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Columbia Business School Research

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At the Forefront of Their Fields
The Columbia Advantage

At Columbia Business School, our faculty members are at the forefront of research in their respective fields, offering innovative ideas that directly impact business practice today. A 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.

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.

Search the repository

Type
Journal Article
Date
2020

The Past, Present, and Future of Customer Management

Author
Oblander, E.S., S. Gupta, C.F. Mela, R.S. Winer, and Donald Lehmann
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Type
Journal Article
Date
2020

Autonomy in Consumer Choice

Author
Wertenbrock, Klaus, Rom Y. Schrift, Joseph W. Alba, Alexandra Barasch Barasch, Amit Bhattacharjee, Markus Geisler, Joshua Knabe, Donald Lehmann , Gideon Nave, Jeffrey R. Parker, Stefano Puntoni, Yanmi Zheng, and Yonat Zvebner
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Type
Journal Article
Date
2020

The Past, Present, and Future of Measurements and Methods in Marketing Analysis

Author
Ding, Y., W.S. DeSarbo, D.M. Hanssens, K. Jedid, J.G. Lynch, Jr., and Donald Lehmann
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Type
Journal Article
Date
2020

The Past, Present, and Future of Innovation Research

Author
Lee, B.C, C. Moorman, C.P. Moreau, A.T. Stephen, and Donald Lehmann
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Type
Journal Article
Date
2020

The Past, Present, and Future of Brand Research

Author
Oh, T.T, K.L. Keller, S.A. Neslin, D.J. Reibstein, and Donald Lehmann
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Type
Journal Article
Date
2020
Journal
Covid Economics

Aggregate Demand and Aggregate Supply Effects of Covid-19: A Real-time Analysis

Author
Bekaert, Geert, Eric Engstrom, and Andrey Ermolov

We extract aggregate demand and supply shocks for the US economy from real-time survey data on inflation and real GDP growth using a novel identification scheme. Our approach exploits non-Gaussian features of macroeconomic forecast revisions and imposes minimal theoretical assumptions. After verifying that our results for US post-war business cycle fluctuations are largely in line with the prevailing consensus, we proceed to study output and price fluctuations during COVID-19. We attribute two thirds of the decline in 2020:Q1 GDP to a negative shock to aggregate demand.

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Type
Journal Article
Date
2020
Journal
Proceedings of the 21st ACM Conference on Economics and Computation

Biased Programmers? Or Biased Data? A Field Experiment in Operationalizing AI Ethics

Author
Cowgill, Bo, Fabrizio Dell'Acqua, Samuel Deng, Daniel Hsu, Nakul Verma, and Augustin Chaintreau
Why does "algorithmic bias" occur? The two most frequently cited reasons are "biased programmers" and "biased training data." We quantify the effects of these using a field experiment on a diverse group of AI practitioners. In our experiment, machine learning programmers are asked to predict math literacy scores for a representative sample of OECD residents. One group is given perfectly representative training data, and the other is given a "dataset of convenience" -- a biased training sample containing who confirm to common expectations about who is good at math.
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Type
Journal Article
Date
2020
Journal
Journal of Financial and Quantitative Analysis

Good Carry, Bad Carry

Author
Bekaert, Geert and George Panayotov

We distinguish between "good" and "bad" carry trades constructed from G-10 currencies. The good trades exhibit higher Sharpe ratios and sometimes positive return skewness, in contrast to the bad trades that have both substantially lower Sharpe ratios and highly negative return skewness. Surprisingly, good trades do not involve the most typical carry currencies like the Australian dollar and Japanese yen.

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Type
Journal Article
Date
2020
Journal
Current Opinion in Psychology

Power leads to action because it releases the psychological brakes on action

Author
Pike, B. and Adam Galinsky

Why does power lead to action? Theories of power suggest it leads to action because it presses the psychological gas pedal. A review of two decades of research finds, instead, that power releases the psychological brakes on action. Power releases the psychological brakes on action by making failure seem less probable and feel less painful, thereby decreasing the downside risks of action. Power releases the psychological brakes on action by shrouding the feelings and thoughts of others, thereby diminishing the perceived social costs of action.

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Type
Journal Article
Date
2020
Journal
Critical Finance Review

Repo Priority Right and the Bankruptcy Code

Author
Auh, Jun Kyung and M. Suresh Sundaresan

This paper shows that when the bankruptcy code protects the creditors' rights with no impairments to secured creditors, issuance of debt such as repo with exemption from automatic stay adds no value. When the bankruptcy process admits violations of absolute priority rules or results in collateral impairments to secured creditors, the liability structure includes short-term debt, with safe harbor protection when the pledged collateral satisfies a minimum liquidity threshold.

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Type
Journal Article
Date
2020
Journal
Management Science

Should Hospitals Keep Their Patients Longer? The Role of Inpatient Care in Reducing Post-Discharge Mortality

Author
Bartel, Ann, Carri Chan , and Song-Hee Kim

The Centers for Medicare & Medicaid Services (CMS) and the National Quality Forum have endorsed the 30-day mortality rate as an important indicator of hospital quality. Concerns have been raised, however, as to whether post-discharge mortality rates are reasonable measures of hospital quality as they consider the frequency of an event that occurs after a patient is discharged and no longer under the watch and care of hospital staff. Estimating the causal effect of length-of-stay (LOS) on post-discharge mortality from retrospective data introduces a number of econometric challenges.

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Type
Journal Article
Date
2020
Journal
Journal of Finance

What Drives Anomaly Returns?

Author
Lochstoer, Lars and Paul Tetlock

We decompose the returns of five well-known anomalies into cash flow and discount rate news. Common patterns emerge across the five factor portfolios and their mean variance efficient (MVE) combination. Whereas discount rate news predominates in market returns, systematic cash flow news drives the returns of anomaly portfolios and their MVE combination with the market portfolio. Anomaly cash flow and discount rate shocks are largely uncorrelated with market cash flow and discount rate shocks and with business cycle fluctuations.

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Type
Journal Article
Date
2020

The confidence gap predicts the gender pay gap among STEM graduates

Author
Sterling, Adina, Marissa E. Thompson, Shiya Wang, and Sheri Sheppard

Women make less than men in some science, technology, engineering, and math (STEM) fields. While explanations for this gender pay gap vary, they have tended to focus on differences that arise for women and men after they have worked for a period of time. In this study we argue that the gender pay gap begins when women and men with earned degrees enter the workforce. Further, we contend the gender pay gap may arise due to cultural beliefs about the appropriateness of women and men for STEM professions that shape individuals’ self-beliefs in the form of self-efficacy.

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Type
Journal Article
Date
2020
Journal
American Economic Association Papers and Proceedings

Do Workers Comply with Salary History Bans? A Survey on Voluntary Disclosure, Adverse Selection, and Unraveling

Author
Agan, A., Bo Cowgill , and L. Gee

Salary history bans forbid employers from asking job candidates to disclose their salaries. However, applicants can still volunteer this information. Our theoretical model predicts the effect of these laws varies by how workers comply. Our survey of Americans in the labor force finds candidates fall into three compliance types: 25% always disclose their salary whether asked or not, 17% never disclose, and 58% comply with the ban (disclosing only when asked). Importantly, compliance type varies by demographics (e.g.

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Type
Journal Article
Date
2020

New Methods in the Cross-Section of Stock Returns

Author
Karolyi, G. Andrew and Stijn Van Nieuwerburgh
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Type
Journal Article
Date
2020

The Impact of Step-Down Unit Care on Patient Outcomes After Intensive Care Unit Discharge

Author
Lekwijit, Suparerk, Carri Chan , Linda Green , Vincent X. Liu, and Gabriel J. Escobar

Objectives:

To examine whether and how step-down unit admission after ICU discharge affects patient outcomes.

Design:

Retrospective study using an instrumental variable approach to remove potential biases from unobserved differences in illness severity for patients admitted to the step-down unit after ICU discharge.

Setting:

Ten hospitals in an integrated healthcare delivery system in Northern California.

Patients:

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Type
Journal Article
Date
2020
Journal
American Economic Association Papers and Proceedings

The Managerial Effects of Algorithmic Fairness Activism

Author
Cowgill, Bo, Fabrizio Dell'Acqua, and Sandra Matz

How do ethical arguments affect AI adoption in business? We randomly expose business decision-makers to arguments used in AI fairness activism. Arguments emphasizing the inescapability of algorithmic bias lead managers to abandon AI for manual review by humans and report greater expectations about lawsuits and negative PR. These effects persist even when AI lowers gender and racial disparities, and when engineering investments to address AI fairness are feasible. Emphasis on status quo comparisons yields opposite effects.

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Type
Journal Article
Date
2020
Journal
Journal of Political Economy

International Currencies and Capital Allocation

Author
Maggiori, Matteo, Brent Neiman, and Jesse Schreger
We establish currency as an important factor shaping global portfolios. Using a new security-level data set, we demonstrate that investor holdings are biased toward their own currencies to such an extent that countries typically hold most of the foreign-debt securities denominated in their currency. While large firms issue in foreign currency and borrow from foreigners, most firms issue only in local currency and do not directly access foreign capital. These patterns hold broadly across countries except for the United States, as foreign investors hold significant shares of US dollar bonds.
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Type
Journal Article
Date
2020
Journal
International Journal of Management Research

A Review of the Fads and Fashion Literature for the Digital Age

Author
Abrahamson, Eric and Alessandro Piazza
Established management practices – such as Six Sigma or business process re-engineering, as well as more recent practices such as agile management processes, HR analytics and beyond budgeting – are viewed by practitioners as the basic tools of their trade. Yet they have been known to wax and wane in popularity, often quite unpredictably, with one technique following the other in wave-like fashion.
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Type
Journal Article
Date
2020

Using Blockchain in Decision-Making that Benefits the Public Good

Author
Cerf, Moran, Sandra Matz , and Aviram Berg
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Type
Journal Article
Date
2020
Journal
Test Journal

this is test

Author
Boonmanunt, Suparee
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Type
Journal Article
Date
2020
Journal
Journal of Retailing

On the Experience and Engineering of Consumer Pride, Consumer Excitement, and Consumer Relaxation in the Marketplace

Author
Pham, Michel Tuan and Jennifer Sun

This article presents new conceptual and managerial insights about consumer experiences of positive emotions in the marketplace and how to engineer these emotional experiences for business purposes. Specifically, we provide an in-depth conceptual analysis of three positive emotions that are of high relevance for marketers: (1) consumer pride, (2) consumer excitement, and (3) consumer relaxation.

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Type
Journal Article
Date
2020

The Evolving World of Research in Marketing and the Blending of Theory and Data

Author
Lehmann, Donald
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Type
Journal Article
Date
2020

Why East Asians but not South Asians are underrepresented in leadership positions in the United States

Author
Morris, Michael, Jackson G. Lu, and Richard E. Nisbett

Well-educated and prosperous, Asians are called the “model minority” in the United States. However, they appear disproportionately underrepresented in leadership positions, a problem known as the “bamboo ceiling.” It remains unclear why this problem exists and whether it applies to all Asians or only particular Asian subgroups. To investigate the mechanisms and scope of the problem, we compared the leadership attainment of the two largest Asian subgroups in the United States: East Asians (e.g., Chinese) and South Asians (e.g., Indians).

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Type
Journal Article
Date
2020

Are Women More Creative Than Men? The Gendered Effects of Networks and Genres on Musical Creativity

Author
Mauskapf, Michael

Women participate in cultural activities such as art, music, and literature at higher rates than men, yet as creative professionals, their career achievements tend to lag behind men’s. Scholars interested in this puzzle have largely focused on gender bias in the evaluations of audiences and other gatekeepers. In this paper, we identify differences in the relative novelty of creative products, which we argue are shaped by the conditions under which male and female artists produce their work.

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Type
Journal Article
Date
2020

India in the coming ‘climate G2’?

Author
Camuzeaux, Jonathan, Thomas Sterner, and Gernot Wagner

China and the United States are the two largest emitters of greenhouse gases, making them pivotal players in global climate negotiations. Within the coming decade, however, India is set to become the most important counterpart to the United States, as it overtakes China as the country with the most at stake depending on the type of global burden-sharing agreements reached, thus becoming a member of the ‘Climate G2’.

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Type
Journal Article
Date
2020
Journal
Journal of Accounting and Economics

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Author
Penman, Stephen and Xiao-Jun Zhang
We connect conservative accounting to the cost of capital by developing an accounting model within an asset pricing framework. The model has three distinctive features: (1) transaction-cycle-conformity, where the book value equals the value of cash at the beginning and the end of a cash-to-cash transaction cycle; (2) a revenue recognition principle, where uncertainty affects the amount of revenues recognized; (3) a matching principle, where expenses are matched with revenue with a conservative bias due to uncertainty.
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Type
Journal Article
Date
2020

Flights to Safety

Author
Baele, Leiven, Geert Bekaert , Koen Inghelbrecht, and Min Wei

We identify flight-to-safety (FTS) days for 23 countries using only stock and bond returns and a model averaging approach. FTS days comprise less than 2% of the sample, and are associated with a 2.7% average bond-equity return differential and significant flows out of equity funds and into government bond and money market funds. FTS represents flights to both quality and liquidity in international equity markets, but mainly a flight-to-quality in the US corporate bond market.

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Type
Journal Article
Date
2020
Journal
Emotion

Optimizing stress: An integrated intervention for regulating stress responses

Author
Crum, A.J., J.P. Jamieson, and Modupe Akinola

The dominant cultural valuation of stress is that it is “bad for me.” This valuation leads to regulatory goals of reducing or avoiding stress. In this article, we propose an alternative approach—stress optimization—which integrates theory and research on stress mindset (e.g., Crum, Salovey, & Achor, 2013) and stress reappraisal (e.g., Jamieson, Mendes, Blackstock, & Schmader, 2010) interventions. We further integrate these theories with the extended process model of emotion regulation (Gross, 2015).

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Type
Journal Article
Date
2020

The Evolving World of Research in Marketing and the Blending of Theory and Data

Author
Lehmann, Donald
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Type
Journal Article
Date
2020
Journal
Nature Human Behavior

A Consensus-Based Transparency Checklist

Author
Aczel, B., B. Szaszi, A. Sarafoglou, Z. Kekecs, D. Benjamin, and Eric Johnson
We present a consensus-based checklist to improve and document the transparency of research reports in social and behavioural research. An accompanying online application allows users to complete the form and generate a report that they can submit with their manuscript or post to a public repository.
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Type
Journal Article
Date
2020
Journal
Journal of Retailing

Autonomous Shopping Systems: Identifying and Overcoming Barriers to Consumer Adoption

Author
de Bellis, Emanuel and Gita Johar

Technologies are becoming increasingly autonomous, able to make decisions and complete tasks on behalf of consumers. Virtual assistants already take care of grocery shopping by replenishing used up ingredients while cooking machines prepare these ingredients and implement recipes. In the future, consumers will be able to delegate substantial parts of the shopping process to autonomous shopping systems.

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Type
Journal Article
Date
2020
Journal
Journal of Marketing

Branding in a Hyperconnected World: Refocusing Theories and Rethinking Boundaries

Author
Swaminathan, Vanitha, Alina Sorescu, Jan-Benedict E.M. Steenkamp, Thomas Clayton Gibson O'Guinn, and Bernd Schmitt

Technological advances have resulted in a hyperconnected world, requiring a reassessment of branding research from the perspectives of firms, consumers, and society. Brands are shifting away from single ownership to shared ownership, as heightened access to information and people is allowing more stakeholders to cocreate brand meanings and experiences alongside traditional brand owners and managers.

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Type
Journal Article
Date
2020
Journal
Marketing Science

Consumer Reactions to Drip Pricing

Author
Santana, Shelle, Steven Dallas, and Vicki Morwitz

This research examines how drip pricing--a strategy whereby a firm advertises only part of a product's price upfront and then reveals additional mandatory or optional fees/surcharges as the consumer proceeds through the buying process--affects consumer choice and satisfaction. Across six studies, we find that when optional surcharges are dripped (vs. revealed upfront) consumers are more likely to initially select a lower base priced option which, after surcharges are included, is often more expensive than the alternative.

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Type
Journal Article
Date
2020

Consumers’ Reactions to Drip Pricing

Author
Santana, Shelle, Steven Dallas, and Vicki Morwitz
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Type
Journal Article
Date
2020
Journal
Journal of Marketing

Creating Boundary-Breaking Marketing-Relevant Consumer Research

Author
MacInnis, Deborah, Vicki Morwitz , Simona Botti, Donna Hoffman, Robert Kozinets, Donald Lehmann , John Lynch, and Connie Pechmann

Consumer research often fails to have broad impact on members of our own discipline, on adjacent disciplines studying related phenomena, and on relevant stakeholders who stand to benefit from the knowledge created by our rigorous research. We propose that impact is limited because consumer researchers have adhered to a set of implicit boundaries or defaults regarding what we study, why we study it, and how we do so. We identify these boundaries and describe how they can be challenged.

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Type
Journal Article
Date
2020
Journal
The Accounting Review

Earnings and Firm Value in the Presence of Real Options

Author
Hiemann, Moritz
To explain the empirically documented non-linear, non-monotonic relationship between earnings and firm value, it suffices to assume that firms continually take profit-maximizing decisions in response to newly arriving investment opportunities. The real options embedded in these opportunities create hysteresis effects that lead to the well-known, but so far poorly understood, negative earnings-to-value relation among loss-making firms. Optionality also predicts the future growth component of firm value to be a decreasing function of earnings among highly profitable firms.
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Type
Journal Article
Date
2020
Journal
Journal of Economic Perspectives

Evaluating State and Local Business Incentives

Author
Slattery, Cailin and Owen Zidar
This essay describes and evaluates state and local business tax incentives in the United States. In 2014, states spent between 5 USD and 216 USD per capita on incentives for firms in the form of firm-specific subsidies and general tax credits, which mostly target investment, job creation, and research and development. States with higher per capita incentives tend to have higher state corporate tax rates.
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Type
Journal Article
Date
2020
Journal
Journal of Economic Theory

Incomplete Market Demand Tests for Kreps-Porteus-Selden Preferences

Author
Kubler, Felix, Larry Selden , and Xiao Wei

What does utility maximization subject to a budget constraint imply for intertemporal choice under uncertainty? Assuming consumers face a two period consumption-portfolio problem where asset markets are incomplete, we address this question following both the standard local infinitesimal and finite data approaches. To focus on the separate roles of time and risk preferences, individuals maximize KPS (Kreps-Porteus-Selden) preferences. The consumption-portfolio problem is decomposed into a one period portfolio problem and a two period certainty consumption-saving problem.

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Type
Journal Article
Date
2020
Journal
Journal of Business Anthropology

Inspiring Brand Positionings with Mixed Qualitative Methods: A Case of Pet Food

Author
Morais, Robert

Qualitative research is often used by marketers to develop new brand positionings. This case illustrates how two sequentially applied qualitative approaches were used to generate positionings for a pet food brand. The methods included psychologically oriented focus groups and anthropologically informed ethnographies. When implemented independently by a single market research company, the two approaches inspired highly distinctive brand positionings.

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Type
Journal Article
Date
2020
Journal
Journal of Marketing Research

Modeling Dynamic Heterogeneity Using Gaussian Processes

Author
Dew, Ryan, Yang Li, and Asim Ansari

Marketing research relies on individual-level estimates to understand the rich heterogeneity of consumers, firms, and products. While much of the literature focuses on capturing static cross-sectional heterogeneity, little research has been done on modeling dynamic heterogeneity, or the heterogeneous evolution of individual-level model parameters. In this work, the authors propose a novel framework for capturing the dynamics of heterogeneity, using individual-level, latent, Bayesian nonparametric Gaussian processes.

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Type
Journal Article
Date
2020
Journal
Contemporary Accounting Research

Moving the Conceptual Framework Forward: Accounting for Uncertainty

Author
Barker, Richard and Stephen Penman

To meet the objectives of financial reporting in the IASB's Conceptual Framework, the "balance-sheet approach" embraced by the Framework is necessary but not sufficient. Critical, but largely overlooked, is the role of uncertainty, which we argue defines the role of accrual accounting as a distinctive source of information for investors when investment outcomes are uncertain. This role is in some sense paradoxical: on the one hand, uncertainty undermines both the balance sheet (because uncertain assets are unrecognized) and the income statement (because mismatching is unavoidable).

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Type
Journal Article
Date
2020
Journal
Journal of Marketing Research

Multiperiod Contracting and Salesperson Effort Profiles: The Optimality of "Hockey Stick," "Giving Up" and "Resting on Laurels"

Author
Jerath, Kinshuk and Fei Long

We study multi-period sales-force incentive contracting where salespeople can engage in effort gaming, a phenomenon that has extensive empirical support. Focusing on a repeated moral hazard scenario with two independent periods and a risk-neutral agent with limited liability, we conduct a theoretical investigation to understand which effort profiles the firm can expect under the optimal contract.

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Type
Journal Article
Date
2020

Ordering sequential competitions to reduce order relevance: Soccer penalty shootouts

Author
Olivares, Marcelo, N. Rudi, and A. Shetty
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Type
Journal Article
Date
2020
Journal
Organization Science

Penalizing the Underdogs? Employment Protection and the Competitive Dynamics of Firm Innovation

Author
Keum, Daniel
This study examines how constraining a firm�s ability to adjust resources affects innovation. In response to losing competitiveness, laggard firms must release obsolete resources and increase experimentation with new resources. Limiting the pace and efficiency at which they can do so impedes their ability to innovate and challenge leaders. I explore these ideas empirically by exploiting the staggered adoption of employment protection laws by U.S.
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Type
Journal Article
Date
2020
Journal
The Ramanujan Journal

Properties of Reciprocity Formulas for the Rogers-Ramanujan Continued Fractions

Author
Kohli, Rajeev
Ramanujan recorded four reciprocity formulas for the Rogers-Ramanujan continued fractions. Two reciprocity formulas each are also associated with the Ramanujan-Gollnitz-Gordon continued fractions and a level-13 analog of the Rogers-Ramanujan continued fractions. We show that all eight reciprocity formulas are related to a pair of quadratic equations. The solution to the first equation generalizes the golden ratio and is used to set the value of a coefficient in the second equation; and the solution to the second equation gives a pair of values for a continued fraction.
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Type
Journal Article
Date
2020
Journal
Quantitative Marketing and Economics

Search Query Formation by Strategic Consumers

Author
Liu, Jia and Olivier Toubia

Submitting queries to search engines has become a major way for consumers to search for information and products. The massive amount of search query data available today has the potential to provide valuable information on consumer preferences. In order to unlock this potential, it is necessary to understand how consumers translate their preferences into search queries. Strategic consumers should attempt to maximize the information content of the search results, conditional on a set of beliefs on how the search engine operates.

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Type
Journal Article
Date
2020

Sequential Information Design

Author
doval, laura
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Type
Journal Article
Date
2020
Journal
Marketing Letters

Speciesism: An Obstacle to AI and Robot Adoption

Author
Schmitt, Bernd

Once artificial intelligence (AI) is indistinguishable from human intelligence, and robots are highly similar in appearance and behavior to humans, there should be no reason to treat AI and robots differently from humans. However, even perfect AI and robots may still be subject to a bias (referred to as speciesism in this article), which will disadvantage them and be a barrier to their commercial adoption as chatbots, decision and recommendation systems, and staff in retail and service settings.

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Type
Journal Article
Date
2020

Stochastic Market Microstructure Models of Limit Order Books (abstract + video)

Author
Maglaras, Costis and R. Cont

Many financial markets are operated as electronic limit order books (LOBs). Over short time scales, seconds to minutes, LOBs can be best understood and modeled as stochastic dynamical systems, and, specifically, ones that exhibit interesting and relevant queueing phenomena. I will offer a brief overview of algorithmic trading in a limit order book, and highlight how queueing phenomena play an important role in trade execution, and as a consequence in market behavior.

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