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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
2025

Taking A Stand While Abroad? Towards A Theory of MNCs' Sociopolitical Activism in Host Countries

Author
Minefee, Ishva and Lori Yue

With multinational corporations (MNCs) increasingly taking public stances on sociopolitical issues such as immigration, LGBTQ+ rights, and racism, it is imperative that International Business (IB) research keeps pace with normative societal debates. In this paper, we introduce the concept of corporate sociopolitical activism (SPA) to the IB literature and develop theory on why MNCs consistently or inconsistently engage in SPA in response to the same issue in their home country and a host country.

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Type
Journal Article
Date
2025

The welfare impact of recommendation algorithms

Author
Doval, Laura and Alex Smolin

In this letter, we summarize our recent work on the welfare impact of recommendation algorithms and propose questions for further study. We model recommendation algorithms as an information structure, which shapes how a third party takes actions that affect the welfare of different individuals in a population. Each recommendation algorithm thus induces a welfare profile, describing the expected payoffs of different individuals when the third party takes actions following the algorithm.

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Type
Journal Article
Date
2025

Better Innovation for a Better World

Author
Toubia, Olivier

We aim to stimulate discussion on how innovation research within marketing can use a better world (BW) perspective to help innovation become a driver of positive change in the world. In this "Challenging the Boundaries" series paper, we hope to provide purposeful research opportunities for scholars seeking to bridge innovation research with the BW movement. We frame our discussion with four areas of innovation research in marketing that are particularly relevant to BW objectives.

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Type
Journal Article
Date
2024

Elite Conflict and Industry Regulation: How Political Polarization Affects Local Restriction and State Preemption of the U.S. Hydraulic Fracturing Industry

Author
Yue, Lori and Yuni Wen

We leverage Lachmann’s insight on elite conflict to explain the politics surrounding industry regulation in contemporary America and argue that conflicts between political elites create both constraints on industry players and opportunities for them to shape regulation. The widening urban-rural polarization of American society, in particular, has made urban political elites more liberal than those in state politics. The greater the political polarization of a state,  the more local restrictions the nascent U.S.

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Type
Journal Article
Date
2024

CSR as Hedging Against Institutional Transition Risk: Corporate Philanthropy After the Sunflower Movement in Taiwan

Author
Cai, Yishu , Lori Yue , Fangwen Lin, Shipeng Yan, and Haibin Yang

Firms with political connections to a regime with an authoritarian history face a dilemma when the regime undergoes a democratic transition. Such connections provide an essential competitive advantage when the regime is in power but become a liability when an institutional transition brings democratic change. This study theorizes that when mass protests expose a regime’s distorted policies favoring elites over others and signal a high probability of regime turnover, firms may hedge against the risks associated with their political connections by engaging in philanthropy.

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Type
Journal Article
Date
2024

Serving with a Smile on Airbnb: Analyzing the Economic Returns and Behavioral Underpinnings of the Host’s Smile

Author
Zhang, Shunyuan, Elizabeth Friedman , Kannan Srinivasan, Ravi Dhar, and Xupin Zhang

Non-informational cues, such as facial expressions, can significantly influence judgments and interpersonal impressions. While past research has explored how smiling affects business outcomes in offline or in-store contexts, relatively less is known about how smiling influences consumer choice in e-commerce settings even when there is no face-to-face interaction.

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Type
Journal Article
Date
2024

The Entry-Deterring Effects of Synergies in Complementor Acquisitions: Evidence from Apple’s Digital Platform Market, the iOS App Store

Author
Wang, Yongzhi (Alex), Lori Yue , Nandini Rajagoplan, and Xun (Brian) Wu

Acquisitions can shift the market structure of a digital platform in ways that affect subsequent entries and hence the platform’s base of complementors. Synergies that complementor acquirers accrue can be entry-deterring. We develop a two-by-two typology of acquisition synergies in a multisided platform based on the two sides of a platform market (user side or complementary-technology side) and two sources of synergies (scale or scope economies).

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Type
Journal Article
Date
2024

Stable Matching on the Job? Theory and Evidence on Internal Talent Markets

Author
Cowgill, Bo, Jonathan Davis, Pablo Montagnes, and Patryk Perkowski

A principal often needs to match agents to perform coordinated tasks, but agents can quit or slack off if they dislike their match. We study two prevalent approaches for matching within organizations: centralized assignment by firm leaders and self-organization through market-like mechanisms. We provide a formal model of the strengths and weaknesses of both methods under different settings, incentives, and production technologies. The model highlights trade-offs between match-specific productivity and job satisfaction.

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Type
Journal Article
Date
2024

Firms’ Rhetorical Nationalism: Theory, Measurement, and Evidence from a Computational Analysis of Chinese Public Firms

Author
Yue, Lori, Jiexin Zheng, and Kaixian Mao

In this paper, we develop a computational measure of the firm-level rhetorical nationalism. We first review the literature and develop a four-dimensional theoretical framework of nationalism relevant to firms: national pride, anti-foreign, dominant agenda, and corporate role. We then use machine-learning-based text analysis of over 41,000 annual reports of Chinese public firms from 2000 to 2020 and identify a dictionary of words for each dimension.

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Type
Journal Article
Date
2024

Valuing Financial Data

Author
Farboodi, Maryam, Dhruv Singal, Laura Veldkamp , and Venky Venkateswaran

How should an investor value financial data? The answer is complicated because it depends on the characteristics of all investors. We develop a sufficient statistics approach that uses equilibrium asset return moments to summarize all relevant information
about others’ characteristics. It can value data that is public or private, about one or many assets, relevant for dividends or for sentiment. While different data types, of course, have different valuations, heterogeneous investors also value the same data

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Type
Journal Article
Date
2024

Americans misperceive the frequency and format of political debate

Author
Bailey, Erica R., Mike W. White , Sheena Iyengar , and Modupe Akinola

Disagreement over divergent viewpoints seems like an ever-present feature of American life—but how common is debate and with whom do debates most often occur? In the present research, we theorize that the landscape of debate is distorted by social media and the salience of negativity present in high-profile spats. To understand the true landscape of debate, we conducted three studies (N = 2985) across online and lab samples.

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Type
Journal Article
Date
2024

Personalized Pricing and the Value of Time: Evidence from Auctioned Cab Rides

Author
Buchholz, Nicholas, Laura Doval , Jakub Kastl, Filip Matejka, and Tobias Salz

We recover valuations of time using detailed data from a large ride-hail platform, where drivers bid on trips and consumers choose between a set of rides with different prices and wait times. Leveraging a consumer panel, we estimate demand as a function of both prices and wait times and use the resulting estimates to recover heterogeneity in the value of time across consumers. We study the welfare implications of personalized pricing and its effect on the platform, drivers, and consumers.

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Type
Journal Article
Date
2024

Supply, demand and polarization challenges facing US climate policies

Author
Burgess, Matthew G., Leaf Van Boven, Gernot Wagner , Gabrielle Wong-Parodi, Kyri Baker, Maxwell Boykoff, Benjamin A. Converse, Lisa Dilling, Jonathan M. Gilligan, Yoel Inbar, Ezra Markowitz, Jonathan D. Moyer, Peter Newton, Kaitlin T. Raimi, Trisha Shrum, and Michael P. Vandenbergh

The United States recently passed major federal laws supporting the energy transition, and analyses suggest that their successful implementation could reduce US emissions more than 40% below 2005 levels by 2030. However, achieving maximal emissions reductions would require frictionless supply and demand responses to the laws’ incentives and implementation that avoids polarization and efforts to repeal or undercut them. In this Perspective, we discuss some of these supply, demand and polarization challenges.

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Type
Journal Article
Date
2024

Policy Learning in Nascent Industries’ Venue Shifting: A Study of the U.S. Small Unmanned Aircraft Systems (UAS) Industry

Author
Yue, Lori and Jue Wang

Industry groups engage in venue shifting when they seek to overturn or alter restrictive regulations imposed by one political venue through another. A critical step in this process is resolving uncertainties surrounding the preference of the targeted venue and the nature of the relevant policy proposal. While existing studies emphasize a long-term trial-and-error process of policy learning, we focus on nascent industries and argue that ventures seek other information sources to resolve these uncertainties quickly.

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Type
Journal Article
Date
2024

Work engagement and burnout in anticipation of physically returning to work: The interactive effect of imminence of return and self-affirmation

Author
Brockner, Joel and Marius van Dijke

Due to the Covid-19 pandemic, many employees have spent a considerable amount of time being forced to work from home (WFH). We draw on the Job Demands-Resources (JD-R) model and self-affirmation theory to study how the anticipation of returning to the physical workplace affects work engagement and burnout. We assumed that employees are conflicted about returning to work (RTW). Whereas they may look forward to RTW they also appreciate aspects of WFH which would have to be foregone.

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Type
Journal Article
Date
2023

Dynamic Banking and the Value of Deposits

Author
Bolton, Patrick, Ye Li, Neng Wang , and Jinqiang Yang

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.

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Type
Journal Article
Date
2023

Dark defaults: How choice architecture steers political campaign donations

Author
Posner, Nathaniel, Andrey Simonov , Kellen Mrkva, and Eric Johnson

In the months before the 2020 U.S. election, several political campaign websites added prechecked boxes (defaults), automatically making all donations into recurring weekly contributions unless donors unchecked them. Since these changes occurred at different times for different campaigns, we use a staggered difference-in-differences design to measure the causal effects of defaults on donors’ behavior. We estimate that defaults increased campaign donations by over $43 million while increasing requested refunds by almost $3 million.

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Type
Journal Article
Date
2023

Judging foreign startups

Author
Wright, Nataliya, Rembrand Koning, and Tarun Khanna

Can accelerators pick the most promising startup ideas no matter their provenance? Using unique data from a global accelerator where judges are randomly assigned to evaluate startups headquartered across the globe, we show that judges are less likely to recommend startups headquartered outside their home region by 4 percentage points. Back-of-the-envelope calculations suggest this discount leads judges to pass over 1 in 20 promising startups.

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Type
Journal Article
Date
2023

Global Value Chains in Developing Countries: A Relational Perspective from Coffee and Garments

Author
Boudreau, Laura, Julia Cajal-Grossi, and Rocco Macchiavello

There is a consensus that global value chains have aided developing countries' growth. This essay highlights the governance complexities arising from participating in such chains, drawing from lessons we have learned conducting research in the coffee and garment supply chains. Market power of international buyers can lead to inefficiently low wages, prices, quality standards, and poor working conditions. At the same time, some degree of market power might be needed to sustain long-term supply relationships that are beneficial in a world with incomplete contracts.

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Type
Journal Article
Date
2023
Journal
Nature Climate Change

Participating in a climate prediction market increases concern about global warming

Author
Cerf, Moran, Sandra Matz , and Malcolm A. MacIver

Modifying attitudes and behaviours related to climate change is difficult. Attempts to offer information, appeal to values and norms or enact policies have shown limited success. Here we examine whether participation in a climate prediction market can shift attitudes by having the market act as a non-partisan adjudicator and by prompting participants to put their ‘money where their mouth is’.

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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

Does ESG Negative Screening Work?

Author
Rajgopal, Shivaram, Jing Xie, and Robert G. Eccles

We revisit the firm value and pricing implications of the negative screening of sin stocks. Unlike prior work, we find that institutional ownership and valuations related to sin stocks are not different from those of other stocks after controlling for differences in fundamentals between sin and non-sin stocks. Sin stocks do not differ in the likelihood of exiting the public market, the cost of raising new equity, and in the announcement returns around negative ESG news relative to non-sin stocks, casting further doubt on whether negative screening hurts sin stocks.

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Type
Journal Article
Date
2022

Issues Revisited from Rumelt’s (1974) “Diversification, Strategy & Performance”

Author
Harrigan, Kathryn

Performance expectations are revisited pertaining to particular corporate strategies that were highlighted by Rumelt (1974). In particular, suggestions regarding expectations about conglomerate enterprises, vertical integration, and mature- or declining-demand businesses are offered in light of additional information about research findings and observed industry phenomena that are at odds with information available when Rumelt's (1974) study of diversification was performed.

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Type
Journal Article
Date
2022

Principles of Strategy: A Practice-Based View

Author
Harrigan, Kathryn and James Gorman

The SMR was pleased to conduct a set of launch conferences before its first published issue in 2020. One launch conference occurred at Columbia Business School in the summer of 2019 at which James Gorman, Chairman and CEO of Morgan Stanley served as the keynote speaker. An edited excerpt of part of his address appears below, in which he describes essential elements of his conception of strategy, or his principles of strategy. Kathryn Rudie Harrigan, Henry R.

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Type
Journal Article
Date
2022

Organizations with Power-Hungry Agents

Author
Dessein, Wouter and Richard Holden

We analyze a model of hierarchies in organizations in which neither decisions nor the delegation of decisions is contractible and in which power-hungry agents derive a private benefit from making decisions. Two distinct agency problems arise and interact: subordinates make more biased decisions (which favors adding more hierarchical layers), but uninformed superiors may fail to delegate (which favors removing layers). A designer may remove intermediate layers of the hierarchy (eliminate middle managers) or flatten an organization by removing top layers (eliminate top managers).

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Type
Journal Article
Date
2021

Mitigating Gig and Remote Worker Misconduct: Evidence from Remote Worker Misconduct: Evidence from a Real Effort Experiment

Author
Burbano, Vanessa

Employee misconduct is costly to organizations and has the potential to be even more common in gig and remote work contexts, in which workers are physically distant from their employers. There is, thus, a need for scholars to better understand what employers can do to mitigate misconduct in these nontraditional work environments, particularly as the prevalence of such work environments is increasing.

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Type
Journal Article
Date
2021
Journal
Journal of Financial Economics

Debt Relief and Slow Recovery: A Decade after Lehman

Author
Piskorski, Tomasz and Amit Seru

We follow a representative panel of millions of consumers in the U.S. from 2007 to 2017 and document several facts on the long-term effects of the Great Recession. There were about six million foreclosures in the ten-year period after Lehman's collapse. Owners of multiple homes accounted for 25% of these foreclosures, while comprising only 13% of the market. Foreclosures displaced homeowners, with most of them moving at least once. Only a quarter of foreclosed households regained homeownership, taking an average four years to do so.

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Type
Journal Article
Date
2021

Retrospective on Corporate Renewal

Author
Harrigan, Kathryn

An historical review of managers' corporate renewal decisions reveals an evolving pattern away from using operating turnarounds in favor of making changes in corporate scope via transactions. One explanation for this progression away from operations is that financial valuation considerations supplant other inputs to managers' strategic logics — a reflection of the rising influence of financial institutions as activist owners.

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Type
Journal Article
Date
2021

Intermediation in the Interbank Lending Market

Author
Craig, Ben and Yiming Ma

This paper studies systemic risk in the interbank market. We first establish that in the German interbank lending market, a few large banks intermediate funding flows between many smaller periphery banks. We then develop a network model in which banks trade off the costs and benefits of link formation to explain these patterns. The model is structurally estimated using banks' preferences as revealed by the observed network structure before the 2008 financial crisis.

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Type
Journal Article
Date
2021
Journal
Organization & Environment

Getting Gig Workers to Do More by Doing Good: Field Experimental Evidence from Online Platform Labor Marketplaces

Author
Burbano, Vanessa

This article describes randomized field experiments implemented on two online labor market platforms examining the effect of employer charitable giving on a source of human capital that is becoming increasingly important to firms: the gig worker. It provides support that a message about charitable giving increases gig workers' willingness to complete extra work, and that pro-socially oriented gig workers are most responsive.

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Type
Journal Article
Date
2021
Journal
Management Science

Underwriting Government Debt Auctions: Auction Choice and Information Production

Author
Gupta, Sudip, Rangarajan Sundaram, and M. Suresh Sundaresan

In this paper, we examine a novel two-stage mechanism for selling government securities, wherein the dealers underwrite in the first stage the sale of securities, which are auctioned in stage 2 via either a discriminatory auction (DA) or a uniform price auction (UPA).

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Type
Journal Article
Date
2021
Journal
Journal of Financial Economics

Sticking to Your Plan: The Role of Present Bias for Credit Card Paydown

Author
Kuchler, Theresa and Michaela Pagel

Using high-frequency transaction-level income, spending, balances, and credit limits data from an online financial service, we show that many consumers fail to stick to their self-set debt paydown plans and argue that this behavior is best explained by a model of present bias. Theoretically, we show that (i) a present-biased agent's sensitivity of consumption spending to paycheck receipt reflects his or her short-run impatience and that (ii) this sensitivity varies with available resources only for agents who are aware (sophisticated) rather than unaware (naive) of their future impatience.

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Type
Journal Article
Date
2021
Journal
Journal of Political Economy

Taking Orders and Taking Notes: Dealer Information Sharing in Treasury Auctions

Author
Boyarchenko, Nina, David Lucca, and Laura Veldkamp

The use of order flow information by financial firms has come to the forefront of the regulatory debate. A central question is: Should a dealer who acquires information by taking client orders be allowed to use or share that information? We explore how information sharing affects dealers, clients and issuer revenues in U.S. Treasury auctions. Because one cannot observe alternative information regimes, we build a model, calibrate it to auction results data, and use it to quantify counter-factuals. The model's key force is that sharing information reduces uncertainty about future value.

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Type
Journal Article
Date
2021
Journal
Management Science

The Demotivating Effects of Communicating a Social-Political Stance: Field Experimental Evidence from an Online Labor Market Platform

Author
Burbano, Vanessa

Despite a recent surge in corporate activism, with firm leaders communicating about social-political issues unrelated to their core businesses, we know little about its strategic implications. This paper examines the effect of an employer communicating a stance about a social-political issue on employee motivation, using a two-phase, pre-registered field experiment in an online labor market platform. Results demonstrate an asymmetric treatment effect of taking a stance depending on whether the employee agrees or disagrees with that stance.

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Type
Journal Article
Date
2021
Journal
Review of Financial Studies

Consumption Imputation Errors in Administrative Data

Author
Baker, Scott, Lorenz Kueng, Steffen Meyer, and Michaela Pagel

Many research papers in household finance utilize annual snapshots of household wealth from administrative data, such as tax registries, to calculate "imputed consumption." However, trading costs, unobserved intra-year trades, or unobserved security characteristics may cause measurement error. We document how such errors vary across groups of individuals by income, portfolio characteristics, and wealth and how they are correlated with individual income and balance sheets, asset prices, and the business cycle using transaction-level retail brokerage account data.

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Type
Journal Article
Date
2020
Journal
The Review of Asset Pricing Studies

How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic

Author
Pagel, Michaela

Utilizing transaction-level financial data, we explore how household consumption responded to the onset of the COVID-19 pandemic. As case numbers grew and cities and states enacted shelter-in-place orders, Americans began to radically alter their typical spending across a number of major categories. In the first half of March 2020, individuals increased total spending by over 40% across a wide range of categories.

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Type
Journal Article
Date
2020
Journal
American Economic Review

Long Run Growth of Financial Data Technology

Author
Farboodi, Maryam and Laura Veldkamp

"Big data" financial technology raises concerns about market inefficiency. A common concern is that the technology might induce traders to extract others' information, rather than to produce information themselves. We allow agents to choose how much they learn about future asset values or about others' demands, and we explore how improvements in data processing shape these information choices, trading strategies and market outcomes. Our main insight is that unbiased technological change can explain a market-wide shift in data collection and trading strategies.

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Type
Journal Article
Date
2020
Journal
Journal of Political Economy

The Tail That Wags the Economy: Beliefs and Persistent Stagnation

Author
Kozlowski, Julian, Laura Veldkamp , and Venky Venkateswaran

The Great Recession was a deep downturn with long-lasting effects on credit, employment and output. While narratives about its causes abound, the persistence of GDP below pre-crisis trends remains puzzling. We propose a simple persistence mechanism that can be quantified and combined with existing models. Our key premise is that agents don't know the true distribution of shocks, but use data to estimate it non-parametrically. Then, transitory events, especially extreme ones, generate persistent changes in beliefs and macro outcomes.

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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
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
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
2019

Next-Generation Regulation for Next-Generation TV

Author
Noam, Eli

The Emerging Video Cloud System

Few questions are fraught with more long-term implications than the way we shape our communications system. If the medium is indeed the message, and if these messages influence people and institutions, then tomorrow’s media, and today’s media policies, will govern future society, culture, and economy.

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Type
Journal Article
Date
2019
Journal
Journal of Economic Behavior & Organization

Prospective Gain-Loss Utility: Ordered versus Separated Comparison

Author
Pagel, Michaela

Koszegi and Rabin (2006, 2007) develop a model of expectations-based reference-dependent preferences, in which the agent experiences prospect-theory inspired "gain-loss utility" by comparing his actual consumption to all his previously expected consumption outcomes. Koszegi and Rabin (2009) generalize the static model to a dynamic setting by assuming that the agent experiences both contemporaneous gain-loss utility over present consumption and prospective gain-loss utility over changes in expectations about future consumption.

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Type
Journal Article
Date
2019

Data and the Aggregate Economy

Author
Chung, Cindy and Laura Veldkamp

Over the past decade, data has transformed everyday life. While it has changed the way people shop and businesses operate (Goldfarb and Tucker, 2019), it has only just begun to permeate economists thinking about the aggregate economy. In the early twentieth century, economists like Schultz (1943) analyzed agrarian economies and land-use issues. As agricultural productivity improved, production shifted more to manufacturing. Modern macroeconomics adapted with models featuring capital and labor, markets for goods, and equilibrium wages (Solow, 1956).

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Type
Journal Article
Date
2019
Journal
Journal of Consumer Research

The Pleasure of Assessing and Expressing Our Likes and Dislikes

Author
He, Daniel, Shiri Melumad, and Michel Tuan Pham

Although consumer behavior theory has traditionally regarded evaluations as instrumental to consumer choice, in reality consumers often assess and express what they like and dislike even when there is no decision at stake. Why are consumers so eager to express their evaluations when there is no ostensible purpose for doing so? In this research, we advance the thesis that this is because consumers derive an inherent pleasure from assessing and expressing their likes and dislikes.

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Type
Journal Article
Date
2019
Journal
Journal of Finance

Household Debt Overhang and Unemployment

Author
Donaldson, Jason, Giorgia Piacentino , and Anjan Thakor

We use a labor-search model to explain why the worst employment slumps often follow expansions of household debt. We find that households protected by limited liability suffer from a household-debt-overhang problem that leads them to require high wages to work. Firms respond by posting high wages but few vacancies. This vacancy-posting effect implies that high household debt leads to high unemployment.

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Type
Journal Article
Date
2019
Journal
Journal of Accounting Research

Investment Dynamics and Earnings-Return Properties: A Structural Approach

Author
Breuer, Matthias and David Windisch

We propose the standard neoclassical model of investment under uncertainty with short-run adjustment frictions as a benchmark for earnings-return patterns absent accounting influences. We show that our proposed benchmark generates a wide range of earnings-return patterns documented in prior accounting research. Notably, our model generates a concave earnings-return relation, similar to that of Basu [1997], and predicts that the earnings-return concavity increases in the volatility of firms' underlying shock processes and decreases in investment levels.

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Type
Journal Article
Date
2019
Journal
Journal of Finance

Venture Capital and Capital Allocation

Author
Piacentino, Giorgia

I show that venture capitalists' motivation to build reputation can have beneficial effects in the primary market, mitigating information frictions and helping firms go public. Because uninformed reputation-motivated venture capitalists want to appear informed, they are biased against backing firms — by not backing firms, they avoid taking low-value firms to market, which would ultimately reveal their lack of information. In equilibrium, reputation-motivated venture capitalists back relatively few bad firms, creating a certification effect that mitigates information frictions.

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Type
Journal Article
Date
2019
Journal
Journal of Finance

An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans

Author
Klingler, Sven and M. Suresh Sundaresan

The 30-year U.S. swap spreads have been negative since September 2008. We offer a novel explanation for this persistent anomaly. Through an illustrative model, we show that underfunded pension plans optimally use swaps for duration hedging. Combined with dealer banks' balance sheet constraints, this demand can drive swap spreads to become negative. Empirically, we construct a measure of the aggregate funding status of Defined Benefit pension plans and show that this measure is a significant explanatory variable of 30-year swap spreads.

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Type
Journal Article
Date
2019
Journal
Journal of Consumer Research

From Atoms to Bits and Back: A Research Curation on Digital Technology and Agenda for Future Research

Author
Schmitt, Bernd

As a result of the digital revolution, new topics and themes have entered consumer research, and, as the digital revolution enters a new phase, additional new concepts and research questions will emerge. To illustrate the variety of themes on digital technology that consumer researchers have studied, I am presenting a collection of five articles that represent this active new research area. Moreover, I will look into the future and propose a research agenda to address key consumer behavior issues occurring during the next phase of the digital transformation.

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