The new risk management: the good, the bad, and the ugly

At one time, risk management was limited to insurance and the avoidance of lawsuits and accidents. The new risk management also includes using tools developed for pricing financial options for the management of financial risks within the firm. Trading in financial markets based on these tools can insulate companies from the risk of changes in interest rates, input prices, or currency fluctuations. In this article Philip H. Dybvig and William J. Marshall introduce the new risk management and the policy choices firms should be considering.Management ; Risk

Baseball\u27s Pivotal Era, 1945-1951

With personal interviews of players and owners and with over two decades of research in newspapers and archives, Bill Marshall tells of the players, the pennant races, and the officials who shaped one of the most memorable eras in sports and American history. At the end of World War II, soldiers returning from overseas hungered to resume their love affair with baseball. Spectators still identified with players, whose salaries and off-season employment as postmen, plumbers, farmers, and insurance salesmen resembled their own. It was a time when kids played baseball on sandlots and in pastures, fans followed the game on the radio, and tickets were affordable. The outstanding play of Joe DiMaggio, Stan Musial, Ted Williams, Bob Feller, Don Newcombe, Warren Spahn, and many others dominated the field. But perhaps no performance was more important than that of Jackie Robinson, whose entrance into the game broke the color barrier, won him the respect of millions of Americans, and helped set the stage for the civil rights movement. Baseball\u27s Pivotal Era, 1945-1951 also records the attempt to organize the Pittsburgh Pirates and the Mexican League\u27s success in luring players south of the border that led to a series of lawsuits that almost undermined baseball\u27s reserve clause and antitrust exemption. The result was spring training pay, uniform contracts, minimum salary levels, player representation, and a pension plan--the very issues that would divide players and owners almost fifty years later. During these years, the game was led by A.B. Happy Chandler, a hand-shaking, speech-making, singing Kentucky politician. Most owners thought he would be easily manipulated, unlike baseball\u27s first commissioner, the autocratic Judge Kennesaw Mountain Landis. Instead, Chandler\u27s style led one owner to complain that he was the player\u27s commissioner, the fan\u27s commissioner, the press and radio commissioner, everybody\u27s commissioner but the men who pay him. William Marshall is director of Special Collections and Archives at the University of Kentucky Libraries. Winner of the 1999 Seymour Medal given by the Society of American Baseball Researchers.https://uknowledge.uky.edu/upk_sports_studies/1003/thumbnail.jp

The Effect of Risk on the Firm's Optimal Capital Stock: A Note

In this paper we extend the recent work on the choice of input mix under uncertainty. In particular, we demonstrate that the qualitative nature of the disturbance term, along with the decision sequence, is a crucial determinant of the overall effect of uncertainty on the optimal input mix of a firm. Using general demand and production functions in conjunction with a mean-variance framework for financial valuation, we demonstrate the differential effects of systematic and non-systematic risk on the firm's choice of an optimal input mix. Consistent with earlier work in economics, this analysis demonstrates that uncertainty, regardless of the source, has important implications for the firm's choice of technology.

DETERMINING LOCATIONS FOR RURAL MEDICAL CLINICS: A MODEL AND ITS USE

Community/Rural/Urban Development,

Point of View the Power of Policy: Premise and Product

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