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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
Lecture
Date
2015

Limit Order Book Markets: a queing systems perspective

Author
Maglaras, Costis
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Type
Lecture
Date
2015

Limit order book markets: a queueing systems perspective

Author
Maglaras, Costis
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Type
Working Paper
Date
2015

Optimal execution in a limit order book and an associated microstructure market impact model

Author
Maglaras, Costis, Ciamac Moallemi, and Hua Zheng

We model an electronic limit order book as a multi-class queueing system under fluid dynamics, and formulate and solve a problem of limit and market order placement to optimally buy a block of shares over a short, predetermined time horizon. Using the structure of the optimal execution policy, we identify microstructure variables that affect trading costs over short time horizons and propose a resulting microstructure-based model of market impact costs.

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Type
Journal Article
Date
2015
Journal
Personality and Social Psychology Bulletin

Power affects performance when the pressure is on: Evidence for low-power threat and high-power lift

Author
Galinsky, Adam, S.K. Kang, L. Kray, and A. Shirako

The current research examines how power affects performance in pressure-filled contexts. We present low-power-threat and high-power-lift effects, whereby performance in high-stakes situations suffers or is enhanced depending on one's power; that is, the power inherent to a situational role can produce effects similar to stereotype threat and lift. Three negotiations experiments demonstrate that role-based power affects outcomes but only when the negotiation is diagnostic of ability and, therefore, pressure-filled.

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Type
Journal Article
Date
2015
Journal
Review of Economics and Statistics

Temporal Stability of Time Preferences

Author
Meier, Stephan and Charles Sprenger
The preferences assumed to govern intertemporal trade-offs are generally considered to be stable economic primitives, though evidence on this stability is notably lacking. We present evidence from a large field study conducted over two years, with around 1,400 individuals using incentivized intertemporal choice experiments. Aggregate choice profiles and corresponding estimates of discount parameters are unchanged over the two years and individual correlations through time are high by existing standards. However, some individuals show signs of instability.
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Type
Journal Article
Date
2015
Journal
Social Psychological and Personality Science

The cognitive consequences of formal clothing

Author
Slepian, Michael, S.N. Ferber, J.M. Gold, and A.M. Rutchick
Drawing from literature on construal-level theory and the psychological consequences of clothing, the current work tested whether wearing formal clothing enhances abstract cognitive processing. Five studies provided evidence supporting this hypothesis. Wearing more formal clothing was associated with higher action identification level (Study 1) and greater category inclusiveness (Study 2). Putting on formal clothing induced greater category inclusiveness (Study 3) and enhanced a global processing advantage (Study 4).
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Type
Journal Article
Date
2015
Journal
The Quarterly Journal of Economics

The Value of Hiring Through Employee Referrals

Author
Cowgill, Bo, Stephen Burks, Mitch Hoffman, and Michael Housman

Using personnel data from nine large firms in three industries (call centers, trucking, and high-tech), we empirically assess the benefit to firms of hiring through employee referrals. Compared to nonreferred applicants, referred applicants are more likely to be hired and more likely to accept offers, even though referrals and nonreferrals have similar skill characteristics. Referred workers tend to have similar productivity compared to nonreferred workers on most measures, but referred workers have lower accident rates in trucking and produce more patents in high-tech.

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Type
Working Paper
Date
2015

Who Gets Swindled in Ponzi Schemes?

Author
Deason, Stephen, Shivaram Rajgopal, Gregory Waymire, and Roger White

Extant knowledge of Ponzi schemes in the accounting and finance literature is mainly anecdotal. The consequence of this is that it is difficult to know what, if anything, can be done to deter these frauds. We seek to fill part of our knowledge gap about Ponzi schemes by providing large-scale evidence based on a sample of 376 Ponzi schemes prosecuted by the SEC between 1988 and 2012. Our evidence indicates that the majority of SEC-prosecuted schemes involve sums that are much lower than those in the highly visible frauds perpetrated by Bernard Madoff and Allen Stanford.

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Type
Journal Article
Date
2015
Journal
Organizational Behavior and Human Decision Processes

Who you are is where you are: Antecedents and consequences of locating the self in the brain or the heart

Author
Adam, H., O. Obodaru, and Adam Galinsky

Eight studies explored the antecedents and consequences of whether people locate their sense of self in the brain or the heart. In Studies 1a–f, participants' self-construals consistently influenced the location of the self: The general preference for locating the self in the brain rather than the heart was enhanced among men, Americans, and participants primed with an independent self-construal, but diminished among women, Indians, and participants primed with an interdependent self-construal.

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Type
Newspaper/Magazine Article
Date
2015
Publication
Huffington Post

Aaron Hernandez's red flag

Author
Galinsky, Adam and M. Schweitzer
Former New England Patriots football player Aaron Hernandez was found guilty of first-degree murder. This is a sudden fall from grace for the star tight end who held a prized contract worth $40 million. How did jurors reach this conclusion? They heard hours of testimony from dozens of people. But one witness's testimony stood out. And, surprisingly, it wasn't from a witness who was even with Aaron Hernandez the night of the murder. Who delivered some of the most memorable testimony? It was the Patriots owner, Robert Kraft.
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Type
Journal Article
Date
2015
Journal
Journal of Marketing Research

A Bounded Rationality Model of Information Search and Choice in Preference Measurement

Author
Yang, Cathy, Olivier Toubia, and Martijn De Jong

It is becoming increasingly easier for researchers and practitioners to collect eye tracking data during online preference measurement tasks. We develop a dynamic discrete choice model of information search and choice under bounded rationality, that we calibrate using a combination of eye-tracking and choice data. Our model extends the directed cognition model of Gabaix et al. (2006) by capturing fatigue, proximity effects, and imperfect memory encoding and by estimating individual-level parameters and partworths within a likelihood-based, hierarchical Bayesian framework.

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Type
Journal Article
Date
2015
Journal
Journal of Experimental Psychology: General

Anxious and egocentric: How specific emotions influence perspective taking

Author
Todd, A., M. Forstmann, P. Burgmer, A. Brooks, and Adam Galinsky

People frequently feel anxious. Although prior research has extensively studied how feeling anxious shapes intrapsychic aspects of cognition, much less is known about how anxiety affects interpersonal aspects of cognition. Here, we examine the influence of incidental experiences of anxiety on perceptual and conceptual forms of perspective taking.

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Type
Journal Article
Date
2015
Journal
Management Science

Differentiation with User-Generated Content

Author
Sarvary, Miklos and Kaifu Zhang

This paper studies the competition between Web 2.0 communities in a game theoretic framework. We model three important features of these institutions: (i) firms' content is usually user-generated; (ii) consumers' content preferences are governed by local network effects, and (iii) consumers have strong tendencies to multi-home. Our analyses reveal that ex-ante identical community sites can acquire differentiated market positions that spontaneously emerge from user-generated content.

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Type
Journal Article
Date
2015
Journal
Journal of Experimental Psychology: General

Exploring the secrecy burden: Secrets, preoccupation, and perceptual judgments

Author
Slepian, Michael, N.P. Camp, and E.J. Masicampo
Recent work suggests that secrecy is perceived as burdensome. A secrecy–burden relationship would have a number of consequences for cognitive, perceptual, social, and health psychology, but the reliability of these influences, and potential mechanisms that support such influences are unknown. Across 4 studies, the current work examines both the reliability of, and mechanisms that support, the influence of secrecy processes upon a judgment that varies with diminished resources (i.e., judgments of hill slant).
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Type
Working Paper
Date
2015

Exporting and Firm Performance: Evidence from a Randomized Trial

Author
Atkin, David, Amit Khandelwal, and Adam Osman

We conduct a randomized control trial that generates exogenous variation in the access to foreign markets for rug producers in Egypt. Using this methodology and detailed survey data, we causally identify the impact of exporting on firm performance. Treatment firms report 15–25 percent higher profits and exhibit large improvements in quality alongside reductions in quantity-based productivity relative to control firms. These findings do not simply reflect firms being offered higher margins to manufacture high-quality products that take longer to produce.

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Type
Journal Article
Date
2015
Journal
Management Science

On the (Surprising) Sufficiency of Linear Models for Dynamic Pricing with Demand Learning

Author
Besbes, Omar and Assaf Zeevi

We consider a multi-period single product pricing problem with an unknown demand curve. The seller's objective is to adjust prices in each period so as to maximize cumulative expected revenues over a given finite time horizon; in so doing, the seller needs to resolve the tension between learning the unknown demand curve, and earning revenues by solving the dynamic optimization problem.

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Type
Journal Article
Date
2015
Journal
Journal of Finance

On the Design of Contingent Capital with a Market Trigger

Author
Sundaresan, M. Suresh and Zhenyu Wang

Contingent capital (CC), which intends to internalize the costs of too-big-to-fail in the capital structure of large banks, has been under intense debate by policy makers and academics. We show that CC with a market trigger, in which direct stake-holders are unable to choose optimal conversion policies, does not lead to a unique competitive equilibrium, unless value transfer at conversion is not expected ex-ante. The "no value transfer" restriction precludes penalizing bank managers for taking excessive risk.

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Type
Journal Article
Date
2015
Journal
Management Science

Repeated Auctions with Budgets in Ad Exchanges: Approximations and Design

Author
Balseiro, Santiago R. and Omar Besbes

Ad Exchanges are emerging Internet markets where advertisers may purchase display ad placements, in real-time and based on specific viewer information, directly from publishers via a simple auction mechanism. Advertisers join these markets with a pre-specified budget and participate in multiple second-price auctions over the length of a campaign. This paper studies the competitive landscape that arises in Ad Exchanges and the implications for publishers' decisions.

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Type
Newspaper/Magazine Article
Date
2015
Publication
EPIC Perspectives

Standards of Practice for Ethnography in Industry

Author
Batteau, Allen and Robert Morais

During the 2014 EPIC Conference, Allen Batteau and Robert J. Morais led a workshop entitled “Toward Conceptual, Methodological, and Ethical Standards of Practice in Business Anthropology.” This article summarizes the objectives and results of the workshop.

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Type
Journal Article
Date
2015
Journal
Administrative Science Quarterly

Activating brokerage: Interorganizational knowledge transfer through skilled return migration

Author
Wang, Dan

Although skilled return migrants are structurally positioned as cross-border brokers to conduct knowledge transfer from abroad to their home countries, they do not systematically do so. Using an original dataset of 4,183 former J1 Visa holders—all of whom worked in the U.S.—from 81 different countries, I argue that returnees' knowledge transfer success depends on their embeddedness in their home and host country workplaces and the evaluation of the knowledge recipients in their home country organizations.

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Type
Journal Article
Date
2015
Journal
Motivation Science

Avenues down which a self-reminding mind can wander

Author
Mason, Malia and Nicholas Reinholtz
We test the mnemonic benefit of having a mind that distracts itself with unresolved matters. In 5 studies, conducted in quasi-naturalistic settings, using both self-reported and experience-sampled measures of intention-related intrusions, we establish the reminding value entailed in mindwandering. Study 1 verifies that the mind is more likely to wander toward intentions outstanding rather than intentions bygone and provides preliminary evidence that more frequent intention-related intrusions lead to greater success at realizing the intention.
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Type
Newspaper/Magazine Article
Date
2015
Publication
Journal of Financial and Quantitative Analysis

Dynamic portfolio choice with linear rebalancing rules

Author
Moallemi, Ciamac and Mehmet Saglam

We consider a broad class of dynamic portfolio optimization problems that allow for complex models of return predictability, transaction costs, trading constraints, and risk considerations. Determining an optimal policy in this general setting is almost always intractable. We propose a class of linear rebalancing rules and describe an efficient computational procedure to optimize with this class. We illustrate this method in the context of portfolio execution and show that it achieves near optimal performance.

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Type
Journal Article
Date
2015
Journal
Journal of Monetary Economics

Macroeconomic Regimes

Author
Baele, Lieven, Geert Bekaert, Seonghoon Cho, Koen Inghelbrecht, and Antonio Moreno

We estimate a New-Keynesian macro model accommodating regime-switching behavior in monetary policy and in macro shocks. Key to our estimation strategy is the use of survey-based expectations for inflation and output. We identify accommodating monetary policy before 1980, with activist monetary policy prevailing most but not 100% of the time thereafter. Systematic monetary policy switched to the activist regime in the 2000-2005 period through an aggressive lowering of interest rates.

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Type
Journal Article
Date
2015
Journal
Journal of Personality and Social Psychology

Social class, power, and selfishness: When and why upper and lower class individuals behave unethically

Author
Dubois, David, Derek D. Rucker, and Adam Galinsky

Are the rich more unethical than the poor? To answer this question, the current research introduces a key conceptual distinction between selfish and unethical behavior. Based on this distinction, the current article offers 2 novel findings that illuminate the relationship between social class and unethical behavior. First, the effects of social class on unethical behavior are not invariant; rather, the effects of social class are moderated by whether unethical behavior benefits the self or others.

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Type
Journal Article
Date
2015
Journal
Customer Needs and Solutions

The Long-Term Effect of Multichannel Usage on Sales

Author
Bilgicer, Tolga, Kamel Jedidi, Donald Lehmann, and Scott Neslin

The paper investigates the long-run consequences of multichannel shopping on customers' spending. Using data from a major US catalog company which introduced an online channel, our results validate previous findings that multichannel customers spend more than mono-channel customers in the short run. However, the difference in spending dissipates over time with multichannel customers reverting to their regular consumption pattern in 3 years.

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Type
Newspaper/Magazine Article
Date
2015
Publication
LinkedIn

The apology formula: How Brian Williams, and all of us, can recover from a transgression

Author
Schweitzer, M. and Adam Galinsky
The nature of Brian Williams’s violation strikes at the very core of what he does. It will not be easy to regain our trust, and his first half-hearted attempts at an apology have only deepened our suspicions. But there are specific actions he can take. Williams has faced long odds before, and if he takes the right action — and makes the right apology — it will give him a fighting chance.
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Type
Journal Article
Date
2015
Journal
Psychological Science

Anchors weigh more than power: Why absolute powerlessness liberates negotiators to achieve better outcomes

Author
Schaerer, Michael, Roderick I. Swaab, and Adam Galinsky

The current research shows that having no power can be better than having a little power. Negotiators prefer having some power (weak negotiation alternatives) to having no power (no alternatives). We challenge this belief that having any alternative is beneficial by demonstrating that weak alternatives create low anchors that reduce the value of first offers. In contrast, having no alternatives is liberating because there is no anchor to weigh down first offers.

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Type
Journal Article
Date
2015
Journal
Academy of Management Journal

Fashion with a foreign flair: Professional experiences abroad facilitate the creative innovations of organizations

Author
Godart, F., W. Maddux, A. Shipilov, and Adam Galinsky

The current research explores whether the foreign professional experiences of influential executives predict firm-level creative output. We introduce a new theoretical model, the Foreign Experience Model of Creative Innovations, to explain how three dimensions of executives' foreign work experiences — breadth, depth, and cultural distance — predict an organization's creative innovations, which we define as the extent to which final, implemented products or services are novel and useful from the standpoint of external audiences.

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Type
Working Paper
Date
2015

Shortfall Aversion

Author
Guasoni, Paolo, Gur Huberman, and Dan Ren

Shortfall aversion reflects the higher utility loss of a spending cut from a reference point than the utility gain from a similar spending increase, in the spirit of Prospect Theory's loss aversion. This paper posits a model of utility of spending scaled by a function of past peak spending, called target spending. The discontinuity of the marginal utility at the target spending corresponds to shortfall aversion.

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Type
Journal Article
Date
2015
Journal
Journal of Personality and Social Psychology

Tandem Anchoring: Informational and Politeness Effects of Range Offers in Social Exchange

Author
Ames, Daniel and Malia Mason
We examined whether and why range offers (e.g., "I want $7,200 to $7,600 for my car") matter in negotiations. A selective-attention account predicts that motivated and skeptical offer-recipients focus overwhelmingly on the attractive endpoint (i.e., a buyer would hear, in effect, "I want $7,200"). In contrast, we propose a tandem anchoring account, arguing that offer-recipients are often influenced by both endpoints as they judge the offer-maker's reservation price (i.e., bottom line) as well as how polite they believe an extreme (nonaccommodating) counteroffer would be.
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Type
Chapter
Date
2015

Co-Managing Brand Equity and Customer Equity

Author
Luo, Anita, Donald Lehmann, and Scott Neslin
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Type
Journal Article
Date
2015
Journal
Journal of Economic Perspectives

An assessment of TARP assistance to financial institutions

Author
Calomiris, Charles

Six years after the passage of the 2008 Troubled Asset Relief Program, commonly known as TARP, it remains hard to measure the total social costs and benefits of the assistance to banks provided under TARP programs. TARP was not a single approach to assisting weak banks but rather a variety of changing solutions to a set of evolving problems. TARP's passage was associated with significant improvements in financial markets and the health of financial intermediaries, as well as an increase in the supply of lending by recipients.

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Type
Journal Article
Date
2015
Journal
Manufacturing & Service Operations Management

An Information Stock Model of Customer Behavior in Multichannel Customer Support Services

Author
Jerath, Kinshuk, Anuj Kumar, and Serguei Netessine

We develop a model to understand and predict customers’ observed multichannel behavior in a customer support setting.

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Type
Journal Article
Date
2015
Journal
Academy of Management Proceedings

Clashing Fashions and Institutions: Mid-Life Uncertainty in Diffusing Organizational Techniques

Author
Abrahamson, Eric, S. Chang, Y. Choi, and Ivana Katic

Organizational techniques are labels, such as Reengineering, denoting linguistic prescriptions, which organizations can implement to transform organizational inputs into organizational outputs. The theory of fashions in organizational techniques tends to explain the causes of the relative transience of certain organization techniques, whereas the theory of institutions in these techniques tends to explain the causes of other techniques' relative persistence.

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Type
Journal Article
Date
2015
Journal
Journal of Personality and Social Psychology

Cognition from on high and down low: Verticality and construal level

Author
Slepian, Michael, E.J. Masicampo, and N. Ambady
Across 7 studies, the authors examined the relationship between experiences of verticality and abstract versus concrete processing. Experiencing high, relative to low, verticality led to higher level identifications for actions (Study 1), greater willingness to delay short-term monetary gains for larger long-term monetary gains (Studies 2 and 5), and more frequent perceptions of meaningful relationships between objects and categories (Studies 3, 4, and 6), demonstrating that high verticality leads to more high-level construals.
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Type
Chapter
Date
2015
Book
Legends in Consumer Behavior: Morris B. Holbrook

Commentary: Marketing Applications

Author
Johar, Gita
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Type
Journal Article
Date
2015
Journal
Cognition

Connecting cognition and consumer choice

Author
Johnson, Eric
We describe what can be gained from connecting cognition and consumer choice by discussing two contexts ripe for interaction between the two fields. The first — context effects on choice — has already been addressed by cognitive science yielding insights about cognitive process but there is promise for more interaction. The second is learning and representation in choice where relevant theories in cognitive science could be informed by consumer choice, and in return, could pose and answer new questions.
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Type
Working Paper
Date
2015

Credit Booms: Implications for the Public and the Private Sector

Author
Santos, Tano
The period preceding the global financial crisis that started in 2008 was one characterized by ample liquidity, a credit boom, and low yields in a wide range of asset classes. It was also defined by the accumulation of risks on and off the balance sheets of many financial intermediaries, particularly banks, as well as a substantial increase in public and private sector debt in some countries. Understanding the relation between liquidity and the excessive accumulation of risks remains a central policy question. How do credit booms affect incentives?
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Type
Journal Article
Date
2015
Journal
Journal of Organizational Behavior

Cultural study and problem-solving gains: Effects of study abroad, openness, and choice

Author
Cho, Jaee and Michael Morris

Past research indicates that foreign experience helps problem solving because the experience of adapting ones lifestyle imparts cognitive flexibility. We propose that an independent process involves studying cultural traditions and systems, which imparts foreign concepts that enable unconventional solutions. If so, advantages on unconventionality problems should be associated with experiences studying of another culture, such as typically occurs in study-abroad programs.

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Type
Chapter
Date
2015
Book
Blackwell Handbook of Judgment and Decision-Making

Culture and judgment and decision making

Author
Savani, K., J. Cho, S. Baik, and Michael Morris

The fields of judgment and decision making (JDM) and cultural psychology have not seen much overlap, but recent research at the intersection of culture and JDM has provided new insights for both fields. This chapter reviews recent advances, with a focus on how studying cultural variations in JDM has yielded novel perspectives on basic psychological processes. JDM perspectives can propose novel explanations for differences across national cultures beyond those suggested by the prevailing models of culture.

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Type
Journal Article
Date
2015
Journal
Cognition

Disentangling multimodal processes in social categorization

Author
Slepian, Michael
The current work examines the role of sensorimotor processes (manipulating whether visual exposure to hard and soft stimuli encourage sensorimotor simulation) and metaphor processes (assessing whether participants have understanding of a pertinent metaphor: "hard" Republicans and "soft" Democrats) in social categorization.
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Type
Journal Article
Date
2015
Journal
Review of Economic Studies

Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data

Author
Schnabl, Philipp and Daniel Wolfenzon

We estimate the elasticity of exports to credit using matched customs and firm-level bank credit data from Peru. To account for non-credit determinants of exports, we compare changes in exports of the same product and to the same destination byfirms borrowing from banks differentially affected by capital-flow reversals during the 2008 financial crisis. We find that credit shocks affect the intensive margin of exports, but have no significant impact on entry or exit of firms to new product and destination markets.

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Type
Working Paper
Date
2015

Does Corporate Social Responsibility (CSR) Create Shareholder Value? Exogenous Shock-Based Evidence from the Indian Companies Act 2013

Author
Manchiraju, Hariom and Shivaram Rajgopal

In 2013, a new law required Indian firms, which satisfied certain size and profitability thresholds, to spend at least 2% of their net income on CSR. We exploit this natural experiment to isolate the shareholder value implications of CSR activities.

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Type
Journal Article
Date
2015
Journal
Review of Corporate Finance Studies

Dynamic Investment, Capital Structure, and Debt Overhang

Author
Sundaresan, M. Suresh, Neng Wang, and Jinqiang Yang

We develop a dynamic contingent-claim framework to model S. Myers's idea that a firm is a collection of growth options and assets in place. The firm's composition between assets in place and growth options evolves endogenously with its investment opportunity set and its financing of growth options, as well as its dynamic leverage and default decisions. The firm trades off tax benefits with the potential financial distress and endogenous debt-overhang costs over its life cycle.

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Type
Newspaper/Magazine Article
Date
2015
Publication
Journal of Marketing Research

Error Model and Maximum Likelihood Estimation for Elimination-by-Aspects

Author
Kohli, Rajeev and Kamel Jedidi
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Type
Journal Article
Date
2015
Journal
Operations Research

Error Theory for Elimination by Aspects

Author
Kohli, Rajeev and Kamel Jedidi
Elimination by aspects (EBA) is a random utility model that is considered to represent the choice process used by consumers more faithfully than logit and probit models. One limitation of the model is that it does not have a known error theory. We show that EBA can be derived by assuming that aspects have random utilities with independent, extreme value distributions. Multinomial logit and rank-ordered logit models are special cases of EBA.
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Type
Journal Article
Date
2015
Journal
American Psychologist

Facebook as a Research Tool for the Social Sciences: Opportunities, Challenges, Ethical Considerations, and Practical Guidelines

Author
Kosinski, M., Sandra Matz, Samuel Gosling, V. Popov, and D. Stillwell

Facebook is rapidly gaining recognition as a powerful research tool for the social sciences. It constitutes a large and diverse pool of participants, who can be selectively recruited for both online and offline studies. Additionally, it facilitates data collection by storing detailed records of its users' demographic profiles, social interactions, and behaviors. With participants' consent, these data can be recorded retrospectively in a convenient, accurate, and inexpensive way.

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Type
Journal Article
Date
2015
Journal
Accounting Horizons

Financial Engineering and the Arms Race between Accounting Standard Setters and Preparers

Author
Dye, R., Jonathan Glover, and S. Sunder

This essay analyzes some problems that accounting standard setters confront in erecting barriers to managers bent on boosting their firms' financial reports through financial engineering (FE) activities. It also poses some unsolved research questions regarding interactions between preparers and standard setters. It starts by discussing the history of lease accounting to illustrate the institutional disadvantage of standard setters relative to preparers in their speeds of response.

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Type
Journal Article
Date
2015
Journal
Journal of Consumer Psychology

From experiential psychology to consumer experience

Author
Schmitt, Bernd, J. Josko Brakus, and Lia Zarantonello

We comment on Gilovich and colleagues' program of research on happiness resulting from experiential versus material purchases, and critique these authors' interpretation that people derive more happiness from experiences than from material possessions. Unlike goods, experiences cannot be purchased, and possessions versus experiences do not seem to form the endpoints of the same continuum.

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Type
Case Study
Date
2015

GT Advanced Technologies

Author
Harrigan, Kathryn
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