Found 24 article(s) for author 'Robert Pozen'

Impact of Reporting Frequency on UK Public Companies

Impact of Reporting Frequency on UK Public Companies. Robert Pozen, 2017, Paper, “Beginning in 2007, UK public companies were required to issue quarterly, rather than semiannual, financial reports. But the UK removed this quarterly reporting requirement in 2014. We studied the effects of these regulatory changes on UK public companies and found that the frequency of financial reports had no material impact on levels of corporate investment. However, mandatory quarterly reporting was associated with an increase in analyst coverage and an improvement in the accuracy of analyst earnings forecasts.Link

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Those Short-Sighted Attacks on Quarterly Earnings

Those Short-Sighted Attacks on Quarterly Earnings. Robert Pozen, Mark Roe, October 7, 2016, Opinion, “The clamor against so-called corporate short-term thinking has been steadily rising, with a recent focus on eliminating the quarterly earnings report that public firms issue. Quarterly reports are said to push management to forgo attractive long-term projects to meet the expectations of investors and traders who want smooth, rising earnings from quarter to quarter.Link

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No More Dizzying Earnings Adjustments

No More Dizzying Earnings Adjustments. Robert Pozen, June 21, 2016, Opinion. “Whether Microsoft’s $26.2 billion purchase of LinkedIn makes sense might depend on where you look. Glancing at LinkedIn’s press release for the full year 2015, you will see a prominent projection for “adjusted” earnings this year of $950 million. Yet if you closely read the press release and its appendix, you can figure out that the company’s projected 2016 earnings under GAAP, the generally accepted accounting principles required in securities filings, are minus $240 million.Link

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Those Short-Sighted Attacks on Quarterly Earnings

Those Short-Sighted Attacks on Quarterly Earnings. Robert Pozen, Mark Roe, , October 7, 2015, Opinion. “The clamor against so-called corporate short-term thinking has been steadily rising, with a recent focus on eliminating the quarterly earnings report that public firms issue. Quarterly reports are said to push management to forgo attractive long-term projects to meet the expectations of investors and traders who want smooth, rising earnings from quarter to quarter.Link

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Retiree Healthcare Plans: The Hidden Threat To Local Governments

Retiree Healthcare Plans: The Hidden Threat To Local Governments. Robert Pozen, March 25, 2015, Video. “Robert C. Pozen is Senior Lecturer at Harvard Business School and Senior Fellow at the Brookings Institution. He was formerly Chairman of MFS Investment Management®, which manages over $200 billion in assets for over five million investors worldwide. This represents an increase of about 75% from the first half of 2004 when Bob was named Chairman. Bob was formerly vice chairman of Fidelity Investments and president of Fidelity Management & Research Company, the investment advisor to the Fidelity..Link

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Debt-Saddled Municipal Budgets Get a Lifeline

Debt-Saddled Municipal Budgets Get a Lifeline: A unanimous Supreme Court held that health benefits for retired workers can be renegotiated or reduced. Robert Pozen, March 1, 2015, Opinion. “While underfunded public-employee pensions capture the headlines, health-insurance benefits for retired state and local workers are also a huge problem. But a recent ruling by the Supreme Court may help state and local governments scale back these benefits. Unlike public pension plans, retiree health benefits aren’t funded in advance; they are typically paid out of current tax revenues…” May require purchase or user account. Link

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The Other Debt Bomb in Public-Employee Benefits

The Other Debt Bomb in Public-Employee Benefits, Robert C. Pozen, January 16, 2015, Opinion, Public-pension funds have garnered attention in recent years for being underfunded, but a more precarious situation has received much less notice: health-care obligations for public retirees. Unlike pension plans, governments are not required to contribute to separate trusts to support health-care promises. As a result, only 11 states have funded more than 10% of retiree health-care liabilities, according to a November 2013 report from the credit-rating agency Standard & Poor’s. For example, New Jersey has almost no assets backing one of the largest retiree health-care liabilities of any state — $63.8 billion. Link

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How to Curb Short-Termism in Corporate America

How to Curb Short-Termism in Corporate America, Robert C. Pozen, January 2015, Paper, Although some criticisms of corporate short-termism are warranted, others are exaggerated. Institutional investors–the dominant holder of publicly traded stock–have supported long-term plans of companies with good track records. Nevertheless, certain reforms are needed to curb short-termism, such as shorter filing periods for 13D notices and limits on empty voting. Most importantly, corporate officials can reduce the focus on short-term results by ending their public projections of quarterly earnings and extending the time horizon of executive compensationLink

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The Misdirected War on Corporate Short-Termism

The Misdirected War on Corporate Short-Termism. Robert Pozen, May 22, 2014 , Opinion. “A clamor is rising against “short termism” — judging a company by its performance over the past quarter, rather than the past few years. BlackRock CEO Laurence Fink and Delaware Supreme Court Chief Justice Leo Strine, for example, recently joined the Business Roundtable and others in decrying the strong pressures for short-term results exerted by daily stock traders and activist hedge funds. Critics claim that these pressures prevent executives from making long-term investments needed for sustainable corporate growth…” Link

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Surge in China internet money funds is risky

Surge in China internet money funds is risky. Robert Pozen, April 7, 2014, Opinion. “The money market fund offered by Alibaba, China’s leading ecommerce company, has gathered the equivalent of $65bn in less than one year…” May require purchase or user account. Link verified June 19, 2014

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