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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
Journal Article
Date
2010
Journal
Strategic Marketing

Be Precisely Effective, Part II

Author
Sexton, Don

How to view pricing, cross-selling, and customer loyalty during difficult economic times.  (Reprinted from "Marketing in Difficult Times," Effective Executive, July, 2009, pp. 11-18.)

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Type
Journal Article
Date
2010
Journal
Psychological Science

The ecology of automaticity: How situational contingencies shape action semantics and social behavior

Author
Cesario, Joseph, Jason Plaks, Nao Hagiwara, Carlos Navarrete, and E. Tory Higgins
What is the role of ecology in automatic cognitive processes and social behavior? Our motivated-preparation account posits that priming a social category readies the individual for adaptive behavioral responses to that category — responses that take into account the physical environment. We present the first evidence showing that the cognitive responses (Study 1) and the behavioral responses (Studies 2a and 2b) automatically elicited by a social-category prime differ depending on a person's physical surroundings.
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Type
Working Paper
Date
2010

Brand Equity and the Accessory Premium: The Case of the Automobile Industry

Author
Lehmann, Donald and Shuba Srinivasan
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Type
Working Paper
Date
2010

Executive Compensation: Salary vs. Incentive Pay: An Inconvenient Truth

Author
Donaldson, John, Jean-Pierre Danthine, and Natalia Gershun

We examine the issue of executive compensation within an inter-temporal general equilibrium production context. Inter-temporal optimality places strong restrictions on the form of a representative manager's compensation contract, restrictions that appear to be incompatible with the fact that the bulk of many high-profile managers' compensation is in the form of various options and option-like rewards. We therefore measure the extent to which “options-like” convex contracts alone can induce the manager to adopt near-optimal investment and hiring decisions.

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Type
Journal Article
Date
2010
Journal
Accounting Horizons

A Framework for Financial Accounting Standards: Issues and a Suggested Framework

Author
Ohlson, James and Stephen Penman

This paper addresses the issues that confront the FASB and IASB in developing a new conceptual framework document. First, we suggest characteristics that a conceptual framework ought to exhibit. Most of these suggestions are based on our critique of the existing framework and the FASB-IASB work in progress. Second, we present a model framework that exhibits these characteristics. We emphasize up front that this framework is quite explicit. It goes to the heart of what a framework document should do: it places specific restrictions on what constitutes admissible accounting standards.

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Type
Newspaper/Magazine Article
Date
2010
Publication
The European Business Review

Defining Competitive Advantage: How Much More Value Do You Deliver Than Your Competitors?

Author
Pietersen, William
The centerpiece of any strategy is encapsulated in an organization's Winning Proposition. If an organization can't define its Winning Proposition in a simple and compelling way, it cannot claim to have a strategy.
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Type
Journal Article
Date
2010
Journal
Review of Financial Studies

Does Public Financial News Resolve Asymmetric Information?

Author
Tetlock, Paul

I use uniquely comprehensive data on financial news events to test four predictions from an asymmetric information model of a firm's stock price. Certain investors trade on information before it becomes public; then, public news levels the playing field for other investors, increasing their willingness to accommodate a persistent liquidity shock. Empirically, I measure public information using firms' stock returns on news days in the Dow Jones archive. I find four patterns in postnews returns and trading volume that are consistent with the asymmetric information model's predictions.

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Type
Working Paper
Date
2010

L-Shares: Rewarding Long-term Investors

Author
Bolton, Patrick and Frederic Samama

We argue that a fundamental reason for the short-term perspective of corporate executives is the short-term orientation of shareholders themselves and the financial markets that drive the performance benchmarks of CEOs. Although some shareholders are prepared to take a more long-term view they are generally not rewarded for their loyalty to the company.

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Type
Chapter
Date
2010
Book
The Economics of Human Systems Integration

Labor Economics

Author
Sicherman, Nachum
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Type
Case Study
Date
2010

Negotiation in China: How Universal?

Author
Zhigang, Tao, Shang-Jin Wei, and Penelope Chan

This is a fictitious case in which Universal Studies, a major U.S. theme parks and resorts company, has to negotiate with China's central government to build its first theme park in the country. Students are divided into groups and each student is assigned a role as one of the negotiators or as an observer. The topics covered in the negotiation include the new theme park's location, ownership structure, size, nature of theme zones, local employment and hospitality training programmes.

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Type
Journal Article
Date
2010
Journal
Journal of Financial Economics

Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis

Author
Piskorski, Tomasz, Amit Seru, and Vikrant Vig

We examine whether securitization impacts renegotiation decisions of loan servicers, focusing on their decision to foreclose a delinquent loan. Conditional on a loan becoming seriously delinquent, we find a significantly lower foreclosure rate associated with bank-held loans when compared to similar securitized loans: across various specifications and origination vintages, the foreclosure rate of delinquent bankheld loans is 3% to 7% lower in absolute terms (13% to 32% in relative terms).

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Type
Working Paper
Date
2010

So Many Choices, So Little Time: The Influence of Timeframe on Decision Confidence and Affect

Author
Botti, Simona and Sheena Iyengar

Research on choice overload has demonstrated that choosing from larger, versus smaller, sets can reduce consumers’ wellbeing. However, in real life consumers seem able to cope with ever-expanding assortments better than what this research would predict. We argue that this discrepancy depends on differences in choice timeframes: Whereas participants in choice overload studies usually make a one-off choice within a limited amount of time, real consumers often spend longer time making certain choices and/or experience repeated exposures to the same choice over time.

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Type
Newspaper/Magazine Article
Date
2010
Publication
The Financial Times Economists' Forum

Time to Introduce Minimum Downpayments for Mortgages

Author
Calomiris, Charles
It is time to tackle the systemic flaw in housing policy — reliance on leverage — and introduce minimum downpayment regulations for all homebuyers, writes Charles W. Calomiris.
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Type
Newspaper/Magazine Article
Date
2010
Publication
Financial Times

The need for quality standards in international comparisons

Author
Noam, Eli

As the world becomes interconnected, the interest in comparisons among countries has grown. A veritable cottage industry of comparison-spewing institutions has emerged, this author not excepted. Who of the 195?plus sovereign nations on this planet is the most democratic? The happiest? The most innovative? The most electronically connected? No problem, lists exist for everything.

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Type
Working Paper
Date
2010

Demand-Side Competences as Sources of Intra-industry Heterogeneity

Author
Harrigan, Kathryn and Lalit Manral

The evolution of industries based on systemic technologies does not always conform to the evolutionary patterns captured by dynamic models of industry evolution featuring endogenous relationship between market structure and firm investment strategies. These models purporting to explain the dynamics of intra-industry competition predominantly focus on the co- evolution of underlying technology and competing firms' idiosyncratic technological competences.

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Type
Case Study
Date
2010

Structuring the Burnswell Joint Venture

Author
Sagalyn, Lynne
For this potential redevelopment deal, students are asked to design a flexible JV structure for developing a new office building on a prime urban site. Timing is uncertain and future costs are soft projections, yet the commitment to acquire the two existing buildings must be made immediately.
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Type
Case Study
Date
2010

Hannah Montana and the Tour of Doom

Author
Maglaras, Costis

In 2007, Miley Cyrus went on her first concert tour, performing both as herself and in character as Hannah Montana. Tickets with a retail price of $20 to $60 sold out within minutes, only to be resold on secondary online markets like eBay and StubHub at prices of $500 and up. Many of Cyrus's devoted young fans were outraged, and their anger threatened to undermine Cyrus's popularity and the reputation of the ticketing agency.

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Type
Working Paper
Date
2010

Welfare cost of informed trade

Author
Glosten, Lawrence

In order to address the issue of the welfare costs of informed trade, a new Glosten-Milgrom type model is constructed with elastic uninformed trade. Since uninformed trade is elastic, there are some uninformed who choose not to trade because their idiosyncratic valuation lies within the spread. This lack of trade is a welfare loss and the model can be used to estimate the magnitude of the loss. Calculations show that the welfare loss tends to be single-peaked in the amount of informed trade, reaching a maximum at an internal point.

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Type
Case Study
Date
2010

Competitive Dynamics and Business Strategy

Author
Meier, Stephan
This Note examines the highly interdependent decisions that firms must consider when arriving at the optimal corporate strategy.
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Type
Journal Article
Date
2010
Journal
Perspectives on Psychological Science

Culture and Judgment and Decision Making: The Constructivist Turn

Author
Weber, Elke and Michael Morris

Cultural influences on individual judgment and decision making are increasingly understood in terms of dynamic constructive processing and the structures in social environments that shape distinct processing styles, directing initial attentional foci, activating particular judgment schemas and decision strategies, and ultimately reinforcing some judgment and decision making (JDM) patterns over others.

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Type
Chapter
Date
2010
Book
Frontiers of Statistical Decision Making and Bayesian Analysis

Bayesian computation in finance

Author
Hore, Satadru, Michael Johannes, Hedibert Lopes, Robert McColluch, and Nicholas Polson

In this paper we describe the challenges of Bayesian computation in Finance. We show that empirical asset pricing leads to a nonlinear non-Gaussian state space model for the evolutions of asset returns and derivative prices. Bayesian methods extract latent state variables and estimate parameters by calculating the posterior distributions of interest. We describe the use of direct estimation methods such as Markov chain Monte Carlo (MCMC) and sequential Monte Carlo (SMC) methods based on particle filtering (PF).

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Type
Journal Article
Date
2010
Journal
Journal of Public Economics

Choice Proliferation, Simplicity Seeking, and Asset Allocation

Author
Iyengar, Sheena and Emir Kamenica

In settings such as investing for retirement or choosing a drug plan, individuals typically face a large number of options. In this paper, we analyze how the size of the choice set influences which alternative is selected. We present both laboratory experiments and field data that suggest larger choice sets induce a stronger preference for simple, easy-to-understand options.

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Type
Journal Article
Date
2010
Journal
Journal of Consumer Research

Consumer Expectations and Culture: The Effect of Belief in Karma in India

Author
Kopalle, Praveen, Donald Lehmann, and John Farley

In the customer expectations arena, relatively little attention has been paid to the impact on expectations of variation in cultural variables unique to a country. Here the authors focus on one country, India, and a major cultural influence there — the extent of belief in karma. Prior research in the United States suggests that disconfirmation sensitivity lowers expectations. Here the authors examine whether belief in karma and, consequently, having a long-term orientation, counteracts the tendency to lower expectations in two studies that measure and prime respondents' belief in karma.

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Type
Journal Article
Date
2010
Journal
Journal of Business Research

How does perceived firm innovativeness affect the consumer?

Author
Kunz, W., Bernd Schmitt, and Alan Meyer

We present a broad-based, consumer-centric view of innovation — referred to as "perceived firm innovativeness" (PFI). PFI is conceptualized as the consumer's perception of an enduring firm capability that results in novel, creative, and impactful ideas and solutions. We develop and validate a PFI scale and show that PFI impacts consumer loyalty via two processing routes: a functional-cognitive route and an affective-experiential route.

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Type
Journal Article
Date
2010
Journal
Review of Financial Studies

Optimal Mortgage Design

Author
Piskorski, Tomasz and Alexei Tchistyi

This article studies optimal mortgage design in a continuous-time setting with volatile and privately observable income, costly foreclosure, and a stochastic market interest rate. We show that the features of the optimal mortgage are consistent with an option adjustable-rate mortgage (option ARM). Under the optimal contract, the borrower is given discretion of how much to repay until his balance reaches a certain limit. The default rates and interest rate payment on the mortgage correlate positively with the market interest rate.

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Type
Journal Article
Date
2010
Journal
Journal of Marketing Research

Store Within a Store

Author
Jerath, Kinshuk and Z. John Zhang

On a visit to any major U.S. department store, consumers can observe vendor shops (typically for cosmetics, apparel, apparel accessories, electronics, and toys), each selling a particular brand exclusively and designed to reflect the image of that brand. For these vendor shops, also called boutiques or "stores within a store," retailers rent out retail space to the respective manufacturers and give them complete autonomy over retail-level decisions, such as pricing and in-store service.

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Type
Journal Article
Date
2010
Journal
European Journal of Social Psychology

The pen is mightier than the word: Object priming of evaluative standards

Author
Rutchick, A.M., Michael Slepian, and B. Ferris
Because red pens are closely associated with error-marking and poor performance, the use of red pens when correcting student work can activate these concepts. People using red pens to complete a word-stem task completed more words related to errors and poor performance than did people using black pens (Study 1), suggesting relatively greater accessibility of these concepts. Moreover, people using red pens to correct essays marked more errors (Study 2) and awarded lower grades (Study 3) than people using blue pens.
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Type
Journal Article
Date
2010
Journal
Journal of Personality and Social Science

When risk seeking becomes a motivational necessity

Author
Scholer, Abigail, Xi Zou, Kentaro Fujita, Steven J. Stroessner, and E. Tory Higgins
Four studies demonstrate the importance of self-regulatory mechanisms for understanding risk-seeking behavior under loss. Findings suggest that risk seeking becomes a motivational necessity under 3 conditions: (a) when an individual is in a state of loss; (b) when the individual is in a prevention-focused regulatory state (E. T. Higgins, 1997); and (c) when the risky option alone offers the possibility of eliminating loss.
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Type
Working Paper
Date
2010

Estimation of Risk and Time Preferences: Response Error, Heterogeneity, Adaptive Questionnaires, and Experiment Evidence from Mortgagers

Author
Toubia, Olivier, Eric Johnson, Theodoros Evgeniou, and Philippe Delquie

We develop a methodology for the measurement of the parameters of cumulative prospect theory and time discounting models based on tools from the preference measurement literature. These parameters are typically elicited by presenting decision makers with a series of choices between hypothetical alternatives, gambles or delayed payments. We present a method for adaptively designing the sets of hypothetical choices presented to decision makers, and a method for estimating the preference function parameters which capture interdependence across decision makers as well as response error.

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Type
Case Study
Date
2010

E.I. DuPont de Nemours & Company: Aftermath of Split-off

Author
Harrigan, Kathryn
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Type
Journal Article
Date
2010
Journal
Strategic Marketing

Be Precisely Effective, Part I

Author
Sexton, Don

Discussion of different marketing strategies to employ during difficult times.  (Reprinted from "Marketing in Difficult Times," Effective Executive, July, 2009, pp. 11-18.)

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Type
Working Paper
Date
2010

The Financial Impact of Changes in Marketing and R&D Budgets

Author
Dinner, Isaac and Donald Lehmann
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Type
Journal Article
Date
2010
Journal
Management and Organization Review

Creativity, Innovation, and Entrepreneurship in China

Author
Abrahamson, Eric, P. Phan, and Julia Zhou

As the largest and fastest growing transition economy in the world, China's entrance onto the global stage has been swift and dramatic. As such, almost every facet of entrepreneurship, from the identification of nascent opportunities to the challenges of managing triple-digit growth to the transformation of firms from dying to emerging industries, can be studied as natural experiments. The four papers in this issue are dedicated to exploring entrepreneurial innovation in the Chinese private economy.

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Type
Journal Article
Date
2010
Journal
Journal of Experimental Social Psychology

Decision making and Testosterone: When the Ends Justify the Means

Author
Mason, Malia
Behavioral endocrinology research suggests that testosterone may play a role in moral decision making. Studies involving human and nonhuman animals indicate that high basal testosterone is associated with decreased aversion to risk and an increased threshold for conflict, fear, stress, and threat. We tested the role of testosterone in moral decision making. We predicted and found that individuals high in testosterone are more likely to make utilitarian decisions — specifically when doing so involves acts of aggression and social cost.
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Type
Chapter
Date
2010
Book
BIS Papers, No 52: The international financial crisis and policy challenges in Asia and the Pacific

Development of financial markets in Asia and the Pacific

Author
Sundaresan, M. Suresh

Suresh Sundaresan offers several insights on the development of financial markets in Asia and the Pacific. First, financial market development in the region should take account of the large number of households who are effectively unbanked, given the potential for positive feedback effects between financial markets, economic growth and stability. Second, there is a need for fundamental banking reforms of capital structures and liquidity sources to mitigate bankruptcy risks, as well as the cost to taxpayers of insolvency and bailouts.

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Type
Journal Article
Date
2010
Journal
Journal of Experimental and Social Psychology

Moral Decisions and Testosterone: When the Ends Justify the Means

Author
Mason, Malia

Behavioral endocrinology research suggests that testosterone may play a role in moral decision making. Studies involving human and nonhuman animals indicate that high basal testosterone is associated with decreased aversion to risk and an increased threshold for conflict, fear, stress, and threat. We tested the role of testosterone in moral decision making. We predicted and found that individuals high in testosterone are more likely to make utilitarian decisions—specifically when doing so involves acts of aggression and social cost.

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Type
Chapter
Date
2010
Book
Proceedings of the 23rd conference on learning theory (COLT)

Nonparametric bandits with covariates

Author
Zeevi, Assaf and Philippe Rigolet

We consider a bandit problem which involves sequential sampling from two populations (arms). Each arm produces a noisy reward realization which depends on an observable random covariate. The goal is to maximize cumulative expected reward. We derive general lower bounds on the performance of any admissible policy, and develop an algorithm whose performance achieves the order of said lower bound up to logarithmic terms. This is done by decomposing the global problem into suitably "localized" bandit problems.

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Type
Journal Article
Date
2010
Journal
Journal of Experimental Social Psychology

Shedding light on insight: Priming bright ideas

Author
Slepian, Michael, M. Weisbuch, A.M. Rutchick, L.S. Newman, and N. Ambady
Previous research has characterized insight as the product of internal processes, and has thus investigated the cognitive and motivational processes that immediately precede it. In this research, however, we investigate whether insight can be catalyzed by a cultural artifact, an external object imbued with learned meaning. Specifically, we exposed participants to an illuminating lightbulb—an iconic image of insight—prior to or during insight problem-solving.
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Type
Newspaper/Magazine Article
Date
2010
Publication
The European Business Review

Strategy as Learning

Author
Pietersen, William
This article lays out a practical leadership process for creating an adaptive enterprise by mobilizing a dynamic cycle of four steps: learn, focus, align, and execute. These steps build on one another and are repeated to create a dynamic cycle of renewal that I call Strategic Learning.
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Type
Journal Article
Date
2010
Journal
Management Science

Structural estimation of the effect of out-of-stocks

Author
Olivares, Marcelo, Andrés Musalem, Eric Bradlow, Christian Terwiesch, and Daniel Corsten

We develop a structural demand model that endogenously captures the effect of out-of-stocks on customer choice by simulating a time-varying set of available alternatives. Our estimation method uses store-level data on sales and partial information on product availability. Our model allows for flexible substitution patterns, which are based on utility maximization principles and can accommodate categorical and continuous product characteristics.

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Type
Journal Article
Date
2010

Trouble in Store: The Emergence and Success of Protests against Wal-Mart Store Openings in America

Author
Ingram, Paul, Lori Yue, and Hayagreeva Rao

The authors consider how uncertainty over protest occurrence shapes the strategic interaction between companies and activists. Analyzing Wal‐Mart, the authors find support for their theory that companies respond to this uncertainty through a “test for protest” approach. In Wal‐Mart’s case, this consists of low‐cost probes in the form of new store proposals. They then withdraw if they face protests, especially when those protests signal future problems. Wal‐Mart is more likely to open stores that are particularly profitable, even if they are protested.

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Type
Newspaper/Magazine Article
Date
2010
Publication
Financial Times

The re-assertion of America in ICT

Author
Noam, Eli

It's become conventional wisdom in academia, politics, and the press that America has fallen behind in electronic communications. Where once America ruled supreme, bestowing the internet on the world, it is now an also-ran. Whether in broadband internet or in mobile communications, America is barely edging out Slovenia. This may have been true for a brief period, but is it still true? And why is this story line taken up with such relish?

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Type
Journal Article
Date
2010
Journal
Social Cognition

Shared reality effects on memory: Communicating to fulfill epistemic needs

Author
Kopietz, Renee, Jens Hellman, E. Tory Higgins, and Gerald Echterhoff

Communicators' tuning of a message to suit their audience's attitude about a target can bias their subsequent memory of the target. Research shows that this effect occurs to the extent that the message serves the creation of a shared reality with the audience. In two experiments we investigated the motivational processes underlying such audience-tuning memory biases. Experiment 1 found that when audience tuning was motivated by a shared-reality motive (vs.

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Type
Journal Article
Date
2010

Longitudinal Patterns of Group Decisions: An Exploratory Analysis

Author
Corfman, Kim, Joel Steckel, and Donald Lehmann
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Type
Case Study
Date
2010

Centro: Debt Restructuring

Author
Sagalyn, Lynne and Yasmine Uzmez
Centro Properties Group grew into Australia's second-largest shopping center owner through a series of acquisitions, including the April 2007 $6.2 billion purchase of New Plan, a US strip center REIT. Centro had financed the deal with billions in bridging debt, which the company was unable to refinance later in 2007 as the credit markets froze. Centro's share price plummeted, evaporating billions in market value. The company negotiated several debt extensions while trying to agree to debt restructuring with its 23 lenders.
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Type
Working Paper
Date
2010

Is Anyone Listening? Modeling the Impact of Word-of-Mouth at the Individual Level

Author
Stephen, Andrew T. and Donald Lehmann

Most studies of word-of-mouth (WOM) in marketing have concentrated either on aggregate outcomes (e.g., new product diffusion) or on the transmission process (i.e., "talking" or "sending" information). This paper instead focuses on the reception process at the individual level (i.e., "listening" to information), and addresses two questions: what makes people listen to WOM, and what are the drivers of the type and extent of WOM impact on recipients' brand attitudes and purchase intentions?

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Type
Journal Article
Date
2010
Journal
Motivation and Emotion

Feeling right or being right: When strong assessment yields strong correction

Author
Appelt, Kirstin, Xi Zou, and E. Tory Higgins

Negotiators in regulatory fit report feeling right about an upcoming negotiation more than those in non-fit, and this intensifies their responses to negotiation preparation (Appelt et al. in Soc Cogn 27(3), 365-384, 2009). High assessors emphasize critical evaluation and being right (Higgins et al. in Advances in experimental social psychology, Vol 35, pp 293-344, 2003).

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Type
Case Study
Date
2010

Distressed Debt Investing: The Hancock Tower & Garage

Author
Sagalyn, Lynne and Yasmine Uzmez
It's 2008, just two years after Broadway Partners bought Boston's Hancock Tower & Garage for $1.35 billion, and Normandy Real Estate Partners and Five Mile Capital Partners see an opportunity. With a frozen credit market, Broadway would find it almost impossible to refinance its mezzanine loan maturing in January 2009. Normandy and Five Mile form a venture to target weakness in the capital structure, aiming to pursue a "loan-to-own" strategy that will transform a distressed-debt investment into ownership of Boston's largest office building.
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Type
Chapter
Date
2010
Book
Municipal Revenues and Land Policies

Commentary: Does a Rising Tide Compensate for the Secession of the Successful? Illustrating the Effects of Business Improvement Districts on Municipal Coffers

Author
Sagalyn, Lynne
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Type
Chapter
Date
2010
Book
Is Economic Growth Sustainable?

Corporate Environmentalism: Doing Well by Being Green

Author
Heal, Geoffrey

A certain number of corporations, probably an increasing number, go considerably beyond what is required of them legally in minimizing their environmental impact. They meet legal limits on environmental impacts and then go beyond these. This has been called "overcompliance," a descriptive, if not elegant, phrase designating going well beyond what is required by laws and regulations in force. Why do corporations overcomply, going beyond what is legally required of them?

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