Robert C. Pozen

Senior Lecturer of Business Administration

Unit: General Management

Contact:

(617) 495-5864

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Robert C. Pozen was formerly Chairman of MFS Investment Management®, which manages over $300 billion in assets for over five million investors worldwide.  This represents an increase of more than 100% from the beginning of 2004, when Bob was named Chairman.  He  serves as a Senior Lecturer at the Harvard Business School and a Senior Research Fellow at the Brookings Institution. 

In late 2001 and 2002, Bob was a member of President Bush’s Commission to Strengthen Social Security. He later developed a progressive plan for reducing by half the long-term deficit of Social Security -- slowing the benefit growth for high earners, while preserving the benefit schedule for low earners. His plan was endorsed by President Bush, and was included in a series of memoranda to President Obama from the Progressive Policy Institute (eds. W. Marshall and M.Ribbing, January 2009).  His plan was more recently endorsed by the editorial boards of both the Wall Street Journal and the Washington Post.    
 
In 2003, Bob served as Secretary of Economic Affairs for Massachusetts Governor Mitt Romney. He helped the Governor close the state’s large budget gap and reorganize its functions in business and technology, labor and workforce training and consumer affairs. In addition, he supervised the banking and insurance departments.

In 2002-2004, Bob was also the John Olin Visiting Professer at Harvard Law School.  In 2007-2008, he served as chairman of the SEC's advisory committee on improving financial reporting.

Bob was formerly Vice Chairman of Fidelity Investments and President of Fidelity Management & Research Company, the investment advisor to the Fidelity mutual funds. During Bob’s five years as President, Fidelity’s assets increased from $500 billion to $900 billion. From 1987 to 1996, Bob was Managing Director and General Counsel of Fidelity Investments.  In that role, he created Fidelity’s Charitable Gift Fund, launched Fidelity’s entry into the Japanese mutual fund business, and served as a director of its credit card bank.

Before joining Fidelity, Bob was a partner at the Washington, D.C., law firm of Caplin & Drysdale, where he led the banking/securities department from 1981 to 1986. Prior to that, Bob was Associate General Counsel to the Securities & Exchange Commission from 1978 to 1980.  Bob also was a law professor at Georgetown and New York University from 1973 through 1977.

In 1968, Bob graduated summa cum laude and Phi Beta Kappa from Harvard College, which awarded him a Knox Traveling Fellowship. In 1972 Bob received a law degree from Yale Law School, where he served on the editorial board of the Yale Law Journal.  In 1973, he received a JSD from Yale for his doctoral thesis on state enterprises in Africa.

Bob is an outside director of Medtronic, Inc, and Nielsen, Inc. He is also an outside director of several funds managed by AMC, a subsidiary of the World Bank investing in Africa and Latin America. In addition, he is a member of the governing board of a non-profit organization, the Commonwealth Fund.  He is a fellow of the American Academy of Arts and Sciences and a member of the Council on Foreign Relations.

Bob has published on a wide variety of subjects, including opinion pieces in The Wall Street Journal, The Washington Post, The New York Times, and Financial Times. In particular, he authored the first textbook comparing the regulation of banks to other financial institutions, the main textbook on asset managers, The Fund Industry: How Your Money is Managed (Wiley, 2011), and a popular book in response to the recent financial crisis entitled Too Big To Save? How to Fix the US Financial System (Wiley, 2009). Bob's latest book, EXTREME PRODUCTIVITY ( Harper Collins, 2012 ) was named the third best business book of 2012 by Fast Company. 

Born in 1946, Bob lives in Boston, Massachusetts with his wife Liz, a psychotherapist and figurative artist.  They have two adult children, Joanna and David.

Featured Work

  1. Extreme Productivity

    In Extreme Productivity, Pozen reveals his secrets to workplace productivity and high performance. The antidote to a calendar full of boring meetings and a backlog of emails, his book shows professionals how they can achieve their goals by making a critical shift in mindset: from hours worked to results produced.

  2. bobpozen.com

    For publications, conversations, interviews, and appearances featuring Bob Pozen, visit bobpozen.com.

Publications

Books

  1. Extreme Productivity: Boost Your Results, Reduce Your Hours

    In "Extreme Productivity," Pozen reveals the secrets to workplace productivity and high performance. His book is for anyone feeling overwhelmed by an existing workload—facing myriad competing demands and multiple time-sensitive projects. Offering antidotes to a calendar full of boring meetings and a backlog of e-mails, "Extreme Productivity" explains how to determine your highest priorities and match them with how you actually spend your time.

    Keywords: productivity; Performance Productivity; Performance Capacity;

    Citation:

    Pozen, Robert C. Extreme Productivity: Boost Your Results, Reduce Your Hours. New York: HarperBusiness, 2012. (Third best business book of 2012 according to Fast Company.)
  2. The Fund Industry: How Your Money Is Managed

    The Fund Industry explains to students and investors how to evaluate mutual funds and other collective investment vehicles. It discusses how different types of funds are managed, marketed, and regulated. It also reviews how funds invest and gather assets in countries across the globe.

    Keywords: Money; Financial Management; International Finance; Investment Funds; Governing Rules, Regulations, and Reforms; Financial Services Industry;

    Citation:

    Pozen, Robert, and Theresa Hamacher. The Fund Industry: How Your Money Is Managed. 3rd ed. NY: John Wiley & Sons, 2011.
  3. Too Big to Save?: How to Fix the U.S. Financial System

    Too Big To Save? provides a comprehensive review of the financial crisis, explaining not only the factors causing the crisis but also evaluating the government responses to date and suggesting practical reforms for the future.

    Keywords: Financial Crisis; Governing Rules, Regulations, and Reforms; Government and Politics; United States;

    Citation:

    Pozen, Robert C. Too Big to Save? How to Fix the U.S. Financial System. John Wiley & Sons, 2009.

Journal Articles

  1. Make 2013 the Year to Resolve the Money Fund Debate

  2. Not all Money Market Funds Are Equal

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "Not all Money Market Funds Are Equal." FT.com (December 16, 2012).
  3. Capping the Deductibility of Corporate Interest Expense

    Citation:

    Pozen, Robert C., and Lucas W. Goodman. "Capping the Deductibility of Corporate Interest Expense." Tax Notes (December 10, 2012).
  4. Getting Wall Street Accountability Right

    Citation:

    Pozen, Robert C. "Getting Wall Street Accountability Right." RealClearMarkets.com (November 20, 2012).
  5. SEC vs. J.P. Morgan

    Citation:

    Pozen, Robert C. "SEC vs. J.P. Morgan." Wall Street Journal (November 13, 2012).
  6. What's the Answer for Corporate Taxes?

    Citation:

    Pozen, Robert C. "What's the Answer for Corporate Taxes?" Yahoo! Finance (October 23, 2012).
  7. Social Media is a Thorny Issue in the U.S.

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "Social Media is a Thorny Issue in the U.S." FT.com (October 21, 2012).
  8. They Work Long Hours, but What About Results?

    Citation:

    Pozen, Robert C. "They Work Long Hours, but What About Results?" New York Times (October 7, 2012).
  9. A Recipe to Cut Corporate Taxes

    Citation:

    Pozen, Robert C. "A Recipe to Cut Corporate Taxes." Washington Post (October 5, 2012).
  10. Fund Managers Eager to Use Social Media are Held Back by Industry Regulations

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "Fund Managers Eager to Use Social Media are Held Back by Industry Regulations." Washington Post (October 2, 2012).
  11. Toward a New Culture for Corporate Boards

    A decade of business scandals and regulatory reforms find corporate America... facing fresh scandals and calls for more reforms. Robert Pozen, former chair of MFS Investment, noted director, and Harvard Business School faculty member, wonders if we have been fixing the wrong problem. Maybe the size, skills, structure and compensation of the board itself need rethinking.

    Keywords: Governing and Advisory Boards; Ethics; Change; United States;

    Citation:

    Pozen, Robert C. "Toward a New Culture for Corporate Boards." Corporate Board (September–October 2012).
  12. The Underfunding of Corporate Pension Plans

    Citation:

    Pozen, Robert C. "The Underfunding of Corporate Pension Plans." RealClearMarkets.com (September 4, 2012).
  13. A Realistic Discount Rate for Pensions

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "A Realistic Discount Rate for Pensions." FT.com (August 19, 2012).
  14. The High Cost of Pension Savings

    Citation:

    Pozen, Robert C. "The High Cost of Pension Savings." Washington Post (August 3, 2012).
  15. Pension 'Savings' in Transportation Bill May Be Costly

    Citation:

    Pozen, Robert C. "Pension 'Savings' in Transportation Bill May Be Costly." Washington Post (August 2, 2012).
  16. A Sensible Plan to Bring U.S. Corporate Profits Home

    Citation:

    Pozen, Robert C. "A Sensible Plan to Bring U.S. Corporate Profits Home." RealClearMarkets (June 13, 2012).
  17. Mandatory Audit Rotation Risks Outweigh Benefits

    Citation:

    Pozen, Robert C. "Mandatory Audit Rotation Risks Outweigh Benefits." Economia (ICAEW) (June 6, 2012).
  18. Why Not Venture-Capital Philanthropy?

    Citation:

    Pozen, Robert C. "Why Not Venture-Capital Philanthropy?" Wall Street Journal (June 4, 2012).
  19. Search for Auditors; Don't Rotate

    Citation:

    Pozen, Robert C. "Search for Auditors; Don't Rotate." Pensions & Investments (Online) (May 14, 2012).
  20. U.S. Hedge Funds Rules Relaxed by Accident

    Citation:

    Pozen, Robert C. "U.S. Hedge Funds Rules Relaxed by Accident." FT.com (April 22, 2012).
  21. An Intermediate Approach to the Auditor Rotation Issue

    Citation:

    Pozen, Robert C. "An Intermediate Approach to the Auditor Rotation Issue." Huffington Post (April 9, 2012).
  22. Public-pension Pitfalls: What Municipal Budget Pressures Mean for Bond Investors

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "Public-pension Pitfalls: What Municipal Budget Pressures Mean for Bond Investors." Washingtonpost.com (April 4, 2012).
  23. JOBS Act: Jumpstarting Business or Bilking Investors?

    Citation:

    Pozen, Robert C. "JOBS Act: Jumpstarting Business or Bilking Investors?" RealClearMarkets (April 3, 2012).
  24. A Guide to Charitable Investing

    Citation:

    Pozen, Robert C. "A Guide to Charitable Investing." Trusts & Trustees 18, no. 3 (March 2012): 185–198.
  25. Bill to Help Businesses Raise Capital Goes Too Far

    Citation:

    Pozen, Robert C., and John Coates. "Bill to Help Businesses Raise Capital Goes Too Far." Washington Post (March 14, 2012).
  26. Time to Tighten Rules on U.S. Pensions

    Citation:

    Pozen, Robert C. "Time to Tighten Rules on U.S. Pensions." Financial Times (March 5, 2012).
  27. Obama's Proposed Minimum Tax on Foreign Earnings

    Citation:

    Pozen, Robert C. "Obama's Proposed Minimum Tax on Foreign Earnings." Huffington Post (February 20, 2012).
  28. ETFs: Wide World of Exchange-Traded Funds Requires Navigation for Investors

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "ETFs: Wide World of Exchange-Traded Funds Requires Navigation for Investors." Washington Post (January 11, 2012).
  29. Gingrich's Fiscal Fantasies

    Keywords: Government and Politics;

    Citation:

    Pozen, Robert C. "Gingrich's Fiscal Fantasies." Washington Post (December 27, 2011).
  30. The Case for Labeling Newcits as Complex

    Citation:

    Pozen, Robert C. "The Case for Labeling Newcits as Complex." FT.com (December 18, 2011).
  31. Gingrich's Social Security Plan: Privatize Gains, Socialize Losses

    Keywords: Government and Politics; Privatization;

    Citation:

    Pozen, Robert C. "Gingrich's Social Security Plan: Privatize Gains, Socialize Losses." Huffington Post (November 29, 2011).
  32. Most Likely to Succeed: Leadership in the Industry

    What is the critical factor for success in the U.S. mutual fund industry? Is it top-ranked investment performance, innovative products, or pervasive distribution? In our view, it is none of these factors, despite their obvious importance. Instead, the best predictors of success in the U.S. fund business are the focus and organization of the fund sponsor. We believe that the most successful managers over the next decade will be organizations with two characteristics: dedication primarily to asset management and control by investment professionals.

    Keywords: Leadership; Success; Investment Funds; Rank and Position; Performance; Investment; Innovation and Invention; Product; Distribution; Forecasting and Prediction; Asset Management; Governance Controls; United States;

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "Most Likely to Succeed: Leadership in the Industry." Financial Analysts Journal 67, no. 6 (November–December 2011).
  33. Design Key to Canada's Pension Plan

    Keywords: Design; Compensation and Benefits;

    Citation:

    Pozen, Robert C. "Design Key to Canada's Pension Plan." Financial Times (October 23, 2011).
  34. Herman Cain's Retirement Proposal

    Keywords: Government and Politics; Retirement;

    Citation:

    Pozen, Robert C. "Herman Cain's Retirement Proposal." Huffington Post (October 20, 2011).
  35. Let's Get Real About 9-9-9

    Keywords: Government and Politics;

    Citation:

    Pozen, Robert C. "Let's Get Real About 9-9-9." Huffington Post (October 17, 2011).
  36. The Mirage of Corporate Tax Reform

    Keywords: Governing Rules, Regulations, and Reforms; Taxation;

    Citation:

    Pozen, Robert C. "The Mirage of Corporate Tax Reform." Washington Post (September 30, 2011).
  37. A Two-Pronged Approach to Reforming International Corporate Taxes in the U.S.

    Keywords: Governing Rules, Regulations, and Reforms; Taxation; United States;

    Citation:

    Pozen, Robert C. "A Two-Pronged Approach to Reforming International Corporate Taxes in the U.S." Tax Notes International (September 26, 2011).
  38. How to Bring Our Companies' Foreign Profits Back Home

    Keywords: Profit; Business Ventures;

    Citation:

    Pozen, Robert C. "How to Bring Our Companies' Foreign Profits Back Home." New York Times (September 19, 2011).
  39. Judging Success in Funding Medical Research

    Keywords: Success; Research; Health; Money;

    Citation:

    Pozen, Robert C. "Judging Success in Funding Medical Research." Philanthropy Journal (September 6, 2011).
  40. Short Selling Bans Are A Mistake

    Citation:

    Pozen, Robert C. "Short Selling Bans Are A Mistake." FT.com (August 12, 2011).
  41. Defining Success for Translational Research Organizations

    Keywords: Success; Research; Organizations;

    Citation:

    Pozen, Robert C. "Defining Success for Translational Research Organizations." Science Translational Medicine (August 3, 2011).
  42. Social Security and Debt Ceiling

    Keywords: Compensation and Benefits; Borrowing and Debt;

    Citation:

    Pozen, Robert C. "Social Security and Debt Ceiling." Brookings Up Front Blog (July 25, 2011).
  43. Social Security Refrom Is the Key to the Debt Ceiling Debate

    Keywords: Compensation and Benefits; Governing Rules, Regulations, and Reforms; Borrowing and Debt;

    Citation:

    Pozen, Robert C. "Social Security Refrom Is the Key to the Debt Ceiling Debate." Huffington Post (July 19, 2011).
  44. Retirement Challenges for Financial Advisers

    Keywords: Retirement; Problems and Challenges; Finance;

    Citation:

    Pozen, Robert C. "Retirement Challenges for Financial Advisers." Registered Rep (July 19, 2011).
  45. A Debt Plan Republicans Can Support

    Keywords: Borrowing and Debt; Government and Politics;

    Citation:

    Pozen, Robert C. "A Debt Plan Republicans Can Support." Washington Post (July 19, 2011).
  46. It's Time for Social Security Reform

    Keywords: Compensation and Benefits; Governing Rules, Regulations, and Reforms;

    Citation:

    Pozen, Robert C. "It's Time for Social Security Reform." CNBC.com (July 12, 2011).
  47. Look to Chile, Asia for Defined Contribution Innovation

    Keywords: Innovation and Invention; Chile; Asia;

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "Look to Chile, Asia for Defined Contribution Innovation." Pensions & Investments (July 12, 2011).
  48. Fine Time to Wade Into Money Market Funds

    Keywords: Money; Markets;

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "Fine Time to Wade Into Money Market Funds." Washington Post (July 6, 2011).
  49. A Plan to Tax the Foreign Income of U.S. Companies

    Keywords: Taxation; Money; Business Ventures; United States;

    Citation:

    Pozen, Robert C. "A Plan to Tax the Foreign Income of U.S. Companies." Bloomberg Businessweek (June 27, 2011).
  50. Don't Hobble Money Market Funds

    Keywords: Money; Markets;

    Citation:

    Pozen, Robert C. "Don't Hobble Money Market Funds." Financial Times (June 20, 2011).
  51. Why Balanced Funds are Better

    Keywords: Money; Balance and Stability;

    Citation:

    Pozen, Robert C. "Why Balanced Funds are Better." FT.com (May 22, 2011).
  52. Extreme Productivity

    A veteran top executive at two giant mutual fund companies, the author has also been an attorney, a government official, a law school professor, and a business school professor-sometimes simultaneously. Over the years, he has devised a number of principles and practices to maximize his personal productivity without sacrificing his health or family life. In this article he presents six of them. Know your comparative advantage. Focus not on what you do best but on what your organization most needs from you-and don't spend too much time on operational details. It's not the time you spend but the results you produce. Most executives put a huge amount of time into their jobs, assuming that more hours equal more value added. That's too simplistic. Think first, read or write second. Figure out your argument in advance; then jot down your four or five key points and write the concluding paragraph. Prepare your plan, but be ready to change it. Arrive early for a speaking engagement in order to grasp the mood of your audience and tailor your speech accordingly. Let others own their space. Instead of assigning detailed tasks, present general priorities and let your reports decide how to implement them.

    Keywords: Managerial Roles; Time Management; Performance Capacity; Performance Effectiveness; Performance Productivity; Personal Development and Career;

    Citation:

    Pozen, Robert C. "Extreme Productivity." Harvard Business Review 89, no. 5 (May 2011).
  53. Why European Funds are Outgunning U.S. Rivals

    Keywords: Money; Europe; United States;

    Citation:

    Pozen, Robert C. "Why European Funds are Outgunning U.S. Rivals." FT.com (April 13, 2011).
  54. A Bond Backfire After Racing to Buy Long-term Treasuries and Sell Tax-exempt Funds

    Keywords: Revenue; Taxation;

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "A Bond Backfire After Racing to Buy Long-term Treasuries and Sell Tax-exempt Funds." Washington Post (April 5, 2011).
  55. The Global Fund-Leadership Playoffs: Europe vs. the U.S.

    Keywords: Leadership; Europe; United States;

    Citation:

    Pozen, Robert C., and Theresa Hamacher. "The Global Fund-Leadership Playoffs: Europe vs. the U.S." Morningstar Advisor (April 5, 2011).
  56. Building Better Boards: The Financial Crisis Revealed Several Areas for Improvement

    Keywords: Governance; Financial Crisis;

    Citation:

    Pozen, Robert C. "Building Better Boards: The Financial Crisis Revealed Several Areas for Improvement." Accounting Today (April 1, 2011).
  57. A Three-Step Plan for CFOs: How to Help Your Audit Committee Work More Effectively

    Keywords: Management; Groups and Teams; Performance Effectiveness;

  58. Heretic Reality: Mortgage Interest Deduction Needs to be Slashed

    Keywords: Interest Rates; Mortgages;

    Citation:

    Pozen, Robert C. "Heretic Reality: Mortgage Interest Deduction Needs to be Slashed." Forbes (March 25, 2011).
  59. Why Liberals Should Back Social Security Reform

    Keywords: Compensation and Benefits; Governing Rules, Regulations, and Reforms;

    Citation:

    Pozen, Robert C. "Why Liberals Should Back Social Security Reform." Washington Post (March 22, 2011).
  60. Japan Can Rebuild on New Economic Foundations

    Keywords: Economics; Japan;

    Citation:

    Pozen, Robert C. "Japan Can Rebuild on New Economic Foundations." FT.com (March 21, 2011).
  61. Why Balanced Funds Trump Target-Dates in Retirement Plans

    Keywords: Compensation and Benefits; Money;

    Citation:

    Pozen, Robert C. "Why Balanced Funds Trump Target-Dates in Retirement Plans." Ignites (March 10, 2011).
  62. How to Refocus U.S. Mortgage Interest Relief

    Keywords: Interest Rates; Mortgages;

    Citation:

    Pozen, Robert C. "How to Refocus U.S. Mortgage Interest Relief." FT.com (February 21, 2011).
  63. How to Keep Audit Committees In the Know

    Keywords: Accounting Audits; Groups and Teams;

    Citation:

    Pozen, Robert C. "How to Keep Audit Committees In the Know." Financial Times (January 27, 2011).
  64. A New Model for Corporate Boards

    Keywords: Governance; Business Ventures;

    Citation:

    Pozen, Robert C. "A New Model for Corporate Boards." Wall Street Journal (December 30, 2010).
  65. Myth Busters: The Truth About Social Security Reform

    Keywords: Compensation and Benefits; Governing Rules, Regulations, and Reforms;

    Citation:

    Pozen, Robert C. "Myth Busters: The Truth About Social Security Reform." Boston Globe (December 12, 2010).
  66. The Case for Professional Boards

    Keywords: Governance;

    Citation:

    Pozen, Robert C. "The Case for Professional Boards." Harvard Law School Forum on Corporate Governance and Financial Regulation (December 5, 2010).
  67. The Case for Professional Boards

    When the world's largest financial institutions had to be rescued from insolvency in 2008, many experts laid the blame at the feet of corporate boards. But insufficient board oversight is a problem that had supposedly been solved in 2002. As the United States reeled from the blatant failures of corporate governance at Enron and WorldCom, Congress passed the famous Sarbanes-Oxley Act (SOX) to prevent such failures from happening again. The new rules looked promising. The majority of a board's directors now had to be independent. And senior executives were required to conduct annual assessments of their internal controls for review by external auditors, whose work would be further reviewed by a quasi-governmental oversight board. By the time of the financial meltdown, most major financial institutions were SOX compliant-but that didn't stop the failures. More than 80% of collapsed banks' board members were independent, as were all members of their audit, compensation, and nominating committees. All the firms evaluated their internal controls yearly, and, in 2007, their external auditors' reports showed no material weaknesses. Neither did the reviews by the quasi-governmental board. So why were the SOX reforms so ineffective? In the author's view, it's because they merely added a new layer of legal obligations for governance without improving the quality of people serving on the boards or changing their behavioral dynamics. The author-formerly the president or chairman of two global financial firms, an independent director of several large industrial companies, and a longtime scholar of corporate governance-identifies three chronic deficiencies of boards: They tend to be too large to operate effectively. Members often lack sufficient expertise in the relevant industry. And few devote enough time to fully understand the complexities of the business. In this article, Pozen presents a new model for the corporate board.

    Keywords: Financial Institutions; Insolvency and Bankruptcy; Governing and Advisory Boards; Failure; Accounting Audits; Quality; Behavior; Legal Liability; Experience and Expertise; Corporate Governance; Governance Controls; Performance Effectiveness; United States;

    Citation:

    Pozen, Robert C. "The Case for Professional Boards." Harvard Business Review 88, no. 12 (December 2010).
  68. Take Off the Rose-Colored Glasses

    Citation:

    Pozen, Robert C., and Elizabeth A. Palmer. "Take Off the Rose-Colored Glasses." Pensions & Investments (November 29, 2010).
  69. Congress Should Focus on Social Security Reform

    Keywords: Government and Politics; Compensation and Benefits; Governing Rules, Regulations, and Reforms;

    Citation:

    Pozen, Robert C. "Congress Should Focus on Social Security Reform." FT.com (November 18, 2010).
  70. Give U.S. Companies Certainty on Taxes

    Keywords: Taxation; United States;

    Citation:

    Pozen, Robert C. "Give U.S. Companies Certainty on Taxes." FT.com (September 22, 2010).
  71. For Social Security, a Birthday Makeover: Cut Benefits, but Do It Fairly

    Keywords: Compensation and Benefits;

    Citation:

    Pozen, Robert C. "For Social Security, a Birthday Makeover: Cut Benefits, but Do It Fairly." New York Times (August 22, 2010).
  72. Bashing Beijing Will Not Help Our Trade Deficit

    Keywords: Trade; Beijing Shi;

    Citation:

    Pozen, Robert C. "Bashing Beijing Will Not Help Our Trade Deficit." Wall Street Journal (August 20, 2010).
  73. A Bitter Health Care Pill

    Keywords: Health;

    Citation:

    Pozen, Robert C. "A Bitter Health Care Pill." Boston Globe (August 10, 2010).
  74. Will the U.S. Be a Global Securities Policeman?

    Keywords: Financial Instruments; United States;

    Citation:

    Pozen, Robert C. "Will the U.S. Be a Global Securities Policeman?" FT.com (August 5, 2010).
  75. $100,000 Is Plenty for Deposit Insurance

    Keywords: Insurance;

    Citation:

    Pozen, Robert C. "$100,000 Is Plenty for Deposit Insurance." Wall Street Journal (June 23, 2010).
  76. Caught in a Bind over Closing Tax Loopholes

    Keywords: Taxation;

    Citation:

    Pozen, Robert C. "Caught in a Bind over Closing Tax Loopholes." FT.com (June 18, 2010).
  77. How to Keep Politics out of Rating Agency Reform

    Keywords: Government and Politics; Governing Rules, Regulations, and Reforms;

    Citation:

    Pozen, Robert C. "How to Keep Politics out of Rating Agency Reform." FT.com (May 13, 2010).
  78. A Better Fail-Safe than CoCo Bonds

    Keywords: Bonds;

    Citation:

    Pozen, Robert C. "A Better Fail-Safe than CoCo Bonds." FT.com (April 21, 2010).
  79. How to Design a Fair Bank Tax

    Keywords: Design; Taxation;

    Citation:

    Pozen, Robert C. "How to Design a Fair Bank Tax." FT.com (March 24, 2010).
  80. The Easy Recipe for Financial Reform

    Keywords: Finance; Governing Rules, Regulations, and Reforms;

    Citation:

    Pozen, Robert C. "The Easy Recipe for Financial Reform." Daily Beast (March 2, 2010).
  81. America's Budget Deficit Needs Bipartisan Action

    Keywords: Budgets and Budgeting;

    Citation:

    Pozen, Robert C. "America's Budget Deficit Needs Bipartisan Action." FT.com (March 2, 2010).
  82. The U.S. Public Debt Hits its Tipping Point

    Keywords: Borrowing and Debt; United States;

    Citation:

    Pozen, Robert C. "The U.S. Public Debt Hits its Tipping Point." Boston Globe (February 23, 2010).
  83. Lessons for the American Housing Markets

    Keywords: Markets; United States;

    Citation:

    Pozen, Robert C. "Lessons for the American Housing Markets." FT.com (January 26, 2010).
  84. Stop the Federal Guarantees

    Keywords: Finance;

    Citation:

    Pozen, Robert C. "Stop the Federal Guarantees." Huffington Post (January 13, 2010).
  85. A Mistake That Will Make Banks Riskier

    Keywords: Banks and Banking; Risk and Uncertainty;

    Citation:

    Pozen, Robert C. "A Mistake That Will Make Banks Riskier." FT.com (January 12, 2010).
  86. TARP Shortchanging Taxpayers

    Keywords: Taxation;

    Citation:

    Pozen, Robert C. "TARP Shortchanging Taxpayers." Daily Caller (January 11, 2010).
  87. Bailout Standards Need Tightening

    Keywords: Standards;

    Citation:

    Pozen, Robert C. "Bailout Standards Need Tightening." Boston Herald (December 18, 2009).
  88. How to Restore Confidence in Loan Securitisation

    Keywords: Financing and Loans;

    Citation:

    Pozen, Robert C. "How to Restore Confidence in Loan Securitisation." FT.com (December 15, 2009).
  89. The Pay Czar's New Rules

    Keywords: Governing Rules, Regulations, and Reforms;

    Citation:

    Pozen, Robert C. "The Pay Czar's New Rules." Daily Beast (December 11, 2009).
  90. An Over-generous Deal for AIG Clients

    Keywords: Customers; Insurance Industry;

    Citation:

    Pozen, Robert C. "An Over-generous Deal for AIG Clients." FT.com (December 2, 2009).
  91. Homebuyer Tax Credits Threaten FHA

    Keywords: Taxation; Credit;

    Citation:

    Pozen, Robert C. "Homebuyer Tax Credits Threaten FHA." Wall Street Journal (November 24, 2009).
  92. Inventing a Better Patent System

    Keywords: Innovation and Invention; Patents; System;

    Citation:

    Pozen, Robert C. "Inventing a Better Patent System." New York Times (November 17, 2009).
  93. Give Credit to Great Jobs--But Only Where It's Due

    Keywords: Jobs and Positions;

    Citation:

    Pozen, Robert C. "Give Credit to Great Jobs--But Only Where It's Due." Financial Times (November 4, 2009).
  94. Is it Fair to Blame Fair Value Accounting for the Financial Crisis?

    When the credit markets seized up in 2008, many heaped blame on "mark to market" accounting rules, which require banks to write down their troubled assets to the prices they'd fetch if sold on the open market - at the time, next to nothing. Recording those assets below their "true" value, critics argued, drove financial institutions toward insolvency. Proponents of marking to market, on the other hand, said it exposed executives' bad decisions. If not for this fair value accounting practice, investors would be kept in the dark about the banks' real state of affairs. In this article, Pozen, the chairman of MFS Investment Management, dispels the myths about fair value accounting. For example, it's untrue that most bank assets are marked to market - in 2008 just a third were. Not all write-downs reduce the banks' regulatory capital. Nor is it true that under historical cost accounting, companies don't have to acknowledge changes in market value; they're required to record permanent impairments to assets. After explaining the controversy, Pozen proposes a solution: new, transparent practices that would draw on the best of both historical cost and fair value accounting. If adopted, they could balance the banks' desire to present assets in a good light with investors' need to understand the banks' exposures - and perhaps make everyone happy.

    Keywords: Cost Accounting; Fair Value Accounting; Financial Crisis; Assets; Governing Rules, Regulations, and Reforms; Crisis Management; Standards; Banking Industry;

    Citation:

    Pozen, Robert C. "Is it Fair to Blame Fair Value Accounting for the Financial Crisis?" Harvard Business Review 87, no. 11 (November 2009).
  95. Making the Public Option a Simple One

    Citation:

    Pozen, Robert C. "Making the Public Option a Simple One." Boston Globe (October 10, 2009).
  96. Stop Pining for Glass Steagall

    Citation:

    Pozen, Robert C. "Stop Pining for Glass Steagall." Forbes (October 5, 2009).
  97. A Better Blueprint for Financial Regulation

    Keywords: Governing Rules, Regulations, and Reforms; Finance;

    Citation:

    Pozen, Robert C. "A Better Blueprint for Financial Regulation." Barron's (September 26, 2009).
  98. Chatter about a New Global Currency Is Overblown

    Keywords: Currency;

    Citation:

    Pozen, Robert C. "Chatter about a New Global Currency Is Overblown." Financial Times (July 29, 2009).
  99. Systemic Risk and the Fed

    Keywords: Risk and Uncertainty; System;

    Citation:

    Pozen, Robert C. "Systemic Risk and the Fed." Wall Street Journal (July 9, 2009).
  100. How to Value Toxic Bank Assets

    Keywords: Value; Banks and Banking; Assets;

    Citation:

    Pozen, Robert C. "How to Value Toxic Bank Assets." Wall Street Journal (February 3, 2009).
  101. Foundations to Be Laid before Bridging Gap

    Citation:

    Pozen, Robert C. "Foundations to Be Laid before Bridging Gap." Financial Times (November 19, 2008).
  102. There's a Better Way to Prevent 'Bear Raids'

    Citation:

    Pozen, Robert C., and Yaneer Bar-Yam. "There's a Better Way to Prevent 'Bear Raids'." Wall Street Journal (November 18, 2008).
  103. Reverse Auctions Are Useful to Buy Assets But No Panacea

    Keywords: Auctions; Assets;

    Citation:

    Pozen, Robert C. "Reverse Auctions Are Useful to Buy Assets But No Panacea." Financial Times (October 9, 2008).
  104. How to Unfreeze Bank Lending

    Keywords: Banks and Banking; Financing and Loans;

    Citation:

    Pozen, Robert C. "How to Unfreeze Bank Lending." Wall Street Journal (October 8, 2008).
  105. Solutions

    Citation:

    Pozen, Robert C. "Solutions." Forbes (September 22, 2008).
  106. How Rehospitalizations Are Hurting Medicare

    Keywords: Health; Insurance;

    Citation:

    Pozen, Robert C. "How Rehospitalizations Are Hurting Medicare." Boston Globe (August 14, 2008).
  107. Much Needed Beacon for Investors

    Keywords: Investment;

    Citation:

    Pozen, Robert C. "Much Needed Beacon for Investors." Financial Times (June 19, 2008).
  108. Think First, Bail Out Later

    Keywords: Cognition and Thinking;

    Citation:

    Pozen, Robert C. "Think First, Bail Out Later." New York Times (June 15, 2008).
  109. How to Revive Securitization Markets

    Keywords: Markets;

    Citation:

    Pozen, Robert C. "How to Revive Securitization Markets." Wall Street Journal (April 28, 2008).
  110. Target-Proof Your Company

    Keywords: Business Ventures;

    Citation:

    Pozen, Robert C. "Target-Proof Your Company." Wall Street Journal (November 23, 2007).
  111. If Private Equity Sized Up Your Business

    This article includes a one-page preview that quickly summarizes the key ideas and provides an overview of how the concepts work in practice along with suggestions for further reading. As the dust settles on the recent frenzy of private equity deals (including transactions topping $20 billion), what lessons can companies glean? Directors and executives of public companies may now be slightly less fearful of imminent takeover, yet the pressure remains: They face shareholders who wonder why they aren't getting private-equity-level returns. Rather than dismiss the value private equity has created as manipulated or aberrant, public company leaders should recognize the disciplined management that often underlies it. Pozen, a longtime leader in the financial services industry, finds that in the aftermath of buyouts, companies undergo five major thrusts of reform. These translate into five key questions that directors should pose to senior management: Have we left too much cash on our balance sheet instead of raising our cash dividends or buying back shares?; Do we have the optimal capital structure, with the lowest weighted after-tax cost of total capital, including debt and equity?; Do we have an operating plan that will significantly increase shareholder value, with specific metrics to monitor performance?; Are the compensation rewards for our top executives tied closely enough to increases in shareholder value, with real penalties for nonperformance?; Finally, does our board have enough industry experts who have made the time commitments and been given the financial incentives necessary to maximize shareholder value? The era of private equity is far from over--the top funds have become very large and are likely to play an influential role in future market cycles. Boards that ask these questions, and act on them, won't just beat the takeover artists to the punch. They will build stronger businesses.

    Keywords: Mergers and Acquisitions; Capital Structure; Private Equity; Investment Return; Governing and Advisory Boards; Executive Compensation; Business and Shareholder Relations; Value Creation; Financial Services Industry;

    Citation:

    Pozen, Robert C. "If Private Equity Sized Up Your Business." Harvard Business Review 85, no. 11 (November 2007).
  112. Seeking Clarity

    Citation:

    Pozen, Robert C. "Seeking Clarity." Journal of Accountancy (October 2007).
  113. Time to Bridge the Information Gap for All Investors

    Keywords: Information; Investment;

    Citation:

    Pozen, Robert C. "Time to Bridge the Information Gap for All Investors." Financial Times (August 9, 2007).
  114. Insuring China's Future

    Keywords: Insurance; China;

    Citation:

    Pozen, Robert C. "Insuring China's Future." Wall Street Journal (August 6, 2007).
  115. Bernanke's False Dictionary

    Keywords: Banks and Banking; Economics;

    Citation:

    Pozen, Robert C. "Bernanke's False Dictionary." Wall Street Journal (May 19, 2007).
  116. How to Strengthen Wall Street's Global Trust

    Keywords: Trust; Stocks; Financial Institutions;

    Citation:

    Pozen, Robert C. "How to Strengthen Wall Street's Global Trust." Financial Times (April 26, 2007).
  117. The SEC's Fuzzy Math

    Keywords: Governance;

    Citation:

    Pozen, Robert C. "The SEC's Fuzzy Math." Wall Street Journal (March 23, 2007).
  118. Reporting for Duty

    Citation:

    Pozen, Robert C. "Reporting for Duty." New York Times (March 3, 2007).

Book Chapters

  1. Toward a Three-Tier Market for U.S. Home Mortgages

    This chapter analyzes the various forms of federal programs to support home mortgages–both government-insured mortgages and privately issued mortgages purchased by Fannie Mae or Freddie Mac. It argues that there will be a third tier of home mortgages created by the provisions of the Dodd-Frank Act establishing special rules for qualified residential mortgages.

    Keywords: Law; Mortgages;

    Citation:

    Pozen, Robert C. "Toward a Three-Tier Market for U.S. Home Mortgages." Chap. 3 in The Future of Housing Finance: Restructuring the U.S. Residential Mortgage Market, edited by Martin Neil Baily, 26–65. Brookings Institution Press, 2011.
  2. Asset Allocation by Institutional Investors after the Recent Financial Crisis

    Keywords: History; Assets; Resource Allocation; Investment Portfolio; Financial Crisis;

    Citation:

    Pozen, Robert C., Betsy Palmer, and Natalie Shapiro. "Asset Allocation by Institutional Investors after the Recent Financial Crisis." In Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis, edited by Y. Fuchita, R. Herring, and R. Litan. Brookings Institution Press, 2011.
  3. Comment on Shiller and Kroszner Papers

    Citation:

    Pozen, Robert C. "Comment on Shiller and Kroszner Papers." In Reforming U.S. Financial Markets, edited by B. Friedman, 102–110. MIT Press, 2011.
  4. A Progressive Fix for Social Security

    Keywords: Compensation and Benefits; Sovereign Finance;

    Citation:

    Pozen, Robert C. "A Progressive Fix for Social Security." In Memos to the New President, edited by W. Marshall and M. Ribbing. Progressive Policy Institute, 2009.

Cases and Teaching Materials

  1. Legislative Choices for U.S. Corporate Tax Reform

    This case asks students to wear the hat of a policymaker to explore the politically charged issues around corporate tax reform in the U.S.

    Keywords: Tax accounting; policy-making; political economy; Policy; Taxation; United States;

    Citation:

    Pozen, Robert C., and Eric Lonstein. "Legislative Choices for U.S. Corporate Tax Reform." Harvard Business School Case 314-090, January 2014. (Revised January 2014.)
  2. Advising Families on Estate Planning

    Sean Warrick is an estate planning adviser at Hellwig & Macon. He is preparing for meetings with two clients. His first clients are Peggy and David Bartley, a professional married couple of moderate wealth. His second clients are Ray and Michelle Polanski, a couple that married late in life and had highly asymmetrical wealth and age. In the case, Warrick is reading a report written by Peter Sullivan, a top estate planning adviser, which considers how estate planning strategies might need to change due to recent changes in estate tax law. Specifically, Warrick must decide whether each couple should continue with their preexisting estate planning strategy, whether they should modify this strategy somewhat, or whether they should abandon their current strategy entirely.

    Keywords: Estate Planning; estate tax; gift tax; gift giving; Generation Skipping Tax; Tax accounting; tax strategy; taxes; taxation; Taxation; Retirement; Financial Services Industry; United States;

    Citation:

    Pozen, Robert C. "Advising Families on Estate Planning." Harvard Business School Teaching Note 314-089, February 2014.
  3. Advising Families on Estate Planning

    Sean Warrick is an estate planning adviser at Hellwig & Macon. He is preparing for meetings with two clients. His first clients are Peggy and David Bartley, a professional married couple of moderate wealth. His second clients are Ray and Michelle Polanski, a couple that married late in life and had highly asymmetrical wealth and age. In the case, Warrick is reading a report written by Peter Sullivan, a top estate planning adviser, which considers how estate planning strategies might need to change due to recent changes in estate tax law. Specifically, Warrick must decide whether each couple should continue with their preexisting estate planning strategy, whether they should modify this strategy somewhat, or whether they should abandon their current strategy entirely.

    Keywords: Estate Planning; estate tax; gift tax; Generation Skipping Tax; Tax accounting; tax strategy; taxation; taxes; Taxation; Retirement; United States;

    Citation:

    Pozen, Robert C., and Lucas W. Goodman. "Advising Families on Estate Planning." Harvard Business School Case 314-088, January 2014. (Revised June 2014.)
  4. Choosing a Charitable Giving Vehicle

    Elaine White is an accountant advising two couples, the Carsons and Bradleys, regarding their charitable giving options and related tax strategies. The Carsons are an upper-middle class family with $295,000 in income, a moderate amount of deductions, and straightforward charitable giving objectives. The Bradleys are a wealthy couple with substantial assets, a more complex tax situation, and a desire to control the timing and recipients of their charitable contributions. White must consider the objectives of these families in the context of several charitable giving vehicles, including Public Charities, Private Foundations, Charitable Remainder Trusts, Charitable Lead Trusts, Donor-Advised Funds, and Pooled Income Funds.

    Keywords: charitable giving; Tax accounting; tax strategy; charity; Charitable Lead Trusts; Charitable Remainder Trusts; Public Charities; foundations; Donor-Advised Funds; Pooled Income Funds; Taxation; Giving and Philanthropy; United States;

    Citation:

    Pozen, Robert C., Mayur Desai, and Maura A. Graul. "Choosing a Charitable Giving Vehicle." Harvard Business School Teaching Note 314-074, December 2013.
  5. Choosing a Charitable Giving Vehicle

    Elaine White is an accountant advising two couples, the Carsons and the Bradleys, regarding their charitable giving options and related tax strategies. The Carsons are an upper-middle class family with $295,000 in income, a moderate amount of deductions, and straightforward charitable giving objectives. The Bradleys are a wealthy couple with substantial assets, a more complex tax situation, and a desire to control the timing and recipients of their charitable contributions. White must consider the objectives of these families in the context of several charitable giving vehicles, including Public Charities, Private Foundations, Charitable Remainder Trusts, Charitable Lead Trusts, Donor-Advised Funds, and Pooled Income Funds.

    Keywords: charitable giving; Tax accounting; tax strategy; Public Charities; foundations; charity; Charitable Remainder Trusts; Charitable Lead Trusts; Donor-Advised Funds; Pooled Income Funds; Taxation; Giving and Philanthropy; United States;

    Citation:

    Pozen, Robert C., Mayur Desai, and Maura A. Graul. "Choosing a Charitable Giving Vehicle." Harvard Business School Case 314-073, December 2013. (Revised June 2014.)
  6. Choosing Health Insurance Coverage under the Affordable Care Act (ACA)

    Keywords: health care; health care industry;

    Citation:

    Pozen, Robert C., Katherine Brooks, and Iwan Djanali. "Choosing Health Insurance Coverage under the Affordable Care Act (ACA)." Harvard Business School Teaching Note 314-025, November 2013.
  7. Choosing Health Insurance Coverage under the Affordable Care Act (ACA)

    Keywords: health care; health care industry; Insurance; Laws and Statutes; Health Care and Treatment; Policy; Insurance Industry; Health Industry; United States;

    Citation:

    Pozen, Robert C., Katherine Brooks, and Iwan Djanali. "Choosing Health Insurance Coverage under the Affordable Care Act (ACA)." Harvard Business School Case 314-024, November 2013.
  8. Equity Awards at GulfShore Rigging

    Citation:

    Pozen, Robert C., and Lucas W. Goodman. "Equity Awards at GulfShore Rigging." Harvard Business School Teaching Note 314-006, October 2013.
  9. Equity Awards at GulfShore Rigging

    Citation:

    Pozen, Robert C., and Lucas W. Goodman. "Equity Awards at GulfShore Rigging." Harvard Business School Case 314-005, October 2013.
  10. Searching for a Retirement Plan

    Keywords: Retirement;

    Citation:

    Pozen, Robert C., and Lucas Goodman. "Searching for a Retirement Plan." Harvard Business School Teaching Note 314-023, July 2013.
  11. Searching for a Retirement Plan

    Citation:

    Pozen, Robert C., and Lucas Goodman. "Searching for a Retirement Plan." Harvard Business School Case 314-022, July 2013.
  12. Note on Pension Guarantee Funds

    The United States and the United Kingdom both had quasi-government agencies that provided back-up insurance for individuals participating in defined benefit ("DB") pension plans. This note compares and contrasts the United Kingdom's Pension Protection Fund ("PPF") with the United States' Pension Benefit Guaranty Corporation ("PBGC") to illustrate the implications of poorly designed policy structures (the PBGC) in contrast to those created by well-designed policy (the PPF). Specifically, this note analyzes how differences in governance structure, termination capabilities, funding mechanisms and asset management policies created distinctly different financial outcomes and incentive structures.

    Keywords: Pensions; Insurance; Pension Guarantee Funds; Pension Protection Fund; Pension Benefit Guaranty Corporation; Employee Retirement Income Security Act; PBGC; ERISA; MAP-21; legislation; Insurance; Saving; Retirement; Labor; Labor and Management Relations; Employees; Insurance Industry; United States; United Kingdom;

    Citation:

    Pozen, Robert C., and Patricia Bissett Higgins. "Note on Pension Guarantee Funds." Harvard Business School Background Note 313-139, June 2013. (Revised August 2013.)
  13. Credit Unions: The Future of the Cooperative Financial Institution

    Credit unions are a specialized type of depository institution with a cooperative, non-profit structure and a federal tax exemption. They originated as small, cooperative institutions with an emphasis on uncollateralized consumer lending to the unbanked working-classes. Over time, credit unions have evolved into a wide range of sizes, though compared to banks, a much higher proportion of credit unions are still very small. One subset of "non-traditional" credit unions have been able to expand as a result of looser field of membership requirements and expanded product and service offerings through the use of corporate credit unions and Credit Union Service Organizations. This case looks at the regulatory proposals around credit unions coming out of the financial crisis from the policy-making perspective. Credit unions have lobbied policymakers for expanded powers that will enable them to help stimulate the economy and create jobs by serving more customers and extending more credit. These expanded powers include increasing the business lending cap and raising secondary capital from non-members. The protagonist is a research analyst who must evaluate the benefits of credit unions against the costs, including the federal tax exemption. He also must consider the policy objectives of credit unions against alternative ways to achieve those objectives.

    Keywords: banking; credit unions; Banks and Banking;

    Citation:

    Pozen, Robert C., and Grace Hou. "Credit Unions: The Future of the Cooperative Financial Institution." Harvard Business School Case 312-131, May 2012. (Revised July 2012.)
  14. Credit Unions: The Future of the Cooperative Financial Institution (TN)

    Citation:

    Pozen, Robert C., and Grace Hou. "Credit Unions: The Future of the Cooperative Financial Institution (TN)." Harvard Business School Teaching Note 312-132, May 2012. (Revised June 2012.)
  15. Man Group (A)

    The Man Group was a huge and successful UK-based hedge fund and fund of funds manager. Through acquisitions, the company had consciously diversified its portfolio of investment products. In 2007 Man had to decide whether or not to spin off its brokerage business. Man was also evaluating several new business opportunities with varying strategic and financial rationales. After the financial crisis, Man had to decide what to do in the fund of funds space.

    Keywords: Asset Management; Investment Funds; Financial Crisis; Decisions; Organizational Change and Adaptation; Diversification; Business Growth and Maturation; Business Strategy; Financial Services Industry; United Kingdom; Europe;

    Citation:

    Pozen, Robert C., and Thomas M. Clay. "Man Group (A)." Harvard Business School Case 312-128, April 2012.
  16. Man Group (B)

    The Man Group was a huge and successful UK-based hedge fund and fund of funds manager. Through acquisitions, the company had consciously diversified its portfolio of investment products. In 2007 Man had to decide whether or not to spin off its brokerage business. Man was also evaluating several new business opportunities with varying strategic and financial rationales. After the financial crisis, Man had to decide what to do in the fund of funds space.

    Keywords: hedge funds; asset management; Asset Management; Governing Rules, Regulations, and Reforms; Investment Funds; Corporate Strategy; Growth and Development Strategy; Financial Services Industry; United Kingdom;

    Citation:

    Pozen, Robert C., and Thomas M. Clay. "Man Group (B)." Harvard Business School Supplement 312-129, April 2012. (Revised July 2012.)
  17. Man Group (TN) (A) and (B)

    Citation:

    Pozen, Robert C., and Thomas M. Clay. "Man Group (TN) (A) and (B)." Harvard Business School Teaching Note 312-130, April 2012.
  18. Credit Rating Agency Reform in the US and EU

    The purpose of this note is to explore reform options for the credit rating industry. The note examines the ways in which credit rating agencies contributed to the recent financial crisis, particularly through ratings of securitized products and sovereign debt. It further describes changes already enacted by the US and the EU, as well as other reform proposals considered by lawmakers.

    Keywords: Debt Securities; Financial Condition; Standards; Financial Crisis; Corporate Finance; Financial Services Industry; United States; European Union;

    Citation:

    Pozen, Robert C., and Brian Conroy. "Credit Rating Agency Reform in the US and EU." Harvard Business School Case 312-127, April 2012.
  19. Two Key Decisions for China's Sovereign Fund (TN)

    Teaching Note for 311137.

    Keywords: Financial Services Industry; China; United States;

    Citation:

    Pozen, Robert C., and Xiaoyu Gu. "Two Key Decisions for China's Sovereign Fund (TN)." Harvard Business School Teaching Note 311-138, June 2011. (Revised January 2012.)
  20. Norway Sells Wal-Mart (TN)

    Teaching Note for [308019].

    Keywords: Retail Industry; Norway;

    Citation:

    Pozen, Robert C. "Norway Sells Wal-Mart (TN)." Harvard Business School Teaching Note 308-109, April 2008. (Revised January 2012.)
  21. Daqi (TN)

    Teaching Note for 309113.
  22. Bank of America Acquires Merrill Lynch (TN) (A) and (B)

    Teaching Note for 310092 and 310106.

    Keywords: Banks and Banking; Acquisition; Banking Industry; Financial Services Industry;

    Citation:

    Pozen, Robert C. "Bank of America Acquires Merrill Lynch (TN) (A) and (B)." Harvard Business School Teaching Note 310-124, May 2010. (Revised January 2012.)
  23. Lincoln Financial Meets the Financial Crisis

    In March of 2009, Lincoln Financial Group's CEO Dennis Glass was facing a difficult decision as to how he would replenish his company's capital, which could quickly fall to dangerously low levels as a result of the financial crisis. Though the cost of raising capital in the private sector was much higher than a government bailout, the latter also came with strings attached, including restrictions on executive compensation, limitations on dividends, and potential damage to the company's brand among its stakeholders. Glass needed to weigh the pros and cons of private capital versus federal assistance or somehow combine the two. This case reviews the impact of the financial crisis on the life insurance and annuity industry by analyzing the options available to Glass at Lincoln Financial.

    Keywords: Cost vs Benefits; Financial Crisis; Capital; Private Equity; Crisis Management; Business and Government Relations; Business and Stakeholder Relations; Insurance Industry;

    Citation:

    Pozen, Robert C., and Peter Goodspeed Spring. "Lincoln Financial Meets the Financial Crisis." Harvard Business School Case 310-137, May 2010. (Revised January 2012.)
  24. Pandora: Royalties Kill the Web Radio Star? (A)

    Joe Kennedy, president and CEO of Pandora, one of the largest and most popular web (Internet) radio broadcasters, had just received bad news. The Copyright Royalty Board (CRB) had announced its decision to increase the royalties required to be paid by the web radio industry by 2.5 times over the next five years, effectively pushing profitability for Pandora out of sight. Pandora was a "webcaster" that was based on the Music Genome Project, which codified various attributes of a song (making "music DNA"). Using this technology, Pandora could provide a selection of songs with similar "music DNA" to the user's initial choice. Pandora, however, along with other webcasters, was subject to a special statutory scheme regarding royalties, which were higher than the royalties for satellite radio and from which AM/FM radios were totally exempt. This case examines issues of copyright, the economics of new media, and the specialized laws established to regulate a new subset of an existing industry.

    Keywords: Profit; Governing Rules, Regulations, and Reforms; Copyright; Laws and Statutes; Rights; Internet; Web; Media and Broadcasting Industry;

    Citation:

    Pozen, Robert C., and Alex Curtis Rosenfeld. "Pandora: Royalties Kill the Web Radio Star? (A)." Harvard Business School Case 310-026, August 2009. (Revised January 2012.)
  25. Pandora: Royalties Kill the Web Radio Star? (B)

    Keywords: Cost; Government Legislation; Strategy; Telecommunications Industry;

    Citation:

    Pozen, Robert C., and Alex Curtis Rosenfeld. "Pandora: Royalties Kill the Web Radio Star? (B)." Harvard Business School Supplement 310-027, August 2009. (Revised January 2012.)
  26. Lincoln Financial Meets the Financial Crisis (TN)

    Teaching Note for 310137.

    Keywords: Financial Crisis; Decisions; Capital; Cost; Private Sector; Government and Politics; Compensation and Benefits; Business and Stakeholder Relations; Insurance; Insurance Industry;

    Citation:

    Pozen, Robert C. "Lincoln Financial Meets the Financial Crisis (TN)." Harvard Business School Teaching Note 310-138, May 2010. (Revised January 2012.)
  27. Breaking the Buck (TN)

    Teaching Note for 310135.

    Keywords: Financial Crisis; Problems and Challenges; Financial Markets; Investment Funds; Management;

    Citation:

    Pozen, Robert C., and Elizabeth Leonard. "Breaking the Buck (TN)." Harvard Business School Teaching Note 311-050, August 2010. (Revised January 2012.)
  28. Tough Choices for the Illinois Pension System (TN)

    Teaching Note for 311-139.

    Keywords: Illinois;

    Citation:

    Pozen, Robert C., and Brij S. Khurana. "Tough Choices for the Illinois Pension System (TN)." Harvard Business School Teaching Note 311-140, June 2011. (Revised January 2012.)
  29. Controlling Hot Money

    The manager of the Japan Equities Fund is faced with an increase in "hot money" moving quickly in and out of the Fund. This short-term trading is an attempt to take advantage of the difference between the closing times of the Tokyo and New York Stock Exchanges. The CFO of the fund manager considers the various strategies available to limit such short-term trading, which will be presented soon to the Fund's board of directors.

    Keywords: Stocks; International Finance; Investment Funds; Governing Rules, Regulations, and Reforms; Market Timing; Market Transactions; Financial Services Industry; New York (city, NY);

    Citation:

    Pozen, Robert C. "Controlling Hot Money." Harvard Business School Case 311-022, July 2010. (Revised December 2011.)
  30. Redesigning a 401(k) Plan at Haley-Midland

    Rose Adams, the CFO of Haley-Midland, Inc., dispensed with pleasantries and started right in on her questions for Jim Sweeney, the senior vice president of human resources, and Nancy Walters, Haley-Midland's vice president and treasurer, about the brewing crisis with the company's 401(k) plan.

    Keywords: Retirement; Crisis Management; Design; Planning; Human Resources;

    Citation:

    Pozen, Robert C., and Scott Eric Perl. "Redesigning a 401(k) Plan at Haley-Midland." Harvard Business School Case 311-128, May 2011. (Revised December 2011.)
  31. The Expansion of Ping An

    In June 2010, Mingzhe Ma, chairman and chief executive officer of Ping An Insurance (Group) Company of China ("Ping An" or "the Company"), sat down with Sun Jianyi, vice chief executive officer and executive vice president at Ping An, to discuss the future direction of the Company. They would have to answer questions at the upcoming shareholder meeting about Ping An's financial strategy for diversification within China and globally. Ping An had been founded by Ma in 1988 and had since grown into China's second largest life insurer. While Ping An had achieved past success in insurance, it looked to expand its business going forward. Ping An's ambition was to transform itself into a global financial conglomerate, with banking and investment, as well as insurance operations. Ping An's recent efforts at globalization and diversification had been challenging. In a highly publicized transaction, Ping An made an untimely investment in Fortis, a large European bank which failed in the global financial crisis in 2008. Ping An spent close to 24 billion Chinese Yuan (RMB) or 3.4 billion U.S. dollars ($) on Fortis. In the aftermath of the Fortis acquisition, Ping An had halted overseas expansion and focused on opportunities at home in mainland China.

    Keywords: Acquisition; Business Conglomerates; Conferences; Banks and Banking; Financial Strategy; Insurance; Global Strategy; Leadership Style; Strategic Planning; Opportunities; Diversification; Expansion; China;

    Citation:

    Pozen, Robert C., and Nina Yang. "The Expansion of Ping An." Harvard Business School Case 311-133, June 2011. (Revised November 2011.)
  32. Exchange-Traded Funds at Vanguard (B)

    Supplementary material for 311-134

    Keywords: Financial Services Industry;

    Citation:

    Pozen, Robert C., and Steven Vickers. "Exchange-Traded Funds at Vanguard (B)." Harvard Business School Supplement 311-135, June 2011. (Revised October 2011.)
  33. Exchange-Traded Funds at Vanguard (A)

    Vanguard Group management, led by CEO John Brennan, was considering whether to launch exchange-traded funds (ETFs) in early 2000. ETFs, first created in the early 1990s, combined aspects of traditional mutual funds and closed-end funds. The US ETF industry had reached $36 billion in assets under management, growing rapidly over the past few years. Because ETFs were exclusively index-tracking products, Vanguard, the largest index mutual fund company, had some potential expertise in managing ETFs. However, entering this market would present also unique challenges for Vanguard. Vanguard had a philosophy espousing low-turnover investing, while ETFs enabled short-term trading. The company would also need to develop a distribution network for ETFs. Finally, since Vanguard's mutual fund investors owned the company, management considered whether existing shareholders would benefit from an ETF product launch.

    Keywords: Investment Funds; Managerial Roles; Growth and Development Strategy; Experience and Expertise; Market Entry and Exit; Network Effects; Profit; Business and Shareholder Relations; Product Launch; Asset Management; Distribution Channels; Ownership; Financial Services Industry; United States;

    Citation:

    Pozen, Robert C., and Steven Vickers. "Exchange-Traded Funds at Vanguard (A)." Harvard Business School Case 311-134, June 2011. (Revised September 2011.)
  34. The Southeast Bank of Texas in the Financial Crisis

    The Southeast Bank of Texas, like most other financial institutions in the U.S., has fallen on hard times during the financial crisis of the past year. Now, in March 2009, the bank is faced with several choices as a result of the new reforms spawned from the financial crisis: the FDIC's Temporary Liquidity Guarantee Program and the U.S. Treasury's Capital Purchase Program. Additionally, the implementation of BASEL II has left new regulations in place for capital requirements for banks. Irwin Greff, President and CEO of the Southeast Bank, faces several decisions on how to proceed with these new policies that will surely shape the future of the bank.

    Keywords: Decision Choices and Conditions; Financial Crisis; Capital; Financial Liquidity; Governing Rules, Regulations, and Reforms; Policy; Banking Industry; Texas;

    Citation:

    Pozen, Robert C., and Benjamin Greff Schneider. "The Southeast Bank of Texas in the Financial Crisis." Harvard Business School Case 310-141, June 2010. (Revised September 2011.)
  35. Securities Lending After the Financial Crisis

    In April 2009, Wendy Jefferson had just returned to her office following a whirlwind day of meetings with her newest client, Star Advisor. Jefferson, a financial services consultant, was eager to dig into the information provided to her and her team about the Star mutual funds and the income the funds earned from securities lending. Securities lending involved temporarily transferring securities from mutual funds managed by Star Advisor to short sellers and other investors. Income from these loans had been a small but secure component of Star mutual fund returns for decades.

    Keywords: Business Earnings; Debt Securities; Financing and Loans; Investment Funds; Governing Rules, Regulations, and Reforms; Information;

    Citation:

    Pozen, Robert C., and Gayle Hameister. "Securities Lending After the Financial Crisis." Harvard Business School Case 311-130, April 2011. (Revised June 2014.)
  36. Two Key Decisions for China's Sovereign Fund

    The China Investment Corporation (CIC) was China's sovereign wealth fund (SWF), established with $200 billion of registered capital in September 2007 to diversify China's foreign exchange holdings and increase risk-adjusted returns on those assets. CIC was unusual in that it had a strictly commercial orientation and market-driven investment mandate to invest in foreign assets but also served as the parent company of a 100%-owned subsidiary, Huijin, which invested solely in key state-owned financial institutions in China. Moreover, the fact that CIC was a SWF presented broader political challenges for it, its shareholder the Chinese government, its direct investments and their governments, and the world economy generally. This case involved two decisions CIC faced in early 2011: The first was how to best and accurately articulate the relationship between CIC, Huijin, and Industrial and Commercial Bank of China (ICBC) to the Federal Reserve Board (the Fed) so that ICBC could expand its business in the United States while exempting CIC and Huijin from certain types of Fed oversight. The second was whether to appoint a board director to Morgan Stanley, a company in which CIC had directly invested close to $ 6 billion and held 9.9% ownership. Additionally, the case discussed SWFs generally and their rights and responsibilities to the global community.

    Keywords: Business Subsidiaries; Business Growth and Maturation; Decisions; Capital; Investment Banking; Investment Funds; Corporate Social Responsibility and Impact; Ownership; Business and Shareholder Relations; Risk and Uncertainty; Wealth; Expansion; Financial Services Industry; China; United States;

    Citation:

    Pozen, Robert C., and Xiaoyu Gu. "Two Key Decisions for China's Sovereign Fund." Harvard Business School Case 311-137, June 2011. (Revised September 2011.)
  37. Tough Choices for the Illinois Pension System

    This case describes the precarious fiscal situation of the Illinois public pension system in the spring of 2009 and the accounting of pension plans by non-federal municipalities more generally. In February 2009, in the midst of a recession, recently-appointed Governor Quinn had to lay out his budget for the coming fiscal year and tackle the state's underfunded public pension, its largest liability. Immediately, the Governor needed to raise funds to make the state's annual contribution to the pension plan, at the same time, he needed to come up with a plan for pension reform to prevent the future insolvency of the state. Governor Quinn had a number of levers he could employ including changing the asset allocation of the pension funds, directly tackling entitlements through a Defined Benefit or Defined Contribution plan, or through a package of pension bonds, taxes and employee contributions. Through this case, students should more fully understand pension accounting and understand the hard choices that many states will face because of their outstanding pension liabilities.

    Keywords: Budgets and Budgeting; Financial Crisis; Financial Liquidity; Annuities; Financial Management; Financing and Loans; Taxation; Strategic Planning; Problems and Challenges; Illinois;

    Citation:

    Pozen, Robert C., and Brij S. Khurana. "Tough Choices for the Illinois Pension System." Harvard Business School Case 311-139, June 2011. (Revised September 2011.)
  38. Note on U.S. Pension Accounting

    The purpose of this note is to describe the manner in which publicly traded corporations and local governments in the United States account for their pension plans.

    Keywords: Retirement; Accounting; United States;

    Citation:

    Pozen, Robert C., and Brij Khurana. "Note on U.S. Pension Accounting." Harvard Business School Background Note 311-115, April 2011. (Revised June 2012.)
  39. Ganeden Biotech, Inc.

    The CEO of Ganeden Biotech, a small firm with several viable probiotic products but limited resources, must decide what markets to invest in and what intellectual property strategies will best serve its immediate and longer-term business interests.

    Keywords: Entrepreneurship; Investment; Intellectual Property; Market Entry and Exit; Business Strategy; Biotechnology Industry;

    Citation:

    Pozen, Robert C., Dale Alan Winger, and Matthew Kenneth Ahlers. "Ganeden Biotech, Inc." Harvard Business School Case 310-073, January 2010. (Revised August 2011.)
  40. Daqi

    In 2008, Daqi was one of the largest Internet portals for user-generated content and the leading word-of-mouth marketing provider in China. Grace Zhou, Daqi's CEO, was contemplating the risks and benefits of expanding Daqi's services into three new content areas—news, music, and popular bloggers. Each potential area of Daqi's expansion offered extensive benefits, such as major growth opportunity, as well as risks, including private lawsuits, government censorship, and significant capital investments. The case focuses on how Zhou must weigh the pros and cons of expansion in each of these three areas, as well as the potential of a merger.

    Keywords: Information Publishing; Growth and Development Strategy; Risk Management; Marketing; Business and Government Relations; Expansion; Internet; Information Industry; China;

    Citation:

    Pozen, Robert C., Richard Franklyn Armbrust, and Ziquan Zhang. "Daqi." Harvard Business School Case 309-113, May 2009. (Revised July 2011.)
  41. Reinsurance Negotiation: Confidential Information for Brack Re

    The Reinsurance Negotiation case is a fictional three-party negotiation between a primary insurer and two reinsurers. The case is appropriate for use in a wide variety of courses, including Financial Institutions, Negotiations, and courses related to the Insurance and Reinsurance industry. This Teaching Note emphasizes the key learning points that are most relevant to a course on financial institutions, while also examining several key elements of negotiation strategy.

    Keywords: Insurance; Negotiation;

    Citation:

    Pozen, Robert C., and Henoch Senbetta. "Reinsurance Negotiation: Confidential Information for Brack Re." Harvard Business School Supplement 311-113, April 2011. (Revised November 2012.)
  42. Reinsurance Negotiation: Confidential Information for JLT Insurance Company

    The Reinsurance Negotiation case is a fictional three-party negotiation between a primary insurer and two reinsurers. The case is appropriate for use in a wide variety of courses, including Financial Institutions, Negotiations, and courses related to the Insurance and Reinsurance industry. This Teaching Note emphasizes the key learning points that are most relevant to a course on financial institutions, while also examining several key elements of negotiation strategy.

    Keywords: Negotiation; Insurance;

    Citation:

    Pozen, Robert C., and Henoch Senbetta. "Reinsurance Negotiation: Confidential Information for JLT Insurance Company." Harvard Business School Exercise 311-111, April 2011. (Revised November 2012.)
  43. The Expansion of Ping An (TN)

    Teaching Note for 311133.

    Keywords: China;

    Citation:

    Pozen, Robert C., and Nina Yang. "The Expansion of Ping An (TN)." Harvard Business School Teaching Note 311-141, June 2011.
  44. Exchange-Traded Funds at Vanguard (TN) (A) & (B)

    Teaching Note for 311-134 and 311-135.

    Keywords: Financial Services Industry; United States;

    Citation:

    Pozen, Robert C., and Steven Vickers. "Exchange-Traded Funds at Vanguard (TN) (A) & (B)." Harvard Business School Teaching Note 311-136, June 2011.
  45. Redesigning a 401(k) Plan at Haley-Midland (TN)

    Teaching Note for 311128.

    Citation:

    Pozen, Robert C., and Scott Eric Perl. "Redesigning a 401(k) Plan at Haley-Midland (TN)." Harvard Business School Teaching Note 311-129, May 2011.
  46. Securities Lending After the Financial Crisis (TN)

    Teaching Note for 311131.

    Keywords: Asset Management; Business and Government Relations; Stocks; Debt Securities; Investment Funds; Investment Return;

    Citation:

    Pozen, Robert C., and Gayle Elizabeth Hameister. "Securities Lending After the Financial Crisis (TN)." Harvard Business School Teaching Note 311-131, May 2011.
  47. Note on the Reinsurance Industry

    This note begins with an overview of reinsurance contacts - their mechanics, types and pricing. It then discusses the structure of the reinsurance industry and the impact of recent crises on this industry.

    Keywords: Financial Crisis; Insurance; Governing Rules, Regulations, and Reforms; Industry Structures; Insurance Industry;

    Citation:

    Pozen, Robert C., and Henoch Senbetta. "Note on the Reinsurance Industry." Harvard Business School Background Note 311-102, February 2011. (Revised April 2011.)
  48. Reinsurance Negotiation: Confidential Information for JLT Insurance Company (CW)

    Excel model to complement a three-party negotiation exercise.

    Keywords: Negotiation; Insurance; Insurance Industry;

    Citation:

    Pozen, Robert C., and Henoch Senbetta. "Reinsurance Negotiation: Confidential Information for JLT Insurance Company (CW)." Harvard Business School Spreadsheet Supplement 311-707, April 2011.
  49. Reinsurance Negotiation: Confidential Information for Auburn Re (CW)

    Excel model to complement a three-party negotiation exercise.

    Keywords: Negotiation; Insurance; Insurance Industry;

    Citation:

    Pozen, Robert C., and Henoch Senbetta. "Reinsurance Negotiation: Confidential Information for Auburn Re (CW)." Harvard Business School Spreadsheet Supplement 311-708, April 2011.
  50. Reinsurance Negotiation: Confidential Information for Brack Re (CW)

    Excel model to complement a three-party negotiation exercise.

    Keywords: Negotiation Types; Insurance;

    Citation:

    Pozen, Robert C., and Henoch Senbetta. "Reinsurance Negotiation: Confidential Information for Brack Re (CW)." Harvard Business School Spreadsheet Supplement 311-709, April 2011.
  51. Reinsurance NegotiationTN

    Teaching Note for 311111, 311112, and 311113.

    Keywords: Financial Services Industry;

    Citation:

    Pozen, Robert C., and Henoch Ephraim Senbetta. "Reinsurance NegotiationTN." Harvard Business School Teaching Note 311-114, April 2011.
  52. Corporate Reform Elements of the Dodd-Frank Act

    This note summarizes the four major changes affecting corporate governance that were made by the Dodd-Frank Act of 2010. These changes relate to: advisory notes by shareholders, refinements to board structure, non-disclosure on compensation and tightening up of certain enforcement provisions.

    Keywords: Corporate Disclosure; Corporate Governance; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Government Legislation; Executive Compensation; Business and Shareholder Relations; United States;

    Citation:

    Pozen, Robert C., Phillip Andrews, and David Lane. "Corporate Reform Elements of the Dodd-Frank Act." Harvard Business School Background Note 311-091, February 2011.
  53. Ganeden Biotech, Inc. (TN)

    Teaching Note for 310073.

    Keywords: Business Ventures; Decisions; Investment; Intellectual Property; Strategy; Interests; Health Industry;

    Citation:

    Pozen, Robert C., Dale Alan Winger, and Matthew Kenneth Ahlers. "Ganeden Biotech, Inc. (TN)." Harvard Business School Teaching Note 311-092, January 2011.
  54. The Fund Industry: How Your Money Is Managed

    This is the teaching manual for the third edition of the fund industry: how your money is managed. It contains review and discussion questions and answers for every chapter. It also contains business-school quality cases for most chapters, including assignment questions and answers to these questions. The teaching manual is only available to those who adopt the textbook for their courses.

    Keywords: Financial Management; Investment Funds; Money; Financial Services Industry;

    Citation:

    Pozen, Robert C. "The Fund Industry: How Your Money Is Managed." NY: John Wiley & Sons, 2011.
  55. Malcolm Life Enhances Its Variable Annuities

    The case involves an insurance CEO choosing between different designs for a variable annuity product in light of hedging, marketing, and pricing issues. The case provides students with background on the economics and regulation of life insurance and variable annuities. Then it asks students to calculate the returns on capital of different product designs for a variable annuity based on specified assumptions including a range of hedging scenarios.

    Keywords: Annuities; Insurance; Investment Return; Governing Rules, Regulations, and Reforms; Product Design; Insurance Industry; United States;

    Citation:

    Pozen, Robert C., and David J. Pearlman. "Malcolm Life Enhances Its Variable Annuities." Harvard Business School Case 311-041, August 2010. (Revised December 2010.)
  56. Fidelity Retires in Canada (TN)

    Teaching Note for 311023.

    Keywords: Canada;

    Citation:

    Pozen, Robert C., and Edward Warren Scott. "Fidelity Retires in Canada (TN)." Harvard Business School Teaching Note 311-026, July 2010. (Revised October 2010.)
  57. Malcolm Life Enhances Its Variable Annuities (TN)

    Teaching Note for 311041.

    Keywords: Annuities; Insurance Industry;

    Citation:

    Pozen, Robert C., and David J. Pearlman. "Malcolm Life Enhances Its Variable Annuities (TN)." Harvard Business School Teaching Note 311-042, August 2010. (Revised August 2010.)
  58. Note: Disclosure, Regulation, and Taxation of Hedge Funds versus Mutual Funds in the U.S.

    This note provides students with an explanation of the regulatory and tax framework for hedge funds vs. mutual funds in the U.S.

    Keywords: Investment Funds; Corporate Disclosure; Governing Rules, Regulations, and Reforms; Taxation; Financial Services Industry; United States;

    Citation:

    Goldberg, Lena G., Robert C. Pozen, and Melissa Anne Hammerle. "Note: Disclosure, Regulation, and Taxation of Hedge Funds versus Mutual Funds in the U.S." Harvard Business School Background Note 310-131, April 2010. (Revised May 2012.)
  59. Note: Regulation of Hedge Fund Managers in the U.K. Before and After the Global Financial Crisis

    This note will examine the regulatory framework for hedge funds in the United Kingdom (UK) before and after the financial crisis of 2008. First, it will discuss European Union (EU)-level regulation that applies to the UK as an EU member state. Second, it will discuss UK-specific regulation. Finally, this note will cover anticipated changes to regulation, both at the EU-level and within the UK, resulting from the financial crisis.

    Keywords: Financial Crisis; Investment Funds; Governing Rules, Regulations, and Reforms; Laws and Statutes; Business and Government Relations; Financial Services Industry; European Union; United Kingdom;

    Citation:

    Pozen, Robert C., and Melissa Anne Hammerle. "Note: Regulation of Hedge Fund Managers in the U.K. Before and After the Global Financial Crisis." Harvard Business School Background Note 311-014, July 2010. (Revised June 2012.)
  60. Breaking the Buck

    After an incredibly volatile six months since Lehman Brothers declared bankruptcy, Finbar McCall contemplated his options. As the investment manager of RPG Prime Reserve Fund, Inc. (RPGXX), McCall had just heard the news that the U.S. Treasury was extending the availability of insurance for eligible money market funds. When the insurance was first offered in September of 2008, RPGXX immediately applied for coverage. McCall's dilemma in February of 2009, when an extension of the Treasury insurance was offered, involved weighing the cost of the insurance against the comfort it might provide to skittish RPGXX shareholders and the increased flexibility it would allow in investing RPGXX's assets. This case provides a brief history and explanation of money market funds, the phenomenon known as "breaking the buck," and how the government's assistance changed the landscape of money market funds in the last months of 2008 and into 2009.

    Keywords: Change Management; Financial Crisis; Financial Management; Insurance; Investment Funds; Business and Government Relations; Business and Shareholder Relations; Financial Services Industry;

    Citation:

    Pozen, Robert C., and Elizabeth Leonard. "Breaking the Buck." Harvard Business School Case 310-135, May 2010. (Revised August 2010.)
  61. Radiant Cosmetics: What's in a Pout?

    In 2006, Radiant Cosmetics president and CEO, Margaret Clark, was contemplating the launch of a new, lip-plumping product called "Four Carat Pout." Clark faced many decisions concerning the launch: marketing the product as a luxury brand or a retail item; how to position the product as a possible starting point for an expanded anti-aging line; and how to market and distribute the product internationally, particularly in France. Issues of intellectual property were also essential to the launch-in the past, Radiant had faced problems with cosmetic counterfeits. With the launch of the new product, Four Carat Pout, Clark needed to decide whether to pursue patents, copyrights, and/or trademarks for various aspects of the new product. The case focuses on the interplay between marketing strategies and intellectual property issues in international fashion products.

    Keywords: Global Strategy; Globalized Markets and Industries; Intellectual Property; Marketing Strategy; Product Marketing; Product Launch; Product Positioning; Beauty and Cosmetics Industry;

    Citation:

    Pozen, Robert C., and Mary Ellen Webster Hammond. "Radiant Cosmetics: What's in a Pout?" Harvard Business School Case 310-003, July 2009. (Revised August 2010.)
  62. Bank of America Acquires Merrill Lynch (A)

    On December 22, 2008, Bank of America (BofA) chairman and CEO Ken Lewis convened a special board of directors meeting to review his company's pending acquisition of investment bank Merrill Lynch. Negotiations for the acquisition had begun a few months earlier, during the disastrous week in September in which Lehman Brothers declared bankruptcy. Initially both Merrill and BofA viewed their agreement favorably, but in the intervening months, as Merrill's anticipated losses ballooned and the government stepped in with such programs as the TARP, BofA found itself tied to a financial anchor with a hard-line from the government that prevented BofA from abandoning ship. This case provides background on the financial crisis and the chain of events between September and December of 2008 in which Merrill, BofA, and the government attempted to negotiate the acquisition. This case focuses class discussion on several decisions—whether BofA should have initially agreed to buy Merrill Lynch, whether it should have accepted capital contributions from the Treasury, and how it should have responded to the deterioration in Merrill Lynch's position in the first quarter.

    Keywords: Mergers and Acquisitions; Decision Choices and Conditions; Financial Crisis; Corporate Governance; Government Legislation; Crisis Management; Business and Government Relations; Banking Industry;

    Citation:

    Pozen, Robert C., and Charles E. Beresford. "Bank of America Acquires Merrill Lynch (A)." Harvard Business School Case 310-092, May 2010. (Revised July 2010.)
  63. Geographical Indications: I Say "Kalamata", the EU Says "Black Olive" (TN) (A) & (B)

    Teaching Note for 309114 and 309115.

    Keywords: Agriculture and Agribusiness Industry; European Union;

    Citation:

    Pozen, Robert C. Geographical Indications: I Say "Kalamata", the EU Says "Black Olive" (TN) (A) & (B). Harvard Business School Teaching Note 311-027, July 2010.
  64. Bank of America Acquires Merrill Lynch (B)

    Supplements to HBS no. 310-092.

    Keywords: Banks and Banking; Acquisition; Banking Industry; Financial Services Industry;

    Citation:

    Pozen, Robert C., and Charles E. Beresford. "Bank of America Acquires Merrill Lynch (B)." Harvard Business School Supplement 310-106, May 2010. (Revised July 2010.)
  65. Fidelity Retires in Canada

    The head of Fidelity Canada was faced with a decision about what to do with its retirement business there. Although Fidelity as a fund manager has made some headway in Canada, the competition has been very tough for the administration of retirement plans—a separate business from fund management. The case discusses the similarities and differences between defined contribution plans in Canada and the United States. It then focuses on three possible decisions for Fidelity Canada—grow its own retirement business, find a joint venture partner, or sell the business.

    Keywords: Business Exit or Shutdown; Investment Funds; Globalized Firms and Management; Growth and Development Strategy; Retirement; Competition; Financial Services Industry; Canada; United States;

    Citation:

    Pozen, Robert C., and Edward Warren Scott. "Fidelity Retires in Canada." Harvard Business School Case 311-023, July 2010.
  66. Introduction to Mutual Funds

    This note is an excerpt from my book The Mutual Fund Business and is an introduction to mutual funds, contrasted with commercial banks.

    Keywords: Commercial Banking; Investment; Investment Funds; Banking Industry;

    Citation:

    Pozen, Robert C. "Introduction to Mutual Funds." Harvard Business School Background Note 310-117, April 2010. (Revised July 2010.)
  67. The Southeast Bank of Texas in the Financial Crisis (TN)

    Teaching Note for 310141.

    Keywords: Banks and Banking; Financial Crisis; Decision Choices and Conditions; Financial Liquidity; Governing Rules, Regulations, and Reforms; Capital; Forecasting and Prediction; Banking Industry; Texas;

    Citation:

    Pozen, Robert C., and Benjamin Greff Schneider. "The Southeast Bank of Texas in the Financial Crisis (TN)." Harvard Business School Teaching Note 310-142, June 2010.
  68. The U.S. Life Insurance Industry

    This note provides a background on the US life insurance regimes for the life insurance industry, including descriptions of different types of insurance, annuities, and regulation.

    Keywords: Insurance; Insurance Industry; United States;

    Citation:

    Pozen, Robert C., and McCall Ann Merchant. "The U.S. Life Insurance Industry." Harvard Business School Background Note 310-091, April 2010. (Revised June 2010.)
  69. Radiant Cosmetics: What's in a Pout? (TN)

    Teaching Note for 310003.

    Keywords: Product Launch; Decisions; Brands and Branding; Distribution; Globalized Markets and Industries; Intellectual Property; Product Positioning; Marketing Strategy; Consumer Products Industry; Fashion Industry; France;

    Citation:

    Pozen, Robert C., and Mary Ellen Webster Hammond. "Radiant Cosmetics: What's in a Pout? (TN)." Harvard Business School Teaching Note 310-130, June 2010.
  70. The DiagnoFirst Opportunity (TN)

    Teaching Note for [309112].

    Keywords: Decisions; Investment; Risk and Uncertainty; Patents; Cash Flow; Venture Capital; Negotiation Deal; Health Care and Treatment; Opportunities; Law; Health Industry; Biotechnology Industry; United States; Europe;

    Citation:

    Pozen, Robert C. "The DiagnoFirst Opportunity (TN)." Harvard Business School Teaching Note 310-118, April 2010.
  71. The DiagnoFirst Opportunity

    John Mason, a principle at Oldwell Partners, was facing a decision of whether or not to invest in DiagnoFirst, a molecular diagnostics firm. DiagnoFirst's key product was a genetic test that identified a subset of prostate cancer patients with a high risk of clinical progression and death. DiagnoFirst had applied for patents, in both the U.S. and EU, for the sequence of 40 genes, the new methodology for gene amplification, and the specific mechanics of the genetic tests. Mason's decision to invest in DiagnoFirst was based in part on the likelihood of obtaining patents and in part on the projected cash flows of the business under various scenarios. This case examines issues of intellectual property in science, international differences in patent law, and the decision-making process of venture capital in biotechnology deals.

    Keywords: genetic engineering; genetically modified; genomics; Venture Capital; Patents; Genetics; Decision Choices and Conditions; Laws and Statutes; Investment; Science-Based Business; Biotechnology Industry;

    Citation:

    Pozen, Robert C., and Rukmini Balu. "The DiagnoFirst Opportunity." Harvard Business School Case 309-112, May 2009. (Revised August 2013.)
  72. Geographical Indications: I Say "Kalamata", the EU Says "Black Olive" (A)

    In April 2005, Alexandra was the owner of an Australian farm that produced olives, including Kalamata table olives. Alexandra had invested in the expansion of her farm in anticipation of the evolution of her market from domestic trade in Australia to international export. There was, however, a disruptive dispute before a WTO tribunal between Australia and the EU regarding the protection of Geographical Indications (GIs), which identify a product's origins and are treated as trademarks in some respects by international trade rules. Though Alexandra prepared her Kalamata olives in the traditional Kalamata technique, her use of the regionally specific name was threatened by the intellectual property rights provided by GIs. The case focuses on what should be the legal outcome of the WTO dispute, as well as possible business strategies by Alexandra in the event of an adverse outcome to Australia.

    Keywords: Plant-Based Agribusiness; Cross-Cultural and Cross-Border Issues; Trademarks; Rights; Conflict and Resolution; Business Strategy; Agriculture and Agribusiness Industry; European Union; Australia;

    Citation:

    Pozen, Robert C., and Ani Krishni Satchcroft. Geographical Indications: I Say "Kalamata", the EU Says "Black Olive" (A). Harvard Business School Case 309-114, May 2009. (Revised June 2009.)
  73. U.S. and EU Trademark Protection

    Rules governing trademark protection in the U.S. and EU differ substantially. This note describes the primary differences and their implications.

    Keywords: Governing Rules, Regulations, and Reforms; Trademarks; European Union; United States;

    Citation:

    Pozen, Robert C., and Jordan Hirsch. "U.S. and EU Trademark Protection." Harvard Business School Background Note 309-021, August 2008. (Revised May 2009.)
  74. International Enforcement of U.S. Patents

    A company that owns a U.S. patent can enforce its patent protections in three ways: by filing a lawsuit in U.S. federal district court, by bringing action in the International Trade Commission, or through the World Trade Organization. This note discusses the pros and cons of pursuing either of the latter two avenues for recourse.

    Keywords: International Relations; Patents; Courts and Trials; Lawsuits and Litigation; Rights;

    Citation:

    Pozen, Robert C., and Jordan Hirsch. "International Enforcement of U.S. Patents." Harvard Business School Background Note 309-022, August 2008. (Revised May 2009.)
  75. Note on Generic Drugs in the European Union

    Rules governing the introduction of generic drugs in U.S. and EU have some similarities but significant differences because of the Hatch-Waxman Act in the U.S.

    Keywords: Governing Rules, Regulations, and Reforms; Government Legislation; Health Care and Treatment; Trademarks; Brands and Branding; Pharmaceutical Industry; European Union; United States;

    Citation:

    Pozen, Robert C., and Elizabeth M. Leonard. "Note on Generic Drugs in the European Union." Harvard Business School Background Note 309-019, August 2008. (Revised May 2009.)
  76. Note on Trade Secrets and Covenants not to Compete: Comparison of Law in the United States and the European Union

    This note details the use and treatment of Covenants not to Compete in the United States, United Kingdom and France to compete or trade secrets versus patents as alternative ways to protect a business' intellectual property.

    Keywords: Competition; Law; Strategy; Intellectual Property; France; United Kingdom; United States;

    Citation:

    Pozen, Robert C., and Megan Barbero. "Note on Trade Secrets and Covenants not to Compete: Comparison of Law in the United States and the European Union." Harvard Business School Background Note 309-024, August 2008. (Revised May 2009.)
  77. Note on Comparative Treatment of Business Method and Software Patents in the United States and European Union

    This note analyses and compares the legal definitions and practical applications of Business Method and Software Patents in the United States and European Union.

    Keywords: Software; Patents; Business Processes; United States; European Union;

    Citation:

    Pozen, Robert C., and Felicia Ellsworth. "Note on Comparative Treatment of Business Method and Software Patents in the United States and European Union." Harvard Business School Background Note 309-023, August 2008. (Revised May 2009.)
  78. Geographical Indications: I Say "Kalamata", the EU Says "Black Olive" (B)

    Supplement to 309114

    Keywords: Cross-Cultural and Cross-Border Issues; Laws and Statutes; Agriculture and Agribusiness Industry; European Union;

    Citation:

    Pozen, Robert C., and Ani Krishni Satchcroft. Geographical Indications: I Say "Kalamata", the EU Says "Black Olive" (B). Harvard Business School Supplement 309-115, May 2009.
  79. Norway Sells Wal-Mart

    In June 2006, Norway's Pension Fund decided to divest its position in Wal-Mart Stores, Inc. after an investigation by the Fund's Ethics Council. According to a spokesperson of Norway's Finance Ministry, "The recommendation to exclude Wal-Mart cites serious and systematic violations of human rights and labor rights." Before making its recommendation to the Ministry to divest Wal-Mart, the Council sent its findings to the retailer for comment, but received no response. While Wal-Mart did not respond, the company had taken several steps to strengthen its ethical standards worldwide in recent years.

    Keywords: Decisions; Ethics; Insurance; Investment Activism; Investment Funds; Government and Politics; Rights; Problems and Challenges; Labor and Management Relations; Power and Influence; Retail Industry; Norway;

    Citation:

    Pozen, Robert C., and Aldo Sesia. "Norway Sells Wal-Mart." Harvard Business School Case 308-019, September 2007. (Revised April 2009.)
  80. Fidelity Investments' Charitable Gift Fund (A)

    Deborah Pege, an attorney at Fidelity Investments, needs to decide whether Fidelity should attempt to patent business processes involved with its new charitable gift fund. The case explores the conditions that must be satisfied in order to receive a patent and raises issues about the value of patent versus other ways to protect intellectual property.

    Keywords: Investment Funds; Patents; Business Processes; Value;

    Citation:

    Pozen, Robert C. "Fidelity Investments' Charitable Gift Fund (A)." Harvard Business School Case 309-002, July 2008. (Revised October 2008.)
  81. Copyright Law in the U.S. and EU

    This note reviews the basic rules for copyright protection in both the U.S. and the EU. It outlines the works and rights protected, the fair use and first-sale limitations on copyright, as well as the application of these rules to software, video, recordings, and Internet service providers.

    Keywords: Governing Rules, Regulations, and Reforms; Copyright; Laws and Statutes; European Union; United States;

    Citation:

    Pozen, Robert C., and Elizabeth Leonard. "Copyright Law in the U.S. and EU." Harvard Business School Background Note 309-052, September 2008. (Revised October 2008.)
  82. Recent Developments in the Ranbaxy Case

    This brief case describes settlements Indian drug maker Ranbaxy has made with Pfizer and AstraZeneca, as well as Daiichi Kangyo's purchase of a majority shareholding in Ranbaxy in 2008.

    Keywords: Mergers and Acquisitions; Patents; Lawsuits and Litigation; Ownership Stake; Pharmaceutical Industry; India;

    Citation:

    Pozen, Robert C. "Recent Developments in the Ranbaxy Case." Harvard Business School Case 609-010, July 2008. (Revised September 2008.)
  83. Fidelity Investments' Charitable Gift Fund (TN) (A) and (B)

    Teaching Note for [309002] and [309003].

    Keywords: Financial Services Industry;

    Citation:

    Pozen, Robert C. "Fidelity Investments' Charitable Gift Fund (TN) (A) and (B)." Harvard Business School Teaching Note 309-018, July 2008. (Revised August 2008.)
  84. Recent Developments in the Ranbaxy Case (TN)

    Teaching Note for [609010].

    Keywords: Information; Pharmaceutical Industry;

    Citation:

    Pozen, Robert C. "Recent Developments in the Ranbaxy Case (TN)." Harvard Business School Teaching Note 609-019, July 2008. (Revised August 2008.)
  85. Note on Compulsory Licensing

    This note discusses the topic of compulsory licensing of patents from the perspective of U.S. and international law.

    Keywords: Cross-Cultural and Cross-Border Issues; Patents; Law; Rights; Business and Government Relations;

    Citation:

    Pozen, Robert C. "Note on Compulsory Licensing." Harvard Business School Background Note 609-009, July 2008. (Revised August 2008.)
  86. Fidelity Investments' Charitable Gift Fund (B)

    The (B) case informs students of Fidelity's decision about pursuing a business process patent for its charitable gift fund and describes subsequent litigation and lawsuits filed by other companies over business process patent issues.

    Keywords: Investment Funds; Patents; Lawsuits and Litigation; Business Processes;

    Citation:

    Pozen, Robert C. "Fidelity Investments' Charitable Gift Fund (B)." Harvard Business School Supplement 309-003, July 2008. (Revised August 2008.)

    Research Summary

  1. Working on third edition of textbook on the fund industry

    The book explains how mutual funds and other collective investment vehicles are organized, how they manage your money,  and how they are marketed to investors.  It also addresses the internationalization of funds in terms of global investing and global asset gathering  

  2. Working on paper on how to restructure the public and private market for home mortgages in the US

    the paper analyzes the main rationales for subsidizing homeownership from an international perspective, offers criteria for who should be subsidized in the future, discusses how these governmental subsidies should be implemented and how the private market for mortgage securitization should be revived. 
  3. article on how to evaluate "success" in translational medical research

    the article provides a framework for organizations sponsoring translational research on how to evaluate "success".  It urges these organizations to articulate specific goals and concrete metrics on seven dimensions of translational medical research -- funding, talent, creation, validation, dissemination, commerical uptake and collaboration.
  4. Personal Productivity

    He is working on a short book advising professionals on how to increase their productivity -- the quality and quantity of their output, as opposed to their hours.  The book grows out of an article he published on the subject in the Harvard Business Review

  5. Charitable Investing

    He is working on the subject of why and how private foundations and public charities could buy securities in a private commercial venture if it furthered their charitable mission.  For example, a MS foundation would buy stock in a start-up biotech venture dedicated to finding a MS cure.

      Awards & Honors

    1. Robert C. Pozen: Received the 2011 Fund Action Lifetime Achievement Award for his work in the mutual fund industry.

    2. Robert C. Pozen: Received an Honorary Master of Business Administration Degree in 2011 from Boston College.

    Washington Post
    March 14, 2012

    John Coates and Robert Pozen

    The Day
    January 1, 2012

    ROBERT POZEN

    Financial Times
    June 17, 2012

    Robert Pozen