Publications

2007
Other Unpublished Work

A Private Sector without Prerequisites: Ordered Uncertainty in Vietnam and China

By: Regina M. Abrami

Keywords: Private Sector; Developing Countries and Economies; Risk and Uncertainty; China

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

7 Mar 2013
Keynote Speech

Positive Risk and the Innovation Commons

By: Carliss Y. Baldwin

Keywords: Innovation ＆ Entrepreneurship; Entrepreneurship; Innovation and Invention

2007
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

Keywords: Financial Crisis; Macroeconomics; Central Banking; Risk Management

July 1997 (Revised September 1997)
Case

USAA: Catastrophe Risk Financing

By: Kenneth A. Froot and Mark Seasholes

Describes the first major risk financing using catastrophe bonds. Provides a basis for discussing the securitization of insurance risks. View Details

Keywords: Financial Management; Insurance; Capital Markets; Natural Disasters; Risk Management; Bonds; Insurance Industry; Financial Services Industry; United States

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20 Mar 2018
Working Paper Summaries

Countering Political Risk in Colonial India: German Multinationals and the Challenge of Internment (1914–1947)

Keywords: by Christina Lubinski, Valeria Giacomin, and Klara Schnitzer

June 1999 (Revised May 2017)
Teaching Note

Guidant Corporation: Shaping Culture Through Systems

By: Robert Simons and Antonio Dávila

Teaching Note for (9-198-076). View Details

Keywords: Strategy And Execution; Management Control Systems; Risk And Uncertainty; Service Industry; Financial Services Industry

Purchase

2024
Working Paper

Finance Without Exotic Risk

By: Pedro Bordalo, Nicola Gennaioli, Rafael La Porta and Andrei Shleifer

We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any... View Details

Keywords: Investment Return; Financial Markets; Behavioral Finance; Risk and Uncertainty

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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

Keywords: Financial Crisis; Macroeconomics; Central Banking; Risk Management

04 Mar 2020

Incorporating Climate Risk into Financial Models: Bob Litterman on Transition Risk

Fourth Quarter 2007
Article

Contingent Claims Approach to Measuring and Managing Sovereign Credit Risk

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

This paper proposes a new approach to measure, analyze, and manage sovereign risk based on the theory and practice of modern contingent claims analysis (CCA). The paper provides a new framework for adapting the CCA model to the sovereign balance sheet in a way that can... View Details

Keywords: Credit; Investment; Sovereign Finance; Risk Management; Emerging Markets; Market Transactions; Mathematical Methods; Valuation

2004
Working Paper

Contract Rights and Risk Aversion: Foreign Banks and the Mexican Economy, 1997-2004

By: Stephen Haber and Aldo Musacchio

In 1997 Mexico allowed foreign banks unrestricted entry to the market. What impact did foreign mergers and acquisitions have on Mexico's banks? We find that all banks in Mexico have become increasingly risk averse, and that foreign banks are even more so. Foreign banks... View Details

Keywords: Risk and Uncertainty; Contracts; Market Entry and Exit; Globalization; Microeconomics; Banks and Banking; Banking Industry; Mexico

fall 2002
Article

Distortion and Risk in Optimal Incentive Contracts

By: George P. Baker

Keywords: Risk and Uncertainty; Motivation and Incentives; Contracts

1998
Book

Islamic Law and Finance: Religion, Risk and Return

By: Frank Vogel and Samuel Hayes

1995
Book

Risk Management

By: D. E. Bell and A. Schleifer Jr.

02 Apr 2020
Working Paper Summaries

Strategic Foresight as Dynamic Capability: A New Lens on Knightian Uncertainty

Keywords: by J. Peter Scoblic

January 2005
Article

Agency Costs in a Supply Chain with Demand Uncertainty and Price Competition

By: V.G. Narayanan, Ananth Raman and J. Singh

Keywords: Cost; Supply Chain; Risk and Uncertainty; Price; Competition

April 2001 (Revised August 2001)
Case

Risk Management at Apache

After initiating a hedging strategy, Apache Corp. is interested in revisiting its decision to determine if hedging is value-adding. This case investigates how the company initially decided to hedge against commodity price risk and how it implemented its hedging... View Details

Keywords: Risk Management; Investment; Corporate Finance