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PART ONE: CHALLENGES OF LIABILITIES MANAGEMENT; 1 Market Bubble ofTelecoms Stocks; Leveraging Makes the Global Financial Market Fragile; CreditCrunch Cripples Ambitions of Telephone Operators; Investment Banks Also PaidDearly for Telephone Companies' Overexposure; Message from the Bubble in theFall of 2000; Liquidity Crisis to Be Solved through Liability Management; 2Downfall of Lucent Technologies, Xerox, and Dot-Coms; Has the New EconomyBeen Destabilized?; Market Falls Out of Favor with Tech Stocks: AppleComputer's Blues and the Dot-Coms; Lucent Technologies' Hangover; Downfall ofXerox; Shift from Real to Virtual Economy and the Challenge of the ServiceIndustry; Financial Staying Power and Business Turf; 3 Liabilities andDerivatives Risk; Risk and Return Embedded into Derivatives Contracts; Why anIndustrial Company Is Interested in Derivatives; Oil Derivatives and theImpact on the Price of Oil; Risks Taken by Intel, Microsoft, and theFinancial Industry; Using Derivatives as a Tax Haven; Market Psychology:Wealth Effect and Reverse Wealth Effect; 4 Reputational and Operational Risk;Distinction between Ability to Perform and Willingness to Perform; TroublesFacing Certified Public Accountants in Connection; with Reputational Risk;Corruption and Mismanagement Underpin the Failure; to Control OperationalRisk; Case Study on Operational Risk and Reputational Risk; With OrangeCounty; Fallout from Operational Risk Hits Both the Fund and the Broker;Scandals Become Part of Reputational Risk When; They Come to the Public Eye;PART TWO: MANAGING LIABILITIES; 5 Assets, Liabilities, and the Balance Sheet;Aftermath of Liabilities: Nissan Mutual Life and General American; Earthquakeafter Liabilities Hit the Balance Sheet; Sensitivity Analysis, Value-AddedSolutions, and Gap Analysis; Proper Recognition of Assets and Liabilities,and the Notion of Stress Testing; Redimensioning the Balance Sheet throughAsset Disposal; Weight of Liabilities on a Company's Balance Sheet; 6 VirtualBalance Sheets and Real-Time Control; Virtual Financial Statements and TheirContribution to Management; Modeling of Assets and Liabilities Must FollowRigorous Rules; Stress Scenarios Help to Reveal the Nature of UnderlyingConditions; Forward-Looking Statements and Virtual Close at Cisco; Preparinga Real-time Report on Hedging and Exposure; From Virtual Balance Sheets toFinances of Virtual Corporations; Managing the Liabilities Accounts ofVirtual Companies; 7 Liquidity Management and the Risk of Default; LiquidAssets and the Concept of Liquidity Analysis; Liquidity and CapitalResources: The View from Lucent Technologies; Who Is Responsible forLiquidity Management?; Unrealistic Assumptions Characterizing a Famous Model;Liquidity Ratios and Activity Ratios in the Service of Management;Computation of Leverage and Default Including Derivatives Exposure;Contingency Planning for Liquidity Management; 8 Market Liquidity and theControl of Risk; Different Types of Market Liquidity and Money Supply;Liquidity Risk, Volatility, and Financial Statistics.Marking to Market andMarking to Model; Liquidity Premium and the Control of Excess Liquidity;Maturity Ladder for Liquidity Management; The Role of Valuation Rules on anInstitution's Liquidity Positions; PART THREE: CASH MANAGEMENT; 9 Cash, CashFlow, and the Cash Budget; Basic Notions in Cash Management and the CashCrunch; Cash Flow Studies and the Cash Budget; Flexible Budgeting and theElaboration of Alternative Budgets; Benefits to Be Gained through Adequacy ofCash Figures; Cash Flow, Operating Cash Flow, and Free Cash Flow; Earnings,Cash Flow, and Price-to-Earnings Growth; Applying the Method of IntrinsicValue; 10 Cash on Hand, Other Assets, and Outstanding Liabilities; HandlingCash Flows and Analyzing the Liquidity of Assets; Art of Estimating CashFlows from Liabilities; Changes in Loans Policies and Their Aftermath;Draining Cash Resources: The Case of Bank One; Establishing Internal Controland Performance Standards; 11 Money Markets, Yield Curves, and Money Rates;Money Market Instruments and Yield Volatility; Spillover Effects in theTransnational Economy; Major Factors Contributing to Global "Capital andBrains" Flows; Yield Structure and Yield Curves; Nominal Versus Real InterestRates; Challenges Arising from the Use of Electronic Money; 12 MismatchedRisk Profiles and Control by the; Office of Thrift Supervision; Interest-RateRisk Measurement and Office of Thrift Supervision Guidelines; PracticalExample on the Role of Basis Points in Exposure; Sensitivity to Market Riskand Post-Shock Portfolio Value; Levels of Interest-Rate Risk and Quality ofRisk Management; Sensitivity Measures and Limits on Dealing with ComplexSecurities; Tuning Examination Frequency to the Quality of anInstitution.PART FOUR: CREDIT RISK, MARKET RISK, LEVERAGE, AND THEREGULATORS; 13 Credit Risk, Daewoo, and Technology Companies; CriticalFactors in the Evaluation of Credit Risk; Bankruptcy of Daewoo; Cash Flows asProxies of Expected and Unexpected Credit Risks; Developing and ImplementingPrudential Limits; Taking Account of Management Quality in EstablishingCredit Limits; Using Six Sigma to Study Deteriorating Credit Risk; Impact ofthe Internet on Credit Control; 14 Marking to Market and Marking to Model theLoans Book; Can the Loans Portfolio Be Marked to Market?; Using the YieldCurve as a Gateway to Sophisticated Solutions; Mismatch in CapitalRequirements between; Commercial Banks and Investment Banks; CreativeAccounting Damages the Process of Securitization; Securitization of CorporateLoans through Credit Derivatives ; 15 Changes in Credit Risk and Market RiskPolicies; Art of Credit Risk and Market Risk Integration; Is It Wise to HaveDistinct Credit Risk and Market Risk Organizations?; Calculating CapitalRequirements for Credit Risk and Market Risk; Concentration of Credit Risk,Precommitment, and Eigenmodels ; Improving Capital Adequacy and AssessingHedge Effectiveness ; 16 Summary: Management Blunders, Runaway Liabilities,and Technical Miscalculations Leading to Panics; Mounting Risk of TurningAssets into Runaway Liabilities; There Is No Way to Prognosticate theAftermath of; Leveraging the Liabilities Side of the Balance Sheet; ThrowingMoney at the Problem Makes a Bad Situation Worse; Is Financial ContagionSpreading on a Global Scale?; Learning from Past Experience in Turning theTide; How Has the New Economy Redefined the Nature and Framework of Risk?;The Destruction of the New Economy by Going Short in a Massive Way; Index