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    • All HBS Web  (2,178)
      • Faculty Publications  (560)

      Financial RiskRemove Financial Risk →

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      • 2009
      • Working Paper

      An Ounce of Prevention: The Power of Public Risk Management in Stabilizing the Financial System

      By: David A. Moss

      The magnitude of the current financial crisis reflects the failure of an economic and regulatory philosophy that had proved increasingly influential in policy circles over the past three decades.

      This paper suggests (1) that contrary to the prevailing wisdom,... View Details

      Keywords: Financial Crisis; Financial Institutions; Governing Rules, Regulations, and Reforms; Risk Management; Business and Government Relations; Balance and Stability
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      Moss, David A. "An Ounce of Prevention: The Power of Public Risk Management in Stabilizing the Financial System." Harvard Business School Working Paper, No. 09-087, January 2009.
      • May 2009
      • Article

      Asymmetric Information Effects on Loan Spreads

      By: Victoria Ivashina
      The paper estimates the cost arising from information asymmetry between the lead bank and members of the lending syndicate. In a lending syndicate, the lead bank retains only a fraction of the loan but acts as the intermediary between the borrower and the syndicate... View Details
      Keywords: Cost; Banks and Banking; Financing and Loans; Interest Rates; Capital; Investment Portfolio; Credit; Diversification; Risk and Uncertainty
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      Ivashina, Victoria. "Asymmetric Information Effects on Loan Spreads." Journal of Financial Economics 92, no. 2 (May 2009): 300–319.
      • November 2008 (Revised November 2024)
      • Case

      The Fall of Enron

      By: Paul Healy and Krishna Palepu
      The case traces the rise of Enron, covering the company's business innovations, personnel management, and risk management processes. It then examines the company's dramatic fall including the extension of its trading model into questionable new businesses, the... View Details
      Keywords: Risk Management; Management Practices and Processes; Crime and Corruption; Financial Reporting; Corporate Governance; Governing and Advisory Boards
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      Healy, Paul, and Krishna Palepu. "The Fall of Enron." Harvard Business School Case 109-039, November 2008. (Revised November 2024.)
      • October 2008 (Revised September 2011)
      • Supplement

      PepsiCo's Bid for Quaker Oats (D)

      By: Carliss Y. Baldwin
      Describes the final deal struck between PepsiCo and Quaker Oats, including the terms of collared consideration. Summarizes stock price announcement effects. View Details
      Keywords: Mergers and Acquisitions; Announcements; Stocks; Price; Risk Management; Negotiation Deal; Valuation; Food and Beverage Industry
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      Baldwin, Carliss Y. "PepsiCo's Bid for Quaker Oats (D)." Harvard Business School Supplement 209-071, October 2008. (Revised September 2011.)
      • Article

      MIT Roundtable on Corporate Risk Management

      By: Robert C. Merton

      Against the backdrop of financial crisis, a distinguished group of academics and practitioners discusses the contribution of financial management and innovation to corporate growth and value, along with the pitfalls and unintended consequences of such innovation.... View Details

      Keywords: Financial Crisis; Market Participation; Finance; Innovation and Invention; Growth and Development Strategy; Value; Distribution; Capital Structure; Risk Management; Business Ventures; Business Model; Strategy
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      Merton, Robert C. "MIT Roundtable on Corporate Risk Management." Journal of Applied Corporate Finance 20, no. 4 (Fall 2008): 20–38.
      • fall 2008
      • Article

      The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market

      By: Kenneth A. Froot
      In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also... View Details
      Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry
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      Froot, Kenneth A. "The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market." Risk Management and Insurance Review 11, no. 2 (fall 2008): 281–294.
      • August 2008 (Revised December 2009)
      • Case

      Absolute Return for Kids

      By: Herman B. Leonard, Marc J. Epstein and Melissa Tritter
      Absolute Return for Kids [ARK] is a charity with strong financial support-what are the constraints on its growth and impact? ARK seeks to transform the lives of children who are victims of abuse, disability, illness, and poverty. As one of the 50 largest fundraising... View Details
      Keywords: Growth and Development Strategy; Performance Capacity; Quality; Nonprofit Organizations; Expansion; South Africa; Europe; United Kingdom
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      Leonard, Herman B., Marc J. Epstein, and Melissa Tritter. "Absolute Return for Kids." Harvard Business School Case 309-036, August 2008. (Revised December 2009.)
      • 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
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      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.)
      • June 2008 (Revised October 2008)
      • Case

      International Carbon Finance and EcoSecurities

      By: Andre F. Perold, Forest L. Reinhardt and Mikell Hyman
      In late 2007, EcoSecurities had to decide whether to undertake a new Clean Development Mechanism (CDM) project in China. EcoSecurities was an aggregator of carbon credits and also invested directly in projects that produced carbon credits. Governments and firms... View Details
      Keywords: Non-Renewable Energy; Cost Management; Investment Return; Business and Government Relations; Risk and Uncertainty; Investment; Cash Flow; Valuation; Pollutants; Environmental Sustainability; Financial Services Industry; China
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      Perold, Andre F., Forest L. Reinhardt, and Mikell Hyman. "International Carbon Finance and EcoSecurities." Harvard Business School Case 208-151, June 2008. (Revised October 2008.)
      • March 2008 (Revised March 2010)
      • Module Note

      Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture

      By: Laura Alfaro
      This module note presents a series of case studies taught in the Harvard Business School course Institutions, Macroeconomics, and the Global Economy (IMaGE). The course addresses the opportunities created by the emergence of a global economy and proposes strategies for... View Details
      Keywords: Risk and Uncertainty; International Finance; Globalized Economies and Regions; Macroeconomics
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      Alfaro, Laura. "Global Capital and National Institutions: Crisis and Choice in the International Financial Architecture." Harvard Business School Module Note 708-041, March 2008. (Revised March 2010.)
      • January 2008
      • Background Note

      Convertible Arbitrage

      By: Joshua Coval and Erik Stafford
      The goal of this simulation is to understand how convertible bonds can be viewed as a portfolio of simpler securities and to introduce an over-the-counter market. The convertible bonds that are available during the simulation are at-the-money and in-the-money so that... View Details
      Keywords: Bonds; Investment Portfolio; Price; Risk Management; Mathematical Methods
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      Coval, Joshua, and Erik Stafford. "Convertible Arbitrage." Harvard Business School Background Note 208-116, January 2008.
      • January 2008
      • Background Note

      Equity Derivatives

      By: Joshua Coval and Erik Stafford
      The goal of these simulations is to understand the dynamic replication technique behind the Black-Scholes/Merton options model. The simulations focus on a single stock and a risk-free discount bond, which are used to replicate a contingent payoff. The underlying stock... View Details
      Keywords: Equity; Bonds; Stocks; Price; Risk Management
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      Coval, Joshua, and Erik Stafford. "Equity Derivatives." Harvard Business School Background Note 208-117, January 2008.
      • January 2008
      • Background Note

      Index Options

      By: Joshua Coval and Erik Stafford
      The goal of this simulation is to understand the patterns in index option prices that are not predicted by the Black-Scholes model. In particular, the simulation focuses on two properties of options prices. First, at-the-money implied volatilities from index options... View Details
      Keywords: Volatility; Stock Options; Investment; Price; Profit; Risk Management; Mathematical Methods
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      Coval, Joshua, and Erik Stafford. "Index Options." Harvard Business School Background Note 208-119, January 2008.
      • January 2008
      • Background Note

      Collateralized Debt Obligations (CDOs)

      By: Joshua Coval and Erik Stafford
      This lesson integrated Merton's (1974) contingent claims model of debt and equity claims with the CAPM, which allows us to examine the risks and pricing of credit portfolios and the derivative claims issued against them. In particular, this model is used to make... View Details
      Keywords: Decision Choices and Conditions; Borrowing and Debt; Credit Derivatives and Swaps; Investment Portfolio; Risk Management
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      Coval, Joshua, and Erik Stafford. "Collateralized Debt Obligations (CDOs)." Harvard Business School Background Note 208-113, January 2008.
      • January 2008
      • Teaching Note

      Credit Risk: Valuing Risky Debt & CDOs (TN)

      By: Joshua D. Coval and Erik Stafford
      Teaching Note for [208111] and [208113]. View Details
      Keywords: Price; Credit; Risk Management; Investment; Bonds; Borrowing and Debt; Decisions
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      Coval, Joshua D., and Erik Stafford. "Credit Risk: Valuing Risky Debt & CDOs (TN)." Harvard Business School Teaching Note 208-112, January 2008.
      • January 2008
      • Background Note

      Measuring Investment Performance

      By: Andre F. Perold and Kenneth A. Froot
      Examines various approaches to measuring investment performance. The approaches include the use of risk exposure and the Sharpe and Information Ratios. Applies the approaches to a variety of mutual funds to demonstrate the effect of using different metrics to measure... View Details
      Keywords: Financial Management; Investment; Management Analysis, Tools, and Techniques; Measurement and Metrics; Performance; Risk and Uncertainty
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      Perold, Andre F., and Kenneth A. Froot. "Measuring Investment Performance." Harvard Business School Background Note 208-110, January 2008.
      • January 2008
      • Article

      Do Well by Doing Good? Don't Count on It

      By: Joshua D. Margolis, Hillary Anger Elfenbein and James P. Walsh
      Research over 35 years shows only a weak link between socially responsible corporate behavior and good financial performance. However, there's no evidence of risk in doing good, only in being exposed for misdeeds. View Details
      Keywords: Values and Beliefs; Profit; Corporate Social Responsibility and Impact; Performance Effectiveness; Behavior
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      Margolis, Joshua D., Hillary Anger Elfenbein, and James P. Walsh. "Do Well by Doing Good? Don't Count on It." Social Responsibility. Special Issue on HBS Centennial. Harvard Business Review 86, no. 1 (January 2008): 19.
      • January 2008
      • Article

      On the Pricing of Intermediated Risks: Theory and Application to Catastrophe Reinsurance

      By: K. A. Froot and P. O'Connell
      Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry
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      Froot, K. A., and P. O'Connell. "On the Pricing of Intermediated Risks: Theory and Application to Catastrophe Reinsurance." Special Issue on Dynamics of Insurance Markets: Structure, Conduct, and Performance in the 21st Century Journal of Banking & Finance 32, no. 1 (January 2008): 69–85. (Revised from NBER Working Paper No. 6011, April 1997, Harvard Business School Working Paper No. 98-024, 1997.)
      • December 2007
      • Case

      The Campaign for Bank Insurance in Antebellum New York

      By: David A. Moss and Cole Bolton
      The New York State Legislature had come to a standstill in 1829 as lawmakers refused to charter any new banks or recharter any existing banks. Four of New York's forty banks had failed since 1825, and many legislatures believed that a significant change in the banking... View Details
      Keywords: History; Risk Management; Government Legislation; Insurance; Decision Choices and Conditions; Banks and Banking; Banking Industry
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      Moss, David A., and Cole Bolton. "The Campaign for Bank Insurance in Antebellum New York." Harvard Business School Case 708-037, December 2007.
      • December 2007 (Revised January 2008)
      • Background Note

      Evaluating M&A Deals-Announcement Effects, Risk Arbitrage and Event Risk

      By: Carliss Y. Baldwin
      The announcement of merger or acquisition conveys new information to the capital markets. This note describes how the stock prices of a Buyer and Target behave after the announcement of a deal. First, for an all-stock deal that is certain to go through, the note... View Details
      Keywords: Mergers and Acquisitions; Announcements; Capital Markets; Stocks; Price; Risk and Uncertainty
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      Baldwin, Carliss Y. "Evaluating M&A Deals-Announcement Effects, Risk Arbitrage and Event Risk." Harvard Business School Background Note 208-103, December 2007. (Revised January 2008.)
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