Interest Rate Risk Management.
Author | Paton, Colin |
Position | Book review |
INTEREST RATE RISK MANAGEMENT
Authors: Alpa Dhanani, Suzanne Fifield, Christine Helliar and Lorna Stevenson Publisher: Elsevier/CIMA Publishing Price: 29.99 [pounds sterling] ISBN: 0 7506 6598 X
This research monograph examines various issues surrounding the role of interest rates in companies' risk management practices. In doing so, it manages to fill a gap in the literature, which tends to concentrate on foreign exchange risk.
The authors comprehensively discuss the rationale for hedging and, in particular, what constitutes interest rate risk. Its management by the treasury operation is crucial because interest rate movements are related to changes in the business cycle, affecting firms' cost of capital, which in turn informs their investment behaviour and competitive positioning. Also, an increasing reliance on short- to medium-term borrowing rather than equity funding has meant that companies are becoming more susceptible to rate fluctuations.
The research on which this book is based comprised interviews with ten companies of varying sizes in a range of industries, followed by a questionnaire survey of FTSE and other listed firms. Its results show that...
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