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Show Results For
- All HBS Web
(5,367)
- People (10)
- News (875)
- Research (3,833)
- Events (22)
- Multimedia (59)
- Faculty Publications (2,657)
- 2023
- Working Paper
Contagious Anomalies
By: Angela Ma and Miles Zheng
This paper shows that anomaly strategy contagion contributes a key component of risks induced by arbitrageur trading. We present three main findings: (1) Contagion deteriorates the market liquidity of the contaminated strategy. (2) Increased contagion risk predicts... View Details
Ma, Angela, and Miles Zheng. "Contagious Anomalies." Working Paper, 2023.
- December 1970 (Revised August 1992)
- Case
Marsh & McLennan (A)
By: Paul A. Vatter
Comparison of alternative hull insurance policies. Risk analysis. Simulation suggested as solution procedures. View Details
Vatter, Paul A. "Marsh & McLennan (A)." Harvard Business School Case 171-303, December 1970. (Revised August 1992.)
Managing Risks: A New Framework
In this article, we present a new categorization of risk that allows executives to tell which risks can be managed through a rules-based model and which require alternative approaches. We examine the individual and organizational challenges inherent in generating open,... View Details
- July–August 2013
- Article
How Experts Gain Influence
By: Anette Mikes, Matthew Hall and Yuval Millo
In theory, the risk management groups of two British banks—Saxon and Anglo—had the same influence in their organizations. But in practice, they did not: Saxon's was engaged in critical work throughout the bank, while Anglo's had little visibility outside its areas of... View Details
Mikes, Anette, Matthew Hall, and Yuval Millo. "How Experts Gain Influence." Harvard Business Review 91, nos. 7/8 (July–August 2013): 70–74.
- October 2019
- Case
Regtech at HSBC
By: Aiyesha Dey, Jonas Heese and James Weber
Mark Cooke, Global Head of Operational Risk, needed to decide between a traditional regulatory control system and a new regtech system to manage non-financial risks.
Non-financial risks failures such as money laundering and tax evasion had cost HSBC billions of... View Details
Keywords: Risk Management; Banks and Banking; Collaborative Innovation and Invention; Banking Industry; Information Technology Industry; United Kingdom; United States
Dey, Aiyesha, Jonas Heese, and James Weber. "Regtech at HSBC." Harvard Business School Case 120-046, October 2019.
- November 2010 (Revised October 2011)
- Case
Oriflame S.A. (A)
By: David F. Hawkins, Karol Misztal and Daniela Beyersdorfer
A direct-selling cosmetics company involved in emerging markets exhibits significant foreign exchange risk exposure and profitability swings in the wake of the 2008 financial crisis. Students must review the company's use of derivative instruments and other hedging... View Details
Keywords: Accounting; Financial Crisis; Currency Exchange Rate; Financial Strategy; Investment; Management Analysis, Tools, and Techniques; Risk Management; Emerging Markets; Beauty and Cosmetics Industry
Hawkins, David F., Karol Misztal, and Daniela Beyersdorfer. "Oriflame S.A. (A)." Harvard Business School Case 111-050, November 2010. (Revised October 2011.)
- Forthcoming
- Article
Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath
By: Antonio Falato, Giovanni Favara and David Scharfstein
We present evidence that pressure to maximize short-term stock prices and earnings leads banks to increase risk. We start by showing that banks increase risk when they transition from private to public ownership through a public listing or an acquisition. The increase... View Details
- November 2023 (Revised June 2025)
- Case
Aviva plc: Examining Net Zero
By: Peter Tufano, Brian Trelstad and Matteo Gasparini
The board of Aviva Plc, one of the world’s largest insurers, must review its climate risk exposures and evaluate next steps. Risk experts at the firm have conducted a robust set of analyses prepared for its regulator, the Bank of England, simulating how various climate... View Details
Keywords: Analysis; Climate Change; Insurance; Governing and Advisory Boards; Risk Management; Adaptation; Financial Services Industry; Insurance Industry; Europe; United Kingdom
Tufano, Peter, Brian Trelstad, and Matteo Gasparini. "Aviva plc: Examining Net Zero." Harvard Business School Case 324-008, November 2023. (Revised June 2025.)
- Research Summary
Risk, Trust and Escalation Behavior of Owner Managers
Professor Montgomery and Professor Deepak Malhotra (HBS), together with scientists from Harvard's Program on Evolutionary Dynamics, are studying risk-related decision making of owner managers in newly-founded and established companies. This experimental... View Details
- March 1981 (Revised October 1984)
- Case
Corning Glass Works: Indonesia
Evaluates the market opportunities and risks by Corning and International Finance Corporation in Indonesia. View Details
Keywords: Globalized Markets and Industries; Risk and Uncertainty; Opportunities; Financial Services Industry; Indonesia
Yoshino, Michael Y. "Corning Glass Works: Indonesia." Harvard Business School Case 381-119, March 1981. (Revised October 1984.)
- November 1994
- Case
Dow Corning and the Breast Implant Controversy (A)
By: Willis M. Emmons III, Monica Brand and Greg Keller
In early 1994, Dow Corning Corp. debates whether to participate in a proposed $4.2 billion product liability settlement. Specifically, the firm must decide whether to contribute $2 billion to end a class action suit filed by women suffering from connective tissue... View Details
Keywords: Safety; Ethics; Health Disorders; Government Legislation; Crime and Corruption; Legal Liability; Risk and Uncertainty; Business Strategy; Communication Strategy; Lawsuits and Litigation; Health Industry; Beauty and Cosmetics Industry
Emmons, Willis M., III, Monica Brand, and Greg Keller. "Dow Corning and the Breast Implant Controversy (A)." Harvard Business School Case 795-047, November 1994.
- 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
Froot, Kenneth A., and Markus Mullarkey. "Mid Ocean Limited: Trading Catastrophe Index Options." Harvard Business School Case 298-073, December 1997. (Revised March 1998.)
- 12 Nov 2015
- News
Airbnb Pledges to Work With Cities and Pay ‘Fair Share’ of Taxes
- December 2006 (Revised December 2007)
- Case
The Vanderbilt University Endowment (2006)
By: Andre F. Perold and William T. Spitz
As with many modern-day large pools of capital, the Vanderbilt University endowment is significantly invested in alternative assets such as hedge funds, private equity, real estate, and natural resources. The endowment's investment committee chair is attempting to... View Details
Keywords: Higher Education; Asset Management; Financial Management; Financial Strategy; Investment Portfolio; Risk Management
Perold, Andre F., and William T. Spitz. "The Vanderbilt University Endowment (2006)." Harvard Business School Case 207-062, December 2006. (Revised December 2007.)
- September 2024 (Revised January 2025)
- Teaching Note
Leading Culture Change at SEB
By: Amy Edmondson and Cat Huang
Teaching Note for HBS Case No. 621-074. The Risk organization at SEB, a leading Nordic financial services group founded in 1856, undertook a culture change program focused on psychological safety, empathic listening, and strategic framing. The program enabled risk... View Details
- January 2008 (Revised August 2008)
- Case
The Time Warner Center: Mixed-Use Development
By: A. Eugene Kohn, Arthur I Segel and David Lane
Despite the failure of other attempts to bring mixed use development in New York City, Related Companies in 2004 opened Time Warner Center, a huge complex incorporating offices, shops, restaurants, music auditoriums, a hotel, and luxury apartments on Columbus Circle in... View Details
Keywords: Risk and Uncertainty; Marketing; Buildings and Facilities; Construction; Development Economics; New York (city, NY)
Kohn, A. Eugene, Arthur I Segel, and David Lane. "The Time Warner Center: Mixed-Use Development." Harvard Business School Case 208-081, January 2008. (Revised August 2008.)
- May 2004 (Revised August 2004)
- Case
Enron Odyssey (A), The: The Special Purpose of "SPEs"
The board has asked Ron Tolbert, an employee in the Risk Assessment and Control Group, to analyze three SPE transactions executed by Enron executives: the Destec, Rhythms, and Fishtail/Bacchus transactions, which were prominently featured in the Examiner's Report in... View Details
Keywords: Financial Management; Financial Instruments; Analysis; Accounting; Financial Strategy; Energy Industry
Chacko, George C., Bala Dharan, and Eli Strick. Enron Odyssey (A), The: The Special Purpose of "SPEs". Harvard Business School Case 204-009, May 2004. (Revised August 2004.)
- 21 May 2019
- Working Paper Summaries
rTSR: When Do Relative Performance Metrics Capture Relative Performance?
- 2010
- Working Paper
Crashes and Collateralized Lending
By: Jakub W. Jurek and Erik Stafford
This paper develops a parsimonious static model for characterizing financing terms in collateralized lending markets. We characterize the systematic risk exposures for a variety of securities and develop a simple indifference-pricing framework to value the systematic... View Details
Keywords: Financial Crisis; Borrowing and Debt; Cost of Capital; Credit; Financing and Loans; Interest Rates; Investment; Framework; Risk and Uncertainty; Financial Services Industry
Jurek, Jakub W., and Erik Stafford. "Crashes and Collateralized Lending." Harvard Business School Working Paper, No. 11-025, September 2010.
- March 1994 (Revised February 2001)
- Background Note
Why Manage Risk?
By: Peter Tufano
Conventional finance theory demonstrates that, under simplistic assumptions, firms cannot add to shareholder value through the use of risk management activities. Modern finance theory has begun to carefully consider and examine those circumstances under which firms can... View Details
Keywords: Risk Management
Tufano, Peter, and Jon Headley. "Why Manage Risk?" Harvard Business School Background Note 294-107, March 1994. (Revised February 2001.)