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1、CHAPTER7VALUEANDRISK:BEYONDBETAS∗AswathDamodaranRiskisnarrowlydefinedinmostfinancialanalysesassystematicornondiversifi-ablerisk,anditseffectsonvalueareisolatedtothediscountrate.Generally,thecostsofequityandcapitalaresethigherforriskiercompaniesandtheresult
2、ingvalueisconsideredtoberiskadjusted.Inconjunction,riskmanagementisconsid-eredtobeprimarilydefensive—thatis,firmsprotectingthemselvesagainstrisksbyusingrisk-hedgingproducts,suchasderivativesandinsurance.Iarguehereforbothamoreexpansiveanalysisofriskinvalu
3、ationandamuchbroaderdefinitionofriskmanagement.Ibelievethateffectiveriskmanagementcansometimesincludeaggressivelyseekingoutandexploitingriskandthatitcanalterinvestmentpolicyandaffectexpectedcashflows.RISKMANAGEMENTVS.RISKREDUCTIONTheChinesesymbolforriskis
4、acombinationoftwosymbolsonefordangerandoneforopportunity.Althoughriskcanhaveverynegativeconsequencesforthosewhoareexposedtoit,riskisalsothereasonforhigherreturnstothosewhouseittotheiradvantage.Riskmanagementasdefinedinpracticemissesthisimportantdualityan
5、dfocusesonthenega-tiveconsequencesofrisk.Infact,whenriskmanagementisdiscussedincorporateoffices,consultingfirms,andinvestmentsbanks,whatisbeingtalkedaboutisriskreduction,usuallythroughtheuseofderivativesandinsurance.Riskreductionisapartofriskmanagement,bu
6、titisonlyapart.Riskmanagementhastobedefinedfarmorebroadlytoincludeactionsthataretakenbyfirmstoexploituncertainty.∗ReprintedfromtheFinancialAnalystsJournal(March/April2005):3843.125CH007.indd1258/28/108:56:08PM126PartI:Overview—2000–PresentInfact,riskmanag
7、ementmayinvolveincreasing,ratherthandecreasing,exposuretoatleastsometypesofriskswhenafirmbelievesthatincreasingtheriskwillgiveitanadvantageoveritscompetitors.Tounderstandthedifferencebetweenriskreductionandriskmanagement,considerthefollowingexamples:Pfize
8、rbuysforeigncurrencyoptionstoprotectitselfagainstexchangeraterisk;thisactionisriskreduction,andthepayofftakestheformofsmootherearningsand,perhaps,higherfirmvalue.Pfizerrestructuresitsresearchanddevelopmentdepartmenttoensurethatitsp