{"product_id":"risk-management-and-shareholders-value-in-banking-isbn-9780470029787","title":"Risk Management and Shareholders' Value in Banking","description":"This book presents an integrated framework for risk measurement, capital management and value creation in banks. Moving from the measurement of the risks facing a bank, it defines criteria and rules to support a corporate policy aimed at maximizing shareholders' value.\u003cbr\u003e \u003cbr\u003e \u003cbr\u003e Parts I - IV discuss different risk types (including interest rate, market, credit and operational risk) and how to assess the amount of capital they absorb by means of up-to-date, robust risk-measurement models. Part V surveys regulatory capital requirements: a special emphasis is given to the Basel II accord, discussing its economic foundations and managerial implications. Part VI presents models and techniques to calibrate the amount of economic capital at risk needed by the bank, to fine-tune its composition, to allocate it to risk-taking units, to estimate the \"fair\" return expected by shareholders, to monitor the value creation process. Risk Management and Shareholders' Value in Banking includes:\u003cbr\u003e \u003cbr\u003e * Value at Risk, Monte Carlo models, Creditrisk+, Creditmetrics and much more\u003cbr\u003e * formulae for risk-adjusted loan pricing and risk-adjusted performance measurement\u003cbr\u003e * extensive, hands-on Excel examples are provided on the companion website \u003ca href=\"http:\/\/www.wiley.com\/go\/rmsv\"\u003ewww.wiley.com\/go\/rmsv\u003c\/a\u003e\u003cbr\u003e * a complete, up-to-date introduction to Basel II\u003cbr\u003e * focus on capital allocation, Raroc, EVA, cost of capital and other value-creation metrics \u003cp\u003eForeword xix\u003c\/p\u003e \u003cp\u003eMotivation and Scope of this Book: A Quick Guided Tour xxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Interest Rate Risk 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Part I 3\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The Repricing Gap Model 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Introduction 9\u003c\/p\u003e \u003cp\u003e1.2 The gap concept 9\u003c\/p\u003e \u003cp\u003e1.3 The maturity-adjusted gap 12\u003c\/p\u003e \u003cp\u003e1.4 Marginal and cumulative gaps 15\u003c\/p\u003e \u003cp\u003e1.5 The limitations of the repricing gap model 19\u003c\/p\u003e \u003cp\u003e1.6 Some possible solutions 20\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 25\u003c\/p\u003e \u003cp\u003eAppendix 1A The Term Structure of Interest Rates 28\u003c\/p\u003e \u003cp\u003eAppendix 1B Forward Rates 32\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 The Duration Gap Model 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Introduction 35\u003c\/p\u003e \u003cp\u003e2.2 Towards mark-to-market accounting 35\u003c\/p\u003e \u003cp\u003e2.3 The duration of financial instruments 39\u003c\/p\u003e \u003cp\u003e2.4 Estimating the duration gap 42\u003c\/p\u003e \u003cp\u003e2.5 Problems of the duration gap model 45\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 47\u003c\/p\u003e \u003cp\u003eAppendix 2A The Limits of Duration 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Models Based on Cash-Flow Mapping 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Introduction 57\u003c\/p\u003e \u003cp\u003e3.2 The objectives of cash-flow mapping and term structure 57\u003c\/p\u003e \u003cp\u003e3.3 Choosing the vertices of the term structure 58\u003c\/p\u003e \u003cp\u003e3.4 Techniques based on discrete intervals 59\u003c\/p\u003e \u003cp\u003e3.5 Clumping 64\u003c\/p\u003e \u003cp\u003e3.6 Concluding comments 68\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 69\u003c\/p\u003e \u003cp\u003eAppendix 3A Estimating the Zero-Coupon Curve 71\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Internal Transfer Rates 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Introduction 77\u003c\/p\u003e \u003cp\u003e4.2 Building an ITR system: a simplified example 77\u003c\/p\u003e \u003cp\u003e4.3 Single and multiple ITRs 79\u003c\/p\u003e \u003cp\u003e4.4 Setting internal interest transfer rates 84\u003c\/p\u003e \u003cp\u003e4.5 ITRs for transactions with embedded options 88\u003c\/p\u003e \u003cp\u003e4.6 Summary: the ideal features of an ITR system 93\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 94\u003c\/p\u003e \u003cp\u003eAppendix 4A Derivative Contracts on Interest Rates 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Market Risks 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Part II 105\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The Variance-Covariance Approach 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Introduction 115\u003c\/p\u003e \u003cp\u003e5.2 VaR derivation assuming normal return distribution 115\u003c\/p\u003e \u003cp\u003e5.3 Sensitivity of portfolio positions to market factors 126\u003c\/p\u003e \u003cp\u003e5.4 Mapping of risk positions 133\u003c\/p\u003e \u003cp\u003e5.5 Summary of the variance-covariance approach and main limitations 143\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 151\u003c\/p\u003e \u003cp\u003eAppendix 5A Stockmarket Betas 154\u003c\/p\u003e \u003cp\u003eAppendix 5B Option Sensitivity Coefficients: “Greeks” 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Volatility Estimation Models 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Introduction 163\u003c\/p\u003e \u003cp\u003e6.2 Volatility estimation based upon historical data: simple moving averages 163\u003c\/p\u003e \u003cp\u003e6.3 Volatility estimation based upon historical data: exponential moving averages 167\u003c\/p\u003e \u003cp\u003e6.4 Volatility prediction: GARCH models 172\u003c\/p\u003e \u003cp\u003e6.5 Volatility prediction: implied volatility 179\u003c\/p\u003e \u003cp\u003e6.6 Covariance and correlation estimation 181\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 182\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Simulation Models 185\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Introduction 185\u003c\/p\u003e \u003cp\u003e7.2 Historical simulations 189\u003c\/p\u003e \u003cp\u003e7.3 Monte Carlo simulations 205\u003c\/p\u003e \u003cp\u003e7.4 Stress testing 218\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 221\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Evaluating VaR Models 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Introduction 225\u003c\/p\u003e \u003cp\u003e8.2 An example of backtesting: a stock portfolio VaR 225\u003c\/p\u003e \u003cp\u003e8.3 Alternative VaR model backtesting techniques 232\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 244\u003c\/p\u003e \u003cp\u003eAppendix 8A VaR Model Backtesting According to the Basel Committee 246\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 VaR Models: Summary, Applications and Limitations 251\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Introduction 251\u003c\/p\u003e \u003cp\u003e9.2 A summary overview of the different models 251\u003c\/p\u003e \u003cp\u003e9.3 Applications of VaR models 253\u003c\/p\u003e \u003cp\u003e9.4 Six “False Shortcomings” of VaR 260\u003c\/p\u003e \u003cp\u003e9.5 Two real problems of VaR models 263\u003c\/p\u003e \u003cp\u003e9.6 An Alternative Risk Measure: Expected Shortfall (ES) 268\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 269\u003c\/p\u003e \u003cp\u003eAppendix 9A Extreme Value Theory 272\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Credit Risk 275\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Part III 277\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Credit-Scoring Models 287\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Introduction 287\u003c\/p\u003e \u003cp\u003e10.2 Linear discriminant analysis 287\u003c\/p\u003e \u003cp\u003e10.3 Regression models 299\u003c\/p\u003e \u003cp\u003e10.4 Inductive models 301\u003c\/p\u003e \u003cp\u003e10.5 Uses, limitations and problems of credit-scoring models 307\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 309\u003c\/p\u003e \u003cp\u003eAppendix 10A The Estimation of the Gamma Coefficients in Linear Discriminant Analysis 311\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Capital Market Models 313\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Introduction 313\u003c\/p\u003e \u003cp\u003e11.2 The approach based on corporate bond spreads 313\u003c\/p\u003e \u003cp\u003e11.3 Structural models based on stock prices 321\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 340\u003c\/p\u003e \u003cp\u003eAppendix 11A Calculating the Fair Spread on a Loan 342\u003c\/p\u003e \u003cp\u003eAppendix 11B Real and Risk-Neutral Probabilities of Default 343\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 LGD and Recovery Risk 345\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Introduction 345\u003c\/p\u003e \u003cp\u003e12.2 What factors drive recovery rates? 346\u003c\/p\u003e \u003cp\u003e12.3 The estimation of recovery rates 347\u003c\/p\u003e \u003cp\u003e12.4 From past data to LGD estimates 351\u003c\/p\u003e \u003cp\u003e12.5 Results from selected empirical studies 353\u003c\/p\u003e \u003cp\u003e12.6 Recovery risk 356\u003c\/p\u003e \u003cp\u003e12.7 The link between default risk and recovery risk 358\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 362\u003c\/p\u003e \u003cp\u003eAppendix 12A The Relationship between PD and RR in the Merton model 364\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Rating Systems 369\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Introduction 369\u003c\/p\u003e \u003cp\u003e13.2 Rating assignment 370\u003c\/p\u003e \u003cp\u003e13.3 Rating quantification 379\u003c\/p\u003e \u003cp\u003e13.4 Rating validation 388\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 398\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Portfolio Models 401\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Introduction 401\u003c\/p\u003e \u003cp\u003e14.2 Selecting time horizon and confidence level 402\u003c\/p\u003e \u003cp\u003e14.3 The migration approach: CreditMetrics\u003csup\u003eTM\u003c\/sup\u003e 406\u003c\/p\u003e \u003cp\u003e14.4 The structural approach: PortfolioManager\u003csup\u003eTM\u003c\/sup\u003e 423\u003c\/p\u003e \u003cp\u003e14.5 The macroeconomic approach: CreditPortfolioView\u003csup\u003eTM\u003c\/sup\u003e 426\u003c\/p\u003e \u003cp\u003e14.6 The actuarial approach: CreditRisk+\u003csup\u003eTM\u003c\/sup\u003e 428\u003c\/p\u003e \u003cp\u003e14.7 A brief comparison of the main models 439\u003c\/p\u003e \u003cp\u003e14.8 Some limitations of the credit risk models 442\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 446\u003c\/p\u003e \u003cp\u003eAppendix 14A Asset correlation versus default correlation 449\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Some Applications of Credit Risk Measurement Models 451\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Introduction 451\u003c\/p\u003e \u003cp\u003e15.2 Loan pricing 451\u003c\/p\u003e \u003cp\u003e15.3 Risk-adjusted performance measurement 457\u003c\/p\u003e \u003cp\u003e15.4 Setting limits on risk-taking units 459\u003c\/p\u003e \u003cp\u003e15.5 Optimizing the composition of the loan portfolio 461\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 462\u003c\/p\u003e \u003cp\u003eAppendix 15A Credit Risk Transfer Tools 464\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Counterparty Risk on OTC Derivatives 473\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Introduction 473\u003c\/p\u003e \u003cp\u003e16.2 Settlement and pre-settlement risk 474\u003c\/p\u003e \u003cp\u003e16.3 Estimating pre-settlement risk 474\u003c\/p\u003e \u003cp\u003e16.4 Risk-adjusted performance measurement 495\u003c\/p\u003e \u003cp\u003e16.5 Risk-mitigation tools for pre-settlement risk 496\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 504\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Operational Risk 505\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Part IV 507\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 Operational Risk: Definition, Measurement and Management 511\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Introduction 511\u003c\/p\u003e \u003cp\u003e17.2 OR: How can we define it? 512\u003c\/p\u003e \u003cp\u003e17.3 Measuring OR 517\u003c\/p\u003e \u003cp\u003e17.4 Towards an OR management system 533\u003c\/p\u003e \u003cp\u003e17.5 Final remarks 535\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 537\u003c\/p\u003e \u003cp\u003eAppendix 17A OR measurement and EVT 539\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V Regulatory Capital Requirements 543\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Part V 545\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 The 1988 Capital Accord 547\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 Introduction 547\u003c\/p\u003e \u003cp\u003e18.2 The capital ratio 549\u003c\/p\u003e \u003cp\u003e18.3 Shortcomings of the capital adequacy framework 555\u003c\/p\u003e \u003cp\u003e18.4 Conclusions 559\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 559\u003c\/p\u003e \u003cp\u003eAppendix 18A The Basel Committee 563\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 The Capital Requirements for Market Risks 565\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e19.1 Introduction 565\u003c\/p\u003e \u003cp\u003e19.2 Origins and characteristics of capital requirements 565\u003c\/p\u003e \u003cp\u003e19.3 The capital requirement on debt securities 568\u003c\/p\u003e \u003cp\u003e19.4 Positions in equity securities: specific and generic requirements 575\u003c\/p\u003e \u003cp\u003e19.5 The requirement for positions in foreign currencies 576\u003c\/p\u003e \u003cp\u003e19.6 The requirement for commodity positions 578\u003c\/p\u003e \u003cp\u003e19.7 The use of internal models 578\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 585\u003c\/p\u003e \u003cp\u003eAppendix 19A Capital Requirements Related to Settlement, Counterparty and Concentration Risks 588\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 The New Basel Accord 591\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e20.1 Introduction 591\u003c\/p\u003e \u003cp\u003e20.2 Goals and Contents of the Reform 591\u003c\/p\u003e \u003cp\u003e20.3 Pillar One: The Standard Approach to Credit Risk 593\u003c\/p\u003e \u003cp\u003e20.4 The Internal Ratings-based Approach 597\u003c\/p\u003e \u003cp\u003e20.5 Pillar Two: A New Role for Supervisory Authorities 612\u003c\/p\u003e \u003cp\u003e20.6 Pillar Three: Market Discipline 614\u003c\/p\u003e \u003cp\u003e20.7 Pros and Cons of Basel II 616\u003c\/p\u003e \u003cp\u003e20.8 the Impact of Basel II 619\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 630\u003c\/p\u003e \u003cp\u003e\u003cb\u003e21 Capital Requirements on Operational Risk 633\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e21.1 Introduction 633\u003c\/p\u003e \u003cp\u003e21.2 The capital requirement on operational risk 633\u003c\/p\u003e \u003cp\u003e21.3 Weaknesses of the 2004 Accord 645\u003c\/p\u003e \u003cp\u003e21.4 Final remarks 647\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 647\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI Capital Management and Value Creation 651\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Part VI 653\u003c\/p\u003e \u003cp\u003e\u003cb\u003e22 Capital Management 657\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e22.1 Introduction 657\u003c\/p\u003e \u003cp\u003e22.2 Defining and measuring capital 658\u003c\/p\u003e \u003cp\u003e22.3 Optimizing regulatory capital 675\u003c\/p\u003e \u003cp\u003e22.4 Other instruments not included within regulatory capital 685\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 691\u003c\/p\u003e \u003cp\u003e\u003cb\u003e23 Capital Allocation 693\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e23.1 Introduction 693\u003c\/p\u003e \u003cp\u003e23.2 Measuring capital for the individual business units 694\u003c\/p\u003e \u003cp\u003e23.3 The relationship between allocated capital and total capital 702\u003c\/p\u003e \u003cp\u003e23.4 Capital allocated and capital absorbed 712\u003c\/p\u003e \u003cp\u003e23.5 Calculating risk-adjusted performance 715\u003c\/p\u003e \u003cp\u003e23.6 Optimizing the allocation of capital 722\u003c\/p\u003e \u003cp\u003e23.7 The organizational aspects of the capital allocation process 726\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 728\u003c\/p\u003e \u003cp\u003eAppendix 23A The Correlation Approach 730\u003c\/p\u003e \u003cp\u003eAppendix 23B The Virtual Nature of Capital Allocation 731\u003c\/p\u003e \u003cp\u003e\u003cb\u003e24 Cost of Capital and Value Creation 735\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e24.1 Introduction 735\u003c\/p\u003e \u003cp\u003e24.2 The link between Risk Management and Capital Budgeting 735\u003c\/p\u003e \u003cp\u003e24.3 Capital Budgeting in Banks and in Non-Financial Enterprises 736\u003c\/p\u003e \u003cp\u003e24.4 Estimating the Cost of Capital 739\u003c\/p\u003e \u003cp\u003e24.4.4 Caveats 744\u003c\/p\u003e \u003cp\u003e24.5 Some empirical Examples 745\u003c\/p\u003e \u003cp\u003e24.6 Value Creation and RAROC 750\u003c\/p\u003e \u003cp\u003e24.7 Value Creation and EVA 753\u003c\/p\u003e \u003cp\u003e24.8 Conclusions 756\u003c\/p\u003e \u003cp\u003eSelected Questions and Exercises 757\u003c\/p\u003e \u003cp\u003eBibliography 759\u003c\/p\u003e \u003cp\u003eIndex 771\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eANDREA RESTI,\u003c\/b\u003e formerly an officer at one of Italy's largest banks, has worked on Basel II issues for the Centre for European Policy Studies (Brussels). A consultant to several major banks, as well as to the Bank of Italy, he has held courses on credit risk for GARP and PRMIA. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eANDREA SIRONI,\u003c\/b\u003e formerly with Chase Manhattan Bank in London, has been a visiting scholar at the Stern School of Business (NYU) and at the Federal Reserve Board of Governors (Washington). He is currently Dean for International Affairs at Bocconi University (Milan) and a member of the Fitch Academic Advisory Board. \u003c\/p\u003e\u003cp\u003eThe authors are both professors of Financial Markets and Institutions at Bocconi and have been teaching banking and finance for more than 15 years. Their publications comprise many articles in major international academic journals, as well as several risk management and banking textbooks, including a best-selling title on recovery risk.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eRisk management and shareholders' value in banking\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eFrom Risk Measurement Models to Capital Allocation Policies\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eThis book presents an integrated framework for risk measurement, capital management and value creation in banks. Moving from the measurement of the risks facing a bank, it defines criteria and rules to support a corporate policy aimed at maximizing shareholders' value. \u003c\/p\u003e\u003cp\u003eParts I – IV discuss different risk types (including interest rate, market, credit and operational risk) and how to assess the amount of capital they absorb by means of up-to-date, robust risk-measurement models. Part V surveys regulatory capital requirements with special emphasis on Basel II, its economic foundations and managerial implications. PartVI presents models and techniques to calibrate the amount of economic capital at risk needed by the bank, to fine-tune its composition, to allocate it to risk-taking units, to estimate the “fair” return expected by shareholders, to monitor the value creation process. \u003ci\u003eRisk Management and Shareholders' Value in Banking includes coverage of:\u003c\/i\u003e \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eValue at Risk, Monte Carlo models, Creditrisk+ and Creditmetrics\u003c\/li\u003e \u003cli\u003eformulae for risk-adjusted loan pricing and risk-adjusted performance measurement\u003c\/li\u003e \u003cli\u003eextensive, hands-on Excel examples are provided on the companion website \u003cu\u003ewww.wiley.com\/go\/rmsv\u003c\/u\u003e\n\u003c\/li\u003e \u003cli\u003ea complete, up-to-date introduction to Basel II\u003c\/li\u003e \u003cli\u003efocus on capital allocation, Raroc, EVA, cost of capital and other value-creation metrics\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989966962917,"sku":"NP9780470029787","price":119.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470029787.jpg?v=1761786061","url":"https:\/\/k12savings.com\/products\/risk-management-and-shareholders-value-in-banking-isbn-9780470029787","provider":"K12savings","version":"1.0","type":"link"}