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Columbia Business School Research

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At the Forefront of Their Fields
The Columbia Advantage

At Columbia Business School, our faculty members are at the forefront of research in their respective fields, offering innovative ideas that directly impact business practice today. A 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.

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.

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Type
Journal Article
Date
2009
Journal
Annals of Applied Statistics

High Frequency Market Microstructure Noise Estimates and Liquidity Measures

Author
Ait-Sahalia, Yacine
Using recent advances in the econometrics literature, we disentangle from high frequency observations on the transaction prices of a large sample of NYSE stocks a fundamental component and a microstructure noise component. We then relate these statistical measurements of market microstructure noise to observable characteristics of the underlying stocks, and in particular to different financial measures of their liquidity. We find that more liquid stocks based on financial characteristics have lower noise and noise-to-signal ratio measured from their high frequency returns.
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Type
Journal Article
Date
2009
Journal
Journal of Financial Economics

High idiosyncratic volatility and low returns: International and further U.S. evidence

Author
Hodrick, Robert, Yuhang Xing, and Xiaoyan Zhang

Stocks with recent past high idiosyncratic volatility have low future average returns around the world. Across 23 developed markets, the difference in average returns between the extreme quintile portfolios sorted on idiosyncratic volatility is -1:31% per month, after controlling for world market, size, and value factors. The effect is individually significant in each G7 country. In the United States, we rule out explanations based on trading frictions, information dissemination, and higher moments.

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Type
Journal Article
Date
2009
Journal
American Economic Review: Papers & Proceedings

How Should Public Pension Plans Invest?

Author
Lucas, Deborah and Stephen Zeldes

How public pension plan assets should be invested is an important but unsettled question. Some observers endorse the standard practice of investing heavily in higher yielding but riskier equities, reasoning that the higher average returns will reduce future required tax receipts and also help to reduce underfunding over time. Others advocate a more conservative approach that reduces the volatility of funding levels and the likelihood of severe shortfalls during economic downturns when government resources are already constrained.

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Type
Journal Article
Date
2009
Journal
Psychological Science

I'll know what you're like when I see how you feel: How and when affective displays adjust behavior-based impressions

Author
Ames, Daniel and Gita Johar

Accumulating evidence suggests that targets' displays of emotion shape perceivers' impression of those targets. Prior research has highlighted generalization effects, such as an angry display prompting an impression of hostility. In two studies, we went beyond generalization to examine the interaction of displays and behaviors, finding new evidence of augmenting effects (behavior-correspondent inferences are stronger when behavior is accompanied by positive affect) and discounting effects (such inferences are weaker when behavior is accompanied by negative affect).

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Type
Journal Article
Date
2009
Journal
Psychological Science

Illusory Control: A generative force behind power's far-reaching effects

Author
Fast, N., D.H. Gruenfeld, N. Sivanathan, and Adam Galinsky

Three experiments demonstrated that the experience of power leads to an illusion of personal control. Regardless of whether power was experientially primed (Experiments 1 and 3) or manipulated through roles (manager vs. subordinate; Experiment 2), it led to perceived control over outcomes that were beyond the reach of the power holder.

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Type
Journal Article
Date
2009
Journal
Journal of Consumer Research

In Search of Homo Economicus: Cognitive Noise and the Role of Emotion in Preference Consistency

Author
Amir, On and Dan Ariely

Understanding the role of emotion in forming preferences is critical in helping firms choose effective marketing strategies and consumers make appropriate consumption decisions. In five experiments, participants made a set of binary product choices under conditions designed to induce different degrees of emotional decision processing. The results consistently indicate that greater reliance on emotional reactions during decision making is associated with greater preference consistency and less cognitive noise.

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Type
Journal Article
Date
2009
Journal
Psychological Inquiry

Intentionality in intuitive versus analytic processing: Insights from social cognitive neuroscience

Author
Morris, Michael and Malia Mason
A recurring theme in attribution theory is that lay explanations for intentional and nonintentional behaviors diverge. In this vein, Reeder proposes in "Mindreading: Judgments About Intentionality and Motives in Dispositional Inference" (this issue) that they evoke different inferential paths that produce different attributional patterns. This comment considers Reeder's proposal of diverging paths in relation to another duality in social inference research, spontaneous versus deliberate processing.
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Type
Journal Article
Date
2009
Journal
Psychological Inquiry

Intentionality in Intuitive Versus Analytic Processing: Insights from Social Cognitive Neuroscience

Author
Morris, Michael and Malia Mason

A recurring theme in attribution theory is that lay explanations for intentional and nonintentional behaviors diverge (Buss, 1978; Fincham & Jaspers, 1980; Kruglanki, 1975; Malle, 2004; White, 1991). In this vein, Reeder (this issue) proposes that they evoke different inferential paths that produce different attributional patterns. In response to nonintentional behavior, perceivers think like scientists, reasoning abstractly about causes, seeking parsimony by discounting personal forces given plausible situational forces.

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Type
Journal Article
Date
2009
Journal
Foundations and Trends in Accounting

Internal Pricing

Author
Baldenius, Tim

This monograph focuses on the use of incomplete contracting models to study transfer pricing. Intrafirm pricing mechanisms affect division managers' incentives to trade intermediate products and to undertake relationship-specific investments so as to increase the gains from trade. Letting managers negotiate over the transaction is known to cause holdup (underinvestment) problems. Yet, in the absence of external markets, negotiations frequently outperform cost-based mechanisms, because negotiations aggregate cost and revenue information more efficiently into prices.

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Type
Journal Article
Date
2009
Journal
Social Cognition

Introduction: Negotiations and achieving the social cognition dream

Author
Galinsky, Adam

This special issue was conceived as a way to highlight how social cognition researchers are using the paradigm of negotiations to ask and answer a range of important questions central to their core concerns: how do communication media affect social information processing; how do different roles affect preferred processing styles; how do goals and expectancies shape interactions and outcomes?

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Type
Journal Article
Date
2009
Journal
Journal of Accounting and Economics

Is PIN Priced Risk?

Author
Mohanram, Partha and Shivaram Rajgopal

Several recent papers assume that private information (PIN), proposed by Easley et al. [2002. Is information risk a determinant of asset returns? Journal of Finance 57, 218–2221; 2004. Factoring information into returns. Working Paper, Cornell University], is a determinant of stock returns. We replicate Easley et al. (2002) and show that while PIN does predict future returns in the sample they analyze, the effect is not robust to alternative specifications and time periods.

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Type
Journal Article
Date
2009
Journal
Financial Management

Liquidity: Considerations of a Portfolio Manager

Author
Hodrick, Laurie Simon and Pamela Moulton

This paper examines liquidity and how it affects the behavior of mutual fund portfolio managers, who account for a significant portion of trading in many assets. We define an asset to be perfectly liquid if a portfolio manager can trade the quantity she desires when she desires at a price not worse than the uninformed expected value. A portfolio manager is limited by both what she needs to attain and the ease with which she can attain it, making her sensitive to three dimensions of liquidity: price, timing, and quantity.

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Type
Journal Article
Date
2009
Journal
American Economic Review

Market and Public Liquidity

Author
Bolton, Patrick, Tano Santos , and Jose Scheinkman

As the record of Fed interventions from December 2007 to December 2008 make abundantly clear, a foremost concern of monetary authorities in responding to the financial crisis has been to avoid a repeat of the great depression, and especially a repeat of the monetary contraction identified as the major cause of the 1930s depression.

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Type
Journal Article
Date
2009
Journal
Foundations and Trends in Marketing

Marketing and Innovation Management: An Integrated Perspective

Author
Ofek, Elie and Olivier Toubia

The relevance and importance of marketing in innovation management has been questioned in recent years. Marketing has been blamed directly or indirectly for poor returns on investment in innovation, and marketing models of the diffusion of innovations have not been widely adopted. In this monograph we argue that marketing is currently in a unique position to reaffirm its critical role in innovation management. We review some recent research that has already started this "reinstatement" process and propose some future directions that may help complete it.

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Type
Journal Article
Date
2009
Journal
Annual Review of Psychology

Mindful Judgment and Decision Making

Author
Johnson, Eric and Elke Weber
A full range of psychological processes has been put into play to explain judgment and choice phenomena. Complementing work on attention, information integration, and learning, decision research over the past 10 years has also examined the effects of goals, mental representation, and memory processes. In addition to deliberative processes, automatic processes have gotten closer attention, and the emotions revolution has put affective processes on a footing equal to cognitive ones.
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Type
Journal Article
Date
2009
Journal
Quarterly Journal of Economics

Monetary Non-Neutrality in a Multi-Sector Menu Cost Model

Author
Steinsson, Jón

Empirical evidence suggests that as much as 1/3 of the U.S. business cycle is due to nominal shocks. We calibrate a multi-sector menu cost model using new evidence on the cross-sectional distribution of the frequency and size of price changes in the U.S. economy. We augment the model to incorporate intermediate inputs. We show that the introduction of heterogeneity in the frequency of price change triples the degree of monetary non-neutrality generated by the model.

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Type
Journal Article
Date
2009
Journal
Journal of Revenue & Pricing Management

Monopoly pricing with limited demand information

Author
Eren, Serkan and Costis Maglaras

Traditional monopoly pricing models assume that firms have full information about the market demand and consumer preferences. In this article, we study a prototypical monopoly pricing problem for a seller with limited market information and different levels of demand learning capability under relative performance criterion of the competitive ratio (CR). We provide closed-form solutions for the optimal pricing policies for each case and highlight several important structural insights.

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Type
Journal Article
Date
2009
Journal
Journal of Financial Economics

Neighborhood Matters: The Impact of Location on Broad Based Stock Option Plans

Author
Kedia, Simi and Shivaram Rajgopal

We find that fixed effects related to the location of firm's headquarters explain variation in broad based option grants after controlling for industry effects and firm characteristics traditionally known to affect option granting. Location matters because of local labor market conditions and social interaction with neighboring firms.

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Type
Journal Article
Date
2009
Journal
Organizational Behavior and Human Decision Processes

Neural Mechanisms of Social Influence

Author
Mason, Malia, Rebecca Dyer, and Michael I. Norton

The present investigation explores the neural mechanisms underlying the impact of social influence on preferences. We socially tagged symbols as valued or not — by exposing participants to the preferences of their peers — and assessed subsequent brain activity during an incidental processing task in which participants viewed popular, unpopular, and novel symbols.

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Type
Journal Article
Date
2009
Journal
The Accounting Review

Nonfinancial Performance Measures as Coordination Devices

Author
Baiman, Stanley and Tim Baldenius

We investigate how nonfinancial performance measures (NPMs) can be used to encourage cooperation across divisions. The implementation of a project often requires joint efforts by multiple divisions. However, privately informed division managers sometimes find it in their self-interest to forgo profitable joint projects or to underinvest in relationship-specific assets.

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Type
Journal Article
Date
2009
Journal
Academy of Management Perspectives

On good scholarship, goal setting, and scholars gone wild

Author
Ordóñez, L., M. Schweitzer, Adam Galinsky , and M. Bazerman

In this article, we define good scholarship, highlight our points of disagreement with Locke and Latham (2009), and call for further academic research to examine the full range of goal setting's effects. We reiterate our original claim that goal setting, like a potent medication, can produce both beneficial effects and systematic, negative outcomes, and as a result, it should be carefully prescribed and closely monitored.

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Type
Journal Article
Date
2009
Journal
Journal of Monetary Economics

Optimal Consumption and Asset Allocation with Unknown Income Growth

Author
Wang, Neng

Recent empirical evidence supports the view that the income process has an individual-specific growth rate component [Baker (1997), Guvenen (2007b), and Huggett, Ventura, and Yaron (2007)]. Moreover, the individual-specific growth component may be stochastic. Motivated by these empirical observations, I study an individual's optimal consumption-saving and portfolio choice problem when he does not observe his income growth. As in standard income fluctuation problems, the individual cannot fully insure himself against income shocks.

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Type
Journal Article
Date
2009
Journal
The Review of Financial Studies

Optimal Filtering of Jump Diffusions: Extracting Latent States from Asset Prices

Author
Johannes, Michael, Nicholas Polson, and Jonathan Stroud

This paper provides an optimal filtering methodology in discretely observed continuous-time jump-diffusion models. Although the filtering problem has received little attention, it is useful for estimating latent states, forecasting volatility and returns, computing model diagnostics such as likelihood ratios, and parameter estimation. Our approach combines time-discretization schemes with Monte Carlo methods. It is quite general, applying in nonlinear and multivariate jump-diffusion models and models with nonanalytic observation equations.

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Type
Journal Article
Date
2009
Journal
Manufacturing & Service Operations Management

Pointwise stationary fluid models for stochastic processing networks

Author
Bassamboo, Achal, J. Richard Harrison, and Assaf Zeevi

Generalizing earlier work on staffing and routing in telephone call centers, we consider a processing network model with large server pools and doubly stochastic input flows. In this model the processing of a job may involve several distinct operations. Alternative processing modes are also allowed. Given a finite planning horizon, attention is focused on the two-level problem of capacity choice and dynamic system control. A pointwise stationary fluid model (PSFM) is used to approximate system dynamics, which allows development of practical policies with a manageable computational burden.

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Type
Journal Article
Date
2009
Journal
The Journal of Economic History

Preserving Slave Families for Profit: Traders' Incentives and Pricing in the New Orleans Slave Market

Author
Calomiris, Charles and Jonathan Pritchett

We investigate determinants of slave family discounts in the New Orleans slave market. We find large price discounts for families unrelated to scale effects, childcare costs, legal restrictions, or transport costs. We posit that because family members voluntarily cared for each other, sellers sometimes found it advantageous to keep families together (when families included needy or dependent members). Evidence from ship manifests carrying slaves for sale in New Orleans provides direct evidence for selectivity bias in explaining slave family discounts.

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Type
Journal Article
Date
2009
Journal
Research in Organizational Behavior

Pushing up to a point: Assertiveness and effectiveness in leadership and interpersonal dynamics

Author
Ames, Daniel

Past work on interpersonal assertiveness and organizational effectiveness paints a mixed picture: some research suggests a positive link, other work highlights negative effects. This article reviews recent research and an account that stems from a different perspective, looking at assertiveness as a factor in leadership shortcomings and failure. This approach suggests that interpersonal assertiveness is a major factor and has a curvilinear, inverted-U-shaped relationship with leadership effectiveness. I review evidence for this effect as well as social and instrumental outcome mediators.

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Type
Journal Article
Date
2009
Journal
Management Science

Quasi-Robust Multiagent Contracts

Author
Arya, A., J. Demski, Jonathan Glover , and P. Liang

A criticism of mechanism design theory is that the optimal mechanism designed for one environment can produce drastically different actions, outcomes, and payoffs in a second, even slightly different, environment. In this sense, the theoretically optimal mechanisms usually studied are not "robust." To study robust mechanisms while maintaining an expected utility maximization approach, we study a multiagent model in which the mechanism must be designed before the environment is as well understood as is usually assumed.

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Type
Journal Article
Date
2009
Journal
Journal of Monetary Economics

Reevaluating the Modernization Hypothesis

Author
Acemoglu, Daron, Simon Johnson, James Robinson, and Pierre Yared

We revisit and critically reevaluate the widely accepted modernization hypothesis which claims that per capita income causes the creation and the consolidation of democracy. Existing studies find support for this hypothesis because they fail to control for the presence of omitted variables. Controlling for these factors either by including country fixed effects in a linear model or by including parameterized random effects in a non-linear double hazard model removes the correlation between income and the likelihood of transitions to and from democratic regimes.

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Type
Journal Article
Date
2009
Journal
Journal of Financial Services Research

Relationship Banking and the Pricing of Financial Services

Author
Calomiris, Charles and Thanavut Pornrojnangkool

We investigate pricing effects of the joint production of loans and security underwritings. We control for firm and borrower characteristics, including differences in sequencing, which are important for pricing. Contrary to previous studies, when banks combine lending and underwriting within the same customer relationship they charge premiums for both loans and underwriting services. Abstracting from effects of joint production within relationships, depository banks engaged in underwriting price lending and underwriting more cheaply than stand alone investment banks.

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Type
Journal Article
Date
2009
Journal
Journal of Social and Clinical Psychology

Repetitive regret, depression, and anxiety: Findings from a nationally representative survey

Author
Roese, Neal, K. Epstude, F. Fessel, M. Morrison, R. Smallman, A. Summerville, Adam Galinsky , and S. Segerstrom

Past research has established a connection between regret (negative emotions connected to cognitions about how past actions might have achieved better outcomes) and both depression and anxiety. In the present research, the relations between regret, repetitive thought, depression, and anxiety were examined in a nationally representative telephone survey. Although both regret and repetitive thought were associated with general distress, only regret was associated with anhedonic depression and anxious arousal.

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Type
Journal Article
Date
2009
Journal
Journal of Accounting and Public Policy

Response to FAF Exposure Draft, 'Proposed Changes to Oversight, Structure, and Operations of the FAF, FASB, and GASB'

Author
Benston, George, Douglas Carmichael, Theodore Christiansen, Robert Colson, Karim Jamal, Stephen Moehrle, Shivaram Rajgopal , Thomas Stober, Shyam Sunder, and Ross Watts

The Financial Accounting Standards Committee of the American Accounting Association (the Committee) is charged with responding to requests for comments from standard-setters on issues related to financial reporting. The Financial Accounting Foundation (FAF) released for public comment on December 18, 2007 with a response period ending on February 10, 2008, "Proposed Changes to Oversight, Structure, and Operations of the FAF, FASB, and GASB (the proposal). This commentary concerns four important public policy issues in the proposal with the most relevance for accounting standard setting:

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Type
Journal Article
Date
2009
Journal
Journal of Consumer Psychology

Rethinking Regulatory Engagement Theory

Author
Pham, Michel Tuan

We offer a constructive critique of Regulatory Engagement Theory (Higgins, E. T. (2006). Value from hedonic experience and engagement. Psychological Review, 113(3), 439?460.; Higgins, E. T., and Scholer, A. A. (2009). Engaging the consumer: The science and art of the value creation process. Journal of Consumer Psychology, 19(2).). After highlighting the major tenets of the theory and its main contributions, we identify some of its conceptual ambiguities.

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Type
Journal Article
Date
2009
Journal
Journal of Financial Economics

Risk, Uncertainty, and Asset Prices

Author
Bekaert, Geert, Eric Engstrom, and Yuhang Xing

We identify the relative importance of changes in the conditional variance of fundamentals (which we call "uncertainty") and changes in risk aversion in the determination of the term structure, equity prices, and risk premiums. Theoretically, we introduce persistent time-varying uncertainty about the fundamentals in an external habit model. The model matches the dynamics of dividend and consumption growth, including their volatility dynamics and many salient asset market phenomena.

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Type
Journal Article
Date
2009
Journal
Journal of Economic Dynamics and Control

Saddlepoint approximations for affine jump-diffusion models

Author
Glasserman, Paul and Kyoung-Kuk Kim

Affine jump-diffusion (AJD) processes constitute a large and widely used class of continuous-time asset pricing models that balance tractability and flexibility in matching market data. The prices of e.g., bonds, options, and other assets in AJD models are given by extended pricing transforms that have an exponential-affine form; these transforms have been characterized in great generality by Duffie et al. [2000. Transform analysis and asset pricing for affine jump-diffusions. Econometrica 68, 1343–1376].

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Type
Journal Article
Date
2009
Journal
Journal of Consumer Research

Seeking Freedom Through Variety

Author
Zhu, Rui

This paper examines the effect of spatial confinement on consumer choices. Building on reactance theory and the environmental psychology literature, we propose that spatially confined consumers react against an incursion to their personal space by making more varied and unique choices. We present four laboratory experiments and one field study to support our theorizing. Study 1 demonstrates that people in narrower aisles seek more variety than people in wider aisles. Study 2 indicates that this effect of confinement in narrow aisles also extends to more unique choices.

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Type
Journal Article
Date
2009
Journal
Journal of Financial Economics

Synchronicity and Firm Interlocks in an Emerging Market

Author
Khanna, Tarun

Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set containing equity cross holdings, common individual owners, and director interlocks is used to map out firm ties and control groups in the economy. While there is a correlation between synchronicity and shared ownership and equity ties, synchronicity is more strongly correlated with interlocking directorates.

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Type
Journal Article
Date
2009
Journal
Psychology and Marketing

The brand anchoring effect: A judgment bias arising from brand awareness and temporary accessibility

Author
Esch, F., Bernd Schmitt , J. Redler, and T. Langner

Anchoring refers to a biased judgment on a stimulus based on the initial assessment of another stimulus and the insufficient adjustment away from that initial assessment. Previous research indicates that anchoring seems to be a general phenomenon, underlying a wide variety of processing strategies (Epley and Gilovich 2001; Johnson and Puto 1987; Tversky and Kahnemann 1974). Every time when individuals form an impression or an image about a stimulus while another stimulus is present, these impressions may be subject to anchoring effects.

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Type
Journal Article
Date
2009
Journal
The Journal of Private Equity

The Changing Face of Private Equity: How Modern Private Equity Firms Manage Investment Portfolios

Author
Harrigan, Kathryn, Daniel Klier, and Martin Welge
This article presents a comprehensive analysis of private equity management models and outlines two distinct models: one being a traditional financial investor with focus on financial engineering and selective changes in the governance model of portfolio companies, the other representing a modern form of private equity seeking value creation through active ownership. Active investors are able to significantly outperform more traditional financial investors by realizing the proceeds of intervention in strategic decision making, while avoiding the costs of "corporate infrastructure."
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Type
Journal Article
Date
2009
Journal
Journal of Brand Management

The concept of brand experience

Author
Schmitt, Bernd
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Type
Journal Article
Date
2009

The Ease of Computation Effect: The Interplay of Metacognitive Experience and Naive Theories in Judgments of Numerical Difference

Author
Thomas, Manoj and Vicki Morwitz
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Type
Journal Article
Date
2009
Journal
Intereconomics

The Economic and Social Impact of Telecommunications Output: A Theoretical Framework and Empirical Evidence for Spain

Economists, management researchers and sociologists have all examined the impact of the spread of information and communication technologies. There has until now, however, been relatively little interconnectivity and cross-fertilization of their findings. The following paper attempts to derive a set of integrated "causality frameworks" and tests the resulting hypotheses using data for Spain.
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Type
Journal Article
Date
2009
Journal
<a href="http://www.journals.uchicago.edu/toc/ajs/current">American Journal of Sociology</a>

The False Enforcement of Unpopular Norms

Author
Willer, Robb and Michael Macey
Prevailing theory assumes that people enforce norms in order to pressure others to act in ways that they approve. Yet there are numerous examples of "unpopular norms" in which people compel each other to do things that they privately disapprove. While peer sanctioning suggests a ready explanation for why people conform to unpopular norms, it is harder to understand why they would enforce a norm they privately oppose. The authors argue that people enforce unpopular norms to show that they have complied out of genuine conviction and not because of social pressure.
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Type
Journal Article
Date
2009
Journal
The Accounting Review

The Impact of Shareholder Activism on Financial Reporting and Compensation: The Case of Employee Stock Options Expensing

Author
Sandino, Tatiana
We examine the economic consequences of more than 150 shareholder proposals to expense employee stock options (ESO) submitted during the proxy seasons of 2003 and 2004, the first case in which the SEC allowed a shareholder vote on an accounting matter. Our results indicate that these proposals affected accounting and compensation choices.
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Type
Journal Article
Date
2009
Journal
The B.E. Journal of Economic Analysis & Policy

The Mortgage Market Meltdown and House Prices

Author
Hubbard, R. Glenn and Christopher Mayer

This paper argues that the U.S. mortgage debacle must be analyzed in the broader setting of global real estate markets. Recent U.S. home price growth closely tracked increases in other developed economies. The analysis distinguishes among market regions in terms of supply elasticity and localized transactions-costs. A series of user-cost models are presented which imply that interest rate fluctuations must figure prominently in any explanation of movements in price/rent ratios. National factors such as the expansion of subprime credit must also be accounted for.

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Type
Journal Article
Date
2009
Journal
Journal of Economic Perspectives

The Rise in Mortgage Defaults

Author
Mayer, Christopher, Karen Pence, and Shane M. Sherlund

The first hints of trouble in the mortgage market surfaced in mid-2005, and conditions subsequently began to deteriorate rapidly. Mortgage defaults and delinquencies are particularly concentrated among borrowers whose mortgages are classified as "subprime" or "near-prime." The main factors underlying the rise in mortgage defaults appear to be declines in house prices and deteriorated underwriting standards, in particular an increase in loan-to-value ratios and in the share of mortgages with little or no documentation of income.

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Type
Journal Article
Date
2009
Journal
Telos

The World Economic Crisis: The Return of Keynesian Economics to the New Communications Networks

This article analyzes the potential impact of the economic crisis on the telecommunications sector, positioning it within conventional cycles of growth and recession. Moreover, the article also explores how the crisis might affect the capital investment necessary for deploying the latest generation of networks. Drawing upon these lines, the author discusses the government's role as facilitator in building this infrastructure.
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Type
Journal Article
Date
2009
Journal
Academy of Management Review

To disclose or not to disclose? Status distance and self-disclosure in diverse environments

Author
Rothbard, N. P. and Tracy Dumas
People who are demographically different from one another face a fundamental challenge in developing high-quality relationships in organizations. We build a theory about how the status differences that often accompany demographic characteristics can hinder this development through their influence on disclosure of personal information. We theorize about the construct of status distance and how, ironically, disclosure of personal information may increase status distance instead of bringing individuals closer together.
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Type
Journal Article
Date
2009
Journal
Current Directions in Psychological Science

To start low or to start high? The case of auctions vs. negotiations

Author
Galinsky, Adam, G. Ku, and T. Mussweiler

We document how starting prices differentially impact outcomes in negotiations and auctions. In negotiations (where the number of actors is often predetermined), starting prices drive cognitive processes, leading individuals to selectively focus on information consistent with, and make valuations similar to, the starting value. Thus, starting high will often lead to ending high in negotiations.

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Type
Journal Article
Date
2009
Journal
American Psychologist

Toward a more complete understanding of the link between multicultural experience and creativity

Author
Maddux, W., Angela Ka-yee Leung, Chi-Yue Chiu, and Adam Galinsky

In our recent article (Leung, Maddux, Galinsky, & Chiu, April 2008), we presented evidence supporting the idea that multicultural experience can facilitate creativity. In a reply to that article, Rich (2009, this issue) has argued that our review, although timely and important, was somewhat limited in scope, focusing mostly on smaller forms of creativity ("little c": e.g., paper- and-pencil measures of creativity) as well as on larger forms of multicultural experience ("Big M": e.g., living in a foreign country).

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Type
Journal Article
Date
2009
Journal
The Academy of Management Annals

Towards a "Fairer" Conception of Process Fairness: Why, When and How More May Not Always Be Better Than Less

Author
Brockner, Joel, Batia Wiesenfeld, and Kristina Diekmann
Process fairness refers to people's perceptions of how fairly they are treated in the course of interacting with another party. Conceptually distinct from outcome fairness, it subsumes procedural fairness, interpersonal fairness, and the like. As recipients of decisions, we generally want to be treated with more rather than with less process fairness. As agents of decisions, we often would rather plan and implement them with more rather than with less process fairness.
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