ever before. \u003c\/p\u003e \u003cp\u003eIn \u003ci\u003eThe Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty\u003c\/i\u003e, veteran risk and valuation expert Håkan Jankensgård delivers an intensely insightful exploration of how organizations can and should navigate an increasingly uncertain and unpredictable commercial environment.  \u003c\/p\u003e\u003cp\u003eIn the book, you’ll find three foundational and high-level strategies for improving your firm’s resilience in the face of “black swan” risks: insurance, buffering, and flexibility. The approaches are presented alongside detailed case studies, stories, and examples of major firms that failed to anticipate black swan events and, as a result, were either wiped out entirely or experienced major operational disruptions.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThe Black Swan Problem\u003c\/i\u003e tackles an issue that’s often discussed from an academic viewpoint with a uniquely organizational perspective, priming organizations to be proactive rather than reactive. It offers protective methods and tactics anyone can use to mitigate black swan risks and prevent existential crises, turning crushing loss into invaluable opportunity. It presents fascinating outlooks on risk-taking in firms, showcasing approaches that do more than just minimize risk.  \u003c\/p\u003e\u003cp\u003eAn irreplaceable roadmap for companies doing their best to anticipate, mitigate, and process tail risks, \u003ci\u003eThe Black Swan Problem\u003c\/i\u003e is a can’t-miss resource for students and practitioners of risk management, executive-level leaders at organizations of all sizes, company founders, managers, and other business leaders.   \u003c\/p\u003e\u003cp\u003e“Most people who read Nassim Taleb’s work come away with a sense of the hopelessness of planning and analysis. Dr Jankensgård, however, turns the process on its head and develop constructive responses to Black Swans. This book presents a rare and valuable look at the Black Swan-issue through the lens of corporate strategic and financial decisions.”\u003cbr\u003e\u003cb\u003e—Prof Aswath Damodaran,\u003c\/b\u003e Professor of Finance, New York University’s Leonard N. Stern School of Business \u003c\/p\u003e \u003cp\u003e \u003cb\u003e A complete and practical framework for firms seeking protection from unlikely—but potentially devastating—events \u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e Taking a perspective that goes beyond mere risk minimization, \u003ci\u003eThe Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty\u003c\/i\u003e explores essential strategies for optimizing your firm’s exposure to unlikely and catastrophic situations. You’ll learn how to navigate a world of increasing uncertainty and unpredictability as you walk through three foundational approaches to black swan incidents: insurance, buffering, and flexibility.  \u003c\/p\u003e\u003cp\u003e World-renowned risk, valuation, and finance expert Håkan Jankensgård combines detailed case studies, stories, anecdotes, and examples with a big-picture and organizational perspective that prioritizes proactive positioning over reactive damage control. The book explains why black swan events are “make-or-break” moments for firms with plenty of upside potential – if you know where to look.  \u003c\/p\u003e\u003cp\u003e A timely and essential guide to anticipating and exploiting once-in-a-lifetime events, \u003ci\u003eThe Black Swan Problem\u003c\/i\u003e shows executives, managers, business leaders, risk managers, company founders, and compliance officers how to cope with uncertainty, manage risk, prepare for the unexpected, and find enduring competitive advantage in low-probability, high-impact risks.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990168846565,"sku":"NP9781119868149","price":45.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119868149.jpg?v=1761786768","url":"https:\/\/k12savings.com\/es\/products\/the-black-swan-problem-isbn-9781119868149","provider":"K12savings","version":"1.0","type":"link"}