Disclosed is a shaped catalyst composed of finely divided particles of binary or ternary boride compounds having the general formula M.sub.x B.sub.y or M.sub.x B.sub.y R.sub.2 wherein x is an integer from 1-5; y is an integer from 1-2; z is an integer from 1-4; B is boron; M is an element selected from the groups II-A, III-B, IV-B, V-B, VI-B, VII-B, VIII, III-A, IV-A, and V-A of the Periodic Table, the rare earths, and the actinides; R is an element different from M selected from the same group of elements in the Periodic Table as M; the particles being bonded by 1 to 10% by weight of finely divided particles of preoxidized aluminum, zinc, or magnesium. The preferred catalyst materials are those boron-containing substances which are substantially insoluble in the reaction mixture containing the organic hydroperoxides olefins and products and which are bonded by heat treated aluminum particles having an oxide coating constituting from 5 to 10 percent of the particles.Also disclosed is a method for the liquid phase epoxidation of an olefinic compound with an organic hydroperoxide at temperatures of about 90 to 130.degree. C at a pressure sufficient to maintain the mixture substantially in liquid phase in the presence of a catalytically effective amount of the novel catalyst material.