Publications

SSRN

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Research Summary

Corporate Risk Management

Traditionally companies have managed different kinds of risk individually: the corporate treasurer or finance director handles credit risk and foreign exchange risk, the human resources manager handles employment risk, and so on. Integrated risk management calls for... View Details

How to Make Climate Risk Good Business

The risk profiles of many real estate markets are rapidly increasing globally. Insurers and mortgage brokers are taking note and adjusting their offering based on widely available climate data and predictive analytics. John Macomber suggests that consumers and... View Details

2010
Chapter

Measuring and Managing Macrofinancial Risk and Financial Stability: A New Framework

By: Dale F. Gray, Robert C. Merton and Zvi Bodie

This paper proposes a new approach to improve the way central banks can analyze and manage the financial risks of a national economy. It is based on the modern theory and practice of contingent claims analysis (CCA), which is successfully used today at the level of... View Details

Keywords: Financial Statements; Economy; Financial Condition; Central Banking; Management Analysis, Tools, and Techniques; Management Practices and Processes; Risk Management; Measurement and Metrics; System Shocks

2021
Working Paper

International Evidence on the Effects of a Local Presence by U.S. Credit Rating Agencies

By: Liran Eliner, Michael Machokoto and Anywhere Sikochi

Major U.S. credit rating agencies are criticized for failing to understand developments in other economies and thereby impeding capital access by assigning lower ratings. Consistent with this, we find that Moody's and S&P credit ratings are more favorable after the... View Details

Keywords: Credit Rating Agencies; Credit Ratings; Rating Adjustments; Rating Disagreement; Geographic Proximity; Soft Information; Credit; Geographic Location; Local Range

SSRN

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2020
Working Paper

Capital Regulation and Product Market Outcomes

By: Ishita Sen and David Humphry

We present evidence of product market adjustments and asset reorganizations from the largest ever shift in risk regulation in a developed insurance market. Using proprietary data on insurance risk exposures from the Bank of England, we develop a measure of regulatory... View Details

Keywords: Non-traditional-non-insurance; Risk Regulation; Product Market Concentration; Small Vs. Large Insurers; Insurance Risk Exposure; Insurance; Risk and Uncertainty; Governing Rules, Regulations, and Reforms

SSRN

August 2005 (Revised April 2014)
Teaching Note

Innocents Abroad: Currencies and International Stock Returns

By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen

What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock... View Details

March 2004 (Revised October 2013)
Case

Innocents Abroad: Currencies and International Stock Returns

By: Mihir A. Desai, Kathleen Luchs, Elizabeth A. Meyer and Mark Veblen

What do international stocks contribute to the portfolio of a U.S. investor? How do currencies interact with stock price movements in determining the benefits of international diversification? This case helps students compare the risks and returns of foreign stock... View Details

01 Apr 2001
News

Big Deals: Project Finance Helps Mitigate Risk in Large-Scale Investments

careful allocation of risks and returns among the various parties so that they have incentives to manage efficiently. Also important is the possibility for adjustments in risk... View Details

Keywords: Julia Hanna; Motorola; Air Transportation; Transportation; Business Schools & Computer & Management Training; Educational Services; Fabricated Metal Product Manufacturing; Manufacturing; Securities, Commodities, and Other Financial Investments; Finance; Telecommunications; Information

May 2014
Case

Health Care Accountability: Examples in Cancer Treatment

By: Regina E. Herzlinger and Natalie Kindred

This case is designed to support a discussion of the importance of outcomes evidence in empowering the public to make better health care decisions, the desired level of transparency and accountability for health care providers, and the issues with current measuring and... View Details

Keywords: Accountability; Health Care; Cancer; Cancer Treatment; Memorial Sloan Kettering Cancer Center; Cancer Treatment Centers Of America; Vantage Oncology; Radiology; Risk Adjustment; Treatment Outcomes; Health Care Outcomes; Prostate Cancer; Transparency; Health Care and Treatment; Risk Management; Outcome or Result; Health Industry; United States

August 2014 (Revised March 2015)
Case

Reinventing Retail: ShopRunner's Network Bet

By: Benjamin Edelman and Karen Webster

ShopRunner considers adjustments to improve its online shopping service which offers no-charge two-day shipping as well as easy returns and other conveniences. Competitors' diverse pricing models and ancillary benefits raise questions about how to structure and price... View Details

Keywords: Shopping Club; Coop; Pricing; Shipping; Marketing Channels; Global Strategy; Order Taking and Fulfillment; Information Technology Industry; Retail Industry; United States; China

July 2005 (Revised September 2020)
Case

The U.S. Current Account Deficit

By: Laura Alfaro, Rafael Di Tella, Ingrid Vogel, Renee Kim, Sarah Jeong, Matthew Johnson and Jonathan Schlefer

Investors and policymakers throughout the world were confronted with the risk of painful economic consequences arising from the large U.S. current account deficit. In 2007, the U.S. current account deficit was $731 billion, equivalent to 5.3% of GDP. The implications... View Details

Keywords: World Economy; Macroeconomics; Borrowing and Debt; Currency; Foreign Direct Investment; Business and Government Relations; United States

April 1975 (Revised November 1984)
Case

Enzone Petroleum Corp.

By: Thomas R. Piper

A large integrated oil company is debating whether to switch from a single hurdle rate to multiple hurdle rates for project analysis purposes. Raises questions on: 1) determination of the cost of equity; 2) the usefulness of multiple hurdle rates to adjust for project... View Details

Keywords: Risk and Uncertainty; Cost; Investment Return; Equity; Capital Budgeting; Energy Industry

22 Nov 2011
Working Paper Summaries

Carbon Tariffs: Impacts on Technology Choice, Regional Competitiveness, and Global Emissions

Keywords: by David F. Drake; Manufacturing

20 Jul 2020
News

Survey shows South African firms in some sectors are highly innovative

January 2018 (Revised March 2018)
Case

Portugal: Can Socialism Survive?

By: Richard H.K. Vietor and Haviland Sheldahl-Thomason

Portugal was not ready to join the European Monetary Union in 1999. With strong unions, weak competitiveness, and a legacy of socialism, it could not compete with north-European countries. After borrowing extensively to fund deficits, Portugal went into debt crisis in... View Details

Keywords: Economy; Financial Crisis; Economic Systems; Portugal

November 2015
Article

Influence of Experience and the Surgical Learning Curve on Long-term Patient Outcomes in Cardiac Surgery

By: Bryan M. Burt, Andrew W. ElBardissi, Robert S. Huckman, Lawrence H. Cohn, Marisa W. Cevasco, James D. Rawn, Sary F. Aranki and John G. Byrne

OBJECTIVE: We hypothesized that increased post-graduate surgical experience correlates with improved operative efficiency and long-term survival in standard cardiac surgery procedures.

METHODS: Utilizing a prospectively collected retrospective database,... View Details

Keywords: Service Delivery; Value; Health Care and Treatment; Experience and Expertise; Health Industry