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Show Results For
- All HBS Web
(18,403)
- People (53)
- News (4,359)
- Research (10,368)
- Events (74)
- Multimedia (240)
- Faculty Publications (7,803)
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- 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.)
- April 2025
- Article
How Central Banks Manage Climate and Energy Transition Risks
By: Esther Shears, Jonas Meckling and Jared Finnegan
Central banks have begun to examine and manage climate risks, including both transition risks of moving from fossil fuels to clean energy and physical climate risks. Here we provide a systematic assessment of how and why central banks address climate risks on the basis... View Details
Shears, Esther, Jonas Meckling, and Jared Finnegan. "How Central Banks Manage Climate and Energy Transition Risks." Nature Energy 10, no. 4 (April 2025): 470–478.
- 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.)
- 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.)
- 2006
- Dissertation
Enterprise Risk Management in Action
By: Anette Mikes
The new Basel regulatory initiatives and a burgeoning risk management literature signify the rise of enterprise risk management (ERM) in the financial services sector. However, very little is known of the roles that risk management plays in organizations and how it... View Details
- August 2020
- Article
Financial Market Risk Perceptions and the Macroeconomy
By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam
We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and... View Details
Keywords: Risk-centric Business Cycles; Cross-section Of Equities; Real Risk-free Rate; Real Investment; Financial Markets; Risk and Uncertainty; Perception; Investment
Pflueger, Carolin E., Emil Siriwardane, and Adi Sunderam. "Financial Market Risk Perceptions and the Macroeconomy." Quarterly Journal of Economics 135, no. 3 (August 2020).
- 2018
- Working Paper
Countering Political Risk in Colonial India: German Multinationals and the Challenge of Internment (1914-1947)
By: Christina Lubinski, Valeria Giacomin and Klara Schnitzer
Internment in so-called “enemy countries” was a frequent occurrence in the 20th century and created significant obstacles for multinational enterprises (MNEs). This article focuses on German MNEs in India and shows how they addressed the formidable challenge of the... View Details
Lubinski, Christina, Valeria Giacomin, and Klara Schnitzer. "Countering Political Risk in Colonial India: German Multinationals and the Challenge of Internment (1914-1947)." Harvard Business School Working Paper, No. 18-090, March 2018.
- March 2024 (Revised March 2025)
- Background Note
Physical Climate Risk
By: Michael W. Toffel, Spencer Glendon and Alison Smart
This note describes how managers can identify and manage their company’s physical climate risks, which can increase their operations and supply chain costs and risks, and affect demand for their goods and services. Can be paired with the video “Preparing business... View Details
- September – October 2011
- Article
Managing the Multiple Dimensions of Risk-Part II: The Office of Risk Management
By: Anette Mikes and Robert S. Kaplan
In the second article of our two-part series, we explore the concept of an Office of Risk Management along with a case study of an innovative risk management function at JP Morgan Private Bank. We also look at the "softer" components of risk management, including a... View Details
Keywords: Banks and Banking; Innovation and Invention; Management Style; Managerial Roles; Risk Management
Mikes, Anette, and Robert S. Kaplan. "Managing the Multiple Dimensions of Risk-Part II: The Office of Risk Management." Balanced Scorecard Report 13, no. 5 (September–October 2011): 1–6.
- May 2015 (Revised February 2016)
- Case
Business and Politics in the Age of Inequality
By: Meg Rithmire and Julio J. Rotemberg
Rithmire, Meg, and Julio J. Rotemberg. "Business and Politics in the Age of Inequality." Harvard Business School Case 715-051, May 2015. (Revised February 2016.)
- 12 Aug 2011
- Working Paper Summaries
From Counting Risk to Making Risk Count: Boundary-Work in Risk Management
Keywords: by Anette Mikes
- February 2025
- Tutorial
Preparing Business Leaders for an Era of Climate Instability: Understanding and Managing Physical Climate Risk
By: Michael W. Toffel and Spencer Glendon
In this compelling video, Spencer Glendon, founder of Probable Futures and Executive Fellow at Harvard Business School, describes the profound implications of climate change for businesses, the economy, and societies around the world. Drawing from his background in... View Details
- Forthcoming
- Article
Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies
By: Ishita Sen, Ana-Maria Tenekedjieva and Sangmin Oh
We study the pricing of homeowners’ insurance, a $15 trillion market essential for hedging climate-related losses. We show that insurance premiums are subject to starkly different regulations across states, creating persistent cross-subsidies and price distortions. We... View Details
Keywords: Climate Risk; Homeowners' Insurance; Price Controls; Financial Regulation; Cross-subsidization; Climate Change; Price; Risk and Uncertainty; Geographic Location; Insurance Industry; United States
Sen, Ishita, Ana-Maria Tenekedjieva, and Sangmin Oh. "Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies." Journal of Finance (forthcoming).
- Teaching Interest
Risk Management for Corporate Leaders
By: Robert Simons
As companies adapt to the aftershocks of the global recession, senior executives and boards are discovering that risk management has never been more important. The financial crisis revealed that risk management structures break down just when... View Details
- March 1999 (Revised April 1999)
- Case
Environmental Risk Management at Chevron Corporation
By: Forest L. Reinhardt, Monica M Mandelli and Jennifer Burns
Chevron Corp., headquartered in San Francisco, manages a worldwide, vertically integrated value chain from the oil well to the gasoline station. Mishandling of oil at any stage of production can damage the natural environment, human health, corporate profitability, or... View Details
Keywords: Risk Management; Risk and Uncertainty; Environmental Sustainability; Energy Generation; Supply Chain Management; Metals and Minerals; Management Systems; Management Teams; Trade; Vertical Integration; Energy Industry; Mining Industry
Reinhardt, Forest L., Monica M Mandelli, and Jennifer Burns. "Environmental Risk Management at Chevron Corporation." Harvard Business School Case 799-062, March 1999. (Revised April 1999.)
- October 2009
- Article
Managing Risk in the New World
Five experts gathered recently to discuss the future of enterprise risk management: Kaplan, the Baker Foundation Professor at Harvard Business School, who with his colleague David Norton developed the balanced scorecard; Mikes, an assistant professor at HBS who studies... View Details
Keywords: Forecasting and Prediction; Financial Crisis; Capital Structure; Job Cuts and Outsourcing; Risk Management
Kaplan, Robert S., Anette Mikes, Robert Simons, Peter Tufano, and Michael Hofmann Jr. "Managing Risk in the New World." Harvard Business Review 87, no. 10 (October 2009): 68–75.
- 2010
- Chapter
Consumer Policy: Business and the Politics of Consumption
By: Gunnar Trumbull
Trumbull, Gunnar. "Consumer Policy: Business and the Politics of Consumption." Chap. 27 in The Oxford Handbook of Business and Government, edited by David Coen, Wyn Grant, and Graham Wilson, 622–642. Oxford: Oxford University Press, 2010.
- Summer 2013
- Article
Strategic Management of Intellectual Property: An Integrated Approach
By: William W. Fisher III and Felix Oberholzer-Gee
In many organizations, the R&D, strategy, and legal functions are poorly integrated. As a consequence, firms miss opportunities to create and exploit the value of intellectual property. Functional silos are one reason for the lack of integration. More important,... View Details
Keywords: Innovation Management; Strategic Management; Legal Aspects Of Business; Licensing; Law; Innovation and Management; Knowledge Management; Intellectual Property; Business Strategy
Fisher III, William W., and Felix Oberholzer-Gee. "Strategic Management of Intellectual Property: An Integrated Approach." California Management Review 55, no. 4 (Summer 2013): 157–183.
- December 2007
- Article
Applying Modern Risk Management to Equity and Credit Analysis
By: Robert C. Merton
Traditional conventions of accounting and actuarial science distort the valuation of capital risk in corporations with pension plans because under these conventions, pension assets and liabilities are not included in balance sheet calculations. The modern risk... View Details
Keywords: Risk Management; Valuation; Financial Reporting; Decision Making; Credit; Financial Statements; Capital; Equity; Compensation and Benefits
Merton, Robert C. "Applying Modern Risk Management to Equity and Credit Analysis." CFA Institute Conference Proceedings Quarterly 24 (December 2007): 14–22.