Oliviero Roggi
Oliviero Roggi specializes in corporate finance, valuation, risk management and governance particularly for ESG risk and Finance and SMEs and private enterprises. He is currently Full Professor of Finance and Risk Management at University of Catania (ITALY) and Research Professor at Fundação Dom Cabral. From 2014 to 2019 server as Research professor at Fundação Getulio Vargas, Instituto de Finanças in Sao Paulo (Brazil) where is responsible for a research center on “Country and Corporate Risk in Emerging Markets”. Before he served as Visiting Associate Professor of Finance at NYU STERN School of Business in 2011‐12. Oliviero is also Chairman of “The Risk Banking and Finance Society”. Prior joining NYU Stern, Prof. Roggi received his associate professorship tenure at the University of Florence teaching Advance Corporate Finance, Company Valuation and Corporate Capital Structure. From 2010 to now, Prof. Roggi has being appointed Short Term Consultant at Environmental, Social and Governance Department IFC World Bank Group, where he led the European Team in the project “Risk Management for Board of Directors”. Professor Roggi is co-‐founder together with Prof. Edward Altman of the International Risk Management Conference and in 2010 he also founded “The Risk Banking and Finance Society”. RBF has become a reference point for practitioners and scholars actives in risk management worldwide. Prior to joining the RBF, Dr. Roggi, founded and managed (from 2007-‐2009) as Chairman, Centro Studi per l‘Economia la Politica e la Finanza: Finanza Firenze. The association provides applied research services to prestigious institutions as Regione Toscana, Camera di Commercio di Firenze, Lucca, Arezzo. The association developed software tools for the SME credit rating and also provided support to the bank research centers and other financial institutions. From 1994 Dr. Roggi is active on the field of advisory services in: corporate finance, valuation, corporate governance and corporate strategy working as independent consultant with firms in a wide range of industries, including financial services, telecommunications and retail. In 2015, he founded and financed, IFC Consulting Srls in Italy, an RBF Latam Ltda (Brazil) both advisory services companies specialized in risk assessment, finance and strategy advisory. From 1995 and 1997 Dr. Roggi is as Certified Public Accountant, Independent Auditor and Board member in several publicly owned companies including the financial services. He is member of several associations and societies worldwide. Dr Roggi is fluent in five languages (Italian, English, Portuguese, French, Spanish).
Supervisors: Edward I Altman
Supervisors: Edward I Altman
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Abstract
Scholars and practitioners have known for a long time that risk plays an important, indeed central, role in determining the appropriate discount rate to be used in a sophisticated valuation model. In today's world, however, the very risk of survival, especially for financial institutions, is essential to the health of the world's capital markets and its impact on the global economy.
Risk, Value and Default is a vital text for understanding the interaction between enterprise risk management and corporate valuation and corporate default. The book seeks to explore the interaction between the risk of default and enterprise risk, and their joint impact on firm valuation. It aims to address the problem of how corporations should deal with risk and how they can maximize shareholder value. It also examines various conceptual ways to measure risk, thereby bridging the gap between theoretical concepts and pragmatic application.
The book combines sound conceptual analytics and regional firm data to provide useful information and tangible guidelines for firms as well as for analysts and advisors of these entities. Scholars and professionals with an interest in risk management, and managers, owners, creditors and potential investors in enterprises will find Risk, Value and Default a particularly useful guide to understanding the relationship between risk generation, risk management and corporate value and default from an interdisciplinary perspective.
Readership: Scholars and practitioners with an interest in risk governance, valuation and risk management within the context of the risk management and governance, corporate finance, banking, econometrics, mathematical economics and quantitative finance.
More than 1,000 corporate directors and senior managers participated in the workshop series. The handbook has been shaped by their views, experiences and other feedback and reflects the richness of wide and varied collective experience. The authors have shared specific examples from the participants’ experiences in the handbook — as much as confidentiality constraints allow.
Numerous stock exchanges, regulators, central banks, schools and other institutions partnered with us in hosting the events. The workshops would not have been possible without their administrative support. They also provided key intelligence on local conditions and helped us frame materials to specific emerging market conditions.
IFC staff in local offices and in Washington, D.C. gave their time to help to make these workshops happen. These extended team members are valuable contributors to this final product in as much as their efforts, contacts, and knowledge contributed to the workshops and to the shaping of the consulting teams’ views on risk-taking challenges in emerging markets.
The workshops were funded by contributions from the governments of the Netherlands and Austria, and from IFC. Without their commitment to development, these workshops and this handbook would not have been possible.
The volume focuses on contemporary risk leadership issues based on recent research insights but avoids excessive technical language and mathematical formulas. The book is framed around the challenges imposed on executives and directors in dealing with an increasingly complex and unpredictable world. This requires a new risk leadership focus that not only avoids the downside risks but also considers ways to exploit the upside potential offered by a dynamic environment. The underlying logic is built on the principles of financial economics where benefits derive from reducing bankruptcy costs and increasing future cash inflows. This provides a stringent framework for analyzing the effect of different risk management actions and behaviors in effective risk-taking organizations. Hence, the book addresses the potential for upside gains as much as the threats of downside losses that represent the conventional risk perspectives. It states the simple fact that you must be willing to take risk to increase strategic responsiveness and corporate manoeuverability. The text builds the arguments in logical steps explicating relevant techniques and practices along the way that invite to immediate applications and practical thinking
conceived and organized at the time that the great financial crisis of 2008
was forming and becoming ominous. The Editors has little ideas, however,
that the main themes of this conference would become as timely and critical
as it did, and so quickly, although one of the Editors had predicted a
meltdown in global credit markets in spring of 2007 — for reasons that
were overshadowed by the incredible debacle in residential mortgage market
structured securities in the U.S., and elsewhere. Over the next five years,
including the inaugural Risk Management Conference in Florence in June
2008, the main subjects addressed at our annual meetings were clearly
related directly to the major concerns in the world of finance and sovereign
economics.
Our strategy for the IRMC Conferences was quite simple — complement
a fairly wide swatch of risk topics presented by global scholars, with
an extremely high level of Academic Keynotes and Featured Speakers and
a “Practitioner Workshop.” The latter had to be timely and provocative.
We have been extremely fortunate to have attracted a continuous supply of
distinguished keynote presentations and the parallel scholarly sessions have
consistently improved both in quality and quantity. The contents of this
volume are a large majority of the Keynote/Feature presentations from our
conferences in the form of research papers related to (A) The Evolution
of Risk Management, (B) Sovereign and Systemic Risk, (C) Liquidity,
(D) Risk Management Principles and Strategies, (E) Credit Risk and
(F) Equity Risk and Market Crashes.