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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
Working Paper
Date
2025

An interpersonal, attributional perspective on first offers in negotiations

Author
Loschelder, D., A. Lee, M.F. Mason, Daniel Ames, and A. Galinsky
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Type
Working Paper
Date
2025

Diversity isn’t what it used to be: The consequences of the broadening of diversity

Author
Akinola, Modupe, T Opie, G Ho, S Castel, M. Unzueta, and A Brief
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Type
Working Paper
Date
2025

Downstream Effects of Evaluator Placement

Author
Abraham, Mabel, Tristan Botelho, and C. Carter
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Type
Working Paper
Date
2025

Local Growth Policy and Dynamic Misallocation

Author
Walsh, Conor

Many state and local governments incentivize new business creation. I analyze local growth policy in a setting where firm entry and expansion choices exhibit local complementarities, creating dynamic misallocation at the aggregate level. Optimal entry subsidies would speed the transition of Rust-belt workers to the South and Mountain West by an extra 10 million people by 2035, raising real incomes by 4%. Actual subsidies substantially worsen misallocation, lowering welfare by 3%, 6 times the size of the subsidies themselves.

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Type
Working Paper
Date
2025

The Macroeconomics of Stakeholder Equilibria*

Author
Donaldson, John and Hyung Seok E. Kim

We propose one route to a more inclusive society. Our context is the prevailing one of high wealth inequality where stockholders alone supply the stochastic discount factor governing the allocation of capital. A large and pervasive pecuniary externality is thus imposed on non-stockholder workers, something we view as antithetical to the notion of an inclusive society.

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Type
Working Paper
Date
2025

Understanding the Labor Market for Entrepreneurs

Author
Abraham, Mabel and Tristan Botelho
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Type
Working Paper
Date
2023

New News is Bad News

Author
Mamaysky, Harry, Paul Glasserman, and Jimmy Qin

An increase in the novelty of news predicts negative stock market returns and negative macroeconomic outcomes over the next year. We quantify news novelty – changes in the distribution of news text – through an entropy measure, calculated using a recurrent neural network applied to a large news corpus. Entropy is a better out-of-sample predictor of market returns than a collection of standard measures. Cross-sectional entropy exposure carries a negative risk premium, suggesting that assets that positively covary with entropy hedge the aggregate risk associated with shifting news language.

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Type
Journal Article
Date
2023

Detecting Routines: Applications to Ridesharing CRM

Author
Dew, Ryan, Eva Ascarza, Oded Netzer, and Nachum Sicherman

Routines shape many aspects of day-to-day consumption. While prior work has established the importance of habits in consumer behavior, little work has been done to understand the implications of routines — which we define as repeated behaviors with recurring, temporal structures — for customer management. One reason for this dearth is the difficulty of measuring routines from transaction data, particularly when routines vary substantially across customers. We propose a new approach for doing so, which we apply in the context of ridesharing.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Project Syndicate

Carbon Capture and Delay

Author
Wagner, Gernot

As long as coal plants are still operating, it is a good idea to require them capture their carbon dioxide emissions. But those designing policies to hasten such practices must tread carefully, lest they unwittingly extend the life of dirtier energy sources.

 

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Type
Working Paper
Date
2023

Data Sales and Data Dilution

Author
Veldkamp, Laura, Ernest Liu, and Song Ma

The market power of data sellers is a topic of concern for policymakers. While most data sellers have a monopoly for their data set, they also cannot commit not to sell data to other customers. We find that limited commitment, combined with the fact that data’s strategic value declines in the number of users, makes data sellers behave more competitively. Monopolist data sellers do not have much monopoly power, but data subscription sellers do. While subscriptions allow firms to credibly commit to restrict their supply of data, they also incentivize firms to invest in higher-quality data.

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Type
Journal Article
Date
2023

License to Layoff? Unemployment Insurance and the Moral Cost of Layoffs

Author
Keum, Daniel and Stephan Meier

This study presents moral cost as a novel behavioral constraint on firm resource adjustment, specifically layoff decisions that can cause severe harm to employees. Revising the prevailing negative view of managers as purely self-interested, we propose that managers care about their employees and incur moral cost from layoffs. We leverage expansions in unemployment insurance as a quasi-natural experiment that reduces economic hardship for laid-off workers and, in turn, the moral cost of layoffs to managers. We find that these expansions license larger layoffs.

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Type
Working Paper
Date
2023

Carbon Dioxide as a Risky Asset

Author
Bauer, Adam Michael, Cristian Proistosescu, and Gernot Wagner

We develop a financial-economic model for carbon pricing with an explicit representation of decision making under risk and uncertainty that is consistent with the Intergovernmental Panel on Climate Change’s sixth assessment report. We show that risk associated with high damages in the long term leads to stringent mitigation of carbon dioxide emissions in the near term, and find that this approach provides economic support for stringent warming targets across a variety of specifications.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Public Anthropologist

AI’s Truth, Lies, and Ethos

Author
Morais, Robert
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Type
Newspaper/Magazine Article
Date
2023
Publication
Project Syndicate

What the Climate Fight Is Really About

Author
Wagner, Gernot

NEW YORK – Climate change is no longer a future problem. It is here, and the effects are all around. Worse, today’s extreme weather events are just a preview of the pain that awaits humanity in the coming decades, almost regardless of how fast we manage to decarbonize the economy this year or next.

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Type
Journal Article
Date
2023

Ride-Hailing Networks with Strategic Drivers: The Impact of Platform Control Capabilities on Performance

Author
Afèche, Philipp, Zhe Liu, and Costis Maglaras

Problem definition: Motivated by ride-hailing platforms such as Uber, Lyft and Didi, we study the problem of matching riders with self-interested drivers over a spatial network.

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Type
Working Paper
Date
2023

This is Why I Leave: Race and Voluntary Departure

Author
Sterling, Adina

Although there have been numerous studies on voluntary departure—i.e., quit behavior—the way race influences voluntary departure is not yet settled. Some studies suggest racial minorities are more apt to voluntarily depart than non-minority employees due to discrimination in the workplace. Other studies suggest racial minorities are more apt to stay due to discrimination in the labor market.

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Type
Working Paper
Date
2023

Alumni Networks in Venture Capital Financing

Author
Garfinkel, Jon A., Erik J. Mayer, Ilya A. Strebulaev, and Emmanuel Yimfor

Drawing on two decades of extensive deal data from the venture capital market, we show that one in three deals involves an investor and founder from the same alma mater. Notably, venture capitalists (VCs) are not only more likely to invest in founders from their alma mater, but also place larger bets on these firms. Tests exploiting VC partner turnover suggest a causal link between education connections and funding likelihood.

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Type
Working Paper
Date
2023

Brokers and Finders in Startup Offerings

Author
Yimfor, Emmanuel

This study uses Form D filings to uncover new facts about brokered startup offerings, where 60% of brokers are registered with FINRA, while 40% are unregistered, often referred to as finders. Issuers, particularly those with fewer sophisticated investors and a higher number of brokers in their zip code, are more likely to engage with brokers. Venture Capitalists (VCs) rarely participate in brokered offerings, but non-accredited investors tend to be more involved in offerings handled by finders.

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Type
Working Paper
Date
2023

Misconduct Synergies

Author
Tookes, Heather and Emmanuel Yimfor

Do corporate control transactions discipline the labor force? Consistent with synergies, we find that new disclosures of employee misconduct in the investment advisory industry drop by between 28 and 37% following mergers. Both targets and acquirers have better premerger misconduct records than the industry’s average firm and, within the subsample of merging firms, there is assortative matching on misconduct. Merger events facilitate further reductions in misconduct through separations of target firm employees with high misconduct.

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Type
Case Study
Date
2023

Clean Core Thorium Energy and the Role of Nuclear Power in the Low-carbon Transition

Author
Wagner, Gernot

In the landscape of low carbon sources of energy, nuclear power stands out as an option that has generated increasing attention and capital investment. Since 2001, nuclear energy production has been in decline, though Clean Core Thorium Energy, led by Mehul Shah, is one of the companies that is bringing nuclear back to the forefront. Founded in 2017, Clean Core is a nascent player in an industry that has a poor reputation among investors.

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Type
Case Study
Date
2023

Decarbonizing voestalpine High-Performance Metal

Author
Wagner, Gernot

Voestalpine, the Austria-based global leading steel manufacturing division of High Performance Metals, has made a bold commitment. It would achieve climate neutrality by 2050, with chief sustainability officer Philipp Horner leading the charge. Horner and his strategy team must review its entire manufacturing process to find opportunities for decarbonization, including learning about completely new methods for production and reevaluating its existing blast furnace technology.

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Type
Journal Article
Date
2023

Managerial political power and the reallocation of resources in the internal capital market

Author
Keum, Daniel

Research Summary

We examine how managers' political power reallocates resources in the internal capital market. By shifting the focus from financial to firm-specific, non-financial resources that are difficult to evaluate and zero-sum in nature, we revise the prevailing view that managers' political power plays a significant yet contingent role under financial constraint and weak governance. We instead characterize managerial political power as an intrinsic, inescapable determinant of internal competition and resource allocation.

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Type
Journal Article
Date
2023
Journal
Nature Climate Change

Participating in a climate prediction market increases concern about global warming

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

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

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Type
Newspaper/Magazine Article
Date
2023
Publication
New York Times

There’s Only One Way to Fix New York’s Traffic Gridlock

Author
Komanoff, Charles and Gernot Wagner

The plan to charge drivers to enter Manhattan south of 60th Street, which last month moved closer to federal approval, will deliver two notable gifts to New York and the region when it begins, perhaps as soon as next April.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Barron's

We Can’t Prevent All Wildfires. But We Can Learn From the Ones Burning Now.

Author
Wagner, Gernot

It’s days like today that I wished I had former Alaska Gov. Sarah Palin’s superpower and could “love that smell of the emissions,” or at least was immune to them. In reality, of course, nobody is. But reading statistics about millions a year dying from air pollution caused by the burning of fossil fuels is one thing.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Project Syndicate

How to Think About Climate-Tech Solutions

Author
Wagner, Gernot

To think that technology will save us from climate change is to invite riskier behavior, or moral hazard. Whether a climate technology creates new problems has little to do with the solution, and everything to do with us.

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Type
Journal Article
Date
2023

Innovation and New Products Research: A State-of-the-Art Review

Author
Fan, Tingting, Peter N. Golder, and Donald Lehmann
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Type
Working Paper
Date
2023

The Implied Equity Premium

Author
Tetlock, Paul

I propose and test a simple model of the equity premium implied by the prices of options on the stock market. The model assumes that markets for the stock index and its options are frictionless and complete to extract as much information as possible from their prices. Its forecasts of the equity premium are more accurate than those in prior work, especially when arbitrage costs are low. It offers new economic insights into why the premium varies, including why it increased for many years after the 2008 crisis.

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Type
Working Paper
Date
2023

Funding Black High-Growth Startups

Author
Cook, Lisa D., Matt Marx, and Emmanuel Yimfor

This study examines the persistent funding gap for Black founders in venture capital and investigates the drivers behind this disparity. Employing a novel race-disambiguation algorithm, we find that only 3.47% of Black founders are in the pipeline. Our analysis provides partial support for the supply-side argument, suggesting that broader societal factors play a significant role.

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Type
Journal Article
Date
2023

Mitigating Disaster Risks in The Age Of Climate Change

Author
Hong, Harrison, Jinqiang Yang, and Neng Wang

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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Type
Working Paper
Date
2023

Central Bank Credibility and Fiscal Responsibility

Author
Schreger, Jesse, Pierre Yared, and Emilio Emilio Zaratiegui

We consider a New Keynesian model with strategic monetary and fiscal interactions. The fiscal authority maximizes social welfare. Monetary policy is delegated to a central bank with an anti-inflation bias that suffers from a lack of commitment. The impact of central bank hawkishness on debt issuance is non-monotonic because increased hawkishness reduces the benefit from fiscal stimulus while simultaneously increasing real debt capacity.

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Type
Working Paper
Date
2023

Racial Diversity in Private Capital Fundraising

Author
Cassel, Johan, Josh Lerner, and Emmanuel Yimfor

Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We find little support for a number of explanations for these patterns: that minority fund valuations are overstated, that minority funds encounter difficulties in hiring personnel, or that deploying capital is more difficult for these funds.

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Type
Journal Article
Date
2023

Equilibrium Effects of Food Labeling Policies

Author
Barahona, Nano, Cristobal Otero Ruiz-Tagle, and Sebastian Otero Ruiz-Tagle

We study a regulation in Chile that mandates warning labels on products whose sugar or caloric concentration exceeds certain thresholds.We show that consumers substitute from labeled to unlabeled products—a pattern mostly driven by  products that consumers mistakenly believe to be healthy. On the supply side, we find substantial reformulation of products and bunching at the thresholds.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Washington Post

Get tax credits right to make clean hydrogen a boon not a boondoggle

Author
Wagner, Gernot and Danny Cullenward

Now that the only thing as certain as death and taxes is climate change, it is perhaps no surprise that the Internal Revenue Service is critical to emissions policy.

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Type
Working Paper
Date
2023

Monetary Policy without Commitment

Author
Afrouzi, Hassan, Marina Halac, Kenneth Rogoff, and Pierre Yared

This paper studies the implications of central bank credibility for long-run inflation and inflation dynamics. We introduce central bank lack of commitment into a standard non-linear New Keynesian economy with sticky-price monopolistically competitive firms.Inflation is driven by the interaction of lack of commitment and the economic environment. We show that long-run inflation increases following an unanticipated permanent increase in the labor wedge or decrease in the elasticity of substitution across varieties. In the transition, inflation overshoots and then gradually declines.

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Type
Working Paper
Date
2023

A Theory of Fiscal Responsibility and Irresponsibility

Author
Halac, Marina and Pierre Yared

We propose a political economy mechanism that explains the presence of fiscal regimes punctuated by crisis periods. Our model focuses on the interaction between successive deficit-biased governments subject to i.i.d. fiscal shocks. We show that the economy transitions between a fiscally responsible regime and a fiscally irresponsible regime, with transitions occurring during crises when fiscal needs are large. Under fiscal responsibility, governments limit their spending to avoid transitioning to fiscal irresponsibility.

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Type
Journal Article
Date
2023

Sensory substitution can improve decision-making

Author
Peters, Heinrich , Sandra Matz, and Moran Cerf
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Type
Working Paper
Date
2023

Valuing Financial Data

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

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

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Type
Working Paper
Date
2023

Test-Optional Admissions

Author
Dessein, Wouter, Alex Frankel, and Navin Kartik

The Covid-19 pandemic has accelerated the trend of many colleges moving to testoptional, and in some cases test-blind, admissions policies. A frequent claim is that by not seeing standardized test scores, a college is able to admit a student body that it prefers, such as one with more diversity. But how can observing less information allow a college to improve its decisions? We argue that test-optional policies may be driven by social pressure on colleges’ admission decisions.

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Type
Journal Article
Date
2023

Dynamic Banking and the Value of Deposits

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

We propose a theory of banking in which banks cannot perfectly control deposit flows. Facing uninsurable loan and deposit shocks, banks dynamically manage lending, wholesale funding, deposits, and equity. Deposits create value by lowering funding costs. However, when the bank is undercapitalized and at risk of breaching leverage requirements, the marginal value of deposits can turn negative as deposit inflows, by raising leverage, increase the likelihood of costly equity issuance. Banks’ inability to fully control leverage distinguishes them from non-depository intermediaries.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Project Syndicate

Europe Must Tax Brown and Subsidize Green

Author
Wagner, Gernot

The US Inflation Reduction Act is a landmark legislative package that should be welcomed around the world, despite its putatively protectionist features. Owing to the positive learning-by-doing spillovers that follow from green subsidies, Europe and the rest of the world ultimately will benefit, too.

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Type
Chapter
Date
2023

Natural Language Processing in Marketing

Author
Hartmann, Jochen and Oded Netzer

The increasing importance and proliferation of text data provide a unique opportunity and novel lens to study human communication across a myriad of business and marketing applications. For example, consumers compare and review products online, individuals interact with their voice assistants to search, shop, and express their needs, investors seek to extract signals from firms’ press releases to improve their investment decisions, and firms analyze sales call transcripts to increase customer satisfaction and conversions.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Washington Post

3 ways to spend Biden’s clean-energy windfall faster

Author
Wagner, Gernot and Julio Friedmann

Building infrastructure is hard; building a trillion dollars’ worth of infrastructure within a decade, while jump-starting U.S. manufacturing and protecting fragile ecosystems, is harder still. But if President Biden’s climate finance windfall is to position the United States to lead on clean-energy jobs, trade and innovation, that building needs to start now.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Financial Times

The new LBO market: it’s gone private

Author
Carr, Ellen

Private equity was a bright spot in institutional investors’ portfolios last year. The asset class held up much better than public stocks, which were whipsawed by rising rates. Read the full article at the Financial Times.

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Type
Newspaper/Magazine Article
Date
2023
Publication
Washington Post

Can geoengineering slow climate change? We need research to find out.

Author
Wagner, Gernot

Attempting to shield Earth from the sun’s rays in what’s often described as a last-ditch effort to cool average global temperatures is controversial for good reason. It might work and do a lot of good, but there are ample risks. Most importantly, it is no replacement for cutting greenhouse gases. Researchers who study the approach most closely are the first to say just that. Using solar geoengineering as the latest excuse not to slash carbon and other pollution would be a mistake. But research we must.

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Type
Working Paper
Date
2023

Data and Markups: A Macro-Finance Perspective

Author
Eeckhout, Jan and Laura Veldkamp

How can we measure the extent to which data-intensive firms are using their market power? Economists typically look to markups as evidence of market power. Using a simple model with firms that price risk in their capital allocation and production decisions, we highlight the competing forces that make markups an unreliable measure of data-derived market power. Instead, we show how markups measured at different levels of aggregation reflect data and distinguish data from other intangible investments.

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Type
Newspaper/Magazine Article
Date
2023
Publication
New York Times

Our City Could Become One of the World’s Greenest, but It Won’t Be Easy

Author
Greenberg, Paul and Gernot Wagner

Rules are being drafted to guide compliance with a 2019 New York City law that requires most of about 50,000 buildings, many over 25,000 square feet, to cut their greenhouse gas emissions by 40 percent by the end of this decade and to achieve net-zero emissions by 2050.

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Type
Working Paper
Date
2023

Credit Information in Earnings Calls

Author
Mamaysky, Harry, Yiwen Shen, and Hongyu Wu

We develop a novel technique to extract credit-relevant information from the text of quarterly earnings calls. This information is not spanned by fundamental or market variables and forecasts future credit spread changes. One reason for such forecastability is that our text-based measure predicts future credit spread risk and firm profitability. More firm- and call-level complexity increase the forecasting power of our measure for spread changes. Out-of-sample portfolio tests show the information in our measure is valuable for investors.

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Type
Working Paper
Date
2023

Model-Free Mispricing Factors

Author
Lochstoer, Lars and Paul Tetlock

We identify model-free mispricing factors and relate them to global stock prices and investor beliefs. The factors are model-free as they measure variation in the relative prices of assets with the same cash ows. We design three factors to re ect the beliefs and capital ows of important clientele: investors in United States (US), developed, and emerging stock markets; and individuals and institutions. Together the three factors capture most (52%) of the systematic variation in price premiums of individual securities.

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Type
Journal Article
Date
2023

Frontiers: Polarized America: From Political Polarization to Preference Polarization

Author
Schoenmueller, Verena, Oded Netzer, and Florian Stahl

In light of the widely discussed political divide and increasing societal polarization, we investigate in this paper whether the polarization of political ideology extends to consumers’ preferences, intentions, and purchases. Using three different data sets—the publicly available social media data of over three million brand followerships of Twitter users, a YouGov brand-preference survey data set, and Nielsen scanner panel data—we assess the evolution of brand-preference polarization.

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