Publications

1995
Working Paper

The Informational Role of Asset Prices: The Case of Implied Volatility

By: Zvi Bodie and Robert C. Merton

Article

International Pension Swaps

By: Zvi Bodie and Robert C. Merton

Web

Trade Cards - The Art of American Advertising

“Posting” Brand Name Management A Marketing Revolution “Millions upon millions . . . of the most varied designs were thrown on the market. . . . Hardly a business man in the country has not at one time or another made use of such cards to advertise his wares.” Louis... View Details

Web

Burden Park | About

Burden Park William A.M. Burden (AB 1900) In 1968, Florence V. T. Burden and her sons William A.M. Burden (AB 1927) and Shirley C. Burden made a generous gift in memory of William A.M. Burden (AB 1900) and his late grandson, William A.M.... View Details

01 May 2009
What Do You Think?

Do Innovation and Entrepreneurship Have to Be Incompatible with Organization Size?

managers to "'personally' drive innovation and competitive advantage." Gerald Nanninga placed the blame on "infestation" (parasites that successful organizations attract) and "cannibalization" (fear of damaging existing businesses). Phil... View Details

Keywords: by Jim Heskett

February 1997
Background Note

Savings and Loans and the Mortgage Markets

By: Robert C. Merton and Alberto Moel

Provides a brief overview of the history of the savings and loans, the savings and loans crisis of the 1980s and 1990s, and the creation of the mortgage markets in the United States. Also explains briefly the most common types of mortgage-backed securities available. View Details

Keywords: History; Debt Securities; Markets; Mortgages; United States

February 1997 (Revised March 1998)
Case

Smith Breeden Associates: The Equity Plus Fund (A)

By: Robert C. Merton and Alberto Moel

In early 1997, Smith Breeden Associates, a money management and consulting firm, was pondering the future of the Equity Plus Fund. The Equity Plus Fund was an S&P enhanced-index fund that tried to outperform the S&P Index by replicating the index using low-cost... View Details

Keywords: Assets; Cash; Financial Markets; Financial Strategy; Mortgages; Investment Funds; Investment Portfolio; Marketing; Performance; Consulting Industry

February 1997 (Revised April 1997)
Case

Harrington Financial Group

By: Robert C. Merton and Alberto Moel

In early 1997, Harrington Bank, a small Indiana savings and loan (thrift) wondered what its next move should be. Harrington was acquired in 1988 by the principals of Smith Breeden Associates, a money-management and consulting firm specializing in the application of... View Details

Keywords: Banks and Banking; Mergers and Acquisitions; Price; Risk Management; Mortgages; Contracts; Asset Management; Investment; Financial Services Industry

Article

What Is the Real Relationship between Income and Charitable Giving?

By: Robert McClelland and Arthur C. Brooks

December 16, 2012
Article

Not all Money Market Funds Are Equal

By: Robert C. Pozen and Theresa Hamacher

July 12, 2011
Article

Look to Chile, Asia for Defined Contribution Innovation

By: Robert C. Pozen and Theresa Hamacher

Keywords: Innovation and Invention; Chile; Asia

May 2012 (Revised July 2012)
Case

Credit Unions: The Future of the Cooperative Financial Institution

By: Robert C. Pozen and Grace Hou

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... View Details

Keywords: Banking; Credit Unions; Banks and Banking

June 2011 (Revised September 2011)
Case

Two Key Decisions for China's Sovereign Fund

By: Robert C. Pozen and Xiaoyu Gu

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... View Details

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

Article

Fischer Black

By: Robert C. Merton and Myron Scholes

March 4, 2010
Column

Transparantie in pensioensector nog ver te zoeken [Adjusted Actuarial Cost Price Conflicts with Transparency Requirement]

By: Robert C. Merton and Jan Snippe

May 2009 (Revised August 2013)
Case

The DiagnoFirst Opportunity

By: Robert C. Pozen and Rukmini Balu

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... View Details

Keywords: Genetic Engineering; Genetically Modified; Genomics; Venture Capital; Patents; Genetics; Decision Choices and Conditions; Laws and Statutes; Investment; Science-Based Business; Biotechnology Industry

August 2008 (Revised May 2009)
Background Note

Note on Trade Secrets and Covenants not to Compete: Comparison of Law in the United States and the European Union

By: Robert C. Pozen and Megan Barbero

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. View Details

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