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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
Newspaper/Magazine Article
Date
2014
Publication
Wall Street Journal

B-Schools Take on the Family Business

Author
Angus, Patricia
When second- and third-generation managers take over the family business, they often face more complex issues than their parents once did. Owners like these are now fueling a rising demand among business schools for programs that cater to their specific needs in areas such as succession planning, asset management and communication. Patricia Angus, a family wealth consultant who teaches the course on family enterprises at Columbia Business School, contributes to this article by Adam Rubenfire.
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Type
Journal Article
Date
2014
Journal
Journal of Experimental Social Psychology

Averted eye-gaze disrupts configural face encoding

Author
Young, S.G., Michael Slepian, J.P. Wilson, and K. Hugenberg
Faces are processed in a configural manner (i.e., without decomposition into individual face features), an effect attributed to humans having a high degree of face processing expertise. However, even when perceiver expertise is accounted for, configural processing is subject to a number of influences, including the social relevance of a face. In the current research, we present two experiments that document the influence of eye-gaze direction (direct or averted) on configural encoding of faces.
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Type
Working Paper
Date
2014

Backward Dispersion Measures and Out-of-the-Box Inventions

Author
Harrigan, Kathryn, Maria Chiara DiGuardo, and Brian Velez
Using a scoring methodology that is a refinement over the Trajtenberg, et al (1997) indices, we found that the financial performance measures of communications services firms having patents which synthesized highly-diverse technological knowledge streams had positively correlated patterns with scores for backward-cited antecedents.
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Type
Journal Article
Date
2014
Journal
Social Psychological and Personality Science

Does travel broaden the mind? Breadth of foreign experiences increases generalized trust

Author
Cao, J., Adam Galinsky, and W. Maddux

Five studies examined the effect of breadth and depth of foreign experiences on generalized trust. Study 1 found that the breadth (number of countries traveled) but not the depth (amount of time spent traveling) of foreign travel experiences predicted trust behavior in a decision-making game. Studies 2 and 3 established a causal effect on generalized trust by experimentally manipulating a focus on the breadth versus depth of foreign experiences. Study 4 used a longitudinal design to establish that broad foreign travel experiences increased generalized trust.

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Type
Journal Article
Date
2014
Journal
Social Psychological and Personality Science

Expanding opportunities by opening your mind: Multicultural engagement predicts job market success through longitudinal increases in integrative complexity

Author
Maddux, W., E. Bivolaru, A. Hafenbrack, C. Tadmor, and Adam Galinsky

A longitudinal study found that the psychological approach individuals take when immersed in a general multicultural environment can predict subsequent career success. Using a culturally diverse sample, we found that "multicultural engagement" — the extent to which students adapted to and learned about new cultures — during a highly international 10-month master of business administration (MBA) program predicted the number of job offers students received after the program, even when controlling for important personality/demographic variables.

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Type
Journal Article
Date
2014
Journal
Games and Economic Behavior

Incentives and Group Identity

Author
Masella, Paolo, Stephan Meier, and Philipp Zahn
This paper investigates in a principal-agent environment whether and how group membership influences the effectiveness of incentives and when incentives can have "hidden costs," i.e., a detrimental effect. We show experimentally that in all interactions control mechanisms can have hidden costs for reasons specific to group membership. In within-group interactions control has detrimental effects because the agent does not expect to be controlled and reacts negatively when being controlled.
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Type
Journal Article
Date
2014
Journal
Management Science

Information aggregation and allocative efficiency in smooth markets

Author
Iyer, Kris, Ramesh Johari, and Ciamac Moallemi

Recent years have seen extensive investigation of the information aggregation properties of markets. However, relatively little is known about conditions under which a market will aggregate the private information of rational risk averse traders who optimize their portfolios over time; in particular, what features of a market encourage traders to ultimately reveal their private information through trades? We consider a market model involving finitely many informed risk-averse traders interacting with a market maker.

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Type
Journal Article
Date
2014
Journal
Journal of Economic Behavior & Organization

Myopic Separability

Author
Kannai, Yakar, Larry Selden, and Xiao Wei

In the classic certainty multiperiod, multigood demand problem, suppose preferences for current and past period consumption are separable from consumption in future periods. Then optimal demands can be determined from the standard two stage budgeting process, where optimal current period demands depend only on current and past prices and current period expenditure. Unfortunately this simplification does not significantly reduce the informational requirements for the decision maker since in general the expenditure is a function of future prices.

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Type
Chapter
Date
2014
Book
Interpersonal relations, vol. 3 of APA handbook of personality and social psychology

Power: Past findings, present considerations, and future directions

Author
Galinsky, Adam, Derek D. Rucker, and J. Magee
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Type
Journal Article
Date
2014
Journal
Journal of Consumer Psychology

Using Consumer Psychology to Fight Obesity

Author
Pham, Michel Tuan
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Type
Journal Article
Date
2014
Journal
International Journal of Research in Marketing

Choosing a Digital Content Strategy: How Much Should be Free?

Author
Halbheer, Daniel, Florian Stahl, and Donald Lehmann

Advertising supported content sampling is ubiquitous in online markets for digital information goods. Yet, little is known about the profit impact of sampling when it serves the dual purpose of disclosing content quality and generating advertising revenue. This paper proposes an analytical framework to study the optimal content strategy for online publishers and shows how it is determined by characteristics of both the content market and the advertising market.

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Type
Book
Date
2014

Creating a Learning Society: A New Approach to Growth, Development, and Social Progress

Author
Stiglitz, Joseph and Bruce Greenwald

It has long been recognized that an improved standard of living results from advances in technology, not from the accumulation of capital. It has also become clear that what truly separates developed from less-developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely a function of the pace at which they close that gap.

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Type
Journal Article
Date
2014

Empirical Generalizations in Retailing

Author
Kamakura, Wagner A, Praveen K. Kopalle, and Donald Lehmann
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Type
Journal Article
Date
2014
Journal
Journal of Consumer Research

How and When Grouping Low-Calorie Options Reduces the Benefits of Providing Dish-Specific Calorie Information

Author
Parker, Jeffrey and Donald Lehmann

To date the effectiveness of inducing lower-calorie choices by providing consumers with calorie information has yielded mixed results. Here four controlled experiments show that adding dish-specific calorie information to menus (calorie posting) tends to result in lower-calorie choices. However, additionally grouping low-calorie dishes into a single "low-calorie" category (calorie organizing) ironically diminishes the positive effects of calorie posting. This outcome appears to be caused by the effect that grouping low-calorie options has on consumers' consideration sets.

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Type
Journal Article
Date
2014
Journal
Journal of Economic Behavior & Organization

Learning from (Failed) Replications: Cognitive Load Manipulations and Charitable Giving

Author
Kessler, Judd and Stephan Meier
Replication of empirical studies is much more than a tool to police the field. Failed replications force us to recognize that seemingly arbitrary design features may impact results in important ways. We describe a study that used a cognitive load manipulation to investigate the role of the deliberative system in charitable giving and a set of failed replications of that study. While the original study showed large and statistically significant results, we failed to replicate using the same protocol and the same subject pool.
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Type
Journal Article
Date
2014
Journal
Strategic Management Journal

Structural Equality at the Top of the Corporation: Mandated Quotas for Women Directors

Author
Kogut, Bruce and Jordi Colomer
We propose a concept of structural equality as a compromise between competing policy preferences of equality and individual liberty to address a stunning property of the governance of corporations, namely, the paucity of female directors on corporate boards. An argument for imposing a quota for women directors on boards is the need to disrupt structural impediments to permit endogenous mechanisms to sustain female recruitment beyond a critical mass.
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Type
Journal Article
Date
2014
Journal
Journal of Consumer Research

The Red Sneakers Effect: Inferring Status and Competence from Signals of Nonconformity

Author
Bellezza, Silvia, F. Gino, and Anat Keinan

This research examines how people react to nonconforming behaviors, such as entering a luxury boutique wearing gym clothes rather than an elegant outfit or wearing red sneakers in a professional setting. Nonconforming behaviors, as costly and visible signals, can act as a particular form of conspicuous consumption and lead to positive inferences of status and competence in the eyes of others. A series of studies demonstrates that people confer higher status and competence to nonconforming rather than conforming individuals.

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Type
Journal Article
Date
2014
Journal
Journal of Marketing Research

Which Products Are Best Suited to Mobile Advertising? A Field Study of Mobile Display Advertising Effects on Consumer Attitudes and Intentions

Author
Bart, Yakov, Andrew Stephen, and Miklos Sarvary

Mobile advertising is one of the fastest-growing advertising formats. In 2013, global spending on mobile advertising was approximately $16.7 billion and it is expected to exceed $62.8 billion by 2017. The most prevalent type of mobile advertising is mobile display advertising (MDA), which takes the form of banners on mobile webpages and in mobile applications. This paper examines which product characteristics are likely to be associated with MDA campaigns that are effective in increasing consumers' favorable attitudes towards products and purchase intentions.

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Type
Book
Date
2014

Single Neuron Studies Of The Human Brain

Author
Fried, Itzhak, Moran Cerf, and Gabriel Kreiman
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Type
Chapter
Date
2014

Next-Generation Content for Next-Generation Networks

Author
Noam, Eli

The Internet promises a very different technological and regulatory future for film and television. As older media are produced for and delivered through the Internet, how might the content be reshaped? The development of cable and satellite networks promised to bring more channels of more diverse programming to households around the world. Internet access to film and television content is similarly enabling more on-demand access to content from anywhere at any time. Will ever-faster broadband networks change what we will view?

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Type
Journal Article
Date
2014

Commentary on ‘From Academic Research to Marketing Practice: Exploring the Marketing Science Value Chain’

Author
Lehmann, Donald
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Type
Journal Article
Date
2014

Commentary on- From Academic Research to Marketing Practice: Exploring the Marketing Science Value Chain

Author
Lehmann, Donald
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Type
Newspaper/Magazine Article
Date
2014
Publication
The New York Times

Secrecy in Pension Funds Can Help Beneficiaries

Author
Weinberg, Michael

Having invested multiple billion dollars of pension assets, and now teaching "Institutional Investing; Alternatives in Pension Plans," I approach this question with theoretical and empirical knowledge, and more than a modicum of trepidation.

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Type
Journal Article
Date
2014
Journal
Journal of Law, Economics, and Organization

Corporate Finance, Incomplete Contracts, and Corporate Control

Author
Bolton, Patrick

This essay in celebration of Grossman and Hart (1986) (GH) discusses how the introduction of incomplete contracts has fundamentally changed economists' perspectives on corporate finance and control. Before GH, the dominant theory in corporate finance was the tradeoff theory pitting the tax advantages of debt (relative to equity) against bankruptcy costs. After GH, this theory has been enriched by the introduction of control considerations and investor protection issues.

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Type
Journal Article
Date
2014
Journal
GfK Marketing Intelligence Review

Do Pleasant Emotional Ads Make Consumers Like Your Brand More?

Author
Geuens, Maggie, Patrick De Pelsmaker, and Michel Tuan Pham

Emotionally pleasant TV commercials are often preferred over merely factual ones. A large-scale study of Belgian TV ads confirms this notion and shows that such commercials also create more positive feelings toward the advertised brand. Interestingly, these effects depend on neither the level of involvement associated with the product category nor the type of product. Independent of the perceived creativity of the commercial or its informational value, emotionality had a significant impact on the evaluation of a brand.

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Type
Journal Article
Date
2014
Journal
Marketing Science

Dynamic Targeted Pricing in B2B Relationships

Author
Zhang, Jonathan, Oded Netzer, and Asim Ansari

We model the multifaceted impact of pricing decisions in B2B contexts and show how a seller can develop optimal inter-temporal targeted pricing strategies to maximize long-term customer value. We empirically model the B2B customer's purchase decisions in an integrated fashion. In order to facilitate targeting and to capture the short and long-term dynamics of B2B customer purchasing, our modeling framework weaves together in a hierarchical Bayesian manner, multivariate copulas, a non-homogeneous hidden Markov model, and control functions for price endogeneity.

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Type
Journal Article
Date
2014
Journal
GfK Marketing Intelligence Review

Feels Right . . . Go Ahead? When to Trust Your Feelings in Judgments and Decisions

Author
Pham, Michel Tuan

Not only are subjective feelings an integral part of many judgments and decisions, they can even lead to improved decisions and better predictions. Individuals who have learned to trust their feelings performed better in economic-negotiation games than their rational-thinking opponents. But emotions are not just relevant in negotiations and decisions. They also play a decisive role in forecasting future events. Candidates who trusted their feelings made better predictions than people with less emotional confidence.

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Type
Journal Article
Date
2014
Journal
Journal of Cognitive Neuroscience

Neural substrates of social status inference: Role of medial prefrontal cortex and superior temporal sulcus

Author
Mason, Malia, J. Magee, and S. Fiske
The negotiation of social order is intimately connected to the capacity to infer and track status relationships. Despite the foundational role of status in social cognition, we know little about how the brain constructs status from social interactions that display it. Although emerging cognitive neuroscience reveals that status judgments depend on the intraparietal sulcus, a brain region that supports the comparison of targets along a quantitative continuum, we present evidence that status judgments do not necessarily reduce to ranking targets along a quantitative continuum.
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Type
Journal Article
Date
2014
Journal
Social Psychological and Personality Science

Stupid doctors and smart construction workers: Perspective-taking reduces stereotyping of both negative and positive targets

Author
Wang, C.S., G. Ku, K. Tai, and Adam Galinsky

Numerous studies have found that perspective-taking reduces stereotyping and prejudice, but they have only involved negative stereotypes. Because target negativity has been empirically confounded with reduced stereotyping, the general effects of perspective-taking on stereotyping and prejudice are unclear.

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Type
Journal Article
Date
2014
Journal
The Journal of Law, Economics and Organization

Technological Change and the Make-or-Buy Decision

Author
Bartel, Ann, Saul Lach, and Nachum Sicherman

A central decision faced by firms is whether to make intermediate components internally or to buy them from specialized producers. We argue that firms producing products for which rapid technological change is characteristic will benefit from outsourcing to avoid the risk of not recouping their sunk cost investments when new production technologies appear. This risk is exacerbated when firms produce for low volume internal use, and is mitigated for those firms which sell to larger markets.

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Type
Working Paper
Date
2014

Aggregate Fertility and Household Savings: A General Equilibrium Analysis Using Micro Data

Author
Banerjee, Abhijit, Xin Meng, Tommaso Porzio, and Nancy Qian

This study uses micro data and an overlapping generations (OLG) model to show that general equilibrium (GE) forces are critical for understanding the relationship between aggregate fertility and household savings. First, we document that parents perceive children as an important source of old-age support and that, in partial equilibrium (PE), increased fertility lowers household savings. Then, we construct an OLG model that parametrically matches the PE empirical evidence.

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Type
Journal Article
Date
2014
Journal
American Economic Journal: Applied Economics

Human Capital and Productivity in a Team Environment: Evidence from the Healthcare Sector

Author
Bartel, Ann, Nancy Beaulieu, Ciaran S. Phibbs, and Patricia W. Stone

Using panel data from a large hospital system, this paper presents estimates of the productivity effects of human capital in a team production environment. Proxying nurses' general human capital by education and their unit-specific human capital by experience on the nursing unit, we find that greater amounts of both types of human capital significantly improve patient outcomes.

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Type
Journal Article
Date
2014
Journal
Journal of Finance

Sequential learning, predictability, and optimal portfolio returns

Author
Johannes, Michael, Arthur Korteweg, and Nicholas Polson

This paper finds statistically and economically significant out-of-sample portfolio benefits for an investor who uses models of return predictability when forming optimal portfolios. The key is that investors must incorporate an ensemble of important features into their optimal portfolio problem, including time-varying volatility, and time-varying expected returns driven by improved predictors such as measures of yield that include share repurchase and issuance in addition to cash payouts. Moreover, investors need to account for estimation risk when forming optimal portfolios.

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Type
Working Paper
Date
2014

Antes del diluvio: The Spanish banking system in the first decade of the euro

Author
Santos, Tano
The Spanish banking crisis is one of the most salient chapters of the Eurozone crisis and follows an extraordinary period of risk accumulation in the Spanish banking system. This paper provides a bird's eye view of the evolution of the Spanish banking system during the first years of the euro, roughly between 1997 and 2007, which were the years of the real estate bubble. It documents the accumulation of real estate risk in the portfolios of both banks and cajas, the private, but politically controlled, savings and loans which are the epicenter of the Spanish banking crisis.
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Type
Journal Article
Date
2014
Journal
Customer Needs and Solutions

Assessing Brand Equity Through Add-on Sales

Author
Lehmann, Donald and Shuba Srinivasan

This paper focuses on add-on sales to determine both their value per se and their value as a reflexive measure of brand equity. Specifically, this paper examines the "accessory premium" for automobiles, i.e., accessories installed by dealers at the time of sale. Using J.D. Power Data, the authors find that higher add-on accessory sales accrue to higher equity brands which make accessory sales a potentially useful measure of brand equity (J. Marketing 67: 1?17, 2003). In addition, the authors examine how the revenue premium metric varies by age cohort.

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Type
Journal Article
Date
2014
Journal
Cognition

Simulating sensorimotor metaphors: Novel metaphors influence sensory judgments

Author
Slepian, Michael and N. Ambady
Embodied cognition theory proposes that individuals' abstract concepts can be associated with sensorimotor processes. The authors examined the effects of teaching participants novel embodied metaphors, not based in prior physical experience, and found evidence suggesting that they lead to embodied simulation, suggesting refinements to current models of embodied cognition. Creating novel embodiments of abstract concepts in the laboratory may be a useful method for examining mechanisms of embodied cognition.
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Type
Journal Article
Date
2014
Journal
Annual Review of Clinical Psychology

Thin-slice judgments in the clinical context

Author
Slepian, Michael, K.R. Bogart, and N. Ambady
Clinicians make a variety of assessments about their clients, from judging personality traits to making diagnoses, and a variety of methods are available to do so, ranging from observations to structured interviews. A large body of work demonstrates that from a brief glimpse of another's nonverbal behavior, a variety of traits and inner states can be accurately perceived. Additionally, from these "thin slices" of behavior, even future outcomes can be predicted with some accuracy.
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Type
Journal Article
Date
2014
Journal
Operations Research

When to Use Speedup: An Examination of Service Systems with Returns

Author
Chan, Carri, Galit Yom-Tov, and Gabriel Escobar

In a number of service systems, there can be substantial latitude to vary service rates. However, although speeding up service rate during periods of congestion may address a present congestion issue, it may actually exacerbate the problem by increasing the need for rework. We introduce a state-dependent queuing network where service times and return probabilities depend on the “overloaded” and “underloaded” state of the system.

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Type
Working Paper
Date
2014

Theory + Practice in Marketing

Author
Lehmann, Donald and Gregory S. Carpenter
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Type
Working Paper
Date
2014

Foreign Ownership of U.S. Safe Assets: Good or Bad?

Author
Favilukis, Jack, Sydney Ludvigson, and Stijn Van Nieuwerburgh
The last 20 years have been marked by a sharp rise in international demand for U.S. reserve assets, or safe stores-of-value. We argue that these trends in international capital flows are likely to be a boon for some (by a lot) but a bane for others (by less). Conversely, a sell-off of foreign government holdings of U.S. safe assets could be tremendously costly for some individuals, while the possible benefits to others are several times smaller.
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Type
Journal Article
Date
2014
Journal
Negotiation and Conflict Management Research

Barriers to Transforming Hostile Relations: Why Friendly Gestures Can Backfire

Author
Galinsky, Adam, Tanya Menon, and Oliver Sheldon

Friendly gestures (e.g., smiles, flattery, favors) typically build trust and earn good will. However, we propose that people feel unsettled when enemies initiate friendly gestures. To resolve these sensemaking difficulties, people find order through superstitious reasoning about friendly enemies. Supporting this theorizing, friendly enemies created sensemaking difficulty, which in turn mediated people's tendencies to blame them for coincidental negative outcomes (Experiment 1).

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Type
Journal Article
Date
2014
Journal
Journal of Finance

Biased Beliefs, Asset Prices, and Investment: A Structural Approach

Author
Alti, Aydogan and Paul Tetlock

We structurally estimate a model in which agents' information processing biases can cause predictability in firms' asset returns and investment inefficiencies. We generalize the neoclassical investment model by allowing for two biases — overconfidence and over-extrapolation of trends — that distort agents' expectations of firm productivity. Our model's predictions closely match empirical data on asset pricing and firm behavior. The estimated bias parameters are well-identified and exhibit plausible magnitudes.

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Type
Journal Article
Date
2014
Journal
Journal of Money, Credit and Banking

Does Macro-Prudential Regulation Leak? Evidence from a U.K. Policy Experiment

Author
Aiyar, Shekhar, Charles Calomiris, and Tomasz Wieladek

The regulation of bank capital as a means of smoothing the credit cycle is a central element of forthcoming macro-prudential regimes internationally. For such regulation to be effective in controlling the aggregate supply of credit it must be the case that: (i) changes in capital requirements affect loan supply by regulated banks, and (ii) unregulated substitute sources of credit are unable to offset changes in credit supply by affected banks. This paper examines micro evidence—lacking to date—on both questions, using a unique data set.

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Type
Journal Article
Date
2014
Journal
Nature Climate Change

How warm days increase belief in global warming

Author
Zaval, Lisa, Elizabeth Keenan, Eric Johnson, and Elke Weber
Climate change judgements can depend on whether today seems warmer or colder than usual, termed the local warming effect. Although previous research has demonstrated that this effect occurs, studies have yet to explain why or how temperature abnormalities influence global warming attitudes. A better understanding of the underlying psychology of this effect can help explain the public's reaction to climate change and inform approaches used to communicate the phenomenon.
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Type
Journal Article
Date
2014
Journal
American Economic Journal: Microeconomics

On the Political Economy of Urban Growth: Homeownership versus Affordability

Author
Ortalo-Magne, Francois and Andrea Prat

We study the equilibrium properties of an overlapping-generation economy where agents choose where to locate and how much housing to own, and city residents vote on the number of new building permits every period. Undersupply of housing persists in equilibrium under conditions we characterize. City residents invest in housing because they expect their investment to be protected by a majority opposed to urban growth. They vote against growth because they have invested in local housing.

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Type
Journal Article
Date
2014
Journal
Journal of Experimental Psychology: General

Shared attention increases mood infusion

Author
Galinsky, Adam, Garriy Shteynberg, Jacob B. Hirsh, and Andrew P. Knight

The current research explores how awareness of shared attention influences attitude formation. We theorized that sharing the experience of an object with fellow group members would increase elaborative processing, which in turn would intensify the effects of participant mood on attitude formation. Four experiments found that observing the same object as similar others produced more positive ratings among those in a positive mood, but more negative ratings among those in a negative mood.

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Type
Journal Article
Date
2014

Introduction to Theory and Practice

Author
Gupta, Sunil, Dominique Hanssens, John R. Hauser, Donald Lehmann, and Bernd Schmitt
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Type
Newspaper/Magazine Article
Date
2014
Publication
HedgeFund Intelligence

It's Time to Decrease Equity Beta

Author
Weinberg, Michael
What could possibly go awry and derail this glorious five year equity bull market?
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Type
Case Study
Date
2014

Apple vs. Samsung: The $2 Billion Case

Author
Netzer, Oded and Rajan Sambandam

Apple Inc. sued Samsung Electronics for approximately $2 billion, contending that Samsung violated some of its patents by copying Apple’s product features. Apple’s expert witness team used a conjoint analysis in order to assign a value to the product features in question—thereby attempting to assess the magnitude of Apples’ revenue loss as a result of the patent infringement. This case asks students to evaluate the design of this study as well as the pros and cons of its use in this context.

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Type
Journal Article
Date
2014
Journal
Management Science

A Bayesian Semiparametric Approach for Endogeneity and Heterogeneity in Choice Models

Author
Li, Yang and Asim Ansari

Marketing variables that are included in consumer discrete choice models are often endogenous. Extant treatments using likelihood-based estimators impose parametric distributional assumptions, such as normality, on the source of endogeneity. These assumptions are restrictive because misspecified distributions have an impact on parameter estimates and associated elasticities. The normality assumption for endogeneity can be inconsistent with some marginal cost specifications given a price-setting process, although they are consistent with other specifications.

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