Publications

June 2011 (Revised September 2011)
Case

Tough Choices for the Illinois Pension System

By: Robert C. Pozen and Brij S. Khurana

This case describes the precarious fiscal situation of the Illinois public pension system in the spring of 2009 and the accounting of pension plans by non-federal municipalities more generally. In February 2009, in the midst of a recession, recently-appointed Governor... View Details

Keywords: Budgets and Budgeting; Financial Crisis; Financial Liquidity; Annuities; Financial Management; Financing and Loans; Taxation; Strategic Planning; Problems and Challenges; Illinois

December 1997 (Revised March 1998)
Case

Mid Ocean Limited: Trading Catastrophe Index Options

By: Kenneth A. Froot and Markus Mullarkey

An insurance industry executive must evaluate the potential of a set of newly-offered catastrophe insurance derivatives. The background addresses the roles of traditional reinsurance and securitization efforts in providing risk transfer and risk financing in the "cat"... View Details

Keywords: Commodity Market; Derivatives; Insurance; Capital Markets; Natural Disasters; Risk Management; Financial Management; Financial Strategy; Performance Evaluation; Insurance Industry; Bermuda

October 1998 (Revised November 1999)
Case

Farallon Capital Management: Risk Arbitrage (A)

By: Andre F. Perold and Robert Howard

Farallon Capital Management, an investment firm that specializes in risk arbitrage, has taken significant long and short positions in MCI Communications and British Telecommunications, respectively, in the belief that the proposed merger of these firms will be... View Details

Keywords: Mergers and Acquisitions; Capital; Capital Markets; Investment; Management; Risk Management; Strategy; Financial Services Industry

March 2007 (Revised August 2014)
Case

Survey Masters LLC (A)

By: William J. Bruns

Partners in a service firm are reviewing results for 2006, wondering whether large or small projects are more profitable. Present reports make small projects look more profitable. However, activity-based accounting reveals that large projects are more profitable and... View Details

Keywords: Activity Based Costing and Management; Financial Reporting; Cost vs Benefits; Financial Strategy; Service Industry

Profile

Dave Vitello

“take the accounting and financial management base I built at Deloitte and pair it with the strategic thinking I gain at HBS.” The environment is perfectly suited to his ambition. “Each class, whether it is... View Details

Keywords: Financial Services

February 2002
Article

Stock Options for Undiversified Executives

By: Brian J. Hall and Kevin J. Murphy

Keywords: Management; Stock Options

Find at Harvard

May 1997 (Revised March 2001)
Teaching Note

Sime Darby Berhad (A), (B), and (C) Teaching Note

By: Tarun Khanna

Teaching Note for (9-797-017), (9-701-117), and (9-701-118). View Details

Keywords: Financial Crisis; Multinational Firms and Management; Malaysia

Profile

Frank Spencer

present value on a financial analysis? Absolutely," he says. "But I think one way that HBS has shaped me as a leader is by showing that the right technical answer might not do you much good at all if you can't also View Details

Keywords: Real Estate; Services

November 2002 (Revised November 2006)
Case

Tax-Motivated Film Financing at Rexford Studios

By: Mihir A. Desai, Gabriel J. Loeb and Mark Veblen

The head of production for Rexford Studios must analyze the terms and value consequences of an international financing involving a German film fund. The financing involves a sale-leaseback structure where international tax rules give rise to a sizable economic pie that... View Details

Keywords: International Finance; Financing and Loans; Taxation; Cash Flow; Financial Strategy; Financial Management; Competition; Film Entertainment; Financial Services Industry; Financial Services Industry; Germany

1999
Chapter

The Limited Financing of Catastrophe Risk: An Overview

By: K. Froot

Keywords: Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Natural Disasters; Insurance; Risk Management; Financial Markets; Policy; Insurance Industry

July 2007 (Revised January 2008)
Case

Andrea Jung: Empowering Avon Women (A)

By: William W. George, Diana Mayer and Andrew N. McLean

In October 2005 Andrea Jung is coping with a 30% decline in Avon's stock price--the biggest test of her leadership since she became CEO in 2000. View Details

Keywords: Leadership; Price; Stocks; Crisis Management; Gender

01 Mar 2025
News

Venture: Time Heals All

Assembling a nursing schedule for a hospital ward can be surprisingly difficult—a little like playing three-dimensional Tetris, says Ilana Springer Borkenstein (MBA 2022). “It is a really challenging, tedious task.” Nurse managers must take into consideration a host of... View Details

Keywords: Amy Crawford; Illustration by Klaus Kremmerz; Ambulatory Health Care Services; Health, Social Assistance

01 Dec 1998
News

Faculty Retirements

interface with the securities markets, he is the coauthor or editor of seven books, including Wall Street and Regulation; Managing Financial Institutions; and Islamic Law and Finance. He has written numerous... View Details

September 2004 (Revised January 2006)
Case

Catastrophe Bonds at Swiss Re

In 2002, Swiss Re, the world's second--largest insurance company, is considering securitizing parts of its risk portfolio in the capital markets. This would be a first for the company that, until then, had never transferred risk off its balance sheet. Peter Giessmann,... View Details

Keywords: Risk Management; Bonds; Natural Disasters; Insurance; Capital Markets; Banks and Banking; Banking Industry; Insurance Industry; Switzerland

September 2004 (Revised December 2004)
Case

Bank Leu's Prima Cat Bond Fund

In 2001, Bank Leu, a Swiss private bank, is considering creating the world's first public fund for catastrophe bonds. Cat bonds are securities whose payments depend on the probability of a catastrophe occurring, such as an earthquake or hurricane. Cat bonds are... View Details

Keywords: Risk Management; Bonds; Natural Disasters; Insurance; Capital Markets; Banks and Banking; Banking Industry; Insurance Industry; Switzerland