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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
2012
Journal
Critical Finance Review

Testing Factor-Model Explanations of Market Anomalies

Author
Daniel, Kent and Sheridan Titman

A set of recent papers attempts to explain the size and book-to-market anomalies with conditional CAPM or CCAPM models with economically motivated conditioning variables, or with factor models with economically motivated factors. The tests of these models, as presented, fail to reject the proposed model. We argue that these tests fail to reject the null hypothesis because they have very low statistical power against what we call the characteristics alternative.

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Type
Journal Article
Date
2012
Journal
Journal of Consumer Psychology

The consumer psychology of brands

Author
Schmitt, Bernd

This article presents a consumer-psychology model of brands that integrates empirical studies and individual constructs (such as brand categorization, brand affect, brand personality, brand symbolism and brand attachment, among others) into a comprehensive framework. The model distinguishes three levels of consumer engagement (object-centered, self-centered and social) and five processes (identifying, experiencing, integrating, signifying and connecting). Pertinent psychological constructs and empirical findings are presented for the constructs within each process.

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Type
Journal Article
Date
2012
Journal
Journal of Experimental Social Psychology

The destructive nature of power without status

Author
Fast, N., N. Halevy, and Adam Galinsky

The current research explores how roles that possess power but lack status influence behavior toward others. Past research has primarily examined the isolated effects of having either power or status, but we propose that power and status interact to affect interpersonal behavior. Based on the notions that a) low-status is threatening and aversive and b) power frees people to act on their internal states and feelings, we hypothesized that power without status fosters demeaning behaviors toward others.

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Type
Journal Article
Date
2012
Journal
Journal of Marketing Research

The Discriminating Consumer: Product Proliferation and Willingness to Pay for Quality

Author
Bertini, Marco, Luc Wathieu, and Sheena Iyengar

The authors propose that a crowded product space motivates consumers to better discriminate between options of different quality. Specifically, this article reports evidence from three controlled experiments and one natural experiment that people are prepared to pay more for high-quality products and less for low-quality products when they are considered in the context of a dense, as opposed to a sparse, set of alternatives. To explain this effect, the authors argue that consumers uncertain about the importance of quality learn from observing market outcomes.

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Type
Chapter
Date
2012
Book
Pushing the Boundaries: Multiteam Systems in Research and Practice. Vol. 15, Research on Managing Groups and Teams

The far-reaching effects of power: At the individual, dyadic, and group levels

Author
Galinsky, Adam, E. Chou, N. Halevy, and G. van Kleef

Purpose — This chapter provides a framework that captures the fundamental impacts of power at the individual, dyadic, small group, and organizational levels. Within each level, we trace the psychological, cognitive, and behavioral consequences of having or lacking power.

Approach — We integrate theoretical approaches from psychology, sociology, behavioral economics, and organizational theory to underscore the far-reaching effects that power has.

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Type
Journal Article
Date
2012
Journal
American Economic Journal: Microeconomics

The Impact of Social Ties on Group Interactions: Evidence from Minimal Groups and Randomly Assigned Real Groups

Author
Meier, Stephan, Lorenz Goette, and David Huffman

Groups are very prevalent in organizations and society. Previous experiments on groups have mainly investigated how "minimal groups," which are only arbitrary labels, like "red" and "blue" group, can influence prosocial behavior, like altruistic cooperation and norm enforcement. But real groups are often more than just a label; they also involve social interactions leading to social ties, i.e., emotional bonds, between group members. Our experiments compare randomly assigned minimal groups to randomly assigned groups involving real social interactions.

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Type
Journal Article
Date
2012
Journal
Marketing Science

The Impact of Tariff Structure on Customer Retention, Usage, and Profitability of Access Services

Author
Iyengar, Raghuram, Kamel Jedidi, Skander Essegaier, and Peter Danaher

Past research in marketing and psychology suggests that pricing structure may influence consumers' perception of value. In the context of two commonly used pricing schemes, pay-per-use and two-part tariff, we evaluate the impact of pricing structure on consumer preferences for access services. To this end, we develop a utility-based model of consumer retention and usage of a new service. A notable feature of the model is its ability to capture the pricing structure effect and measure its impact on consumer retention, usage, and pricing policy.

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Type
Journal Article
Date
2012
Journal
The Quarterly Journal of Economics

The Political Economy of Indirect Control

Author
Padro i Miquel, Gerard and Pierre Yared

This paper characterizes optimal policy when a government uses indirect control to exert its authority. We develop a dynamic principal-agent model in which a principal (a government) delegates the prevention of a disturbance — such as riots, protests, terrorism, crime, or tax evasion — to an agent who has an advantage in accomplishing this task. Our setting is a standard dynamic principal-agent model with two additional features. First, the principal is allowed to exert direct control by intervening with an endogenously determined intensity of force which is costly to both players.

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Type
Journal Article
Date
2012
Journal
Journal of Experimental Social Psychology

The reciprocal link between multiculturalism and perspective-taking: How ideological and self-regulatory approaches to managing diversity reinforce each other

Author
Todd, A. and Adam Galinsky

Five experiments tested the hypothesis that there is a bi-directional link between ideological (multiculturalism and color-blindness) and self-regulatory (perspective-taking and stereotype-suppression) approaches to managing diversity. A first set of experiments found that exposure to multiculturalism facilitated perceptual and conceptual forms of perspective-taking.

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Type
Journal Article
Date
2012
Journal
Journal of Research in Personality

The role of listening in interpersonal influence

Author
Ames, Daniel, Joel Brockner, and L. Maissen

Using informant reports on working professionals, we explored the role of listening in interpersonal influence and how listening may account for at least some of the relationship between personality and influence. The results extended prior work which has suggested that listening is positively related to influence for informational and relational reasons.

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Type
Chapter
Date
2012
Book
The psychology of negotiations in 21st century negotiations

The role of process fairness authenticity in 21st century negotiations

Author
Roloff, K., Joel Brockner, and Batia Wiesenfeld
This chapter alerts readers to the fact that fairness actions, even if taken, may not necessarily be perceived as authentic, and that perceived authenticity is essential if justice strategies are to have their typical cooperation-enhancing effects.
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Type
Journal Article
Date
2012
Journal
Business Ethics Quarterly

The Strategic Samaritan: How effectiveness and proximity affect corporate responses to external crises

Author
Jordan, J., D. Diermeier, and Adam Galinsky

This research examines how two dimensions of moral intensity involved in a corporation's external crisis response — magnitude of effectiveness and interpersonal proximity — influence observer perceptions of and behavioral intentions toward the corporation. Across three studies, effectiveness decreased negative perceptions and increased pro-organizational intentions via ethical judgment of the response. Moreover, the two dimensions interacted such that a response high in proximity but low in effectiveness led to more negative perceptions and to less pro-organizational intentions.

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Type
Book
Date
2012

The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing

Author
Mauboussin, Michael

"Much of what we experience in life results from a combination of skill and luck." — From the Introduction

The trick, of course, is figuring out just how many of our successes (and failures) can be attributed to each — and how we can learn to tell the difference ahead of time.

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Type
Case Study
Date
2012

The Synergy Limitation Paradox

Author
Harrigan, Kathryn
This note examines the premise of the "Synergy Trap" wherein firms find that the acquisition synergies that are available from combining firms are often smaller than had been expected and difficult to achieve. In exploring this phenomenon, this note outlines a framework by which managers can analyze the postacquisition status of a newly formed entity and plan for performance improvements that will recoup any acquisition premiums paid.
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Type
Journal Article
Date
2012
Journal
Psychological Science

Time Discounting Predicts Creditworthiness

Author
Meier, Stephan and Charles Sprenger

In the recent subprime crisis, many individuals defaulted on their loans. Though the institutional sources of defaulting and delinquencies were much debated in the aftermath of the crisis, much less attention was given to individual differences in defaulting behavior. How do individuals decide whether to repay borrowed money? The decision to default can be viewed as an intertemporal choice, as defaulting provides monetary benefits in the near future and costs in the more distant future (Chatterjee, Corbae, Nakajima, & Rios-Rull, 2007; Fehr, 2002).

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Type
Chapter
Date
2012
Book
Climate Change and Common Sense: Essays in Honour of Tom Schelling

Tipping Climate Negotiations

Author
Heal, Geoffrey and Howard Kunreuther

We investigate whether progress towards an international treaty on greenhouse gas emissions could benefit from insights about tipping a non-cooperative game from an inefficient to an efficient equilibrium. Games with increasing differences have multiple equilibria and have a “tipping set,” a subset of agents who by changing from the inefficient to the efficient equilibrium can induce all others to do the same. We argue that international climate negotiations form such a game and so have a tipping set. This can provide a novel perspective on finding a way forward in climate negotiations.

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Type
Chapter
Date
2012
Book
The Oxford Handbook of Economic Conflict Resolution

Trust, Distrust, and Bargaining

Author
Meier, Stephan and Iris Bohnet
Iris Bohnet and Stephan Meier compare the framing of trusting actions and the role of extending trust versus the lack of distrust in achieving exchange efficiencies.
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Type
Chapter
Date
2012
Book
Reforms and Economic Transformation in India

Variety In, Variety Out: Imported Input and Product Scope Expansion in India

Author
Goldberg, Penny, Amit Khandelwal, and Nina Pavcnik

In this chapter, we discuss and extend the findings of our recent research agenda that examines product mix adjustments by Indian firms during the 1990s. During this period, a large fraction of Indians added products to their product mix suggesting that these constraints felt by Mitter twenty years after his article appeared in press had been to some extent eased. This period of firm-level scope expansion coincided with India's large-scale trade liberalization.

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Type
Journal Article
Date
2012
Journal
Social Psychological and Personality Science

When hierarchy wins: Evidence from the National Basketball Association

Author
Halevy, N., E. Chou, Adam Galinsky, and J. Murnighan

Past research on pay dispersion has found that hierarchy hurts commitment, cooperation, and performance. In contrast, functional theories of social hierarchy propose that hierarchy can facilitate coordination and performance. We investigated the effects of hierarchical differentiation using a sample of professional basketball teams from the National Basketball Association (NBA). Analyses of archival data revealed that hierarchical differentiation in pay and participation enhanced team performance by facilitating intragroup coordination and cooperation.

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Type
Working Paper
Date
2012

Why and How to Design a Contingent Convertible Debt Requirement

Author
Calomiris, Charles and Richard Herring
We develop a proposal for a contingent capital (CoCo) requirement. A proper CoCo requirement, alongside common equity, would be more effective as a prudential tool and less costly than a pure common equity requirement. CoCos can create strong incentives for the prompt recapitalization of banks after significant losses of equity but before the bank has run out of options to access the equity market.
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Type
Journal Article
Date
2011
Journal
Science

Can Integration Tame Conflicts?

Author
Goette, Lorenz and Stephan Meier
Civil wars between ethnic or religious groups have cost millions of lives in recent history. In Bosnia and Herzegovina alone, tens of thousands were killed and millions displaced in the war between 1992 and 1995. However, although intense hatred against other groups can lead to tragedy, it often seems to come in tandem with stronger altruism and cooperation within one's own group. This combination may have played a key role in early human development. Are there ways to mitigate group conflict while at the same time harvesting the potential benefits from stronger cooperation within groups?
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Type
Journal Article
Date
2011
Journal
Journal of Consumer Research

Attaining Satisfaction

Author
Cho, Cecile K. and Gita Johar

It is self-evident that performing poorly on a task makes people dissatisfied relative to performing well. How can this negative affect be overcome? We provide an adaptive strategy for dealing with poor performance. Experiment 1 shows that poor performers tend to recruit the highest potential performance as a comparison standard and hence are dissatisfied. However, if they are reminded that they set their own low goals, and that these goals were met, they are as satisfied as better performers.

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Type
Journal Article
Date
2011
Journal
Journal of Social Issues

Cultural identity threat: The role of cultural identifications in moderating closure responses to foreign cultural inflow

Author
Morris, Michael, Aurelia Mok, and Shira Mor

Political theorists of globalization have argued that foreign inflows to a society can give rise to collective-identity closure — social movements aiming to narrow the in-group, and exclude minorities. In this research we investigate whether exposure to the mixing of a foreign culture with one's heritage culture can evoke need for closure, a motive that engenders ethnocentric social judgments.

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Type
Journal Article
Date
2011
Journal
International Journal of Eating Disorders

Emotion contagion moderates the relationship between emotionally-negative families and abnormal eating behavior

Author
Weisbuch, M., N. Ambady, Michael Slepian, and D.C. Jimerson

Objective: To reconcile empirical inconsistencies in the relationship between emotionally-negative families and daughters' abnormal eating, we hypothesized a critical moderating variable: daughters' vulnerability to emotion contagion.

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Type
Journal Article
Date
2011
Journal
Emotion

Gender moderates the relationship between emotion and perceived gaze

Author
Slepian, Michael, M. Weisbuch, R.B. Adams, Jr., and N. Ambady
Recent evidence shows that gender modulates the morphology of facial expressions and might thus alter the meaning of those expressions. Consequently, we hypothesized that gender would moderate the relationship between facial expressions and the perception of direct gaze. In Study 1, participants viewed male and female faces exhibiting joy, anger, fear, and neutral expressions displayed with direct and averted gazes. Perceptions of direct gaze were most likely for male faces expressing anger or joy and for female faces expressing joy.
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Type
Journal Article
Date
2011
Journal
Journal of Experimental Psychology: Applied

Partitioning Default Effects: Why People Choose Not to Choose

Author
Johnson, Eric, Isaac Dinner, Daniel Goldstein, and Kaiya Liu

Default options exert an influence in areas as varied as retirement program design, organ donation policy, and consumer choice. Past research has offered potential reasons why no-action defaults matter: (i) effort, (ii) implied endorsement, and (iii) reference dependence. The first two of these explanations have been experimentally demonstrated, but the latter has received far less attention. In three experiments we produce default effects and demonstrate that reference dependence can play a major role in their effectiveness.

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Type
Journal Article
Date
2011
Journal
Annual Review of Financial Economics

Predictability of Returns and Cash Flows

Author
Koijen, Ralph and Stijn Van Nieuwerburgh
We review the literature on return and cash flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.
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Type
Working Paper
Date
2011

The Long-Term Impacts of Teachers: Teacher Value-Added and Student Outcomes in Adulthood

Author
Chetty, Raj, John N. Friedman, and Jonah Rockoff

Are teachers' impacts on students' test scores ("value-added") a good measure of their quality? This question has sparked debate largely because of disagreement about (1) whether value-added (VA) provides unbiased estimates of teachers' impacts on student achievement and (2) whether high-VA teachers improve students' long-term outcomes. We address these two issues by analyzing school district data from grades 3–8 for 2.5 million children linked to tax records on parent characteristics and adult outcomes.

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Type
Journal Article
Date
2011
Journal
Research Policy

The Mobility of Economists and the Diffusion of Policy Ideas: The Influence of Economics on National Policies

Author
Kogut, Bruce and Muir Macpherson
A statistical analysis of the adoption of privatization and central bank independence by national governments indicates that the presence of American-trained Ph.D. economists have a significant influence on the decision to implement these policies. However, the timing of the adoption suggests that adoption is sensitive to the technical debate within economic communities and the degree of consensus regarding the efficacy of these programs. These results are triangulated with a study on pension fund reform to show that other actors, e.g.
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Type
Chapter
Date
2011
Book
World in Crisis: Insights from Six Shadow Financial Regulatory Committees From Around the World

Financial Crisis in the US and Beyond

Author
Calomiris, Charles, Robert Eisenbeis, and Robert Litan

The 2007-2009 financial crisis that started in the summer of 2007 had its origins in the US housing policies, the subprime mortgage market in particular, and the end of the real estate bubble in the US. Careful consideration of the causes, consequences and policy responses suggest that various factors contributed to the severity of the 2007-08 crisis, and experts disagree about the weights to attach to each in explaining what is now regarded as the most significant economic contraction since the Great Depression.

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Type
Newspaper/Magazine Article
Date
2011
Publication
Journal of International Money and Finance

Firms' Sensitivities to "Crisis Shocks" and the Cross-Section of Global Equity Returns

Author
Calomiris, Charles
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Type
Chapter
Date
2011
Book
Handbook of the History of Social Psychology

Motivation Science in Social Psychology: A Tale of Two Histories

Author
Higgins, E. Tory
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Type
Book
Date
2011

Sovereign Wealth Funds and Long-Term Investing

Author
Bolton, Patrick, Frederic Samama, and Joseph Stiglitz

Sovereign Wealth Funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located in developing countries and are intimately tied to energy and commodities exports, and they carry virtually no liabilities and have little redemption risk, which allows them to take a longer-term investment outlook than most other institutional investors.

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Type
Journal Article
Date
2011
Journal
International Journal of Theoretical and Applied Finance

Managing Corporate Liquidity: Strategies and Pricing Implications

Author
Asvanunt, Attakrit, Mark Broadie, and M. Suresh Sundaresan

Defaults arising from illiquidity can lead to private workouts, formal bankruptcy proceedings or even liquidation. All these outcomes can result in deadweight losses. Corporate illiquidity in the presence of realistic capital market frictions can be managed by a) equity dilution, b) carrying positive cash balances, or c) entering into loan commitments with a syndicate of lenders. An efficient way to manage illiquidity is to rely on mechanisms that transfer cash from "good states" into "bad states" (i.e., financial distress) without wasting liquidity in the process.

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Type
Working Paper
Date
2011

Executive Compensation, Fat Cats and Best Athletes

Author
Kogut, Bruce and Jae-Suk Yang
The growth in the skewness of the distribution of income in the US dates from the past decades when the remuneration to chief executive officers (CEOs) has increased faster than the growth in firm size. An explanation for this rapid increase is the contagion of changes in social norms which, through a process of social comparison, propagates higher pay among corporate executives. By analyzing this increase in pay as a diffusion process, this paper compares three candidate explanations for contagion: director board interlocks, peer groups, and educational networks.
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Type
Journal Article
Date
2011
Journal
Journal of Finance

A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management

Author
Bolton, Patrick, Hui Chen, and Neng Wang

We propose a model of dynamic corporate investment, financing, and risk management for a financially constrained firm. The model highlights the central importance of the endogenous marginal value of liquidity (cash and credit line) for corporate decisions.

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Type
Chapter
Date
2011
Book
Bayesian Statistics 9

Particle Learning for Sequential Bayesian Computation

Author
Johannes, Michael, Carlos Carvalho, Hedibert Lopes, and Nicholas Polson

Particle learning provides a simulation-based approach to sequential Bayesian computation. To sample from a posterior distribution of interest we use an essential state vector together with a predictive and propagation rule to build a resampling-sampling framework. Predictive inference and sequential Bayes factors are a direct by-product. Our approach provides a simple yet powerful framework for the construction of sequential posterior sampling strategies for a variety of commonly used models.

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Type
Journal Article
Date
2011
Journal
Leadership Quarterly

Perceiving Freedom Givers: Effects of Granting Decision Latitude on Personality and Leadership Perceptions

Author
Chua, Roy and Sheena Iyengar

A perennial question facing managers is how much decision latitude to give their employees at work. The current research investigates how decision latitude affects employees' perceptions of managers' personalities and, in turn, their leadership effectiveness. Results from three studies using different methods (two experiments and a survey) indicate an inverted-U shaped relationship between degree of decision latitude and leadership effectiveness perceptions.

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Type
Journal Article
Date
2011
Journal
Journal of Marketing Research

Relaxation Increases Monetary Valuations

Author
Pham, Michel Tuan, Iris Hung, and Gerald Gorn

This research documents an intriguing empirical phenomenon whereby states of relaxation increase the monetary valuation of products. This phenomenon is demonstrated in six experiments involving two different methods of inducing relaxation, a large number of products of different types, and various methods of assessing monetary valuation. In all six experiments participants who were put into a relaxed affective state reported higher monetary valuations than participants who were put into an equally pleasant but less relaxed state.

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Type
Journal Article
Date
2011

Comparing social attention in autism and amygdala lesions: effects of stimulus and task condition

Author
Birmingham, Elina, Moran Cerf, and Ralph Adolphs
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Type
Chapter
Date
2011
Book
Handbook of theories of social psychology

Accessibility theory

Author
Higgins, E. Tory
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Type
Journal Article
Date
2011
Journal
The Manchester School

An Incentive-Robust Programme for Financial Reform

Author
Calomiris, Charles

Leading up to the recent crisis, government encouraged risky lending, and failed to measure banks' risks credibly or to require sufficient capital. Regulators also failed to losses or enforce intervention protocols for timely resolution. This paper proposes radical policy changes to prevent a recurrence. The need is not for more complex rules and more supervisory discretion, but rather for simpler rules that are meaningful in measuring and limiting risk, hard for market participants to circumvent and credibly enforced by supervisors.

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Type
Journal Article
Date
2011
Journal
Journal of Finanical Economics

Performance Maximization of Actively Managed Funds

Author
Guasoni, Paolo, Gur Huberman, and Zhenyu Wang

A growing literature suggests that even in the absence of any ability to predict returns, holding options on the benchmarks or trading frequently can generate positive alpha. The ratio of alpha to its tracking error appraises a fund's performance. This paper derives the performance-maximizing strategy, which turns out to be a variant of a buy-write strategy, and the least upper bound on such performance enhancement. If common equity indices are used as benchmarks, the potential alpha generated from trading frequently can be substantial in magnitude, but it carries considerable risk.

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Type
Chapter
Date
2011
Book
Handbook of theories of social psychology

Regulatory focus theory

Author
Higgins, E. Tory
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Type
Chapter
Date
2011
Book
Handbook of Intuition Research

Strategic Intuition

Author
Duggan, William and Malia Mason

Over the past decade, cognitive and neuroscience research have made significant methodological progress in studying insight from three different angles.  First, psychology experiments show that subjects solve problems better after sleep than subjects who focus continuously on the problems.  Second, research on arousal and stress shows that the physiology of the relaxed mental state fosters this kind of ‘offline’ problem-solving.  Third, cognitive neuroscience provides preliminary evidence that defocused attention contributes to flashes of insight.  This chapter provides an overview of recen

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Type
Chapter
Date
2011
Book
Cracking the Code

Brand Experience: Managerial Applications of a New Consumer Psychology Concept

Author
Brakus, J. Josko, Bernd Schmitt, and Lia Zarantonello
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Type
Chapter
Date
2011
Book
Cracking the Code: Leveraging Consumer Psychology to Drive Profitability

Bridging Theory and Practice: A Conceptual Model of Relevant Research

Author
Schmitt, Bernd
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Type
Journal Article
Date
2011
Journal
Capitalism and Society

Comment on "Implementing a Macroprudential Framework: Blending Boldness and Realism" (by Claudio Borio)

Author
Calomiris, Charles
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Type
Journal Article
Date
2011
Journal
Journal of Marketing Research

Modeling Multiple Relationships in Social Networks

Author
Ansari, Asim, Oded Koenigsberg, and Florian Stahl

Firms are increasingly seeking to harness the potential of social networks for marketing purposes. Therefore, marketers are interested in understanding the antecedents and consequences of relationship formation within networks and in predicting interactivity among users. The authors develop an integrated statistical framework for simultaneously modeling the connectivity structure of multiple relationships of different types on a common set of actors.

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Type
Journal Article
Date
2011
Journal
Psychological Science

Power and choice: Their dynamic interplay in quenching the thirst for personal control

Author
Inesi, M., Simona Botti, David Dubois, Derek D. Rucker, and Adam Galinsky

Power and choice represent two fundamental forces that govern human behavior. Scholars have largely treated power as an interpersonal construct involving control over other individuals, whereas choice has largely been treated as an intrapersonal construct that concerns the ability to select a preferred course of action. Although these constructs have historically been studied separately, we propose that they share a common foundation — that both are rooted in an individual's sense of personal control.

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