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Letter From the Chair

Photo Image of Stephan Meier

Welcome to the Management Division of Columbia Business School! Our website offers a window into the teaching and research activities of the division.

We explore the forces that affect the performance of organizations by studying individual and interpersonal behavior, group interactions, organizational structure and strategic interactions. The insights are relevant for established and large firms to small and growing entrepreneurial ventures. The members of our division are scholars and practitioners that shed light on management questions from different disciplines that include psychology, strategy, sociology, political science, and economics.

The Management Division prepares leaders for the future of business based on our theoretical and empirical research at the scientific frontier. We publish cutting edge research and translate it into insights that are practical and tangible for business leaders of today and tomorrow.

Stephan Meier

James P. Gorman Professor of Business; Chair of Management Division

In the Media

Date
August 17, 2023
Faculty Member

Can Fan-Owned Cooperatives Change the Relationship between Fans and Owners for the Better?

The Athletic
Date
August 17, 2023
Faculty Member
Dan Wang

A.I. Might Actually Make Us Better at Our Jobs by Sharpening Our Soft Skills. Here Are the Roles Most Likely to Be Impacted

Fortune
Date
August 16, 2023
Faculty Member
Mark Cohen

What Gap Inc. Needs from Its New CEO

Retail Dive
Date
August 9, 2023
Faculty Member
Dan Wang

Tech and the Innovator's Dilemma

NPR

Research

The Macroeconomics of Stakeholder Equilibria*

Authors
John Donaldson and Hyung Seok E. Kim
Date
Forthcoming
Format
Working Paper

We propose one route to a more inclusive society. Our context is the prevailing one of high wealth inequality where stockholders alone supply the stochastic discount factor governing the allocation of capital. A large and pervasive pecuniary externality is thus imposed on non-stockholder workers, something we view as antithetical to the notion of an inclusive society.

Read More about The Macroeconomics of Stakeholder Equilibria*

The costs of “costless” climate mitigation

Authors
Matthew J. Kotchen, James A. Rising, and Gernot Wagner
Date
Forthcoming
Format
Journal Article
Read More about The costs of “costless” climate mitigation

A Q Theory of Internal Capital Markets

Authors
Min Dai, Xavier Giroud, Wei Jiang, and Neng Wang
Date
Forthcoming
Format
Journal Article

We propose a tractable model of dynamic investment, spinoffs, financing, and risk management for a multi-division firm facing costly external finance. Our analysis formalizes

Read More about A Q Theory of Internal Capital Markets

Dynamic Trading with Realization Utility

Authors
Min Dai, Neng Wang, and Cong Qin
Date
Forthcoming
Format
Journal Article
Journal
Journal of Finance

An investor receives utility bursts from realizing gains and losses at the individual-stock level (Barberis and Xiong, 2009, 2012; Ingersoll and Jin, 2013) and dynamically allocates his mental budget between risky and risk-free assets at the trading-account level. Using savings, he reduces his stockholdings and is more willing to realize losses. Using leverage, he increases his stockholdings beyond his mental budget and is more reluctant to realize losses. While leverage strengthens the disposition effect, introducing leverage constraints mitigates it.

Read More about Dynamic Trading with Realization Utility

Dynamic Banking and the Value of Deposits

Authors
Patrick Bolton, Ye Li, Neng Wang, and Jinqiang Yang
Date
Forthcoming
Format
Journal Article

We propose a theory of banking in which banks cannot perfectly control deposit flows. Facing uninsurable loan and deposit shocks, banks dynamically manage lending, wholesale funding, deposits, and equity. Deposits create value by lowering funding costs. However, when the bank is undercapitalized and at risk of breaching leverage requirements, the marginal value of deposits can turn negative as deposit inflows, by raising leverage, increase the likelihood of costly equity issuance. Banks’ inability to fully control leverage distinguishes them from non-depository intermediaries.

Read More about Dynamic Banking and the Value of Deposits

Ideas

Business and society
Corporate Finance
Financial institutions
Date
November 22, 2019
Richman Center Image
Business and society
Corporate Finance
Financial institutions

The End of Shareholder Primacy?

Understanding the Business Roundtable statement from August 2019.

  • Read more about The End of Shareholder Primacy? about The End of Shareholder Primacy?
Business and society
Financial institutions
Financial policy
Date
December 03, 2013
Richman Center Image
Business and society
Financial institutions
Financial policy

Laurence D. Fink of BlackRock Addresses Future of Retirement with Students

America has an aging problem, and it is time to address it.

  • Read more about Laurence D. Fink of BlackRock Addresses Future of Retirement with Students about Laurence D. Fink of BlackRock Addresses Future of Retirement with Students
Business and society
Corporate Finance
Financial technology
Date
March 13, 2019
Richman Center Image
Business and society
Corporate Finance
Financial technology

The Rise of Chinese Fintech: Lessons for the United States

John Mahoney, head of global FIG at Goldman Sachs, discusses the growth and future of fintech in China.

  • Read more about The Rise of Chinese Fintech: Lessons for the United States about The Rise of Chinese Fintech: Lessons for the United States
Business and society
Capital Markets and Investments
Tax Policy
Date
December 19, 2017
Richman Center Image
Business and society
Capital Markets and Investments
Tax Policy

Tax Reform Fundamentals

Leading tax experts Mihir Desai, Michael Graetz, and Alex Raskolnikov discuss tax reform in the United States.

  • Read more about Tax Reform Fundamentals about Tax Reform Fundamentals
Business and society
Capital Markets and Investments
Tax Policy
Date
February 15, 2018
Richman Center Image
Business and society
Capital Markets and Investments
Tax Policy

Reforms of SALT and Pass-Through Taxation

Alex Raskolnikov, Wilbur H. Friedman Professor of Tax Law at Columbia Law School, discusses potential planning opportunities and compliance issues in the new pass-through provisions.

  • Read more about Reforms of SALT and Pass-Through Taxation about Reforms of SALT and Pass-Through Taxation

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