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- All HBS Web (1,461)
- Faculty Publications (464)
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- 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).
- 07 Oct 2011
- Working Paper Summaries
What Environmental Ratings Miss
Keywords: by Auden Schendler & Michael Toffel
- May 1974
- Article
On the Pricing of Corporate Debt: The Risk Structure of Interest Rates
By: Robert C. Merton
Merton, Robert C. "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates." Journal of Finance 29, no. 2 (May 1974): 449–470. (Chapter 12 in Continuous-Time Finance.)
- March 2013
- Supplement
FX Risk Hedging at EADS
By: W. Carl Kester
- March 2004 (Revised May 2005)
- Case
Foreign Exchange Hedging Strategies at General Motors
By: Mihir A. Desai and Mark Veblen
How should a multinational firm manage foreign exchange exposures? Examines transactional, translational, and competitive exposures. Describes General Motors' corporate hedging policies, its risk management structure, and how accounting rules impact hedging decisions.... View Details
Keywords: Risk Management; Multinational Firms and Management; Currency Exchange Rate; Investment; Financial Markets; Manufacturing Industry; Auto Industry; Argentina; Japan; Canada; United States
Desai, Mihir A., and Mark Veblen. "Foreign Exchange Hedging Strategies at General Motors." Harvard Business School Case 204-024, March 2004. (Revised May 2005.)
- July 15, 2013
- Other Article
Pseudo-flexible Exchange-rate Regimes
By: Laura Alfaro and Fabio Kanczuk
According to the IMF, last decade saw a number of countries actively managing their exchange rates. Is this a good way for emerging economies to protect themselves from the large swings of international markets? This column presents a new "pseudo-flexible" exchange... View Details
Alfaro, Laura, and Fabio Kanczuk. "Pseudo-flexible Exchange-rate Regimes." Vox, CEPR Policy Portal (July 15, 2013).
- 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).
- 1990
- Chapter
Rediscovering Functions in the MNC: The Role of Expertise in Firms' Response to Shifting Exchange Rates
By: D. Lessard and N. Nohria
Lessard, D., and N. Nohria. "Rediscovering Functions in the MNC: The Role of Expertise in Firms' Response to Shifting Exchange Rates." In Managing the Global Firm, edited by Christopher A. Bartlett, Y. Doz, and G. Hedlund. London: Routledge, 1990.
- 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
- January 2008 (Revised July 2010)
- Case
Wal-Mart's Use of Interest Rate Swaps
"Wal-Mart's Use of Interest Rate Swaps" recounts Wal-Mart's use of interest rate swaps to hedge the fair value of its fixed-rate debt against changing interest rates. This case provides students with a foundation for understanding the use of and accounting for more... View Details
Keywords: Fair Value Accounting; Financial Statements; Credit Derivatives and Swaps; Financial Strategy; Interest Rates; Corporate Disclosure
Kimbrough, Michael D., Michael Faulkender, Nicole Thorne Jenkins, and Rachel Gordon. "Wal-Mart's Use of Interest Rate Swaps." Harvard Business School Case 108-038, January 2008. (Revised July 2010.)
- October 2016 (Revised October 2017)
- Case
Going Rogue: Choson Exchange in North Korea
By: Sophus A. Reinert, Dawn H. Lau and Amy MacBeath
In mid-2015, the Singapore-based CEO of Choson Exchange Geoffrey See pondered his next move. He had founded Choson Exchange as a non-profit in 2009 to further female entrepreneurship in North Korea by providing business and legal training in the isolated country. Now,... View Details
Reinert, Sophus A., Dawn H. Lau, and Amy MacBeath. "Going Rogue: Choson Exchange in North Korea." Harvard Business School Case 717-015, October 2016. (Revised October 2017.)
- 2015
- Working Paper
Banks' Risk Exposures
By: Juliane Begenau, Monika Piazzesi and Martin Schneider
This paper studies U.S. banks' exposure to interest rate and credit risk. We exploit the factor structure in interest rates to represent many bank positions in terms of simple factor portfolios. This approach delivers time varying measures of exposure that are... View Details
Begenau, Juliane, Monika Piazzesi, and Martin Schneider. "Banks' Risk Exposures." NBER Working Paper Series, No. 21334, July 2015.
- 14 Dec 2017
- Working Paper Summaries
The Real Exchange Rate, Innovation and Productivity
- 2013
- Working Paper
Securities Litigation Risk for Foreign Companies Listed in the U.S.
By: Beiting Cheng, Suraj Srinivasan and Gwen Yu
We study securities litigation risk faced by foreign firms listed on U.S. exchanges. We take into account not only the propensity for foreign firms to commit violations of U.S. securities laws but also the costs that investors face when suing foreign firms. We find... View Details
Keywords: Litigation Risk; Cross Listing; Bonding; 10b-5; Securities Litigation; U.S.Listing; Class Action; Risk and Uncertainty; Debt Securities; Globalized Firms and Management; Ethics; Lawsuits and Litigation; United States
Cheng, Beiting, Suraj Srinivasan, and Gwen Yu. "Securities Litigation Risk for Foreign Companies Listed in the U.S." Harvard Business School Working Paper, No. 13-036, October 2012. (Revised March 2014.)
- 2020
- Working Paper
Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy
By: Alberto Cavallo, Gita Gopinath, Brent Neiman and Jenny Tang
We use micro data collected at the border and the store to characterize the price impact of recent US trade policy on importers, exporters, and consumers. At the border, import tariff passthrough is much higher than exchange rate passthrough. Chinese exporters did not... View Details
Keywords: Trade Policy; Tariffs; Exchange Rate Passthrough; Economics; Trade; Policy; Inflation and Deflation; United States; China
Cavallo, Alberto, Gita Gopinath, Brent Neiman, and Jenny Tang. "Tariff Passthrough at the Border and at the Store: Evidence from U.S. Trade Policy." NBER Working Paper Series, No. 26396, October 2019. (Revised June 2020. Harvard Business School Working Paper, No. 20-041, October 2019)
- April 2017 (Revised February 2020)
- Case
Restructuring Ukraine
By: Kristin Mugford, Seema Amble and Tian Feng
In June 2015, Ukraine found itself struggling with a volatile and devalued currency, dramatically diminished foreign reserves, and a projected financing shortfall of $40 billion. Ukraine’s new government sought to return the nation to stability following political... View Details
Keywords: Exchange Rates; Politics; Macroeconomics; Financial Crisis; Insolvency and Bankruptcy; Restructuring; Economy; Currency Exchange Rate; Banks and Banking; Economic Slowdown and Stagnation; Bonds; Sovereign Finance; Capital Markets; Credit; Debt Securities; Financial Liquidity; Financial Markets; Government and Politics; Ukraine
Mugford, Kristin, Seema Amble, and Tian Feng. "Restructuring Ukraine." Harvard Business School Case 217-049, April 2017. (Revised February 2020.)
- May 2005 (Revised January 2006)
- Case
Ticonderoga: Inverse Floating Rate Bond
Presents a simple interest hedging exercise. A hedge fund is considering an investment in a structured fixed--income product: an inverse floating-rate bond, or inverse floater, designed by a U.S. investment bank. The hedge fund's normal policy is to hedge interest rate... View Details
Keywords: Risk and Uncertainty; Credit Derivatives and Swaps; Bonds; Investment Funds; Interest Rates
Chacko, George C., and Anders Sjoman. "Ticonderoga: Inverse Floating Rate Bond." Harvard Business School Case 205-113, May 2005. (Revised January 2006.)
- January – March 2012
- Article
Bond Risk, Bond Return Volatility, and the Term Structure of Interest Rates
By: Luis M. Viceira
This paper explores time variation in bond risk, as measured by the covariation of bond returns with stock returns and with consumption growth, and in the volatility of bond returns. A robust stylized fact in empirical finance is that the spread between the yield on... View Details
Keywords: Bonds; Volatility; Forecasting and Prediction; Interest Rates; Inflation and Deflation; Investment Return; Risk and Uncertainty; Currency Exchange Rate; Cash Flow; Stocks
Viceira, Luis M. "Bond Risk, Bond Return Volatility, and the Term Structure of Interest Rates." International Journal of Forecasting 28, no. 1 (January–March 2012): 97–117.