Columbia Business School Research

In the United States, spending on political campaigns has surged dramatically. This article introduces and examines “party-defiance ads,” a novel and increasingly common type of political advertisement in which candidates criticize their own party and take a position typically associated with the opposing party. Given the importance of party loyalty, defiance ads appear counterintuitive and risky. Why would candidates air ads in which they criticize their party?

Americans' warmth toward members of the opposing political party has fallen sharply over the past three decades -- yet meaningful cross-partisan contact remains scarce, in part because people actively avoid it. Across five preregistered studies (total N = 3,960 U.S. partisans), we test whether brief conversations with AI chatbots representing the political outgroup can substitute for the contact people shun. Synthetic contact first lowers the barrier to entry: partisans would endure almost twice as long contemplating their own mortality to avoid a human outgroup partner as an AI one.

Trendsetters and cutting-edge brands constantly seek new styles and fresh designs that set them apart from previous trends. However, in recent decades, these early adopters and innovators have also increasingly turned to selected pieces from the past, a market phenomenon often referred to as “vintage.” But what are vintage products exactly?

Consumers’ spending decisions are shaped not only by their objective financial resources but also by their subjective perceptions of wealth. This research investigates the interplay between subjective poverty (e.g., feeling financially constrained) and income in driving spending. Across five studies including real-world spending data from a U.K.

Data assets are increasingly vital in modern economies, yet macroeconomic measurement is not well-adapted to capturing their value. Part of the problem is that data is an intangible asset: investments in data are missed in national accounts, and

Authenticity has been promoted for millennia; the modern workplace is no exception. Organizations, too, may espouse an authenticity ideology—encouraging employees to “be themselves” to achieve success. The espousal of such an ideology might be intended to signal identity safety, particularly to stigmatized job seekers.

Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of adjustment that are usually absent from this view using microdata in the $10 trillion U.S. residential mortgage market. We first document the limits of the shadow bank substitution margin: shadow banks substitute for traditional “deposit-taking” banks in loans which are easily sold, but are limited from activities requiring on-balance-sheet financing.

Who behaves dominantly—and why? Much compelling prior research spotlights motivational sources. We focus here on beliefs, proposing that people are less likely to behave dominantly when they expect dominance to incur greater relationship costs. We posit that this situation-specific expectancy is shaped by a general competitive worldview, seeing the social world as a “competitive jungle.” In five preregistered studies, we tested whether those with a competitive worldview expected dominance to incur less relationship harm and whether expected relationship harm predicted dominance.

We study a regulatory spillover in which audit regulations for public firms can affect auditing practices for private firms through the channel of common partners—partners who audit both public and private firm clients. We exploit a regulation in China that applies only to public firm auditing and aims to enhance transparency and rigor in audit procedures. We find that audit partners are more inclined to issue modified opinions for private firm clients following the implementation of the regulation.

For general choice spaces, standard dynamic preference models cannot simultaneously satisfy the properties of time consistency, the separation of time and risk preferences, and the ability to accommodate an indifference to the timing of when risk is resolved. In the context of a consumption-portfolio choice problem often underlying asset pricing and macro models, we derive necessary and sufficient conditions such that all three properties are satisfied.