Adrian Crockett, CFA
Redmond, Washington, United States
8K followers
500+ connections
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Adrian has over 25 years of experience building transformational businesses and…
Articles by Adrian
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Centering Digital Transformation: Introducing OpenFin Notification Center
Centering Digital Transformation: Introducing OpenFin Notification Center
By Adrian Crockett, CFA
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How investment banks will benefit from the first wave of machine learning
How investment banks will benefit from the first wave of machine learning
By Adrian Crockett, CFA
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Banking automation is here. Don't be nervous
Banking automation is here. Don't be nervous
By Adrian Crockett, CFA
Activity
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Looking forward to #FabConEurope in Stockholm and in particular the session with Phil Cheetham and Phil Withey. They will share how the LSEG (London…
Looking forward to #FabConEurope in Stockholm and in particular the session with Phil Cheetham and Phil Withey. They will share how the LSEG (London…
Liked by Adrian Crockett, CFA
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SO MANY BOOKS, SO LITTLE TIME.... Our family is big on reading, and we have always found it to help expand the way we see the world. Since…
SO MANY BOOKS, SO LITTLE TIME.... Our family is big on reading, and we have always found it to help expand the way we see the world. Since…
Liked by Adrian Crockett, CFA
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Thank you Ray, and thank you DXC, Lloyd’s, the IUA ,and the Velonetic team. The shareholders of Velonetic, along with the LMA , LIIBA, and the…
Thank you Ray, and thank you DXC, Lloyd’s, the IUA ,and the Velonetic team. The shareholders of Velonetic, along with the LMA , LIIBA, and the…
Liked by Adrian Crockett, CFA
Erleben Sie
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Licenses & Certifications
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Series 79 - Investment Banking Representative Examination
Financial Industry Regulatory Authority (FINRA)
Volunteer Experience
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Enrich Host - Engineering, Product, & Design Leadership
enrich
- Present 3 Jahre
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October 2023: Aligning OKRs Across Functions
May 2023: Building and Reinforcing a Sustainable Remote Work Culture
January 2023: Finding The Best Size & Ratio For Engineering Teams
October 2022: How Do You Organize Product/Engineering Team Structure?
August 2022: How Often Do You Share Vision With Your Team?
October 2021: Communicating Strategy and Vision -
Lead Faculty - Masters of Product Management & Adjunct Professor - Business Topics for Product Managers
Maryland Institute College of Art
- Present 3 years 6 months
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• Created, built out curriculum, and taught the inaugural Master of Product Management cohort
• Ensure that students have a strong understanding of business and finance topics necessary for product management success -
Guest Lecturer - Quantitative Corporate Finance
Columbia Business School
- 5 years 4 months
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• Taught MBA and EMBA candidates with lectures covering Dynamic Credit Profile Modeling and its application to corporates
• The main focus was to make the course content more pragmatic for students, sharing real-world client situations, with a particular emphasis on using data visualization storytelling techniques to explain sophisticated analytical concepts
• A copy of my last lecture is available at…• Taught MBA and EMBA candidates with lectures covering Dynamic Credit Profile Modeling and its application to corporates
• The main focus was to make the course content more pragmatic for students, sharing real-world client situations, with a particular emphasis on using data visualization storytelling techniques to explain sophisticated analytical concepts
• A copy of my last lecture is available at https://www.slideshare.net/AdrianCrockett/columbia-business-school-quantitative-corporate-finance -
Guest Lecturer - Corporate Finance
London Business School
- 3 years 3 months
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• Lectured MBA, EMBA, and MS in Finance candidates focusing on approaches to Dynamic Risk-Aware Capital Structure Modeling
• Focused on the real-world levers that CFOs have at hand to alter the financing policies of corporates to maximize shareholder value, and how practitioners leverage Monte-Carlo simulation engines to model these dynamics
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Co-founder Robin Hood Endurance
Robin Hood
- 2 Jahre
Poverty Alleviation
• Co-founder and team member of the Robin Hood Endurance Team, a team of elite endurance athletes dedicated to raising substantial funds for the Robin Hood foundation by competing at world-class events
Publications
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Quantifying the Value of Risk Management
Merrill Lynch
In this paper we propose a new risk management framework that can evaluate the cost-risk tradeoff of alternative risk management strategies. Although there is ample theoretical support for risk management as an activity, common risk management approaches suffer serious problems:
Minimize Risk: Completely eliminating risk is expensive and impractical
Efficient Frontier: Can eliminate many poor risk management strategies but rarely gives a definitive optimal
strategy
Sharpe…In this paper we propose a new risk management framework that can evaluate the cost-risk tradeoff of alternative risk management strategies. Although there is ample theoretical support for risk management as an activity, common risk management approaches suffer serious problems:
Minimize Risk: Completely eliminating risk is expensive and impractical
Efficient Frontier: Can eliminate many poor risk management strategies but rarely gives a definitive optimal
strategy
Sharpe Ratio: Provides a cost-risk trade-off but the price of one unit of risk is arbitrary
Based on a recent empirical study, we propose a new cost-risk measure which directly values the impact of earnings per share and cash flow per share volatility.
This new approach will enable corporate CFOs and treasurers to make more robust risk management decisions and, critically, better defend those decisions internally and to the broader market.Other authorsSee publication -
Does Risk Management Create Value
Merrill Lynch
The use of risk management products has grown tremendously in recent years and companies now employ large numbers of risk managers. A fundamental notion underlying these risk management practices is that cash flow and earnings volatility are harmful to shareholders—that is, these measures of volatility have a direct impact on the company’s stock price. If so, risk management tools that lower this volatility will benefit shareholders by raising the company’s stock price. In designing risk…
The use of risk management products has grown tremendously in recent years and companies now employ large numbers of risk managers. A fundamental notion underlying these risk management practices is that cash flow and earnings volatility are harmful to shareholders—that is, these measures of volatility have a direct impact on the company’s stock price. If so, risk management tools that lower this volatility will benefit shareholders by raising the company’s stock price. In designing risk management programs, therefore, it is essential that managers have an understanding of the degree to which the market rewards the company’s stock price when cash flow and earnings volatility are lower. That is, CFOs need a market-
based measure of the benefits of reducing volatility through risk management practices.
In this paper, we provide evidence on whether companies with lower volatility are more highly valued than those with greater volatility. Our main findings are as follows:
Valuation multiple is substantially higher for companies with lower earnings per share (EPS) volatility. For example, a movement from the 75th percentile of EPS volatility to the 25th percentile increases the observed market-to-book (M-B) ratio from 1.15 to 1.32 (i.e., an increase of 15%).
Similarly, valuation multiple is significantly higher for companies with lower cash flow volatility. For example, a movement from the 75th percentile of cash flow volatility to the 25th percentile increases the observed market-to-book (M-B) ratio from 1.21 to 1.23.
Once we control for other determinants of the M-B ratio in a multivariate regression framework, we continue to find that cash flow volatility and earnings volatility have an economically meaningful impact on company value. All else equal, 10% reductions in EPS volatility and cash flow volatility are associated with increases in M-B ratios of 1.6% and 0.6%, respectively...Other authorsSee publication -
Why Should Firms Manage Risk
Merrill Lynch
Most CFOs believe intuitively that reducing risk increases shareholder value. As part of a new series of papers on corporate risk management, we describe the theoretical mechanisms through which risk management may create shareholder value.
Under the assumption of perfect capital markets, risk management adds no value since shareholders can simply hedge any relevant risks themselves. However, perfect capital markets are highly unrealistic, and in practice risk management can add value if…Most CFOs believe intuitively that reducing risk increases shareholder value. As part of a new series of papers on corporate risk management, we describe the theoretical mechanisms through which risk management may create shareholder value.
Under the assumption of perfect capital markets, risk management adds no value since shareholders can simply hedge any relevant risks themselves. However, perfect capital markets are highly unrealistic, and in practice risk management can add value if risk could cause any of the following: