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• Case | HBS Case Collection | August 2019

  Paradigm Capital Value Fund

  Luis M. Viceira and Elena Corsi

  A German value investing fund must take important portfolio and growth decisions.

  Keywords: Investment Activism; Investment Portfolio; Financial Management;

  Citation:

  Viceira, Luis M., and Elena Corsi. "Paradigm Capital Value Fund." Harvard Business School Case 220-014, August 2019.  View Details

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• Case | HBS Case Collection | August 2019

  Sustainable Investing at J.P. Morgan Private Bank

  Sara Fleiss and Luis Viceira

  Citation:

  Fleiss, Sara, and Luis Viceira. "Sustainable Investing at J.P. Morgan Private Bank." Harvard Business School Case 220-016, August 2019.  View Details

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• Article | Review of Financial Studies | June 2019

  Social Risk, Fiscal Risk, and the Portfolio of Government Programs

  Samuel G. Hanson, David S. Scharfstein and Adi Sunderam

  We develop a model of government portfolio choice in which a benevolent government chooses the scale of risky projects in the presence of market failures and tax distortions. These two frictions generate motives to manage social risk and fiscal risk. Social risk management makes attractive programs that ameliorate market failures in bad economic times. Fiscal risk management makes unattractive programs that entail large government outlays at times when other programs in the government's portfolio also require large outlays. We characterize the determinants of social and fiscal risk and argue that these two risk management motives often conflict. Using the model, we explore how the attractiveness of different financial stability programs varies with the government's fiscal burden and with characteristics of the economy.

  Keywords: Risk Management; Government and Politics; Programs;

  Citation:

  Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam. "Social Risk, Fiscal Risk, and the Portfolio of Government Programs." Review of Financial Studies 32, no. 6 (June 2019): 2341–2382. (Internet Appendix Here.)  View Details

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