精算论坛讲座第111期-李冰清(11月10日)

题目：Loss Risk Management: Perspectives from Corporate Finance

摘要：By developing a loss risk management model, this papersimultaneously studies the effect of risk management using options-likeinstruments on firm value, optimal risk management strategy, capital structureand agency conflicts. We derive that the optimal risk management strategyimproves firm value. With costless risk management, optimal risk managementcoverage is 0 or 1. Risk management raises optimal leverage when loss risk issmall, and vice versa. Moreover, we include risk management cost as an economicfriction, which causes the firm not to choose full coverage and reduces theoptimal leverage in comparison to that under costless risk management.

主讲人：

李冰清

应用数学博士，

南开大学金融学院，教授，

研究方向为风险管理、资产定价、保险精算

时间：2017年11月10日上午10：30--11:30

地点：学术会堂南楼 506

欢迎各位老师和同学积极参加！