
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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Journal Article
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- Journal
- Academy of Management Review
To disclose or not to disclose? Status distance and self-disclosure in diverse environments
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Rothbard, N. P. and Tracy Dumas
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Journal Article
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- Journal
- Current Directions in Psychological Science
To start low or to start high? The case of auctions vs. negotiations
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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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Journal Article
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- American Psychologist
Toward a more complete understanding of the link between multicultural experience and creativity
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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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Journal Article
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- The Academy of Management Annals
Towards a "Fairer" Conception of Process Fairness: Why, When and How More May Not Always Be Better Than Less
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Journal Article
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- American Economic Review, Papers and Proceedings
Trade Liberalization and New Imported Inputs
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In this article, we dissect changes in the composition of Indian imports following its 1991 trade liberalization to illustrate the potential scope for previously unavailable inputs to bolster the performance of domestic firms. The analysis reveals that trade reform spurred imports of previously unavailable products and varieties in many products that arguably can be characterized as important inputs for manufacturing firms. New imported inputs in large extent originated from more advanced countries and new imported varieties exhibited higher unit values relative to existing imports.
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Journal Article
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- Review of Financial Studies
Understanding index option returns
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Previous research concludes that options are mispriced based on the high average returns, CAPM alphas, and Sharpe ratios of various put selling strategies. One criticism of these conclusions is that these benchmarks are ill suited to handle the extreme statistical nature of option returns generated by nonlinear payoffs. We propose an alternative way to evaluate the statistical significance of option returns by comparing historical statistics to those generated by option pricing models.
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Journal Article
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- Research Methodology in Strategy and Management
Using Hybrid Research Methodologies for Testing Contingency Theories of Strategy
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Journal Article
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- Journal
- Climatic Change
Value of perfect ENSO phase predictions for agriculture: Evaluating the impact of land tenure and decision objectives
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Letson, David, Carlos Laciana, Federico Bert, Elke Weber, Richard Katz, Xavier Gonzalez, and Guillermo Podestá
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Journal Article
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- Journal of Marketing
Valuing Branded Businesses
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Jacobson, Robert
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Journal Article
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- Journal of Experimental Social Psychology
Vicarious entrapment: Your sunk costs, my escalation of commitment
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Individuals often honor sunk costs by increasing their commitment to failing courses of action. Since this escalation of commitment is fueled by self-justification processes, a widely offered prescription for preventing escalation is to have separate individuals make the initial and subsequent resource allocation decisions. In contrast to this proposed remedy, four experiments explored whether a psychological connection between two decision-makers leads the second decision-maker to invest further in the failing program orchestrated by the initial decision-maker.
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Journal Article
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- Hormones and Behavior
When are low testosterone levels advantageous? The moderating role of individual versus intergroup competition
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Mehta, Pranjal, Elizabeth V. Wuehrmann, and Robert A. Josephs
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Journal Article
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- Psychological Science
Who I am depends on how I feel: The role of affect in the expression of culture
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We present a novel role of affect in the expression of culture. Four experiments tested whether individuals' affective states moderate the expression of culturally normative cognitions and behaviors. We consistently found that value expressions, self-construals, and behaviors were less consistent with cultural norms when individuals were experiencing positive rather than negative affect. Positive affect allowed individuals to explore novel thoughts and behaviors that departed from cultural constraints, whereas negative affect bound people to cultural norms.
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Journal Article
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- Journal of Urban Economics
Why Do Households Without Children Support Local Public Schools? Linking House Price Capitalization to School Spending
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Hilber, Christian and Christopher Mayer
While residents receive similar benefits from many local government programs, only about one-third of all households have children in public schools. We argue that capitalization of school spending into house prices can encourage even childless residents to support spending on schools. We identify a proxy for the extent of capitalization — the supply of land available for new development — and show that towns in Massachusetts with little undeveloped land have larger changes in house prices in response to a plausibly exogenous spending shock.
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Journal Article
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- Organization Science
Why Pseudonyms? Deception as Identity Preservation Among Jazz Record Companies, 1920–1929
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Phillips, Damon and Young-Kyu Kim
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Journal Article
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- Annals of Applied Probability
Woodroofe's one-armed bandit problem revisited
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Goldenshluger, Alexander and Assaf Zeevi
We consider the one-armed bandit problem of Woodroofe [J. Amer. Statist. Assoc. 74 (1979) 799–806], which involves sequential sampling from two populations: one whose characteristics are known, and one which depends on an unknown parameter and incorporates a covariate. The goal is to maximize cumulative expected reward. We study this problem in a minimax setting, and develop rate-optimal polices that involve suitable modifications of the myopic rule.
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Journal Article
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- Journal of Management Inquiry
22 Things I Hate: Mini Rants on Management Research
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Journal Article
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- Journal
- Marketing Letters
Choice Under Restrictions
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Botti, Simona, Susan Broniarczyk, Gerald Haubl, Ron Hill, Yan Huang, Barbara Kahn, Praveen Kopalle, Donald Lehmann , Joel Urbany, and Brian Wansink
Nearly every decision a person makes is restricted in some way. While we are painfully aware of some of these restrictions, others go largely undetected. This paper presents a conceptual framework for understanding how restrictions interact with situational and individual characteristics, as well as goals to influence behavior. Implications for overlooked research opportunities in choice modeling are presented and discussed.
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Journal Article
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- Administrative Science Quarterly
Employee-Management Techniques: Transient Fads or Trending Fashions?
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Abrahamson, Eric and Micki Eisenman
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Journal Article
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- China Accounting Review
Eye on the Prize: Directions for Accounting Research
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Journal Article
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- Journal
- Quantitative Finance
Improved lower and upper bound algorithms for pricing American options by simulation
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Broadie, Mark and Menghui Cao
This paper introduces new variance reduction techniques and computational improvements to Monte Carlo methods for pricing American-style options. For simulation algorithms that compute lower bounds of American option values, we apply martingale control variates and introduce the local policy enhancement, which adopts a local simulation to improve the exercise policy. For duality-based upper bound methods, specifically the primal-dual simulation algorithm, we have developed two improvements.
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Journal Article
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- Marketing Letters
Measuring Long-Run Marketing Effects and Their Implications for Long-Run Marketing Decisions
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Bronnenberg, Bart, J. P. Dubé, Carl Mela, Paulo Albuquerque, Tulin Erdem, Dominique Hanssens, Gunter Hitsch, Han Hong, and Baohong Sun
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Journal Article
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- IEEE Transactions on Multimedia
Multiple distortion measures for packetized scalable media
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As the diversity in end-user devices and networks grows, it becomes important to be able to efficiently and adaptively serve media content to different types of users. A key question surrounding adaptive media is how to do Rate-Distortion optimized scheduling. Typically, distortion is measured with a single distortion measure, such as the Mean-Squared Error compared to the original high resolution image or video sequence.
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Journal Article
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- Journal of Marketing Research
Remedying Hyperopia: The Effects of Self-Control Regret on Consumer Behavior
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Keinan, Anat and Ran Kivetz
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Journal Article
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- Management Science
Strategic Interaction across Countries and Multinational Agglomeration: An Application to the Cement Industry
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Ghemawat, Pankaj
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Journal Article
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- International Journal of Theoretical and Applied Finance
The effect of jumps and discrete sampling on volatility and variance swaps
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Broadie, Mark and Ashish Jain
We investigate the effect of discrete sampling and asset price jumps on fair variance and volatility swap strikes. Fair discrete volatility strikes and fair discrete variance strikes are derived in different models of the underlying evolution of the asset price: the Black-Scholes model, the Heston stochastic volatility model, the Merton jump-diffusion model and the Bates and Scott stochastic volatility and jump model.
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Journal Article
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- Journal of Advertising
When Deep Structures Surface: Design Structures That Can Repeatedly Surprise
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Goldenberg, Jacob and David Mazursky
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Journal Article
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- Journal
- Games and Economic Behavior
A Geometric Approach to the Price of Anarchy in Nonatomic Congestion Games
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Correa, Jose and Andreas Schulz
We present a short geometric proof for the price of anarchy results that have recently been established in a series of papers on selfish routing in multicommodity flow networks. This novel proof also facilitates two new types of results: On the one hand, we give pseudoapproximation results that depend on the class of allowable cost functions. On the other hand, we derive improved bounds on the inefficiency of Nash equilibria for situations in which the equilibrium travel times are within reasonable limits of the free-flow travel times.
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Journal Article
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- Quarterly Journal of Economics
Five Facts About Prices: A Reevaluation of Menu Cost Models
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Steinsson, Jón
We establish five facts about prices in the U.S. economy: 1) For consumer prices, the median frequency of non-sale price change is roughly half of what it is including sales (9-12% per month versus 19-20% per month for identical items; 11-13% per month versus 21-22% per month including product substitutions). The median frequency of price change for finished goods producer prices is comparable to that of consumer prices excluding sales. 2) One-third of non-sale price changes are price decreases.
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Journal Article
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- Psychological Science
Mistaken identity: Activating conservative political identities induces "conservative" financial decisions
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Four studies investigated whether activating a social identity can lead group members to choose options that are labeled in words associated with that identity. When political identities were made salient, Republicans (but not Democrats) became more likely to choose the gamble or investment option labeled "conservative." This shift did not occur in a condition in which the same options were unlabeled.
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Journal Article
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- Journal of Experimental Social Psychology
Negational racial identity and presidential voting preferences
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Previous research suggests that narrow identification with one's own racial group impedes coalition building among minorities. Consistent with this research, the 2008 Democratic primary was marked by racial differences in voting preferences: Black voters overwhelmingly preferred Barack Obama, a Black candidate, and Latinos and Asians largely favored Hillary Clinton, a White candidate. We investigated one approach to overcoming this divide: highlighting one's negational identity.
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Journal Article
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- Communications & Strategies
Ultrabroadband Investment Models
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Journal Article
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- Journal of Law, Economics, & Organization
Bureaucratic Rents and Life Satisfaction
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Journal Article
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- Journal of Experimental Social Psychology
Identity motives and cultural priming: Cultural (dis)identification in assimilative and contrastive responses
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The authors propose that culture affects people through their perceptions of what is consensually believed. Whereas past research has examined whether cultural differences in social judgment are mediated by differences in individuals’ personal values and beliefs, this article investigates whether they are mediated by differences in individuals’ perceptions of the views of people around them.
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Journal Article
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- Journal of Finance
Local Bank Financial Constraints and Firm Access to External Finance
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Journal Article
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- Psychological Science
On Feelings as a Heuristic for Making Offers in Ultimatum Negotiations
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This research examines how the reliance on emotional feelings as a heuristic influences the proposal of offers in negotiations. Results from three experiments based on the classic ultimatum game show that, compared to proposers who do not rely on their feelings, proposers who rely on their feelings make less generous offers in the standard ultimatum game, more generous offers in a variant of the game allowing responders to make counteroffers, and less generous offers in the dictator game where no responses are allowed.
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Journal Article
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- Finance and Stochastics
Sensitivity estimates for portfolio credit derivatives using Monte Carlo
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Chen, Zhiyong and Paul Glasserman
Portfolio credit derivatives are contracts that are tied to an underlying portfolio of defaultable reference assets and have payoffs that depend on the default times of these assets. The hedging of credit derivatives involves the calculation of the sensitivity of the contract value with respect to changes in the credit spreads of the underlying assets, or, more generally, with respect to parameters of the default-time distributions. We derive and analyze Monte Carlo estimators of these sensitivities.
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Journal Article
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Customer Lifetime Value and Firm Valuation
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Journal Article
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- Journal
- Operations Research
A Single-Unit Decomposition Approach to Multiechelon Inventory Systems
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Tsitsiklis, John
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Journal Article
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- Journal of Accounting and Economics
Analyst Responsiveness and the Post-Earnings-Announcement Drift
This study examines the responsiveness of analyst forecasts to current earnings announcements. The results show considerable cross-sectional variation in analyst responsiveness and suggest that this variation is related to the costs and benefits associated with prompt forecast revisions. More importantly, this study finds that with responsive forecast revisions, more of the market reaction takes place in the event window and less in the drift window, suggesting that analyst responsiveness mitigates the post-earnings-announcement drift and facilitates market efficiency.
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Journal Article
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- Computational and Mathematical Organization Theory
Elucidating Strategic Network Dynamics Through Computational Modeling
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Zhiang, John Lin, Haibin Yang, and J. Richard Harrison
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Journal Article
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- Journal
- Explorations in Economic History
Resolving the puzzle of the underissuance of national bank notes
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Calomiris, Charles and Joseph Mason
Much of the puzzle of underissuance of national bank notes can be resolved for the period 1880–1900 (the period when detailed, bank-level data are available) by disaggregating, taking account of regulatory limits, and considering differences in banks' opportunity costs cross-sectionally and over time. Banks with poor lending opportunities issued more, within regulatory limits. Banks tended to issue more when bond yields (the backing for notes) were high relative to lending opportunities.
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Journal Article
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- Journal of Financial Economics
Testing limits to policy reversal: Evidence from Indian privatizations
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Dastidar, Siddartha and Tarun Khanna
We examine the effect of regime change on privatization. In the 2004 Indian election, the pro-reform BJP was unexpectedly defeated by a less reformist coalition. Stock prices of government-controlled companies that had been slated for privatization by the BJP dropped 3.5% relative to private firms. Government-controlled companies that were under study for possible privatization fell 7.5% relative to private firms. This is consistent with investor belief of a "point of no return," where advanced reforms are more difficult to reverse.
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Journal Article
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- Journal
- Mathematical Programming (A)
The Capacitated Max <i>k</i>-Cut Problem
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Journal Article
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- Journal
- Organizational Behavior and Human Decision Processes
The promise and peril of self-affirmation in de-escalation of commitment
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Drawing on the motivated cognition literature, we examine how self-affirmation processes influence self-justification needs and escalation decisions. Study 1 found that individuals with a larger pool of affirmational resources (high self-esteem) reduced their escalation compared to those with fewer affirmational resources (low self-esteem). Study 2 extended these findings by demonstrating that individuals also de-escalated their commitments when they were provided an opportunity to affirm on an important value.
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Journal Article
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- The Review of Financial Studies
The Returns on Human Capital: Good News on Wall Street Is Bad News on Main Street
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Lustig, Hanno and Stijn Van Nieuwerburgh
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Journal Article
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- Journal of Consumer Research
Desire to acquire: Powerlessness and compensatory consumption
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Rucker, Derek D. and Adam Galinsky
Three experiments examine how power affects consumers' spending propensities. By integrating literatures suggesting that (a) powerlessness is aversive, (b) status is one basis of power, and (c) products can signal status, the authors argue that low power fosters a desire to acquire products associated with status to compensate for lacking power. Supporting this compensatory hypothesis, results show that low power increased consumers' willingness to pay for auction items and consumers' reservation prices in negotiations but only when products were status related.
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Journal Article
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- Academy of Management Proceedings
Negotiating gender stereotypes: Other-advocacy reduces social constraints on women in negotiations
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Amanatullah, Emily and Michael Morris
This article discusses research into the effect of gender role expectations in distributional negotiations. The differences between the gender effects in personally oriented negotiations and those undertaken on behalf of another party are considered. This hypothesis is indicated by research suggesting that community oriented behaviors are feminine while acting on personal agency is considered masculine. The role of anticipated responses, particularly the anticipation of backlash, in determining the gendered aspects of distributional negotiation is explored.
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Journal Article
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- The Review of Economics and Statistics
Outsourcing Tariff Evasion: A New Explanation for Entrepôt Trade
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Traditional explanations for indirect trade through an entrepot focus on savings in transport costs and the role of specialized agents in processing and distribution. We provide an alternative perspective based on the potential for entrepots to facilitate tariff evasion. Using data on direct exports to mainland China and indirect exports via Hong Kong SAR, we find that the indirect export rate rises with the Chinese tariff rate, despite the absence of any legal tax advantage to sending goods via Hong Kong SAR.
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Journal Article
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- Journal of Consumer Research
The Mere Categorization Effect: How the Presence of Categories Increases Choosers' Perceptions of Assortment Variety and Outcome Satisfaction
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What is the effect of option categorization on choosers' satisfaction? A combination of field and laboratory experiments reveals that the mere presence of categories, irrespective of their content, positively influences the satisfaction of choosers who are unfamiliar with the choice domain. This "mere categorization effect" is driven by a greater number of categories signaling greater variety amongst the available options, which allows for a sense of self-determination from choice.