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Show Results For
- All HBS Web
(2,180)
- People (3)
- News (306)
- Research (1,566)
- Events (4)
- Multimedia (7)
- Faculty Publications (874)
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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
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.)
- 1995
- Chapter
Incentive Problems in Financial Contracting: Impacts on Corporate Financing, Investment, and Risk Management Policies
By: K. Froot
Keywords: Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Decision Choice And Uncertainty; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Insurance Industry
Froot, K. "Incentive Problems in Financial Contracting: Impacts on Corporate Financing, Investment, and Risk Management Policies." Chap. 7 in The Global Financial System: A Functional Perspective, by D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 225–261. Boston: Harvard Business School Press, 1995. (Revised from Harvard Business School Working Paper No. 95-020.)
- Article
Sustainability in Financial Services Is Not About Being Green
By: Robert G. Eccles and George Serafeim
Keywords: Sustainability; Financial Services; Banks; Insurance Companies; Risk; Risk Management; Insurance; Accounting; Banks and Banking; Financial Services Industry
Eccles, Robert G., and George Serafeim. "Sustainability in Financial Services Is Not About Being Green." Harvard Business Review Blogs (May 15, 2013).
- Article
From Counting Risk to Making Risk Count: Boundary-Work in Risk Management
By: Anette Mikes
For two decades, risk management has been gaining ground in banking. In light of the recent financial crisis, several commentators concluded that the continuing expansion of risk measurement is dysfunctional (Power, 2009; Taleb, 2007). This paper asks whether the... View Details
Keywords: Risk Management; Banks and Banking; Financial Crisis; Expansion; Organizational Culture; Management Teams; Managerial Roles
Mikes, Anette. "From Counting Risk to Making Risk Count: Boundary-Work in Risk Management." Accounting, Organizations and Society 36, nos. 4-5 (May–July 2011): 226–245.
- 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
- 2011
- Working Paper
From Counting Risk to Making Risk Count: Boundary-Work in Risk Management
By: Anette Mikes
For two decades, risk management has been gaining ground in banking. In light of the recent financial crisis, several commentators concluded that the continuing expansion of risk measurement is dysfunctional (Taleb, 2007; Power, 2009). This paper asks whether the... View Details
Keywords: Forecasting and Prediction; Financial Crisis; Risk Management; Measurement and Metrics; Organizational Culture; Situation or Environment; Banking Industry
Mikes, Anette. "From Counting Risk to Making Risk Count: Boundary-Work in Risk Management." Harvard Business School Working Paper, No. 11-069, January 2011. (Revised March 2011.)
- 23 Sep 2008
- Working Paper Summaries
New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability
- 2021
- Working Paper
Shareholder Activism and Firms’ Voluntary Disclosure of Climate Change Risks
By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
This paper examines whether—in the absence of mandated disclosure requirements—shareholder activism can elicit greater disclosure of firms’ exposure to climate change risks. We find that environmental shareholder activism increases the voluntary disclosure of climate... View Details
Keywords: Shareholder Activism; Climate Risk; Corporate Accountability; Climate Change; Corporate Disclosure; Corporate Governance; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Risk and Uncertainty; Natural Environment; Environmental Sustainability; Financial Services Industry; United States
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks." Harvard Business School Working Paper, No. 20-049, October 2019. (Revised March 2021.)
- 2001
- Working Paper
Bank Capital and Risk Management: Issues for Banks and Regulators
By: Kenneth A. Froot
Banks and financial firms are in the process of evolving away from primary warehousers of risk to diversified originators and distributors of financial services. These changes are important for the way that financial firms think about their needs for economic... View Details
Keywords: Bank Capital And Risk Management; Issues For Banks And Regulators; Risk Management; Governance Compliance; Capital; Banks and Banking; Banking Industry
Froot, Kenneth A. "Bank Capital and Risk Management: Issues for Banks and Regulators." IFCI Geneva Research Paper, No. 8, April 2001. (International Financial Risk Institute.)
- 2007
- Article
Convictions, Conventions and the Operational Risk Maze—The Cases of Three Financial Services Institutions
By: Anette Mikes
Making sense of operational risk practices in the financial services sector is a challenge. There is a temptation to explain the wide variety of approaches as a characteristic of the early stage of development in which the genre resides.Based on the evidence of... View Details
Keywords: Management Practices and Processes; Risk Management; Governing Rules, Regulations, and Reforms; Conflict and Resolution; Organizations; Financial Services Industry
Mikes, Anette. "Convictions, Conventions and the Operational Risk Maze—The Cases of Three Financial Services Institutions." International Journal of Risk Assessment and Management 7, no. 8 (2007): 1027–1056.
- 2013
- Working Paper
How Do Risk Managers Become Influential? A Field Study in Two Financial Institutions
By: Matthew Hall, Anette Mikes and Yuval Millo
This paper, based on a five-year longitudinal study at two UK-based banks, documents and analyzes the practices used by risk managers as they aim to gather and establish influence in their organizations. Specifically, we examine how influence-seeking risk managers (1)... View Details
Keywords: Experience and Expertise; Decision Making; Risk Management; Strategic Planning; Power and Influence; Business Strategy; Banking Industry
Hall, Matthew, Anette Mikes, and Yuval Millo. "How Do Risk Managers Become Influential? A Field Study in Two Financial Institutions." Harvard Business School Working Paper, No. 11-068, January 2011. (Revised October 2013.)
- 12 Aug 2011
- Working Paper Summaries
From Counting Risk to Making Risk Count: Boundary-Work in Risk Management
Keywords: by Anette Mikes
- 2024
- Article
Financial Constraints and Short-term Planning are Linked to Flood Risk Adaptation Gaps in U.S. cities
By: Shirley Lu and Anya Nakhmurina
Adaptation is critical in reducing the inevitable impact of climate change. Here we study cities’ adaptation to elevated flood risk by introducing a linguistic measure of adaptation extracted from financial disclosures of 431 US cities over 2013–2020. While cities with... View Details
Keywords: City; Natural Disasters; Climate Change; Adaptation; Risk and Uncertainty; Strategic Planning
Lu, Shirley, and Anya Nakhmurina. "Financial Constraints and Short-Term Planning Are Linked to Flood Risk Adaptation Gaps in U.S. Cities." Art. 43. Communications Earth & Environment 5 (2024).
- 2023
- Working Paper
Who Invests in Crypto? Wealth, Financial Constraints, and Risk Attitudes
By: Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson and Jason Kotter
We provide a first look into the drivers of household cryptocurrency investing. Analyzing
consumer transaction data for millions of U.S. households, we find that, except for high income
early adopters, cryptocurrency investors resemble the general population. These... View Details
Keywords: Consumer Finance; Cryptocurrency; Fintech; Inflation; Portfolio Choice; Stimulus; Consumer Behavior; Risk and Uncertainty; Investment
Aiello, Darren, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, and Jason Kotter. "Who Invests in Crypto? Wealth, Financial Constraints, and Risk Attitudes." Harvard Business School Working Paper, No. 23-073, May 2023. (Revised November 2023. NBER Working Paper Series, No. 31856, November 2023)
- 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
- Research Summary
Risk Measurement
By: David E. Bell
David E. Bell has completed research on the measurement of financial risk. The concepts of risk and return are widely used, at least informally, in the appraisal of financial opportunities. Return is typically measured by the expected value of a project, risk by the... View Details
- January 1998
- Article
Risk Management, Capital Budgeting and Capital Structure Policy for Financial Institutions: An Integrated Approach
By: K. A. Froot and J. Stein
Keywords: Catastrophe Risk; Corporate Finance; Cost Of Capital; Banking And Insurance; Asset Pricing; Hedging; Banking; Decision Choice And Uncertainty; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Insurance Industry
Froot, K. A., and J. Stein. "Risk Management, Capital Budgeting and Capital Structure Policy for Financial Institutions: An Integrated Approach." Journal of Financial Economics 47, no. 1 (January 1998): 55–82. (Winner of Journal of Financial Economics. Jensen Prize. First Place For the best paper published in the Journal of Financial Economics in the areas of corporate finance and organizations. Revised from NBER Working Paper No. 5403, January 1996 and HBS Working Paper 96-030, December 1995.)
- 21 Aug 2015
- Working Paper Summaries
Banks’ Risk Exposures
- August 2020
- Article
Macroeconomic Drivers of Bond and Equity Risks
By: John Y. Campbell, Carolin E. Pflueger and Luis M. Viceira
Our new model of consumption-based habit generates time-varying risk premia on bonds and stocks from loglinear, homoskedastic macroeconomic dynamics. Consumers' first-order condition for the real risk-free bond generates an exactly loglinear consumption Euler equation,... View Details
Keywords: Consumption-based Habit Formation; Consumption Euler Equation; Time-varying Risk Premia; Inflation Dynamics; Bond-stock Correlation; Risk and Uncertainty; Bonds; Macroeconomics
Campbell, John Y., Carolin E. Pflueger, and Luis M. Viceira. "Macroeconomic Drivers of Bond and Equity Risks." Journal of Political Economy 128, no. 8 (August 2020): 3148–3185.
- 04 May 2009
- Working Paper Summaries