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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
1996
Journal
Journal of Economic Theory

Mechanism Design under Alternative Information Structures and Constrained Capacity

Author
Arya, A., Jonathan Glover, and R. Young
In applied models, the choice of a particular incomplete information structure appears to have been motivated primarily by technical convenience. The information structures used can be classified as either probabilistic or partitional. Information is probabilistic if no agent can rule out any type profile of the remaining agents and, for at least one type of one agent, the conditional and marginal probability distributions over the remaining agents' types are not equal.
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Type
Journal Article
Date
1996
Journal
Structural Equation Modeling

On Estimating Finite Mixtures of Multivariate Regression and Simultaneous Equation Models

Author
Jedidi, Kamel, Venkat Ramaswamy, Wayne DeSarbo, and Michel Wedel
An Expectation-Maximization (EM) algorithm in a maximum likelihood framework is developed to estimate finite mixtures of multivariate regression and simultaneous equation models with multiple endogenous variables. A dataset with cross-sectional observations for a diverse sample of businesses illustrates the semiparametric approach.
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Type
Journal Article
Date
1996
Journal
Journal of Political Economy

Optimal Debt Structure with Multiple Creditors

Author
Bolton, Patrick and David Scharfstein
Within an optimal contracting framework, we analyze the optimal number of creditors a company borrows from. We also analyze the optimal allocation of security interests among creditors and intercreditor voting rules that govern renegotiation of debt contracts. The key to our analysis is the idea that these aspects of the debt structure affect the outcome of debt renegotiation following a default. Debt structures that lead to inefficient renegotiation are beneficial in that they deter default, but they are also costly if default is beyond a manager's control.
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Type
Book
Date
1996

Planning the Development of Builders, Leaders, and Managers for 21st Century Business: Curriculum Change at Columbia Business School

Author
Capon, Noel
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Type
Book
Date
1996

Stochastic networks: Stability and rare events

Author
Glasserman, Paul, Karl Sigman, and David Yao
Two of the most exciting topics of current research in stochastic networks are the complementary subjects of stability and rare events. Both are classical topics that have experienced renewed interest motivated by new applications to emerging technologies.
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Type
Journal Article
Date
1996
Journal
Discrete Event Dynamic Systems

Structured buffer-allocation problems

Author
Glasserman, Paul and David Yao

We study the effect of changing buffer sizes in serial lines withgeneral blocking, a mechanism that incorporates limited intermediate finished goods inventory at each stage, as well as limited intermediate raw material inventory. This model includes ordinarymanufacturing, communication, andkanban blocking as special cases. We present conditions under which increasing buffer sizes or re-allocating buffer capacity increases throughput, and in some cases characterize optimal allocations.

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Type
Journal Article
Date
1996
Journal
Journal of Accounting Research

The Articulation of Price-Earnings Ratios and Market-to-Book Ratios and the Evaluation of Growth

Author
Penman, Stephen

A study was conducted to interpret the price-earnings ratio (P/E) and the market-to-book ratio (P/B) and describe their articulation. It also aimed to explain the role of book rate-of-return on equity in determining the ratios and the relation between them. The P/E ratio signifies future growth in earnings positively related to expected future return on equity and negatively related to current return on equity. On the other hand, the P/B ratio indicates only expected future return on equity.

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Type
Working Paper
Date
1996

The Effect of Pharmaceutical Utilization and Innovation on Hospitalization and Mortality

Author
Lichtenberg, Frank

This paper presents an econometric analysis of the effect of changes in the quantity and type of pharmaceuticals prescribed by physicians in outpatient visits on rates of hospitalization, surgical procedure, mortality, and related variables. It examines the statistical relationship across diseases between changes in outpatient pharmaceutical utilization and changes in inpatient care utilization and mortality during the period 1980-92.

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Type
Journal Article
Date
1996

Time Perceptions in Service Systems: An Overview of the TPM Framework, Advances in Services Marketing and Management

Author
Green, Linda V., Donald Lehmann, and Bernd H. Schmitt
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Type
Book
Date
1996

Toward an Integrative Explanation of Corporate Financial Performance

Author
Capon, Noel, John Farley, and Scott Hoenig
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Type
Book
Date
1996

Toward an Integrative Explanation of Corporate Financial Performance

Author
Capon, Noel, John Farley, and Scott Hoenig
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Type
Journal Article
Date
1996
Journal
Journal of Economics and Management Strategy

Value-Based Business Strategy

Author
Brandenburger, Adam and Harborne Stuart

This paper offers an exact definition of the value created by firms together with their suppliers and buyers. The "added value" of a firm is similarly defined, and shown under certain conditions to impose an upper bound on how much value the firm can capture. The key to a firm's achieving a positive added value is the existence of asymmetries between the firm and other firms. The paper identifies four routes ("value-based" strategies) that lead to tthe creation of such asymmetries. Our analysis reveals the equal importance of a firm's supplier and buyer relations.

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Type
Journal Article
Date
1996
Journal
American Economic Review

Veblen Effects in a Theory of Conspicuous Consumption

Author
Hodrick, Laurie Simon and B. Douglas Bernheim

We examine conditions under which "Veblen effects" arise from the desire to achieve social status by signaling wealth through conspicuous consumption. While Veblen effects cannot ordinarily arise when preferences satisfy a "single-crossing property," they may emerge when this property fails. In that case, "budget" brands are priced at marginal cost, while "luxury" brands, though not intrinsically superior, are sold at higher prices to consumers seeking to advertise wealth.

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Type
Journal Article
Date
1995
Journal
Academy of Management Journal

Assessing Managerial Discretion Across Industries: A Multimethod Approach

Author
Hambrick, Donald and Eric Abrahamson

Industries differ widely in how much managerial discretion, or latitude of action, they allow. This research contributes to the reliable and valid measurement of this important but hard-to-measure construct. We found that (1) a panel of academics showed very high consistency in rating managerial discretion in diverse industries, (2) a panel of security analysts agreed strongly with the academics, and (3) the panel ratings were highly related to archival indicators of discretion posited by Hambrick and Finkelstein.

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Type
Journal Article
Date
1995
Journal
Journal of Applied Probability

Stochastic vector difference equations with stationary coefficients

Author
Glasserman, Paul and David Yao

We give a unified presentation of stability results for stochastic vector difference equations Yn+1 = An ⊗ Yn ⊕ Bn based on various choices of binary operations ⊕ and ⊗, assuming that {(An, Bn), n ≥ 0} are stationary and ergodic. In the scalar case, under standard addition and multiplication, the key condition for stability is E[log |A0|]<0. In the generalizations, the condition takes the form γ <0, where γ is the limit of a subadditive process associated with {A(n), n≥0}.

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Type
Journal Article
Date
1995
Journal
Journal of Business

Tax Policy, Internal Finance, and Investment: Evidence from the Undistributed Profits Tax of 1936-1937

Author
Calomiris, Charles and R. Glenn Hubbard

Theoretical work on financing costs under asymmetric information has linked shifts in firms' internal funds and investment spending, holding constant investment opportunities. An impediment to convincing tests of these models is the lack of firm-level data on the relative cost of internal and external funds. We use a tax experiment, the surtax on undistributed profits in the 1930s, to identify firms' relative cost of internal and external funds by calculating surtax margins.

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Type
Journal Article
Date
1995

The Desirability of Investment in Commodities Via Commodity Futures

Author
Huberman, Gur
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Type
Journal Article
Date
1995
Journal
Journal of Financial Economics

Executive Pay and Performance: Evidence from the U.S. Banking Industry

Author
Hubbard, R. Glenn and Darius Palia

This paper examines CEO pay in the banking industry and the effect of deregulating the market for corporate control. Using panel data on 147 banks over the 1980s, we find higher levels of pay in competitive corporate control markets, i.e., those in which interstate banking is permitted. We also find a stronger pay-performance relation in deregulated interstate banking markets. Finally, CEO turnover increases substantially after deregulation.

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Type
Journal Article
Date
1995

Reasons for Substantial Delay in Consumer Decision Making

Author
Greenleaf, Eric and Donald Lehmann
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Type
Journal Article
Date
1995
Journal
Journal of Consumer Research

Reasons for Substantial Delay in Consumer Decision-Making

Author
Greenleaf, Eric and Donald Lehmann

This study proposes a typology of reasons why people substantially delay important consumer decisions The delay reasons we study are drawn from delay typologies identified in other contexts as well as from the product diffusion literature. Two studies reported here examine why subjects delay consumer decisions. These support most of the reasons in the proposed typology, while some unanticipated delay reasons also emerge.

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Type
Journal Article
Date
1995
Journal
Journal of Advertising Research

When Does Advertising Have an Impact? A Study of Tracking Data

Author
Batra, Rajeev, Donald Lehmann, Joanne Burke, and Jae H. Pae

This paper attempts to find characteristics of product categories, brands, and ad copy that lead to either increased or decreased effectiveness of advertising spending on ad awareness, brand awareness, or purchase intentions, as measured through tracking data.

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Type
Journal Article
Date
1995

When Does Advertising Have an Impact? A Study of Tracking Data

Author
Batra, Rajeev, Donald Lehmann, Joanne Burke, and Jae Pae
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Type
Journal Article
Date
1995
Journal
Journal of Economic Theory

A Simple Forecasting Mechanism for Moral Hazard Settings

Author
Arya, A. and Jonathan Glover
This paper studies a multiagent moral hazard setting. We resolve the tacit collusion problem that arises in our setting while employing a solution concept that makes less demanding behavioral assumptions than Nash. A simple mechanism is constructed that approximately implements the second-best solution in two rounds of iteratively removing strictly dominated strategies. Under our mechanism, the agents' best-reply correspondences are well defined, a small message space is employed, and the messages can be interpreted as divisional forecasts.
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Type
Journal Article
Date
1995
Journal
Journal of Marketing Research

Consumer Involvement and Deception from Implied Advertising Claims

Author
Johar, Gita
Results from Experiment 1 reveal that consumers highly involved in processing an advertisement are likely to make invalid inferences from incomplete-comparison claims at the time of processing and, hence, be deceived. Less involved consumers may be induced to complete such claims at the time of measurement, which makes it appear that they also were deceived by the advertisement. Experiment 2 then demonstrates that deception depends on the processing demands of the advertising claim.
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Type
Journal Article
Date
1995
Journal
Journal of Money, Credit, and Banking

Internal Finance and Firm-Level Investment

Author
Hubbard, R. Glenn, Anil Kashyap, and Toni Whited

The article presents a study using the Euler equation for capital accumulation by individual business firms. First, authors' use an estimation strategy based on the Euler equation representation of firms' investment decisions. This strategy reflects reservations with standard investment models based on the q theory with adjustment costs. In particular, there are well-known problems in measuring marginal q, as well as concerns that observed stock market valuations may not accord with the predictions of the efficient markets hypothesis.

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Type
Journal Article
Date
1995
Journal
Management Science

On the accuracy of the simple peak hour approximation for Markovian queues

Author
Green, Linda and Peter Kolesar

We empirically explore the accuracy of the simple stationary peak hour approximation (SPHA) for estimating peak hour performance in multiserver queuing systems with exponential service times and periodic (sinusoidal) Poisson arrival processes. We show that the SPHA is very good for a range of parameter values corresponding to a reasonably broad spectrum of real systems. However, we do find and document that there are many situation in which this approximation will be very inaccurate.

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Type
Journal Article
Date
1995
Journal
Journal of Marketing Research

The Effects of Advertised and Observed Quality on Expectations About New Product Quality

Author
Kopalle, Praveen and Donald Lehmann

The authors describe a model of the effects of advertised and observed quality on consumer expectations about new product quality. They test the model using data from two computer-controlled shopping experiments. In both studies, quadratic and gamma specifications for the effect of advertising claim discrepancy on expectation change fit better than a linear model. Furthermore, the adaptive expectations framework describes the updating of consumer expectations when the consumer observes the quality of the new product.

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Type
Journal Article
Date
1995

The Effects of Advertised and Observed Quality on Expectations About New Product Quality

Author
Kopalle, Praveen and Donald Lehmann
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Type
Book
Date
1995

Redesigning the Firm

Author
Kogut, Bruce and Edward Bowman

The rapidly changing nature of the modern industrial world has helped spark a radical rethinking of the design of corporations, changes no less revolutionary than the wave of innovations associated with the names of Frederick Taylor and Henry Ford in the dawn of this century.

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Type
Journal Article
Date
1995
Journal
Journal of Finance

Time-Varying World Market Integration

Author
Bekaert, Geert and Campbell Harvey
We propose a measure of capital market integration arising from a conditional regime-switching model. Our measure allows us to describe expected returns in countries that are segmented from world capital markets in one part of the sample and become integrated later in the sample. We find that a number of emerging markets exhibit time-varying integration. Some markets appear more integrated than one might expect based on prior knowledge of investment restrictions. Other markets appear segmented even though foreigners have relatively free access to their capital markets.
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Type
Journal Article
Date
1995
Journal
Management Science

Fast solution and detection of minimal forecast horizons in dynamic programs with a single indicator of the future: Applications to dynamic lot-sizing models

Author
Federgruen, Awi and Michal Tzur

In most dynamic planning problems, one observes that an optimal decision at any given stage depends on limited information, i.e. information pertaining to a limited set of adjacent or nearby stages. This holds in particular for planning problems over time, where an optimal decision in a given period depends on information related to a limited future time horizon, a so-called forecast horizon, only. In this paper we identify a general class of dynamic programs in which an efficient forward algorithm can be designed to solve the problem and to identify minimal forecast horizons.

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Type
Journal Article
Date
1995
Journal
<a href="http://www.imstat.org/publications/">The Annals of Applied Probability</a>

Limits of first passage times to rare sets in regenerative processes

Author
Glasserman, Paul and Shing-Gang Kou

We consider limits of first passage times to indexed families of nested sets in regenerative processes. The sets are exponentially rare, in the sense that the probability that the process reaches an indexed set in a cycle vanishes exponentially fast in the indexing parameter. Under appropriate formulations of this hypothesis, we prove strong laws, iterated logarithm laws and limits in distribution, both for the index of the rarest set reached in a cycle and for the time to reach a set.

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Type
Journal Article
Date
1995
Journal
Journal of Business Research

The Impact of Bundle Type Price Framing and Familiarity on Evaluation of the Bundle

Author
Harlam, Bari, Aradhna Krishna, Donald Lehmann, and Carl Mela

Bundling of products is very prevalent in the marketplace. For example, travel packages include airfare, lodging, and a rental car. Considerable economic research has focused on the change in profits and consumer surplus that ensues if bundles are offered. There is relatively little research in marketing that deals with bundling, however. In this article we concentrate on some tactical issues of bundling, such as which types of products should be bundled, what price one can charge for the bundle, and how the price of the bundle should be presented to consumers to improve purchase intent.

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Type
Journal Article
Date
1995
Journal
Games and Economic Behavior

Virtual Implementation in Separable Bayesian Environments Using Simple Mechanisms

Author
Arya, A., Jonathan Glover, and R. Young
This paper studies virtual implementation in Bayesian environments and identifies separability conditions under which social choice functions can be implemented via the iterative removal of strictly dominated strategies by simple mechanisms. Our mechanisms are simple in that (1) implementation is achieved in two rounds of iteratively removing strictly dominated strategies and (2) they employ a message space that is small and invariant to the closeness of the approximation.
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Type
Journal Article
Date
1995
Journal
Fuzzy Sets and Systems

Using Fuzzy Set Theoretic Techniques to Identify Preference Rules from Interactions in the Linear Model: An Empirical Study

Author
Mela, Carl and Donald Lehmann

This paper seeks to establish a parametric linkage between fuzzy set theoretic techniques and commonly used preference formation rules in psychology and marketing. Such a linkage helps to benefit both fields. We accomplish this objective by using a linear model with interaction term which nests many common preference protocols; conjunction (fuzzy and), disjunction (fuzzy or), counterbalance (fuzzy xor) and linear compensatory.

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Type
Journal Article
Date
1995

Using Fuzzy Set Theoretic Techniques to Identify Preference Rules from Interactions in the Linear Model: An Empirical Study

Author
Mela, Carl and Donald Lehmann
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Type
Journal Article
Date
1995
Journal
IEEE Transactions on Automatic Control

Hedging-point production control with multiple failure modes

Author
Glasserman, Paul

We consider the control of a production facility subject to multiple failure modes. Motivated by a work of Akella-Kumar (1986) and Bielecki-Kumar (1988) on single-failure-mode models, we study hedging-point policies, in which production is controlled to its maximum rate whenever inventory is below a critical level and set to zero whenever inventory is above that level. The maximum production rate varies with the state of the machine.

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Type
Journal Article
Date
1995
Journal
Journal of Political Economy

Precautionary Saving and Social Insurance

Author
Hubbard, R. Glenn, Jonathan Skinner, and Stephen Zeldes

Micro data studies of household saving often find a significant group in the population with virtually no wealth, raising concerns about heterogeneity in motives for saving. In particular, this heterogeneity has been interpreted as evidence against the life cycle model of saving. This paper argues that a life cycle model can replicate observed patterns in household wealth accumulation after accounting explicitly for precautionary saving and asset-based, means-tested social insurance.

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Type
Journal Article
Date
1995
Journal
Organizational Behavior and Human Decision Processes

Response Mode Bias and the Formation of Preference: Boundary Conditions of the Prominence Effect

Author
Creyer, Elizabeth and Gita Johar
Prior research has discovered that the most prominent attribute has greater influence on the formation of preference in choice versus matching tasks. We extend the research on this phenomenon, which is known as the prominence effect (Tversky, Sattath, & Slovic, 1988), by examining its generalizability and by providing insight into the psychological processes involved. The effects of task characteristics (i.e., the number of attributes and alternatives) and the effects of subject characteristics (i.e., processing goal) on the prominence effect were examined.
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Type
Working Paper
Date
1995

Government Credit Policy and Industrial Performance: Japanese Machine Tool Producers, 1963&#8211;91

Author
Calomiris, Charles and Charles Himmelberg
In Japan, directed credit policy for the machine tools industry was effective in promoting investment, supporting growing firms, crowding in private funds, and avoiding capture of policy funds by particular firms. But the effectiveness of industrial credit policy in Japan is probably unrepresentative. In countries where special interest lobbies rather than a unified national plan shape such programs, they may do more harm than good.
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Type
Journal Article
Date
1995
Journal
Discrete Applied Mathematics

Joint Performance of Greedy Heuristics for the Integer Knapsack Problem

Author
Kohli, Rajeev and Ramesh Krishnamurti
This paper analyzes the worst-case performance of combinations of greedy heuristics for the integer knapsack problem. If the knapsack is large enough to accomodate at least m units of any item, then the joint performance of the total-value and density-ordered greedy heuristics is no smaller than (m + 1)/(m + 2). For combinations of greedy heuristics that do not involve both the density-ordered and total-value greedy heuristics, the worst-case performance of the combination is no better than the worst-case performance of the single best heuristic in the combination.
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Type
Journal Article
Date
1995
Journal
Marketing Letters

A Nested Logit Model for Brand Choice Incorporating Variety Seeking and Marketing Mix Variables

Author
Ansari, Asim, K. Bawa, and Avijit Ghosh

We model the effects of variety-seeking and marketing-mix variables on consumers' purchases of coffee using a nested logit model. We premise that on any given purchase occasion, the utilities of brands other than the one purchased on the previous occasion may be correlated due to the consumer's tendency to seek variety or to avoid variety. This results in a two-level hierarchical model where choice on any purchase occasion is conditioned on the brand purchased on the immediately preceding occasion.

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Type
Journal Article
Date
1995
Journal
Hungarian Economic Review

A Note on Typicality and Utility

Author
Sarvary, Miklos
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Type
Chapter
Date
1995
Book
The Effects of International Taxation on Multinational Corporations

Accounting Standards, Information Flow and Firm Investment Behavior

Author
Cummins, J., Trevor Harris, and K. Hassett
We present a description of two different accounting regimes that govern reporting practice in most developed countries. "One-book" countries, e.g. Germany, use their tax books as the basis for financial reporting and "two-book" countries, e.g. the United States, keep the books largely separate. We derive a structural model and formalize a testable implication of our discussion: firms in one-book countries may be reluctant to claim some tax benefits if reductions in taxable income may be misinterpreted by financial market participants as signals of lower profitability.
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Type
Chapter
Date
1995
Book
The Effects of Taxation on Multinational Corporations

Accounting Standards, Information Flow, and Firm Investment Behavior

Author
Cummins, Jason G., Trevor Harris, and Kevin A. Hassett
Most empirical analyses of business fixed investment assume that firms exploit fully incentives for investment offered by the tax code, whether or not tax rules differ from those used to measure income for financial accounting purposes.
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Type
Journal Article
Date
1995
Journal
Review of Financial Studies

American Capped Call Options on Dividend-Paying Assets

Author
Broadie, Mark and Jerome Detemple

This article addresses the problem of valuing American call options with caps on dividend-paying assets. Since early exercise is allowed, the valuation problem requires the determination of optimal exercise policies. Options with two types of caps are analyzed: constant caps and caps with a constant growth rate. For constant caps, it is optimal to exercise at the first time at which the underlying asset's price equals or exceeds the minimum of the cap and the optimal exercise boundary for the corresponding uncapped option.

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Type
Journal Article
Date
1995
Journal
ACM Transactions on Modeling and Computer Simulation (TOMACS)

Analysis of an importance sampling estimator for tandem queues

Author
Glasserman, Paul and Shing-Gang Kou

We analyze the performance of an importance sampling estimator for a rare-event probability in tandem Jackson networks. The rare event we consider corresponds to the network population reaching K before returning to ø, starting from ø, with K large. The estimator we study is based on interchanging the arrival rate and the smallest service rate and is therefore a generalization of the asymptotically optimal estimator for an M/M/1 queue.

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Type
Journal Article
Date
1995
Journal
RAND Journal of Economics

Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms

Author
Hubbard, R. Glenn and Darius Palia

Examines how the benefits to managers of corporate control affect the relationship between managerial ownership and the stock returns of acquiring firms. Examination of mergers between 1985 and 1991; Characteristics of agency costs to equity in various levels of managerial ownership.

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Type
Chapter
Date
1995
Book
Encyclopedia of New York City

Budget

Author
Horton, Raymond
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Type
Chapter
Date
1995
Book
Tax Policy and the Economy

Do Tax Reforms Affect Investment?

Author
Cummins, Jason, Kevin Hassett, and R. Glenn Hubbard

We improve upon existing approaches used to estimate investment models by exploiting tax reforms as "natural experiments." we find that tax policy has an economically important effect through the user cost of capital on firms' equipment investment following major tax reforms enacted in 1962, 1971, 1981, and 1986. This effect is most pronounced for firms not in tax loss positions and, thus, more likely to face statutory tax rates and investment incentives.

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