This is currently a known issue, to track progress see the following over at intel’s forums
http://software.intel.com/en-us/forums/topic/475129
Last update: Intel have released a hotfix for windows 8.1
http://software.intel.com/en-us/articles/intel-hardware-accelerated-execution-manager-end-user-license-agreement-windows-hotfix
For now, using GenyMotion for my hardware accelerated emulator needs.