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Columbia Business School Research

At the Forefront of Their Fields

At Columbia Business School, our faculty members are at the forefront of research in their respective fields, offering innovative ideas that directly impact the practice of business today. A quick glance at our publication on faculty research, CBS Insights, will give you a sense of the breadth and immediacy of the insight our professors provide.

As a student at the School, this will greatly enrich your education. In Columbia classrooms, you are at the cutting-edge of industry, studying the practices that others will later adopt and teach. As any business leader will tell you, in a competitive environment, being first puts you at a distinct advantage over your peers. Learn economic development from Ray Fisman, the Lambert Family Professor of Social Enterprise and a rising star in the field, or real estate from Chris Mayer, the Paul Milstein Professor of Real Estate, a renowned expert and frequent commentator on complex housing issues. This way, when you complete your degree, you'll be set up to succeed.

The Columbia Advantage

Columbia Business School in conjunction with the Office of the Dean provides its faculty, PhD students, and other research staff with resources and cutting edge tools and technology to help push the boundaries of business research.

Specifically, our goal is to seamlessly help faculty set up and execute their research programs. This includes, but is not limited to:

  • Highly skilled staff of full-time predoctoral fellows, summer research interns, and part-time research assistants
  • Access to centralized funding from the Dean's office and external grants to support research activities
  • Providing a state-of-the-art high-performance grid computing environment
  • Acquisition of proprietary data sets and access to various databases
  • Leading library which provides faculty with latest tools and techniques to enable digital scholarship

All these activities help to facilitate and streamline faculty research, and that of the doctoral students working with them.

Featured Research

Be a better manager: Live abroad

Authors
W. Maddux, Adam Galinsky, and C. Tadmor
Date
January 1, 2010
Format
Journal Article
Journal
Harvard Business Review

The article offers the authors' views on expatriate management programs and the benefits from executives interacting with the people and institutions of the host country. The idea that international experience or interaction between foreign managers and local people will help managers become more creative, entrepreneurial, and successful is discussed. The concept of integrative complexity in bi-cultural managers which enhances job performance is mentioned.

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The Kidney Case

Authors
D. Austen-Smith, T. Feddersen, Adam Galinsky, and K. Liljenquist
Date
January 1, 2010
Format
Case Study
Publisher
Kellogg School of Management, Dispute Resolution Research Center

The Kidney Case is multi-person exercise that involves the allocation of a single kidney. Students read profiles of eight candidates for the kidney and make a first allocation decision. Each candidate was designed to be high on some allocation principles but low or unknown on others (e.g., best, match, time in cue, age, personal responsibility for disease, future benefits to society, etc.). Then, students are put into groups and assigned to advocate for one of the candidates. Each group will prepare and give a 3-minute presentation on why their candidate should receive the kidney.

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Mitigating Disaster Risks in The Age Of Climate Change

Authors
Harrison Hong, Jinqiang Yang, and Neng Wang
Date
Forthcoming
Format
Journal Article

Emissions abatement alone cannot address the consequences of global warming for weather disasters. We model how society adapts to manage disaster risks to capital stock. Optimal adaptation — a mix of firm-level efforts and public spending — varies as society learns about the adverse consequences of global warming for disaster arrivals. Taxes on capital are needed alongside those on carbon to achieve the first best.

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Returns to Education through Access to Higher-Paying Firms: Evidence from US Matched Employer-Employee Data

Authors
Niklas Engbom and Christian Moser
Date
May 1, 2017
Format
Journal Article
Journal
American Economic Review: Papers and Proceedings

What are the sources of the returns to education? We study the allocation of higher education graduates from public institutions in Ohio across firms. We present three results. First, we confirm findings in the earlier literature of large pay differences across degrees. Second, we show that up to one quarter of pay premiums for higher degrees are explained by between-firm pay differences. Third, higher education degrees are associated with greater representation at the best-paying firms.

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Putting on the pressure: How to make threats in negotiations

Authors
Adam Galinsky and K. Liljenquist
Date
January 1, 2004
Format
Journal Article
Journal
Negotiation

This article focuses on the role of threats in negotiations. Broadly speaking, a threat is a proposition that issues demands and warns of the costs of noncompliance. Even if neither party resorts to them, potential threats shadow most negotiations. Researchers have found that people actually evaluate their counterparts more favorably when they combine promises with threats rather than extend promises alone. Whereas promises encourage exploitation, the threat of punishment motivates cooperation.

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Type
Working Paper
Date
2023

Model-Free Mispricing Factors

Author
Lochstoer, Lars and Paul Tetlock

We identify model-free mispricing factors and relate them to global stock prices and investor beliefs. The factors are model-free as they measure variation in the relative prices of assets with the same cash ows. We design three factors to re ect the beliefs and capital ows of important clientele: investors in United States (US), developed, and emerging stock markets; and individuals and institutions. Together the three factors capture most (52%) of the systematic variation in price premiums of individual securities.

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Type
Journal Article
Date
2023

Frontiers: Polarized America: From Political Polarization to Preference Polarization

Author
Schoenmueller, Verena, Oded Netzer, and Florian Stahl

In light of the widely discussed political divide and increasing societal polarization, we investigate in this paper whether the polarization of political ideology extends to consumers’ preferences, intentions, and purchases. Using three different data sets—the publicly available social media data of over three million brand followerships of Twitter users, a YouGov brand-preference survey data set, and Nielsen scanner panel data—we assess the evolution of brand-preference polarization.

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Type
Journal Article
Date
2023

The Impact of Paid Family Leave on Employers: Evidence from New York

Author
Bartel, Ann, Maya Rossin-Slater, Christopher Ruhm, Meredith Slopen, and Jane Waldfogel

To study the impacts of NewYork’s 2018 Paid Family Leave (PFL) policy on employer outcomes, we designed and fielded a survey of small firms in NewYork and a control state, Pennsylvania, which does not have a PFL policy. We match each NY firm to a comparable PA firm and use difference-in-differences models to analyze within-match-pair changes in outcomes. Contrary to common concerns about the burdens of PFL on employers, we find no evidence that PFL had any adverse impacts on employer ratings of employee performance or their ease of handling long employee absences.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Project Syndicate

Realism About Techno-Optimism

Author
Wagner, Gernot

Speeding up the adoption of already proven and scalable technologies, and exposing the many hidden costs associated with fossil fuels, is a necessary goal. Achieving it will require new policies to guide investments in the right direction, and techno-optimists ought to be the loudest advocates.

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Type
Journal Article
Date
2023

The Effect of Financial Constraints on In-Group Bias: Evidence from Rice Farmers in Thailand

Author
Meier, Stephan and Suparee Boonmanunt

In-group bias can be detrimental for communities and economic development. We study the causal effect of financial constraints on in-group bias in prosocial behaviors – cooperation, norm enforcement, and sharing – among low-income rice farmers in rural Thailand, who cultivate and harvest rice once a year. We use a between-subjects design – randomly assigning participants to experiments either before harvest (more financially constrained) or after harvest. Farmers interacted with a partner either from their own village (in-group) or from another village (out-group).

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Type
Journal Article
Date
2023

Privacy and the Value of Data

Author
Perego, Jacopo and Simone Galperti

How does protecting the privacy of consumers affect the value of their personal data? We model an intermediary that uses consumers' data to influence the price set by a seller. When privacy is protected, consumers choose whether to disclose their data to the intermediary. When privacy is not protected, the intermediary can access consumers' data without their consent. We illustrate that protecting consumers' privacy has complex effects. It can increase the value of some consumers' data while decreasing that of others.

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Type
Journal Article
Date
2023

Geographic Fragmentation and Declining Dominance: Yet Another Story of AT&T’s Decline in the Post-divestiture Era

Author
Harrigan, Kathryn

Why do dominant incumbents decline? Extant analyses of declining dominance largely focus on the erosion of technological bases of dominance. In contrast, our novel explanation focuses on the effect of geographic fragmentation on the erosion of demand-side barriers to entry and rise in strategic rivalry along the evolutionary path of the dominant incumbent’s growing industry.

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Type
Journal Article
Date
2023

Market Consequences of Sovereign Accounting Errors

Author
Rajgopal, Shivaram, Marion Boisseau-Sierra, and Jenny Chu

This paper investigates the market consequences of sovereign accounting errors. Eurostat, a division of the European Commission, issues semiannual assessments of financial reports produced by the member states of the European Union (EU), and issues reservations that detail financial reporting errors when they have doubts on the quality of sovereign financial reporting.

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Type
Journal Article
Date
2023

Automating the B2B Salesperson Pricing Decisions: A Human-Machine Hybrid Approach

Author
Karlinsky-Shichor, Yael and Oded Netzer
We propose a human-machine hybrid approach to automating decision making in high human-interaction environments and apply it in the business-to-business (B2B) retail context.
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Type
Journal Article
Date
2023

New Products Research

Author
Golder, Peter and Donald Lehmann
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Type
Journal Article
Date
2023

Proximity Bias: Motivated Effects of Spatial Distance on Probability Judgments

Author
Hong, Jennifer, Chiara Longoni, and Vicki Morwitz
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Type
Working Paper
Date
2022

Competitive Markets for Personal Data

Author
Galperti, Simone and Jacopo Perego

Personal data is an essential input for the digital economy. Yet, individuals often have limited control over its use and are rarely compensated for it. What inefficiencies does this status quo generate? Which market institutions could improve upon it? We study the competitive equilibria of an economy where platforms acquire consumers' data and use it to intermediate consumers and sellers. We find that granting consumers control over their data can backfire: It can lead to lower social welfare than when consumers are simply expropriated of their data.

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Type
Working Paper
Date
2022

Synthetically Controlled Bandits

Author
Moallemi, Ciamac, Vivek F. Farias, Tianyi Peng, and Andy T. Zheng

We consider experimentation in settings where, due to interference or other concerns, experimental units are coarse. ‘Region-split’ experiments on online platforms, where an intervention is applied to a single region over some experimental horizon, are one example of such a setting. Synthetic control is the state-of-the-art approach to inference in such experiments. The cost of these experiments is high since the opportunity cost of a sub-optimal intervention is borne by an entire region over the length of the experiment.

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Type
Newspaper/Magazine Article
Date
2022
Publication
Emotion

Thriving under pressure: The effects of stress-related wise interventions on affect, sleep, and exam performance for disadvantaged college students

Author
Goyer, J.P., A.J. Crum, R. Grunberg, and Modupe Akinola

Nearly all students experience stress as they pursue important academic goals. Because stress can be magnified for students from disadvantaged backgrounds, it becomes important to identify interventions that can help mitigate this stress, particularly for these populations as they enter academic environments. We examine the effects of stress mindset and stress management interventions administered to students from disadvantaged backgrounds (N = 140) before freshman year.

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Type
Journal Article
Date
2022

Do Socially Responsible Firms Walk the Talk?

Author
Rajgopal, Shivaram and Aneesh Raghunandan

Several firms claim to be socially responsible. We confront these claims with the data using the most notable such proclamation in recent years, the August 2019 Statement on the Purpose of a Corporation by the Business Roundtable (BRT). The BRT is a large, deeply influential business group containing many of America’s largest firms; the 2019 Statement proclaimed that a corporation’s purpose is to deliver value to all stakeholders, rather than to solely maximize shareholder value.

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Type
Journal Article
Date
2022

Welfare Consequences of Sustainable Finance

Author
Hong, Harrison, Neng Wang, and Jinqiang Yang

We model the welfare consequences of portfolio mandates that restrict investors to hold firms with net-zero carbon emissions. To qualify for these mandates, value-maximizing firms have to accumulate decarbonization capital. Qualification lowers a firm’s required rate of return by its decarbonization investments divided by Tobin’s q, i.e., the dividend yield shareholders forgo to address the global-warming externality.

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Type
Newspaper/Magazine Article
Date
2022
Publication
Project Syndicate

The Case for Mandating Climate-Risk Disclosure

Author
Meyer, Timothy, Gernot Wagner, and Senator Sheldon Whitehouse

The US Securities and Exchange Commission is considering a proposal to require some companies to disclose information relating to the risks they face from climate change. But the agency is coming under pressure to scrap or water down the proposal because of a recent Supreme Court decision.

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Type
Newspaper/Magazine Article
Date
2022
Publication
Project Syndicate

Who Pays for Climate Change?

Author
Wagner, Gernot

In the face of a massive financing gap for climate-change mitigation and adaptation in developing countries, everyone accepts the need for more "creative" measures to unlock and redirect private capital. But proposals like carbon credits must be understood merely as stepping stones, rather than as lasting solutions.

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Type
Working Paper
Date
2022

The Endowment Model and Modern Portfolio Theory

Author
Dimmock, Stephen, Neng Wang, and Jinqiang Yang

We develop a dynamic portfolio-choice model with illiquid alternative assets to analyze conditions under which the "Endowment Model," used by some large institutional investors such as university endowments, does or does not work. The alternative asset has a lock-up, but can be voluntarily liquidated at any time at a cost. Quantitatively, our model's results match the average level and cross-sectional variation of university endowment funds' spending and asset allocation decisions.

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Type
Journal Article
Date
2022

Strategic Bank Liability Structure Under Capital Requirements

Author
Sundaresan, M. Suresh and Zhenyu Wang

Banks strategically choose and dynamically restructure deposits and nondeposit debt in response to the minimum requirements on total capital and tangible equity. We derive the optimal strategic liability structure and show that it minimizes the protection for deposits conditional on capital requirements. Although, given any liability structure, regulators can set capital requirements high enough to remove the incentive for risk substitution, the strategic response to the capital requirements always preserves this incentive.

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Type
Journal Article
Date
2022

The Impacts of Paid Family and Medical Leave on Worker Health, Family Well-Being, and Employer Outcomes

Author
Bartel, Ann, Maya Rossin-Slater, Christopher Ruhm, Meredith Slopen, and Jane Waldfogel

This article reviews the evidence on the impacts of paid family and medical leave (PFML) policies on workers’ health, family well-being, and employer outcomes. While an extensive body of research demonstrates the mostly beneficial effects of PFML taken by new parents on infant, child, and parental health, less is known about its impact on employees who need leave to care for older children, adult family members, or elderly relatives. The evidence on employers is similarly limited but indicates that PFML does not impose major burdens on them.

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Type
Journal Article
Date
2022

The Value of Data Records

Author
Galperti, Simone, Aleksandr Levkun, and Jacopo Perego

Many e-commerce platforms use buyers' personal data to intermediate their transactions with sellers. How much value do such intermediaries derive from the data record of each single individual? We characterize this value and find that one of its key components is a novel externality between records, which arises when the intermediary pools some records to withhold the information they contain. Ignoring this can significantly bias the evaluations of data records.

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Type
Journal Article
Date
2022

Flattening the Curve: Pandemic-Induced Revaluation of Real Estate

Author
Gupta, A., V. Mittal, J. Peeters, and Stijn Van Nieuwerburgh

We show that the COVID-19 pandemic brought house price and rent declines in city centers, and price and rent increases away from the center, thereby flattening the bid-rent curve in most U.S. metropolitan areas. Across MSAs, the flattening of the bid-rent curve is larger when working from home is more prevalent, housing markets are more regulated, and supply is less elastic. Housing markets predict that urban rent growth will exceed suburban rent growth for the foreseeable future.

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Type
Journal Article
Date
2022

How Advertising Expenditures Affect Consumers’ Perceptions of Quality: A Psychology-Based Assessment of Brand, Category, and Country-Level Moderators

Author
Koushyar, Rajavi, Donald Lehmann, Kevin Lane Keller, and Alireza Golmohammadi
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Type
Journal Article
Date
2022

Managing with Style? Micro-Evidence on the Allocation of Managerial Attention

Author
Brahm, Francisco, Wouter Dessein, Desmond Lo, and Chieko Minami

How does task expertise affect the allocation of attention?

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Type
Journal Article
Date
2022

Private or public equity? The evolving entrepreneurial finance landscape

Author
Ewens, Michael

The US entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs who raise their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage start-ups are raising larger amounts of capital in the private markets from a growing pool of traditional and new investors. These private market changes have coincided with a sharp decline in the number of firms going public—and when firms do go public, they are older and have raised more private capital.

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Type
Working Paper
Date
2022

The Economic Effects of Immigration Pardons: Evidence from Venezuelan Entrepreneurs

Author
Cowgill, Bo, Jorge Guzman, and Dany Bahar

This paper shows that providing undocumented immigrants with an immigration pardon, or amnesty, increases their economic activity in the form of higher entrepreneurship. Using administrative census data linked to the complete formal business registry, we study a 2018 policy shift in Colombia that made nearly half a million Venezuelan undocumented migrants eligible for a pardon. Our identification uses quasi-random variation in the amount of time available to get the pardon, introducing a novel regression discontinuity approach to study this policy.

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Type
Newspaper/Magazine Article
Date
2022
Publication
OpenMind

The Risky Language of Climate Uncertainty

Author
Wagner, Gernot

A lot of today’s widespread confusion about climate change—some of it unwitting, some of it deliberately cultivated—stems from the critical miscommunication of two little words: risk and uncertainty. To most of the public, risk means a danger that must be addressed, whereas uncertainty means a lack of clarity about whether there is any meaningful danger at all. To scientists and economists like myself, uncertainty has a starkly different meaning. It is worse than risk; it indicates the possible range of just how bad a (very real) danger will be.

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Type
Book
Date
2022

Brain Imaging: An Illustrated Guide to the Future of Neuroscience

Author
Cerf, Moran
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Type
Newspaper/Magazine Article
Date
2022
Publication
Financial Times

Why active management makes sense in bonds for institutions

Author
Carr, Ellen

Equity investors have been shifting away from actively managed funds to passive strategies for decades. Passification, if that is a word, has been slower to take off in fixed-income strategies, though.

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Type
Working Paper
Date
2022

The Past and Future of Corporate Sustainability Research

Author
Burbano, Vanessa, Magali Delmas, and Martin Cobo

Despite the skyrocketing of sustainability-related research in the strategy and management fields, there has been no comprehensive systematic review of the field as a whole. In this paper, we present a comprehensive review of the field of corporate sustainability using a science mapping co-word bibliometric analysis. Through analysis of the co-occurrence of 25,701 keywords in 11,962 sustainability-related articles from 1994-2021, we identify and graphically illustrate the thematic and theoretical evolution of the field, in addition to emerging and waning research trends in the field.

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Type
Book
Date
2022

Biometrics and Neuroscience Research in Business and Management

Author
Moutihno, Luiz and Moran Cerf
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Type
Book
Date
2022

Decisions Over Decimal: Balancing Intuition and Information

Author
Frank, Christopher, Paul Magnone, and Oded Netzer

Agile decision making is imperative as you lead in a data-driven world. Uniquely bridging theory and practice, Decisions over Decimals unites data intelligence with human judgment to get to action – a sharp approach the authors refer to as Quantitative Intuition (QI). QI raises the power of thinking beyond big data without neglecting it and chasing the perfect decision while appreciating that such a thing can never really exist.

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Type
Working Paper
Date
2022

Fiscal Capacity: An Asset Pricing Perspective

Author
Jiang, Z., H. Lustig, Stijn Van Nieuwerburgh, and M. Xiaolan-Zhang
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Type
Working Paper
Date
2022

LOLR Policies, Banks' Borrowing Capacities and Funding Structures

Author
Sundaresan, M. Suresh and Stefano Corradin

We investigate banks' benefits and costs of having access to LOLR. Integrating novel data sets we estimate the borrowing capacities of euro area banks at the ECB. Controlling for ratings, we find that banks with more fragile funding are likely to borrow more from the ECB during the great financial and euro area sovereign debt crises. We develop a dynamic model of a bank and calibrate it to our empirical estimates. A bank with access to LOLR has higher equity value and makes larger investments in new loans, but it is more leveraged, pays more dividends and issues less equity.

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Type
Journal Article
Date
2022

The More You Ask, the Less You Get: When Additional Questions Hurt External Validity

Author
Li, Ye, Antonia Krefeld-Schwalb, Daniel Wall, Olivier Toubia, Eric Johnson, and Daniel Bartels

Researchers and practitioners in marketing, economics, and public policy often use preference elicitation tasks to forecast realworld behaviors. These tasks typically ask a series of similarly structured questions.

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Type
Journal Article
Date
2022
Journal
Management Science

Thompson Sampling with Information Relaxation Penalties

Author
Maglaras, Costis, Seungki Min, and Ciamac Moallemi

We consider a finite-horizon multi-armed bandit (MAB) problem in a Bayesian setting, for which we propose an information relaxation sampling framework. With this framework, we define an intuitive family of control policies that include Thompson sampling (TS) and the Bayesian optimal policy as endpoints. Analogous to TS, which, at each decision epoch pulls an arm that is best with respect to the randomly sampled parameters, our algorithms sample entire future reward realizations and take the corresponding best action.

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Type
Working Paper
Date
2022

Working From Home and the Office Real Estate apocalypse

Author
Gupta, Arpit, Vrinda Mittal, and Stijn Van Nieuwerburgh

The authors thank Jonas Peeters, Neel Shah, and Luofeng Zhou for excellent research assistance and CompStak for generously providing data for academic research. We would like to thank Chen Zheng (discussant), Cameron LaPoint (discussant) and seminar participants at AREUEA (DC), AREUEA International (Dublin), the USC Macro-Finance Conference, the Chinese University of Hong Kong finance seminar, National University of Singapore, Columbia Business School finance seminar, and the Urban Economics Association Conference (DC).

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Type
Newspaper/Magazine Article
Date
2022
Publication
Project Syndicate

The High Stakes of Climate-Risk Accounting

Author
Wagner, Gernot and Tom Brookes

Although businesses and investors stand to make a lot of money if they can properly navigate the new risk environment, no one seems to have a good explanation for why we are where we are. Climate risks, in particular, have been systematically underestimated, and thus mispriced, for decades.

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Type
Journal Article
Date
2022

Social Learning in the Presence of Choice

Author
Maglaras, Costis, Marco Scarsini, Dongwook Shin, and Stefano Vaccari

This paper studies product ranking mechanisms of a monopolistic online platform in the presence of social learning. The products’ quality is initially unknown, but consumers can sequentially learn it as online reviews accumulate. A salient aspect of our problem is that consumers, who want to purchase a product from a list of items displayed by the platform, incur a search cost while scrolling down the list. In this setting, the social learning dynamics, and hence the demand, is affected by the interplay of two unique features: substitution and ranking effects.

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Type
Working Paper
Date
2022

Diminishing Treasury Convenience Premiums: Effects of Dealers’ Excess Demand and Balance Sheet Constraints

Author
Klinglera, Sven and M. Suresh Sundaresan

After the global financial crisis, the yields of U.S. Treasury bills frequently exceed other risk-free rate benchmarks, thereby pointing to a diminishing convenience premium. Constructing a new measure of dealers’ balance sheet constraints for providing intermediation in U.S. Treasury markets, we trace these diminishing convenience premiums to primary dealers’ ability to act as intermediaries.

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Type
Journal Article
Date
2022

Office Real Estate as a Hedge against Inflation and the Impact of Lease Contracts

Author
De Wit, Ivo Servandus

This article analyzes the hedging potential of real estate and especially looks at the impact of lease contracts in various countries around the world on the inflation hedge capability for both expected and unexpected inflation. The dataset consists of direct real estate rent and capital value data for 59 cities/MSAs in 25 countries between 1991 and 2020 to make international comparison over a long time period possible. The results indicate that real estate is a good hedge against inflation, and especially against unexpected inflation.

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Type
Working Paper
Date
2022

Regional personality differences predict variation in COVID-19 infections and social distancing behavior

Author
Peters, Heinrich, Friedrich Gotz, Tobias Ebert, Sandrine Muller, P. Rentfrow, Samuel Gosling, Marin Obschonka, Daniel Ames, Jeff Potter, and Sandra Matz

The early stages of the COVID-19 pandemic revealed stark regional variation in the spread of the virus. While previous research has highlighted the impact of regional differences in sociodemographic and economic factors, we argue that regional differences in social and compliance behaviors-the very behaviors through which the virus is transmitted-are critical drivers of the spread of COVID-19, particularly in the early stages of the pandemic.

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Type
Newspaper/Magazine Article
Date
2022
Publication
Bloomberg CityLab + Green

The Next Step on Climate Action: Parking Reform

Author
Wagner, Gernot and Matthew Lewis

California is finally poised to lift parking requirements across the state. Here’s why that would be a huge win for the climate.

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Type
Working Paper
Date
2022

Using Social Media to Change Gender Norms: An Experimental Evaluation Within Facebook Messenger in India

Author
Donati, Dante, Victor Orozco-Olvera, and Nandan Rao

This paper experimentally tests the effectiveness of two short edutainment campaigns (under 25 minutes) delivered through Facebook Messenger at reshaping gender norms and reducing social acceptability of violence against women (VAW) in India. Participants were randomly assigned to watch video-clips with implicit or explicit messaging formats (respectively a humorous fake reality TV drama or a docu-series with clear calls to action).

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Type
Journal Article
Date
2022

Green Moral Hazards

Author
Wagner, Gernot and Daniel Zizzamia

Moral hazards are ubiquitous. Green ones typically involve technological fixes: Environmentalists often see ‘technofixes’ as morally fraught because they absolve actors from taking more difficult steps toward systemic solutions. Carbon removal and especially solar geoengineering are only the latest example of such technologies. We here explore green moral hazards throughout American history. We argue that dismissing (solar) geoengineering on moral hazard grounds is often unproductive.

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Type
Newspaper/Magazine Article
Date
2022
Publication
Harvard Business Review

Your Family Business Needs a Board

Author
Angus, Patricia

A board should be at the helm of any family business, steering the business in the right direction. If you wish to have a business that is resilient and has a positive impact on all stakeholders (e.g., employees, customers, vendors, and society) you must make sure your board is intact and functioning optimally. This article offers some questions to consider as you develop best practices for your own board, such as who should be on the board, whether you need an independent director, and how often your board should meet.

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Type
Newspaper/Magazine Article
Date
2022
Publication
Nature

Declining crop yields limit the potential of bioenergy

Author
Wagner, Gernot and Wolfram Schlenker

Climate change is beset with unpleasant surprises. Yields of maize (corn), wheat, rice and soya beans all fall precipitously when temperatures exceed certain thresholds — for example, 29 °C for maize. These four staple crops together account for 75% of the calories consumed by humans, so the non-linear temperature dependence of their yields calls for rapid action to avoid the tipping points, either by limiting the carbon dioxide emissions that are warming the planet or by relocating crop fields on a vast scale — probably both.

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Type
Journal Article
Date
2022

Identifying Factors Predicting Kidney Graft Survival in Chile Using Elastic-Net-Regularized Cox Regression

Author
Olivares, Marcelo, L. Magga, S Maturana, M. Valdevenito, J. Cabezas, J. Chapochnick, F. González, A. Kompatzki, H. Muller, J. Pefaur, C. Ulloa, and R. Valjalo

We developed a predictive statistical model to identify donor–recipient characteristics related to kidney graft survival in the Chilean population. Given the large number of potential predictors relative to the sample size, we implemented an automated variable selection mechanism that could be revised in future studies as more national data is collected. Materials and Methods: A retrospective multicenter study was conducted to analyze data from 822 adult kidney transplant recipients from adult donors between 1998 and 2018.

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Type
Working Paper
Date
2022

Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress

Author
Acharya, Viral V, Tim Johnson, M. Suresh Sundaresan, and Tuomas Tomunen

We exploit regional variations in exposure to heat stress to study if physical climate risk is priced in municipal and corporate bonds as well as in equity markets. We find that local exposure to damages related to heat stress equaling 1% of GDP is associated with municipal bond yield spreads that are higher by around 15 basis points per annum (bps), the effect being larger for longer-term, revenue-only and lower-rated bonds, and arising mainly from the expected increase in energy expenditures and decrease in labor productivity.

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