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- April 2022
- Article
AI Insurance: How Liability Insurance Can Drive the Responsible Adoption of Artificial Intelligence in Health Care
By: Ariel Dora Stern, Avi Goldfarb and Timo Minssen
Despite enthusiasm about the potential to apply artificial intelligence (AI) to medicine and health care delivery, adoption remains tepid, even for the most compelling technologies. In this article, the authors focus on one set of challenges to AI adoption: those...
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Keywords:
Artificial Intelligence;
Medicine;
Health Care and Treatment;
Legal Liability;
Insurance;
Technology Adoption;
AI and Machine Learning
Stern, Ariel Dora, Avi Goldfarb, and Timo Minssen. "AI Insurance: How Liability Insurance Can Drive the Responsible Adoption of Artificial Intelligence in Health Care." NEJM Catalyst Innovations in Care Delivery 3, no. 4 (April 2022).
- 2021
- Working Paper
Limits to Bank Deposit Market Power
By: Juliane Begenau and Erik Stafford
Claims about the market power of bank deposits in the banking literature are numerous and far reaching. Recently, a causal narrative has emerged in the banking literature: market power in bank deposits, measured as imperfect pass-through of short-term market rates on...
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Keywords:
Bank Deposits;
Market Power;
Net Interest Margin (NIM);
Banks and Banking;
Interest Rates;
Risk and Uncertainty
Begenau, Juliane, and Erik Stafford. "Limits to Bank Deposit Market Power." Harvard Business School Working Paper, No. 22-039, November 2021.
- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit...
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Keywords:
Trade Policy;
Uncertainty;
Stock Returns;
Risk Premium;
Tariff Rates;
Portfolio Analysis;
Trade;
Policy;
Risk and Uncertainty;
Stocks;
Investment Return
Bianconi, Marcelo, Federico Esposito, and Marco Sammon. "Trade Policy Uncertainty and Stock Returns." Art. 102492. Journal of International Money and Finance 119 (December 2021).
- 2021
- Working Paper
What Drives Variation in Investor Portfolios? Evidence from Retirement Plans
We study empirical patterns in investment behavior using a comprehensive data set of defined contribution plans. Using plan-level portfolio allocation data for the near universe of 401(k) plans over the period 2009–2019, we document substantial differences in...
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Keywords:
Stock Market Expectations;
Demand Estimation;
Retirement Planning;
Defined Contribution Retirement Plan;
401 (K);
Finance;
Investment Portfolio;
Investment;
Retirement;
Behavioral Finance;
Financial Services Industry;
United States
Egan, Mark, Alexander MacKay, and Hanbin Yang. "What Drives Variation in Investor Portfolios? Evidence from Retirement Plans." Harvard Business School Working Paper, No. 22-044, December 2021. (Direct download. NBER Working Paper Series, No. 29604, December 2021)
- 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...
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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.)
- September 2021 (Revised December 2021)
- Case
Telepass: From Tolling to Mobility Platform
By: Chiara Farronato, Stefano Denicolai and Sarah Mehta
Telepass, until very recently the sole processor of electronic toll payments on Italy’s highways, has ambitions beyond tolling. Since the mid-2010s, the company has been expanding into adjacent services. In 2017, Telepass launched TelepassPay—a mobile payment...
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Keywords:
Mobile Payment;
App;
Mobility Services;
Analysis;
Change;
Change Management;
Transformation;
Transition;
Innovation and Invention;
Strategy;
Information Technology;
Mobile and Wireless Technology;
Transportation;
Transportation Networks;
Value;
Value Creation;
Consumer Behavior;
Insurance Industry;
Insurance Industry;
Insurance Industry;
Europe;
Italy;
Milan
Farronato, Chiara, Stefano Denicolai, and Sarah Mehta. "Telepass: From Tolling to Mobility Platform." Harvard Business School Case 622-011, September 2021. (Revised December 2021.)
- September 2021 (Revised December 2021)
- Case
Telepass: From Tolling to Mobility Platform (Abridged)
By: Chiara Farronato, Stefano Denicolai and Sarah Mehta
Telepass, until very recently the sole processor of electronic toll payments on Italy’s highways, has ambitions beyond tolling. Since the mid-2010s, the company has been expanding into adjacent services. In 2017, Telepass launched TelepassPay—a mobile payment...
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Keywords:
Mobile Payment;
App;
Mobility Services;
Analysis;
Change;
Change Management;
Transformation;
Transition;
Innovation and Invention;
Strategy;
Information Technology;
Mobile and Wireless Technology;
Transportation;
Transportation Networks;
Value;
Value Creation;
Insurance Industry;
Insurance Industry;
Insurance Industry;
Europe;
Italy;
Milan
Farronato, Chiara, Stefano Denicolai, and Sarah Mehta. "Telepass: From Tolling to Mobility Platform (Abridged)." Harvard Business School Case 622-050, September 2021. (Revised December 2021.)
- Article
Targeting Weather Insurance Markets
By: Anita Mukherjee, Shawn Cole and Jeremy Tobacman
The suitability of insurance products often depends greatly on individual circumstances. This paper examines the challenges of heterogeneity in a relatively new product, weather‐indexed insurance. This index insurance product has been launched in over a dozen...
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Keywords:
Index Insurance;
Labor Markets;
Self-insurance;
Self-protection;
Weather;
Insurance;
Markets;
Household;
Risk Management
Mukherjee, Anita, Shawn Cole, and Jeremy Tobacman. "Targeting Weather Insurance Markets." Journal of Risk and Insurance 88, no. 3 (September 2021): 757–784.
- July 2021 (Revised December 2021)
- Case
Pershing Square's Pandemic Trade (A)
By: Emil N. Siriwardane, Luis M. Viceira, Dean Xu and Lucas Baker
This case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund’s portfolio from the potential financial fallout ensuing from an extreme event like...
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Keywords:
Health Pandemics;
Financial Liquidity;
Cost Management;
Decision Choices and Conditions;
Risk Management
Siriwardane, Emil N., Luis M. Viceira, Dean Xu, and Lucas Baker. "Pershing Square's Pandemic Trade (A)." Harvard Business School Case 222-007, July 2021. (Revised December 2021.)
- 2021
- Chapter
Multinationals' Need for State Protection: The Creation of the Swiss Investment Risk Guarantee in the 1960s
By: Sabine Pitteloud
This chapter focuses on the role of Industrie-Holding, the Federation of Swiss Industrial Multinational Companies, in the introduction of an investment risk guarantee during the 1960s. The chapter therefore contributes to a) the growing body of literature on how...
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Keywords:
Investments;
Multinational Companies;
Political Risk;
Business & Government Relations;
Investment;
Multinational Firms and Management;
Risk and Uncertainty;
Business and Government Relations;
Switzerland
Pitteloud, Sabine. "Multinationals' Need for State Protection: The Creation of the Swiss Investment Risk Guarantee in the 1960s." In Security and Insecurity in Business History: Case Studies in the Perception and Negotiation of Threats, edited by Mark Jakob, Nina Kleinöder, and Christian Kleinschmidt, 111–134. Baden-Baden: Nomos Verlagsgesellschaft, 2021.
- Article
The Economic Consequences of Bankruptcy Reform
By: Tal Gross, Ray Kluender, Feng Liu, Matthew J. Notowidigdo and Jialan Wang
A more generous consumer bankruptcy system provides greater insurance against financial risks but may also raise the cost of credit. We study this trade-off using the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which increased the costs of...
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Keywords:
Bankruptcy;
Bankruptcy Abuse Prevention And Consumer Protection Act;
Borrowing and Debt;
Credit
Gross, Tal, Ray Kluender, Feng Liu, Matthew J. Notowidigdo, and Jialan Wang. "The Economic Consequences of Bankruptcy Reform." American Economic Review 111, no. 7 (July 2021): 2309–2341.
- 2021
- Working Paper
Currency Hedging: Managing Cash Flow Exposure
By: Laura Alfaro, Maurici Mauricio and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of FX derivatives...
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Alfaro, Laura, Maurici Mauricio, and Liliana Varela. "Currency Hedging: Managing Cash Flow Exposure." NBER Working Paper Series, No. 28910, June 2021.
- May 2021 (Revised June 2021)
- Supplement
'GEnron'? Markopolos versus General Electric (B)
By: Jonas Heese and David Lane
Supplement to the (A) case that offers an assessment of the August 2019 Markopolos report on General Electric.
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Keywords:
Financial Statements;
Communication;
Energy;
Financial Condition;
Insurance;
Performance;
Planning;
Business and Shareholder Relations;
Risk and Uncertainty;
Value;
Insurance Industry;
Insurance Industry;
Insurance Industry
Heese, Jonas, and David Lane. "'GEnron'? Markopolos versus General Electric (B)." Harvard Business School Supplement 121-033, May 2021. (Revised June 2021.)
- March 2021
- Case
Humana (A)
By: Regina E. Herzlinger and Ashley Ifeadike
To implement a bold new strategy, Humana needed to decide how to prioritize the pillars; where to own and where to partner; how much risk is acceptable; and how to continue to deliver strong operational performance while implementing a new strategy. Had the firm made...
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Keywords:
Health & Wellness;
Health Care Industry;
Health Care Costs;
Health Insurance;
Health Insurance Marketplaces;
Health Care and Treatment;
Cost;
Insurance;
Strategy;
Health Industry;
United States
Herzlinger, Regina E., and Ashley Ifeadike. "Humana (A)." Harvard Business School Case 321-097, March 2021.
- 2020
- Working Paper
Currency Hedging in Emerging Markets: Managing Cash Flow Exposure
By: Laura Alfaro, Mauricio Calani and Liliana Varela
Foreign currency derivative markets are among the largest in the world, yet their role in emerging markets in particular, is relatively understudied. We study firms' currency risk exposure and their hedging choices by employing a unique dataset covering the universe of...
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Keywords:
Foreign Currency Hedging;
FX Derivatives;
Foreign Currency Debt;
Currency Mismatch;
Trade Credit;
Currency;
Cash Flow;
Emerging Markets
Alfaro, Laura, Mauricio Calani, and Liliana Varela. "Currency Hedging in Emerging Markets: Managing Cash Flow Exposure." Harvard Business School Working Paper, No. 21-096, March 2021.
- 2021
- Working Paper
The Health Costs of Cost-Sharing
By: Amitabh Chandra, Evan Flack and Ziad Obermeyer
We use the design of Medicare’s prescription drug benefit program to demonstrate three facts about the health consequences of cost-sharing. First, we show that an as-if-random increase of 33.6% in out-of-pocket price (11.0 percentage points (p.p.) change in...
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Chandra, Amitabh, Evan Flack, and Ziad Obermeyer. "The Health Costs of Cost-Sharing." NBER Working Paper Series, No. 28439, February 2021.
- January 2021
- Case
Saham Group: It's In the Genes
By: Christina R. Wing and Gamze Yucaoglu
The case opens in August 2020 as Moulay Mhamed Elalamy (Mhamed), CEO of the Saham Group (the Group), a pan-African investment company that operates a variety of businesses out of Morocco, contemplates the Group’s identity, its investment strategy, and how to navigate...
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Keywords:
Family and Family Relationships;
Family Business;
For-Profit Firms;
Transformation;
Transition;
Emerging Markets;
Change Management;
Private Equity;
Investment;
Strategy;
Insurance Industry;
Insurance Industry;
Insurance Industry;
Insurance Industry;
Morocco;
Africa
Wing, Christina R., and Gamze Yucaoglu. "Saham Group: It's In the Genes." Harvard Business School Case 621-069, January 2021.
- January 2021 (Revised May 2021)
- Case
'GEnron'? Markopolos versus General Electric (A)
By: Jonas Heese and David Lane
In August 2019, Harry Markopolos—the forensic accountant known for uncovering Bernie Madoff’s Ponzi scheme—alleged that General Electric had committed accounting fraud totaling $38 billion, coining the term “GEnron” for perceived similarities with the 2001 accounting...
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Keywords:
Financial Statements;
Communication;
Energy;
Financial Condition;
Insurance;
Performance;
Planning;
Business and Shareholder Relations;
Risk and Uncertainty;
Value;
Insurance Industry;
Insurance Industry;
Insurance Industry
Heese, Jonas, and David Lane. "'GEnron'? Markopolos versus General Electric (A)." Harvard Business School Case 121-005, January 2021. (Revised May 2021.)
- 2021
- Working Paper
Pricing of Climate Risk Insurance: Regulatory Frictions and Cross-Subsidies
By: Ishita Sen and Ana-Maria Tenekedjieva
Homeowners’ insurance provides households financial protection from climate losses. To improve access and affordability, state regulators impose price controls on insurance companies. Using novel data, we construct a new measure of rate setting frictions for individual...
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Keywords:
Climate Risk;
Homeowners' Insurance;
Price Controls;
Financial Regulation;
Cross-subsidization;
Climate Change;
Household;
Insurance;
Price;
Governance Controls;
Financial Institutions;
United States
Sen, Ishita, and Ana-Maria Tenekedjieva. "Pricing of Climate Risk Insurance: Regulatory Frictions and Cross-Subsidies." Working Paper, January 2021.
- 2020
- Chapter
Climate Change Is Going to Transform Where and How We Build
By: John D. Macomber
As fires, floods, and droughts increasingly threaten homes, businesses, and other institutions, climate risk has become financial risk. This implies that homeowners and investors have been making location decisions without properly pricing the cost of potential peril,...
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Macomber, John D. "Climate Change Is Going to Transform Where and How We Build." In Climate Change: The Insights You Need from Harvard Business Review. Vol. 12. HBR Insights Series. Boston, MA: Harvard Business Review Press, 2020.