题目
There are many reasons why risk management increases shareholder wealth. Which of the following risk management policies is least likely to increase shareholder wealth?
选项
A.Hedging strategies to lower the probability of financial distress and bankruptcy.
B.Risk management policies designed to reduce the probability of debt overhang.
C.Well-designed compensation structure for managers that sets incentives for managers to take appropriate risks.
D.Risk management policies to eliminate projects with high volatility.
答案
D
解析
The first three are examples of where risk management can increase firm value. The last one is invalid because eliminate projects with high volatility may eliminate projects with extremely high payoffs.前三个是风险管理可以增加公司价值的示例。 最后一个不对，因为消除具有高波动性的项目可能消除具有极高收益的项目。