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| Author: | Dowd, K. |
| Title: | Financial risk management |
| Journal: | Financial Analysts' Journal
1999 : JUL-AUG, VOL. 55:4, p. 65-71 |
| Index terms: | FINANCE RISK MANAGEMENT |
| Language: | eng |
| Abstract: | This article presents an integrated theoretical framework to guide financial risk management decisions. The framework is based on two key principles: The use of a "Sharp rule" to assess prospective changes in a firm's or portfolio's risk-expected return profile and the maintenance of a constant probability of default, which determines the firm's or portfolio's leverage. The rules are not restricted to normal return distributions. |
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