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- Faculty Publications (1,131)
Show Results For
- All HBS Web
(2,009)
- People (1)
- News (283)
- Research (1,546)
- Events (1)
- Multimedia (13)
- Faculty Publications (1,131)
- 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
- September 2002 (Revised August 2003)
- Case
Genzyme's Gaucher Initiative: Global Risk and Responsibility
By: Christopher A. Bartlett and Andrew N. McLean
In Egypt, Genzyme's humanitarian commitment to treat all sufferers of the rare Gaucher disease worldwide first confronts its commercial imperative to recoup the huge investment required to bring the drug Cerezyme to market. Here Tomye Tierney must decide how to balance... View Details
Keywords: Moral Sensibility; Investment; Emerging Markets; Negotiation; Corporate Social Responsibility and Impact; Business and Government Relations; Sales; Commercialization; Expansion; Value Creation
Bartlett, Christopher A., and Andrew N. McLean. "Genzyme's Gaucher Initiative: Global Risk and Responsibility." Harvard Business School Case 303-048, September 2002. (Revised August 2003.)
- Web
Banking System - Behavioral Finance & Financial Stability
Income from trading activities was strongly negative in several years during the financial crisis. Source: Bank Holding Company Y9C Data Accounting Measures of Risk The ratio of risk-weighted assets to assets decreased after the financial... View Details
- 1972
- Chapter
Risk and the Discount Rate for Public Investment
By: Michael C. Jensen and Martin J. Bailey
Jensen, Michael C., and Martin J. Bailey. "Risk and the Discount Rate for Public Investment." In Studies in the Theory of Capital Markets, edited by M. C. Jensen. New York: Praeger, 1972.
- 28 Feb 2007
- Research & Ideas
Capital Rules: The Tensions of Global Finance
lived through the end of history more than once, however, and policymakers continue to relearn old lessons about the difficulties of regulation and the risks of liberalization. The idea that capital ought to flow unrestricted across the... View Details
Keywords: by Rawi Abdelal
- 15 May 2009
- Working Paper Summaries
Barriers to Household Risk Management: Evidence from India
- Article
Scenario Generation for Long Run Interest Rate Risk Assessment
By: Robert F. Engle, Guillaume Roussellet and Emil N. Siriwardane
We propose a statistical model of the term structure of U.S. treasury yields tailored for long-term probability-based scenario generation and forecasts. Our model is easy to estimate and is able to simultaneously reproduce the positivity, persistence, and factor... View Details
Keywords: Forecasting; Stress Testing; Interest Rates; Forecasting and Prediction; Risk Management; United States
Engle, Robert F., Guillaume Roussellet, and Emil N. Siriwardane. "Scenario Generation for Long Run Interest Rate Risk Assessment." Special Issue on Theoretical and Financial Econometrics: Essays in Honor of C. Gourieroux. Journal of Econometrics 201, no. 2 (December 2017): 333–347.
- 04 Jun 2020
- News
ESG investors get their heads around social risks
- Research Summary
Overview
By: John C. Mulliken
My research involves climate strategy, climate finance, and building climate technology ventures. View Details
Keywords: Climate; Climate Risk; Climate Finance; Governance; Climate Change; Strategy; Retail Industry
- 2004
- Other Unpublished Work
Capital and Value of Risk Transfer: Presented at Actuarial Approach for Financial Risks (AFIR) Colloquium, Boston, MA, November
By: K. Froot, G. Venter and J. Major
Froot, K., G. Venter, and J. Major. "Capital and Value of Risk Transfer: Presented at Actuarial Approach for Financial Risks (AFIR) Colloquium, Boston, MA, November." November 2004.
- Article
Forward Discount Bias: Is It an Exchange Risk Premium?
By: K. A. Froot and J. Frankel
Keywords: Currencies; Exchange Rates; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Asset Pricing
Froot, K. A., and J. Frankel. "Forward Discount Bias: Is It an Exchange Risk Premium?" Quarterly Journal of Economics 104, no. 1 (February 1989): 139–161. (Revision of "Findings of Forward Discount Bias Interpreted in Light of Exchange Rate Survey Data," NBER Working Paper No. 1963 and Sloan Working Paper No. 1906-87, August 1987. Reprinted in Advances in Behavioral Finance, edited by Richard Thaler. New York: Russell Sage Foundation, 1993: 359-382 and in Speculation and Financial Markets, edited by M. Taylor and L. Gallagher. Cheltenham: Edward Elgar Publishing, 2001.)
- June 2009
- Case
Midland Energy Resources, Inc.: Cost of Capital
By: Timothy A. Luehrman and Joel L. Heilprin
The senior vice president of project finance for a global oil and gas company must determine the weighted average cost of capital for the company as a whole and each of its divisions as part of the annual capital budgeting process. The case uses comparable companies to... View Details
Keywords: Risk Assessment; Risk and Uncertainty; Risk Management; Cost of Capital; Cash Flow; Capital Structure; Valuation; Capital Budgeting; Energy Industry
Luehrman, Timothy A., and Joel L. Heilprin. "Midland Energy Resources, Inc.: Cost of Capital." Harvard Business School Brief Case 094-129, June 2009.
- 12 Mar 2009
- Working Paper Summaries
Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
- 2008
- Working Paper
New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability
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
Gray, Dale F., Robert C. Merton, and Zvi Bodie. "New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability." Harvard Business School Working Paper, No. 09-015, August 2008. (Revised.)
- Web
In The Classroom - Behavioral Finance & Financial Stability
Carmen Reinhart HKS ITF-270 The Financial System and the Central Bank By: Jeremy C. Stein Harvard University Econ 1759 Behavioral Finance By: Jeremy C. Stein & Andrei Shleifer Harvard University Econ 2728, PhD Corporate View Details
- March 2016
- Article
The Role of Investor Gut Feel in Managing Complexity and Extreme Risk
By: Laura Huang
Securing financial resources from investors is a key challenge for many early stage entrepreneurial ventures. Given the inherent uncertainty surrounding a decision to invest in these ventures, prior research has found that experienced investors rely heavily on their... View Details
Keywords: Angel Investors; Gut Feel; Intuition; Entrepreneurship; Finance; Risk and Uncertainty; Complexity; Decision Making
Huang, Laura. "The Role of Investor Gut Feel in Managing Complexity and Extreme Risk." Academy of Management Journal 61, no. 5 (October 2018): 1821–1847.
- June 2005 (Revised January 2007)
- Case
Equator Principles, The: An Industry Approach to Managing Environmental and Social Risks
By: Benjamin C. Esty, Carin-Isabel Knoop and Aldo Sesia
In June 2003, 10 leading international banks adopted new voluntary guidelines, called the Equator Principles, to promote sustainable development in project finance. In recent years, nongovernmental organizations (NGOs) had raised issues about the lenders'... View Details
Keywords: Risk and Uncertainty; Competition; Corporate Social Responsibility and Impact; Social Issues; Environmental Sustainability; Policy; Project Finance; Standards; Projects; Commercial Banking; Non-Governmental Organizations
Esty, Benjamin C., Carin-Isabel Knoop, and Aldo Sesia. "Equator Principles, The: An Industry Approach to Managing Environmental and Social Risks." Harvard Business School Case 205-114, June 2005. (Revised January 2007.)
- December 2002 (Revised January 2004)
- Case
Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans (A)
By: Benjamin C. Esty and Aldo Sesia
In June 1999, the Basel Committee on Banking Supervision announced plans to revise the capital standards for banks. The Basel Committee believed that project loans were significantly riskier than corporate loans and, therefore, warranted higher capital charges under... View Details
Keywords: Risk and Uncertainty; Project Finance; Financing and Loans; Projects; Standards; Banks and Banking; Banking Industry
Esty, Benjamin C., and Aldo Sesia. "Basel II: Assessing the Default and Loss Characteristics of Project Finance Loans (A)." Harvard Business School Case 203-035, December 2002. (Revised January 2004.)
- April 22, 2021
- Article
Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone
By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
Does shareholder activism induce firms to voluntarily disclose climate change risks? And how do markets respond to these disclosures? New research finds that the extent of climate-risk disclosure increases by approximately 4.6% for each environment-related proposal... View Details
Keywords: Reporting; Transparency; Activism; Shareholder Activism; Shareholder Engagement; Climate Change; Corporate Disclosure; Investment Activism; Business and Shareholder Relations
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone." Harvard Business Review Digital Articles (April 22, 2021).