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Show Results For
- All HBS Web
(2,006)
- People (1)
- News (283)
- Research (1,546)
- Events (1)
- Multimedia (13)
- Faculty Publications (1,132)
- 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
Bonsall, Samuel B., IV, Kevin Koharki, Pepa Kraft, Karl A. Muller III, and Anywhere Sikochi. "Do Rating Agencies Behave Defensively for Higher Risk Issuers?" Management Science 69, no. 8 (August 2023): 4864–4887.
- February 1994 (Revised February 1996)
- Case
Union Carbide Corporation: Interest Rate Risk Management
By: Peter Tufano
Union Carbide's board of directors is asked to evaluate a proposal from the staff treasurer's that would articulate policies to manage its debt portfolio. The staff proposes that shareholder value will be maximized if the firm manages its exposure to interest rates by... View Details
Tufano, Peter, and Jon Headley. "Union Carbide Corporation: Interest Rate Risk Management." Harvard Business School Case 294-057, February 1994. (Revised February 1996.)
- 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
Mikes, Anette. "Chief Risk Officers at Crunch Time: Compliance Champions or Business Partners?" Journal of Risk Management in Financial Institutions 2, no. 1 (November–December 2008).
- July 2009 (Revised January 2012)
- Case
Risk Management at Wellfleet Bank: All That Glitters Is Not Gold
By: Anette Mikes
This case motivates a debate on the role of staff functions, such as risk management: what does it mean for them to be independent, and at the same time, to partner the business lines? The case describes the risk assessment process in the corporate banking arm of... View Details
Keywords: Decision Choices and Conditions; Judgments; Credit; Banks and Banking; Governance Controls; Risk Management; Mathematical Methods
Mikes, Anette. "Risk Management at Wellfleet Bank: All That Glitters Is Not Gold." Harvard Business School Case 110-011, July 2009. (Revised January 2012.)
- 31 May 2017
- News
What Jane Austen can teach us about risk management
- August 2013 (Revised November 2015)
- Case
Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?
By: Luis M. Viceira and Emily A. Chien
In November 2012, Prudential Financial and General Motors closed on a $25.1B pension risk transfer (PRT) transaction, the largest of its kind to date by an order of magnitude both in the U.S. market and globally. In exchange for an in-kind transfer of $25.1B in... View Details
Keywords: Risk Management; Asset Management; Insurance; Retirement; Financial Services Industry; Insurance Industry
Viceira, Luis M., and Emily A. Chien. "Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?" Harvard Business School Case 213-126, August 2013. (Revised November 2015.)
- 2016
- White Paper
LNG and Renewable Power: Risk and Opportunity in a Changing World
By: Jurgen Weiss, Steven Levine, Yingxia Yang and Anul Thapa
The paper explores potential long-term revenue risks to LNG exports to the extent LNG competes with alternative energy sources (such as renewables) in LNG destination markets. Given the longevity of LNG infrastructure investments, the evolution of the attractiveness of... View Details
Weiss, Jurgen, Steven Levine, Yingxia Yang, and Anul Thapa. "LNG and Renewable Power: Risk and Opportunity in a Changing World." White Paper, Brattle Group, Boston, MA, January 2016.
- March 2007 (Revised April 2007)
- Case
Micro Insurance Agency: Helping the Poor Manage Risk
By: Michael Chu and Jean Hazell
The notable success of insurance products for low-income clients of its microfinance network leads Opportunity International to launch the first global specialized microinsurance company, the Micro Insurance Agency (MIA). Building on the experience in 10 countries... View Details
Keywords: Developing Countries and Economies; Cost Management; Microfinance; Globalization; Growth and Development Strategy; Risk Management; Infrastructure; Nonprofit Organizations; Competition; Financial Services Industry; Africa; Asia; Latin America
Chu, Michael, and Jean Hazell. "Micro Insurance Agency: Helping the Poor Manage Risk." Harvard Business School Case 307-089, March 2007. (Revised April 2007.)
- Web
About - Behavioral Finance & Financial Stability
they assess future risks in good times? Are there underlying principles that help an outside observer recognize potential errors in beliefs? How do markets learn? Size and Structure of the Financial Sector What explains the growth of... View Details
- June 2010 (Revised October 2014)
- Teaching Note
Enterprise Risk Management at Hydro One (A)
By: Anette Mikes
Teaching Note for 109-001 View Details
- August 2013
- Article
The Price of Diversifiable Risk in Venture Capital and Private Equity
By: Michael Ewens, Charles Jones and Matthew Rhodes-Kropf
This paper explores the private equity and venture capital (VC) markets and extends the standard principal-agent problem between the investors and venture capitalist to show how it alters the interaction between the venture capitalist and the entrepreneur. Since the... View Details
Keywords: Price; Risk and Uncertainty; Venture Capital; Private Equity; Contracts; Investment; Competition; Agency Theory; Investment Return; Forecasting and Prediction; Theory; Diversification
Ewens, Michael, Charles Jones, and Matthew Rhodes-Kropf. "The Price of Diversifiable Risk in Venture Capital and Private Equity." Review of Financial Studies 26, no. 8 (August 2013): 1854–1889.
- 1999
- Other Unpublished Work
Private Investment in Infrastructure: Managing Non-commercial Risk
By: L. T. Wells Jr.
- fall 2008
- Article
The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market
By: Kenneth A. Froot
In this paper, I provide evidence concerning the imperfections in the reinsurance market. I try to get at some of the root causes of these imperfections, e.g., the behavior of ratings firms and the agency problems associated with the corporate form of ownership. I also... View Details
Keywords: Catastrophe Risk; Corporate Finance; Banking And Insurance; Hedging; Banking; Financial Markets; Insurance; Policy; Risk Management; Natural Disasters; Cost of Capital; Asset Pricing; Insurance Industry
Froot, Kenneth A. "The Intermediation of Financial Risks: Evolution in the Catastrophe Reinsurance Market." Risk Management and Insurance Review 11, no. 2 (fall 2008): 281–294.
- 09 May 2005
- Research & Ideas
Hold or Fold? Sizing Up Business Risk
brought in. You are now seeing budgets and deadlines being hit, and customer feedback is more enthusiastic. The kinds of results you want—financial returns—haven't changed. The next round of financing is coming up and you have been asked... View Details
- March 2005 (Revised February 2006)
- Case
Advising on Currency Risk at ICICI Bank
In March 2003, a client approached the Markets Advisory Group at ICICI Bank, India's second largest bank, about a hedging transaction. The hedge involved multiple interest rates and currencies. Shilpa Kumar, head of the Markets Advisory Group, has to put together a... View Details
Keywords: Risk and Uncertainty; Currency Exchange Rate; Capital Markets; Investment Funds; Banks and Banking; Banking Industry; Financial Services Industry; India
Chacko, George C., Marti G Subrahmanyam, Vincent Dessain, and Anders Sjoman. "Advising on Currency Risk at ICICI Bank." Harvard Business School Case 205-074, March 2005. (Revised February 2006.)
- June 2024
- Article
Counterparty Risk and Counterparty Choice in the Credit Default Swap Market
By: Wenxin Du, Salil Gadgil, Michael Gordy and Clara Vega
We investigate how market participants price and manage counterparty credit risk using confidential trade repository data on single-name credit default swap (CDS) transactions. We find that counterparty risk has a modest impact on the pricing of CDS contracts but a... View Details
Keywords: Credit Derivatives and Swaps; Market Participation; Risk and Uncertainty; Price; Financial Markets; Credit
Du, Wenxin, Salil Gadgil, Michael Gordy, and Clara Vega. "Counterparty Risk and Counterparty Choice in the Credit Default Swap Market." Management Science 70, no. 6 (June 2024): 3808–3826.
- Web
Finance Awards & Honors - Faculty & Research
Paper Prize in Responsible Finance for "Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies" with Sangmin Oh and Ana-Maria Tenekedijieva. Boris Vallee : Recipient of the Distinguished Referee... View Details
- 11 Dec 2017
- Working Paper Summaries
The Use and Misuse of Patent Data: Issues for Corporate Finance and Beyond
Keywords: by Josh Lerner and Amit Seru
- 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.
- 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
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholder Activism and Firms' Voluntary Disclosure of Climate Change Risks." Strategic Management Journal 42, no. 10 (October 2021): 1850–1879. (Featured in Harvard Business Review.)