Handbook of Asset and Liability Management, Vol. 2, No. suppl (C) • 2007

ISSN: 1872-0978

doi: 10.1016/S1872-0978(06)02024-2


Stavros A. Zenios,

University of Cyprus and Wharton Financial Institutions Center

William T. Ziemba,

University of British Columbia

God may not be playing dice with nature, according to Einstein’s famous quip, but chance and spontaneity are unavoidable in the financial markets. This simple but profound fact is driven eloquently in Bernstein’s 1996 book. Organizations operating in the financial markets—be they financial institutions, manufacturing or distribution firms, or service providers—cannot achieve their main goals of creating economic value unless they come to terms with the risks associated with the ...

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