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Financial risk

About: Financial risk is a research topic. Over the lifetime, 11899 publications have been published within this topic receiving 231404 citations. The topic is also known as: economic risk.


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Journal ArticleDOI
TL;DR: The Medical Insurance Program for the Poor in the republic of Georgia provides a free and extensive benefit package and operates through a publicly funded voucher program, enabling beneficiaries to choose their own private insurance company.
Abstract: Improving access to health care and financial protection of the poor is a key concern for policymakers in low- and middle-income countries, but there have been few rigorous program evaluations. The Medical Insurance Program for the Poor in the republic of Georgia provides a free and extensive benefit package and operates through a publicly funded voucher program, enabling beneficiaries to choose their own private insurance company. Eligibility is determined by a proxy means test administered to applicant households. The objective of this study is to evaluate the program's impact on key outcomes including utilization, financial risk protection, and health behavior and management. A dedicated survey of approximately 3500 households around the thresholds was designed to minimize unobserved heterogeneity by sampling clusters with both beneficiary and non-beneficiary households. The research design exploits the sharp discontinuities at two regional eligibility thresholds to estimate local average treatment effects. Results suggest that the program did not affect utilization of health services but decreased mean out-of-pocket expenditures for some groups and reduced the risk of high inpatient expenditures. There are no systematic impacts on health behavior, management of chronic illnesses, and patient satisfaction. Copyright © 2010 John Wiley & Sons, Ltd.

58 citations

01 Jan 2013
TL;DR: In this paper, the authors identify the major risks associated with the Malaysian construction industry and evaluate the practical measures that the various local construction industry players would take to respond to those risks, which can bring greater rewards to project performance by enhancing productivity.
Abstract: Effective risk management can bring greater rewards to project performance by enhancing productivity. The objectives of this study are to identify the major risks associated with the Malaysian construction industry and to evaluate the practical measures that the various local construction industry players would take to respond to those risks. A mixed method of questionnaire and interviews was used to investigate the current trend of risk management implementation in the Malaysian construction industry. Financial risk and time risk are found to be the major risks in terms of the occurrence frequency and the impacts. A lack of knowledge and the associated costs of risk management application are the main reasons given by local contractors who lag behind in implementing risk management in their practices. It can be deduced that risk management is still at an early stage of development in the Malaysian construction industry.

58 citations

Journal ArticleDOI
TL;DR: Both design and implementation of an adequate health financing system are essential in the pursuit of universal coverage, i.e. essential health services and interventions provided at a cost affordable for all.
Abstract: How health systems are financed largely determines whether people can obtain needed health care and whether they suffer financial hardship as a result of obtaining care. Both design and implementation of an adequate health financing system are essential in the pursuit of universal coverage, i.e. essential health services and interventions provided at a cost affordable for all. Universal coverage implies equity of access and financial risk protection; this health policy goal clearly imposes important demands on those responsible for health system financing.

58 citations

Journal ArticleDOI
TL;DR: In the public sector, risk management has been a hot topic in recent years as mentioned in this paper, with a variety of business risk management approaches being proposed in the public and private sectors, such as risk management of offenders, health-care systems, tax audits and the operations of weapons systems.
Abstract: Business risk management, taking a variety of forms, has been a growth point in corporate management in recent years. That change in emphasis is said to stem from responses to high-profile disasters like Bhopal and Exxon Valdez, increasing legal and regulatory pressure on risk management and a search for new approaches to formulating corporate strategy. Risk management of many types is well-established in the public sector, in domains as various as the management of offenders, health-care systems, tax audits and the operations of weapons systems. Risk management has always been central to strategic planning in defence, internal security and foreign affairs. But risk management systems in government tend to be policy-domain-specific. Most are directed towards policy rather than 'business' risks and some are focused on risks to third parties rather than risks to producer organisations. Accordingly, if the various private-sector business risk approaches raise issues for the design of institutional routines in government, the issue concerns how far a generic approach to factoring risk into decision-making at senior managerial level is appropriate across government. In principle a case could be made for a more generic approach that involved the integration of business risk management techniques into management control and organisational strategy in the public sector. Many of the environmental and technological changes causing risk management to assume greater importance in business strategy (like increased litigation risks, risks of IT failure, financial risks arising from global markets) affect governments as well as business. There is evidence that the 1999 Turnbull ICAEW report on internal control has influenced public as well as private sector developments. Inquiries into government decision making often produce examples of risks being taken with public money or the quality of public services without adequate strategic consideration at senior management level or careful contingency planning. Yet public servants are almost equally often berated for being too risk-averse and not sufficiently entrepreneurial. A business risk management approach offers the possibility for striking a judicious and systematically argued balance between risk and opportunity in the form of the contradictory pressures for greater entrepreneurialism on the one hand and limitation of downside risks on the other that are experienced by contemporary public sector managers.

58 citations

Journal ArticleDOI
TL;DR: The authors survey empirical research in accounting and finance over the past 15 years (since my prior survey, Ryan 1997) on the relevance of firms' financial report information for the evaluation of their risk and make four primary recommendations for how financial reporting policymakers can improve risk reporting quality.
Abstract: In this paper, I survey empirical research in accounting and finance over the past 15 years (since my prior survey, Ryan 1997) on the relevance of firms’ financial report information for the evaluation of their risk. I assume higher risk-relevance indicates enhanced risk reporting quality. Based on these research findings and assumption, I make four primary recommendations for how financial reporting policymakers can improve risk reporting quality. These recommendations pertain to both summary accounting numbers (which may be recognized bottom-line amounts or analogous amounts calculated from required disclosures) and other financial report disclosures. First, policymakers should require firms to report comprehensive income statements that: (1) measure comprehensive income based on fair value or a similarly information-rich accounting measurement attribute; and (2) present the components of comprehensive income that are primarily driven by variation in cash flows from those that are primarily driven by variation in costs of capital. Such comprehensive income statements would provide users of financial reports with the flexibility to calculate alternative income numbers and thereby to perform different types of risk assessment analyses that research has shown to be useful. This recommendation reflects a central theme of this paper: alternative income numbers play different but fundamental roles in risk assessment. Second, policymakers should attempt to maximize the ties of other financial report disclosures to summary accounting numbers. My primary specific recommendation in this vein is to require firms to conduct and disclose the results of back-tests of prior significant accrual estimates, indicating any identified trends in and drivers of revisions to those estimates, and describing the effects of those revisions on current and if possible future summary accounting numbers. Third, policymakers should encourage and to the extent feasible require firms to aggregate and present risk disclosures in tabular or other well-structured formats that promote the usability of the information. Identifying and propagating the use of existing best disclosure practices and encouraging new best practices is the most natural way to do this. Fourth, for model-dependent risk disclosures, policymakers should encourage and if feasible require firms to disclose the primary historical and forward-looking attributes of the models and their implementation in practice, sensitivity of the model outputs to common variants of those attributes, and benchmarking of the models to standard portfolios of exposures.

58 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
2023122
2022250
2021643
2020658
2019673
2018541