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  • 2009
  • Working Paper

Systemic Risk and the Refinancing Ratchet Effect

By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market—rising home prices, declining interest rates, and near-frictionless refinancing opportunities—led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
Keywords: Housing; Mortgages; Risk and Uncertainty; Value; Mathematical Methods; Real Estate Industry; United States
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  • 2009
  • Working Paper

Systemic Risk and the Refinancing Ratchet Effect

By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
The confluence of three trends in the U.S. residential housing market-rising home prices, declining interest rates, and near-frictionless refinancing opportunities-led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
Keywords: Equity; Mortgages; Interest Rates; Price; Housing; Risk and Uncertainty; United States
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  • 09 Apr 2014
  • Working Paper Summaries

Visualizing and Measuring Software Portfolio Architectures: A Flexibility Analysis

Keywords: by Robert Lagerstrom, Carliss Y. Baldwin, Alan MacCormack & David Dreyfus; Video Game; Web Services
  • November 2016 (Revised December 2016)
  • Module Note

Strategy Execution Module 14: Managing Strategic Risk

By: Robert Simons
This module reading provides an overview of the business conduct boundaries, strategic boundaries, and internal control systems used to manage risk. Boundary systems—linked to clear, enforceable sanctions—are essential whenever demanding performance goals are set and... View Details
Keywords: Management Control Systems; Implementing Strategy; Strategy Execution; Boundary Systems; Innovation; Internal Controls; Fraud; Human Behavior; Staff Experts; Strategy; Risk Management; Behavior; Governance Controls; Management Practices and Processes; Boundaries; Employees; Business Strategy; Innovation and Invention
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  • 16 Jul 2013
  • Working Paper Summaries

Visualizing and Measuring Enterprise Architecture: An Exploratory BioPharma Case

Keywords: by Robert Lagerstrom, Carliss Baldwin, Alan MacCormack & David Dreyfus
  • October 2008
  • Article

Risk Frameworks and Biomonitoring: Distributed Regulation of Synthetic Chemicals in Humans

By: Arthur A. Daemmrich
The ability to detect and measure the presence of synthetic chemicals at trace levels in humans coupled to increased environmental NGO mobilization concerning chemical exposure has challenged risk and regulatory frameworks built up over the past quarter-century. This... View Details
Keywords: Chemicals; Governing Rules, Regulations, and Reforms; Risk Management; Natural Environment; Pollutants; Non-Governmental Organizations; United States
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  • November – December 2008
  • Article

Chief Risk Officers at Crunch Time: Compliance Champions or Business Partners?

By: Anette Mikes

Risk management departments in financial institutions have been undergoing major transformations. New regulatory requirements have raised the bar on compliance, and expanded the remit of risk management significantly. The compliance imperative requires banks to... View Details

Keywords: Banks and Banking; Corporate Governance; Governance Compliance; Governing Rules, Regulations, and Reforms; Managerial Roles; Risk Management; Partners and Partnerships
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  • 04 Jun 2020
  • News

ESG investors get their heads around social risks

  • August 2023
  • Article

Do Rating Agencies Behave Defensively for Higher Risk Issuers?

By: Samuel B. Bonsall IV, Kevin Koharki, Pepa Kraft, Karl A. Muller III and Anywhere Sikochi
We examine whether rating agencies act defensively toward issuers with a higher likelihood of default. We find that agencies' qualitative soft rating adjustments are more accurate as issuers' default risk grows, as evidenced by the adjustments leading to lower Type I... View Details
Keywords: Credit Rating Agencies; Soft Rating Adjustments; Default; Credit; Performance Evaluation; Measurement and Metrics; Financial Institutions; Risk Management
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  • 01 Feb 2018
  • News

Ignore environmental, social and governance risks at your peril

  • 30 Jun 2020
  • Book

Capitalism Is More at Risk Than Ever

The book Capitalism at Risk first appeared in 2011. The problems it identified with social inequality, global trade strife, and environmental degradation have only accelerated by 2020. The new edition of Capitalism at Risk, subtitled How... View Details
Keywords: by Martha Lagace
  • October 2021
  • Article

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: Transparency; Reporting; Shareholder Engagement; Shareholder Activism; Climate Change; Risk and Uncertainty; Environmental Management; Investment Activism; Corporate Disclosure; Communication Strategy; Information Publishing; Measurement and Metrics; Corporate Social Responsibility and Impact; Problems and Challenges; United States
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  • 09 May 2005
  • Research & Ideas

Hold or Fold? Sizing Up Business Risk

results we are likely to get if we stick with Option A and stay in the current game as active players. We use the same definition for the currency of the future results as we did with the Satisfaction dimension, and again we use a very simple View Details
Keywords: by Eileen C. Shapiro & Howard H. Stevenson

    Design-Based Confidence Sequences: A General Approach to Risk Mitigation in Online Experimentation.

    Randomized experiments have become the standard method for companies to evaluate the performance of new products or services. In addition to augmenting managers' decision-making, experimentation mitigates risk by limiting the proportion of customers exposed to... View Details
    • 2023
    • Working Paper

    Design-Based Confidence Sequences: A General Approach to Risk Mitigation in Online Experimentation

    By: Dae Woong Ham, Michael Lindon, Martin Tingley and Iavor Bojinov
    Randomized experiments have become the standard method for companies to evaluate the performance of new products or services. In addition to augmenting managers’ decision-making, experimentation mitigates risk by limiting the proportion of customers exposed to... View Details
    Keywords: Performance Evaluation; Research and Development; Analytics and Data Science; Consumer Behavior
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    • Research Summary

    Overview

    By: Shikhar Ghosh
    I am focused on exploring the human side of developing early stage entrepreneurial ventures. These enterprises are characterized by the pursuit of opportunity, shortage of resources to pursue their goals and uncertainty at every step of the journey. Some of the... View Details
    Keywords: Scale; Exit; Founders' Agreements; Success Measures; Entrepreneurial Risk; Founding Teams; Entrepreneurship; Failure; Europe; Middle East; Asia
    • Web

    Measure Outcomes & Cost for Every Patient - Institute For Strategy And Competitiveness

    back to Tier 1 Survival The first step in developing outcome measures is to define what to measure, who the stakeholders are including patients, and to set up a multidisciplinary team with an influential leader. Measures, View Details
    • 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
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    • Web

    Hold ourselves accountable to meaningful, measurable progress. - Advancing Racial Equity

    Action Plan Hold ourselves accountable to meaningful, measurable progress. Like many of the organizations we study, Harvard Business School is at risk of declaring a lot of good intentions and goals and then... View Details
    • 12 PM – 1 PM EDT, 07 May 2015
    • Webinars: Trending@HBS

    The Low Risk Anomaly: Implications for Investment, Asset Allocation, and Corporate Finance

    One of the basic principles of finance is that, in competitive and efficient markets, investors earn higher average returns only by taking greater risks. Asset classes follow this pattern: Stocks have returned more than bonds, and bonds have returned more than cash.... View Details