Magisteruppsats (4FE18E), Civilekonomprogrammet - Inriktning Controller, Ekonomihögskolan vid Linnéuniveristetet i Växjö, Vårterminen 2021.  Titel: Riskhantering under Covid-19 pandemin - En fallstudie om Enterprise Risk Management på Scania i Oskarshamn Bakgrund: Riskhantering blev ett mycket aktuellt ämne efter finanskrisen 2008 till följd av identifierade svagheter i organisationers riskhanteringssystem. I den förändrade tid som var efter finanskrisen 2008 fick bland annat konceptet Enterprise Risk Management (ERM) mer uppmärksamhet att potentiellt lösa de problem organisationer hade med sina riskhanteringssystem. ERM till skillnad från traditionell riskhantering innefattar en mer systematisk och övergripande riskhantering som integrerar risk i företagsstrukturen och involverar alla individer i företaget. Tidigare forskning har påvisat relationen mellan intern riskstruktur och riskkultur som viktig för att genererar en effektiv riskhantering utifrån ERM. Däremot finns det ett forskningsgap hur dessa komponenter samverkar i praktiken för att funktionen av ERM.  Syfte: Syftet med denna studie är att öka kunskapen om relationen mellan riskstruktur och riskkultur för funktionen av ERM. Detta genom en fallstudie på Scania för att beskriva och analysera arbetet med ERM under Covid-19 pandemin.  Metod: Denna fallstudie är av kvalitativ karaktär med en deduktiv ansats vilket innebär att befintlig litteratur om ERM testas i praktiken. Studiens empiri är insamlad från semistrukturerade intervjuer med krisgruppen på Scania i Oskarshamn. Empiri samlades även in från enkäter besvarade av Scanias medarbetare för att förstå Scanias riskhantering utifrån ERM.  Slutsats: Genom en kartläggning av Scanias riskhanteringsprocess och hur den uppmuntrar till en riskkultur präglad av ett högt säkerhetstänk gick det att identifiera följande områden där relationen mellan riskkultur och riskstruktur spelar en viktig roll för funktionen av ERM; Målsättning & Systematisk riskhantering, Uppmuntran till riskmedvetenhet, Värdet av riskhantering, Riskåtgärder & Förtroende för riskhantering, Information & kommunikation, Öppenhet & Transparens och Tonen uppifrån. Hur relationen mellan intern riskstruktur och riskkultur styrs i dessa områden har således en påverkan för effektiviteten av ERM. / Master thesis (4FE18E), Degree of Master of Science in Business and Economics - Controller, School of Business and Economics at Linnaeus University in Växjö, Spring semester 2021.  Title: Risk Management during the Covid-19 pandemic - A case study about Enterprise Risk Management on Scania Background: Risk management became a topic after the financial crisis in 2008 as a result of identified weaknesses in organizations' risk management systems. The concept of Enterprise Risk management gained more attention after the financial crisis in 2008 as the solution to potentially solve the problems organizations had with their risk management systems. ERM, unlike the traditional risk management, includes a more systematic and comprehensive risk management that integrates risk into the structure of the company and involves all individuals in the company. Previous research has established the relationship between internal risk structure and risk culture as important for generating effective risk management based on ERM. However, there is a research gap on how these components interact in practice for the function of the ERM.  Purpose: The purpose of this study is to increase knowledge about the relationship between risk structure and risk culture for the function of ERM. This through a case study at Scania to describe and analyze the work with Enterprise Risk Management during the Covid-19 pandemic.  Method: This case study is of a qualitative nature with a deductive approach, which means that existing literature concerning ERM is tested in practice. The study's empirical data is collected from semi-structured interviews with the crisis group at Scania in Oskarshamn. Empirical data were also collected from surveys answered by Scania's employees to understand Scania's risk management based on ERM.  Conclusion: Through a survey of Scania's risk management process and how it encourages a risk culture characterized by a high level of security thinking, it was possible to identify the following areas where the relationship between risk culture and risk structure plays an important role in the functioning of the ERM; Objectives & Systematic risk management, Encouragement of risk awareness, The value of risk management, Risk response & Trust for risk management, Information & Communication, Openness & Transparency and the Tone from top. How the relationship between internal risk structure and risk culture is governed in these areas has an impact on the effectiveness of ERM.

This thesis consists of four self-contained essays on the various topics in finance.  The first essay, The Information Content of The Systematic Risk Structure of Corporate Yields for Future Real Activity: An Exploratory Empirical Investigation, constructs a proxy for the systematic component of the risk structure of corporate yields (or systematic risk structure), and tests how well it predicts real economic activity in the United States. It finds that the systematic risk structure predicts the growth rate of industrial production 3 to 18 months into the future even when other leading indicators are controlled for, outperforming other models. A regime-switching estimation also shows that the systematic risk structure is very successful in identifying and capturing different growth regimes of industrial production.  The second essay, How Much Leverage is Too Much, or Does Corporate Risk Determine the Severity of a Recession? investigates whether financial conditions of the U.S. corporate sector  can explain the probability and severity of recessions. It proposes a measure of corporate vulnerability, the Corporate Vulnerability Index (CVI) constructed as the default probability for the entire corporate sector. It finds that the CVI is a significant predictor of the probability of a recession 4 to 6 quarters ahead, even controlling for other leading indicators, and that an increase in the CVI is also associated with a rise in the probability of a more severe and lengthy recession 3 to 6 quarters ahead.  The third essay, Asian Flu or Wall Street Virus? Tech and Non-Tech Spillovers in the United States and Asia (with Jorge A. Chan-Lau), using TGARCH models, finds that U.S. stock markets have been the major source of price and volatility spillovers to stock markets in the Asia-Pacific region during three different periods: the pre-LTCM crisis period, the “tech bubble” period, and the “stock market correction” period. Hong Kong SAR, Japan, and Singapore were sources of spillovers within the region and affected the United States during the latter period. There is also evidence of structural breaks in the stock price and volatility dynamics induced during the “tech bubble” period.  The fourth essay, Coping with Financial Spillovers from the United States: The Effect of U. S. Corporate Scandals on Canadian Stock Prices, investigates the effect of U.S. corporate scandals on stock prices of Canadian firms interlisted  in the United States. It finds that firms interlisted during the pre-Enron period enjoyed increases in post-listing equilibrium prices, while firms interlisted during the post-Enron period experienced declines in post-listing equilibrium prices, relative to a model-based benchmark. Analyzing the entire universe of Canadian firms, it finds that interlisted firms, regardless of their listing time, were perceived as increasingly risky by Canadian investors after the Enron’s bankruptcy. / Diss. Stockholm : Handelshögskolan, 2003