Stanley Myint and Fabrice Famery


There are two main reasons that made us think about writing a second edition. Since the first edition of this book was published in 2012, much has changed in the world of corporate risk: the macroeconomic situation, for instance, due to low interest rates in the eurozone and higher rates in the US. Has this changed our view on the optimal fixed-floating mix? We decided to find out.

We also received many comments from our readers about parts of the first edition that could be expanded or clarified. For example, xVA charges, introduced after 2008 became a major consideration for long-dated derivatives, but there was no mention of them in the first edition. This omission has now been rectified.

We have added new chapters on equity risks, carbon emissions, risks from pegged currencies, optimal cash position and optimal leverage, and many others, 20 chapters in total. We also eliminated 12 chapters that do not seem relevant today. Other chapters have been radically rewritten and expanded for easier comprehension and completeness. Therefore, the book you now hold is much bigger and very different than the first edition.


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