Publications

Educators

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

July 9, 2009
Editorial

Systemic Risk and the Fed

By: Robert C. Pozen

Keywords: Risk and Uncertainty; System

2023
Working Paper

Interest-Rate Risk and Household Portfolios

By: Sylvain Catherine, Max Miller, James Paron and Natasha Sarin

How are households exposed to interest-rate risk? When rates fall, households face lower future expected returns but those holding long-term assets—disproportionately the wealthy and middle-aged—experience capital gains. We study the hedging demand for long-term assets... View Details

Keywords: Portfolio Choice; Social Security; Interest Rates; Investment Portfolio; Equality and Inequality; Welfare

How do monetary policy rules, monetary policy uncertainty, and macroeconomic shocks affect the risk properties of US Treasury bonds? The exposure of US Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average... View Details

May 2014
Case

Sasol: U.S. Growth Program

By: Richard H. K. Vietor

Sasol, the world's largest producer of synthetic oil from coal and gas, has announced plans to build a huge Catalytic cracker and gas-to-liquids plant in Lake Charles, Louisiana. This $21 billion venture will be the single largest foreign direct investment in US... View Details

Keywords: Oil ＆ Gas; Risk; Risk And Uncertainty; Petroleum; Synthesis; Diesel; Foreign Direct Investment; Chemicals; Strategy; Energy Industry; United States

Educators

2021
Article

Internment as a Business Challenge: Political Risk Management and German Multinationals in Colonial India (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

Keywords: Internment; Political Risk; International Business; Multinational Firms and Management; Employees; War; History; Outcome or Result; India; Germany

Research Summary

Risk Measurement, Management, and Disclosure

Jorgensen's main research investigates managers' choices of measurement, management and disclosure of risk.

View Details

19 Nov 2009
News

HBS professor says that uncertainty and inflation scare investors

24 Aug 2016
News

Emerging Markets: Opportunity and Risk

2011
Article

Regulatory Uncertainty and Corporate Responses to Environmental Protection in China

By: Christopher Marquis, Jianjun Zhang and Yanhua Zhou

We develop a framework to analyze the closing gap between regulation and enforcement of environmental protection in China and present a number of resulting implications for doing business there. We identify three major dimensions that characterize change in regulatory... View Details

Keywords: Framework; Governing Rules, Regulations, and Reforms; Law Enforcement; Growth and Development Strategy; Emerging Markets; Business Ventures; Alignment; Risk and Uncertainty; Natural Environment; Motivation and Incentives; Management Practices and Processes; Competitive Strategy; China

January 2009
Supplement

KPMG (B): Risk and Reform

By: Robert G. Eccles and Eliot Sherman

Under the leadership of Tim Flynn, Chairman and CEO of KPMG, the firm made a number of changes in compensation, governance, and culture in order to address the underlying reasons for actions that occurred prior to him becoming CEO that led to the accounting giant... View Details

Keywords: Communication Strategy; Ethics; Corporate Governance; Governance Compliance; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Compensation and Benefits; Employee Relationship Management; Organizational Change and Adaptation

Other Unpublished Work

Risk Aversion, Risk Premium and the Choice of Capital Projects

By: S. Datar, R. Banker and B. Gopi

Keywords: Risk Management; Cost vs Benefits; Infrastructure

2003
Working Paper

Risk Management and Corporate Value-at-Risk

By: Marc L Bertoneche and F. Maurer

02 Mar 2012
Working Paper Summaries

Short-Termism, Investor Clientele, and Firm Risk

Keywords: by Francois Brochet, Maria Loumioti & George Serafeim

07 Jul 2020
Podcast

Uncovering and Pricing Climate Risk

How do managers within the different sectors of financial services identify and value climate risk? Professor George Serafeim talks with an asset manager, an insurer, a hedge fund manager, and an investment banker about their approaches to identifying and valuing... View Details

09 Jul 2009
News

Systemic Risk and the Fed

2024
Conference Paper

Quantifying Uncertainty in Natural Language Explanations of Large Language Models

By: Himabindu Lakkaraju, Sree Harsha Tanneru and Chirag Agarwal

Large Language Models (LLMs) are increasingly used as powerful tools for several high-stakes natural language processing (NLP) applications. Recent prompting works claim to elicit intermediate reasoning steps and key tokens that serve as proxy explanations for LLM... View Details

Keywords: Large Language Model; AI and Machine Learning

February 1984 (Revised March 1984)
Exercise

Exercises on Capital Budgeting Under Uncertainty

By: David E. Bell

Keywords: Capital Budgeting; Risk and Uncertainty

April 2024
Article

Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads

By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter

We develop and test a model in which swap spreads are determined by end users' demand for and constrained intermediaries’ supply of long-term interest rate swaps. Swap spreads reflect compensation both for using scarce intermediary capital and for bearing convergence... View Details

Keywords: Swap Spreads; Credit Derivatives and Swaps; Interest Rates; Risk and Uncertainty; Volatility