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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
2011
Journal
Operations Research

On the minimax complexity of pricing in a changing environment

Author
Besbes, Omar and Assaf Zeevi

We consider a pricing problem in an environment where the customers' willingness-to-pay (WtP) distribution may change at some point over the selling horizon. Customers arrive sequentially and make purchase decisions based on a quoted price and their private reservation price. The seller knows the WtP distribution pre- and post-change, but does not know the time at which this change occurs. The performance of a pricing policy is measured in terms of regret: the loss in revenues relative to an oracle that knows the time of change prior to the start of the selling season.

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Type
Working Paper
Date
2011

Organizational Economics with Cognitive Costs

Author
Garicano, Luis and Andrea Prat

Organizational economics has advanced along two parallel tracks, one concerned with motivating agents with diverging objectives, the other — less developed — with coordinating agents under cognitive limits. This survey focuses on the second strand and attempts to bring the two strands together. Organizations are viewed as responses to the cognitive costs faced by their (potential) members.

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Type
Chapter
Date
2011
Book
The International Financial Crisis: Have the Rules of Finance Changed?

Origins of the Subprime Crisis

Author
Calomiris, Charles
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Type
Journal Article
Date
2011
Journal
Journal of Economic Perspectives

Over the Cliff: From the Subprime to the Global Financial Crisis

Author
Mishkin, Frederic

The financial crisis of 2007 to 2009 can be divided into two distinct phases. The first and more limited phase from August 2007 to August 2008 stemmed from losses in one relatively small segment of the U.S. financial system — namely, subprime residential mortgages. Despite this disruption to financial markets, real GDP in the United States continued to rise into the second quarter of 2008, and forecasters were predicting only a mild recession. In mid-September 2008, however, the financial crisis entered a far more virulent phase.

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Type
Journal Article
Date
2011
Journal
Journal of Personality and Social Psychology

Perspective taking combats automatic expressions of racial bias

Author
Todd, A., G. Bodenhausen, Jennifer Richeson, and Adam Galinsky

Five experiments investigated the hypothesis that perspective taking — actively contemplating others' psychological experiences — attenuates automatic expressions of racial bias. Across the first 3 experiments, participants who adopted the perspective of a Black target in an initial context subsequently exhibited more positive automatic interracial evaluations, with changes in automatic evaluations mediating the effect of perspective taking on more deliberate interracial evaluations.

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Type
Journal Article
Date
2011
Journal
Psychological Science

Powerful postures versus powerful roles: Which is the proximate correlate of thought and behavior?

Author
Huang, L., Adam Galinsky, D.H. Gruenfeld, and L. Guillory

Three experiments explored whether hierarchical role and body posture have independent or interactive effects on the main outcomes associated with power: action in behavior and abstraction in thought. Although past research has found that being in a powerful role and adopting an expansive body posture can each enhance a sense of power, two experiments showed that when individuals were placed in high- or low-power roles while adopting an expansive or constricted posture, only posture affected the implicit activation of power, the taking of action, and abstraction.

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Type
Journal Article
Date
2011
Journal
Operations Research

Procurement Strategies with Unreliable Suppliers

Author
Federgruen, Awi and Nan Yang

We propose and analyze a general periodic-review model in which the firm has access to a set of potential suppliers, each with specific yield and price characteristics. Assuming that unsatisfied demand is backlogged, the firm incurs three types of costs: (i) procurement costs, (ii) inventory-carrying costs for units carried over from one period to the next, and (iii) backlogging costs.

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Type
Journal Article
Date
2011
Journal
Journal of Consumer Research

Productivity Orientation and the Consumption of Collectable Experiences

Author
Keinan, Anat and Ran Kivetz
We examine why consumers desire unusual and extreme consumption experiences, and voluntarily choose leisure activities, vacations, and celebrations that are unpleasant and even aversive. For example, many consumers choose to stay at freezing ice hotels and eat at restaurants serving peculiar foods, such as bacon ice cream. We demonstrate that such choices are driven by consumers' striving to use time productively, make progress, and reach accomplishments (i.e., a productivity mindset).
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Type
Chapter
Date
2011
Book
Handbook of Self-Regulation: Research, Theory, and Applications

Promotion and prevention systems: Regulatory focus dynamics within self-regulatory hierarchies

Author
Scholer, Abigail and E. Tory Higgins
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Type
Chapter
Date
2011

Purchase Intentions and Purchasing

Author
Morwitz, Vicki
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Type
Journal Article
Date
2011
Journal
Behavioral and Brain Sciences

Query Theory: Knowing What We Want by Arguing with Ourselves

Author
Weber, Elke and Eric Johnson
Mercier and Sperber (M&S) argue that reasoning is social and argumentative, and that this explains many apparently irrational judgment phenomena. We look at the relationship between interpersonal and intrapersonal argumentation and discuss parallels and differences from the perspective of query theory, a memory-based model of constructive preferences. We suggest an important goal is to integrate models across inference and preference.
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Type
Chapter
Date
2011
Book
Handbook of Healthcare Delivery Systems

Queueing Theory and Modeling

Author
Green, Linda

Many organizations, such as banks, airlines, telecommunications companies, and police departments, routinely use queueing models to help manage and allocate resources in order to respond to demands in a timely and cost-efficient fashion. Though queueing analysis has been used in hospitals and other healthcare settings, its use in this sector is not widespread.

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Type
Journal Article
Date
2011
Journal
Organization Science

Researchers Should Make Thoughtful Assessments Instead of Null-Hypothesis

Author
Schwab, Andreas, Eric Abrahamson, William Starbuck, and Fiona Fidler

Null-hypothesis significance tests (NHSTs) have received much criticism, especially during the last two decades. Yet, many behavioral and social scientists are unaware that NHSTs have drawn increasing criticism, so this essay summarizes key criticisms. The essay also recommends alternative ways of assessing research findings. Although these recommendations are not complex, they do involve ways of thinking that many behavioral and social scientists find novel.

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Type
Journal Article
Date
2011
Journal
INFORMS Journal on Computing

Resource allocation via message passing

Author
Moallemi, Ciamac and Benjamin Van Roy

We propose a message-passing paradigm for resource allocation problems. This serves to connect ideas from the message-passing literature, which has primarily grown out of the communications, statistical physics, and artificial intelligence communities, with a problem central to operations research. This also provides a new framework for decentralized management that generalizes price-based systems by allowing incentives to vary across activities and consumption levels.

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Type
Journal Article
Date
2011
Journal
Journal of Economic Dynamics & Control

Risk, Uncertainty, and Option Exercise

Author
Wang, Neng and Jianjun Miao

Many economic decisions can be described as an option exercise or optimal stopping problem under uncertainty. Motivated by experimental evidence such as the Ellsberg Paradox, we follow Knight (1921) and distinguish risk from uncertainty. To afford this distinction, we adopt the multiple-priors utility model. We show that the impact of ambiguity on the option exercise decision depends on the relative degrees of ambiguity about continuation payoffs and termination payoffs. Consequently, ambiguity may accelerate or delay option exercise.

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Type
Book
Date
2011

Sales Eats First: How Customer-Motivated Sales Organizations Out-Think, Out-Offer, and Out-Perform the Competition

Author
Capon, Noel and Gary Tubridy
Sales Eats First examines how B2B sales organizations in today's most admired corporations develop and deploy major intellectual capital. They courageously venture into areas of complexity and risk, and then inject their intellectual capital into the value propositions that benefit both customers and their own companies.
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Type
Journal Article
Date
2011
Journal
Journal of Marketing Research

Scope Insensitivity and the "Mere Token" Effect

Author
Urminsky, Oleg and Ran Kivetz
Decisions often involve tradeoffs between a more normative option and a less normative but more tempting option. We propose that the intrapersonal conflict evoked by choices involving incompatible goals is resolved through scope insensitive justifications. We describe one such mechanism, the "mere token" effect, a new phenomenon in decision-making. We demonstrate that adding a certain and immediate "mere token" amount to both options increases choices of the later-larger option in intertemporal choice and of the riskier-larger option in risky choice.
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Type
Case Study
Date
2011

Scrabulous on Facebook

Author
Kohli, Rajeev
In 2007, when Facebook was adding one million new users a week, two brothers who lived near India's Calcutta airport launched Scrabulous — a virtual copy of Hasbro's 70-year-old word game, Scrabble. Mark Blecher, Hasbro's SVP of digital media, faced an unwelcome predicament: Should he order the company's legal team to end what seemed a clear case of piracy? Or was there a better option, one that would avoid alienating the hundreds of thousands of puzzle enthusiasts who used the Facebook app, and who had probably helped the board game achieve record sales?
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Type
Case Study
Date
2011

Scripps Networks' Integration of Recipezaar

Author
Seave, Ava

In July 2007, Scripps Networks acquired Recipezaar, a user-generated recipe and cooking Website with a captive community of 2.3 million visitors. By September, Deanna Brown, president of Scripps Networks Digital, grappled with how to best integrate the recent acquisition into Scripps Networks Digital and its affiliated Website, FoodNetwork.com. Should monetization efforts trump the interests and aesthetic tastes of Recipezaar's members? Would restructuring the Recipezaar team dampen the enthusiasm of its five crucial employees and adversely affect the community they had built?

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Type
Chapter
Date
2011
Book
Grounding sociality: Neurons, minds, and culture

Sharing inner states: A defining feature of <em>human</em> motivation

Author
Higgins, E. Tory
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Type
Working Paper
Date
2011

Sharing technology, sharing rights: Patent law reform and R&D collaboration in China, 1985-2006

Author
Wang, Dan
This paper investigates the impact of patent law reform on R&D collaboration among domestic firms in China from 1985 through 2006. During this period, China's patent law underwent two major amendments, the first in 1992, and the second in 2000. In my empirical analysis, I test well-established arguments from transaction cost economics, which hold that reducing the risk of unfair appropriation by strengthening IP protection should boost the frequency of short-term R&D collaborations.
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Type
Journal Article
Date
2011
Journal
Open Economies Review

Slow Pass-through Around the World: A New Import for Developing Countries?

Author
Frankel, Jeffrey, David Parsley, and Shang-Jin Wei

Developing countries traditionally experience pass-through of exchange rate changes that is greater and more rapid than high-income countries experience. This is true equally of the determination of prices of imported goods, prices of local competitors' products, and the general CPI. But developing countries in the 1990s experienced a rapid downward trend in the degree of pass-through and speed of adjustment, more so than did high-income countries. As a consequence, slow and incomplete pass-through is no longer exclusively a luxury of industrial countries.

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Type
Journal Article
Date
2011
Journal
Administrative Science Quarterly

Something to lose and nothing to gain: The role of stress in the interactive effect of power and stability on risk taking

Author
Jordan, J., Adam Galinsky, and N. Sivanathan

The current investigation explores how power and stability within a social hierarchy interact to affect risk taking. Building on a diverse, interdisciplinary body of research, including work on non-human primates, intergroup status, and childhood social hierarchies, we predicted that the unstable powerful and the stable powerless will be more risk taking than the stable powerful and unstable powerless.

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Type
Journal Article
Date
2011
Journal
IMF Economic Review

Sovereign Default Risk in Financially Integrated Economies

Author
Bolton, Patrick and Olivier Jeanne

We analyze contagious sovereign debt crises in financially integrated economies. Under financial integration banks optimally diversify their holdings of sovereign debt in an effort to minimize the costs with respect to an individual country"s sovereign debt default. While diversification generates risk diversification benefits ex ante, it also generates contagion ex post. We show that financial integration without fiscal integration results in an inefficient equilibrium supply of government debt.

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Type
Journal Article
Date
2011

Spatial Categorization and Time Perception: Does it Take Less Time to Get Home?

Author
Raghubir, Priya, Vicki Morwitz, and Amitav Chakravarti
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Type
Book
Date
2011

Strategic Account Strategy

Author
Capon, Noel
Strategic Account Strategy is designed to help corporations and businesses develop key/strategic and global account programs, and for individual key/strategic and global account managers to develop strategy and action programs for individual accounts.
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Type
Journal Article
Date
2011
Journal
Manufacturing & Service Operations Management

Strategic Capacity Rationing When Customers Learn

Author
van Ryzin, Garrett and Qian Liu

Consider a firm that sells products over repeated seasons, each of which includes a full-price period and a markdown period. The firm may deliberately understock products in the markdown period to induce high-value customers to purchase early at full price. Customers cannot perfectly anticipate availability. Instead, they use observed past capacities to form capacity expectations according to a heuristic smoothing rule. Based on their expectations of capacity, customers decide to buy either in the full-price period or in the markdown period.

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Type
Chapter
Date
2011
Book
Supply Chain Disruptions: Theory and Practice of Managing Risk

Supply Chain Management Under Simultaneous Supply and Demand Risks

Author
Federgruen, Awi and Nan Yang
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Type
Case Study
Date
2011

The 2/28 Mortgage: When Business and Psychology Intersect in a New Consumer Product

Author
Johnson, Eric and Christopher Mayer

As the subprime mortgage market flourished in the 1990s, innovative lenders turned to a new type of loan: the 2/28 mortgage, designed to allow borrowers with less-than-ideal credit to buy a home and to repair their credit histories. This mortgage offered a fixed two-year "teaser" rate, followed by 28 years of payments that would adjust according to market rates such as LIBOR. As an example shows, the teaser rate was relatively affordable, but when the adjustable rate kicked in, borrowers might see their monthly payments eventually increase by as much as 50 percent.

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Type
Journal Article
Date
2011
Journal
Review of Financial Studies

The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis

Author
Wei, Shang-Jin and Hui Tong

This article studies whether the volume and composition of capital flows affect the degree of credit crunch during the 2007–2009 crisis. Using data on 3,823 firms in 24 emerging countries, we find that, on average, the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. Interestingly, while the volume of capital flows per se has no significant effect, the composition matters a lot.

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Type
Working Paper
Date
2011

The Design of Combinatorial Auctions for Procurement: An Empirical Study of the Chilean School Meals Auction

Author
Olivares, Marcelo, Gabriel Weintraub, Rafael Epstein, and Daniel Yung

In this paper we conduct an empirical investigation of a large-scale combinatorial auction (CA); the Chilean auction for school meals in which the government procures half a billion dollars worth of meal services every year. Our empirical study is motivated by two fundamental aspects in the designof CAs: (1) which packages should bidders be allowed to bid on; and (2) diversifying the supplier base to promote competition. We use bidding data to uncover important aspects of the firms’ cost structure and their strategic behavior, both of which are not directly observed by the auctioneer.

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Type
Journal Article
Date
2011
Journal
Marketing Science

The Design of Durable Goods

Author
Kohli, Rajeev and Ricardo Montoya
The use of a durable good is limited by both its physical life and usable life. For example, an electric-car battery can last for 5 years (physical life) or 100,000 miles (usable life), whichever comes first. We propose a framework for examining how a profit-maximizing firm might choose the usable life, physical life, and selling price, of a durable good. The proposed framework considers differences in usage rates and product valuations by consumers, and allows for the effects of technological constraints and product obsolescence on a product's usable and physical lives.
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Type
Journal Article
Date
2011
Journal
California Management Review

The Drivers of Greenwashing

Author
Delmas, Magali and Vanessa Burbano

More and more firms are engaging in greenwashing, misleading consumers about their environmental performance or the environmental benefits of a product or service. The skyrocketing incidence of greenwashing can have profound negative effects on consumer and investor confidence in green products. Mitigating greenwashing is particularly challenging in a context of limited and uncertain regulation.

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Type
Journal Article
Date
2011
Journal
Journal of Experimental Psychology: General

The effect of mental progression on mood

Author
Mason, Malia and Moshe Bar
Mood affects the way people think. But can the way people think affect their mood? In the present investigation, we examined this promising link by testing whether mood is influenced by the presence or absence of associative progression by manipulating the scope of participants' information processing and measuring their subsequent mood. In agreement with our hypothesis, processing that involved associative progression was associated with relatively better moods than processing that was restricted to a single topic (Experiment 1).
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Type
Chapter
Date
2011
Book
Behavioral Economics and Economic Psychology

The Full Information Assumption and the Choice Overload Effect

Author
Iyengar, Sheena and Elena Reutskaja
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Type
Book
Date
2011

The Information Needs of Communities: The Changing Media Landscape in a Broadband Age

Author
Seave, Ava and Steve Waldman

In 2009, a bipartisan Knight Commission found that while the broadband age is enabling an information and communications renaissance, local communities in particular are being unevenly served with critical information about local issues. Soon after the Knight Commission delivered its findings, The Federal Communications Commission (FCC) initiated a working group to identify crosscurrents and trends, and make recommendations on how the information needs of communities can be met in a broadband world.

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Type
Journal Article
Date
2011
Journal
Journal of International Economics

The Role of Intermediaries in Facilitating Trade

Author
Ahn, Janet, Amit Khandelwal, and Shang-Jin Wei

This paper documents that intermediaries play an important role in facilitating international trade. We modify a heterogeneous firm model to allow for an intermediary sector. The model predicts that firms will endogenously select their mode of export-either directly or indirectly through an intermediary-based on productivity. The model also predicts that intermediaries will be relatively more important in markets that are more difficult to penetrate.

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Type
Book
Date
2011

The Story So Far: What We Know About the Business of Digital Journalism

Author
Graves, Lucas, Bill Grueskin, and Ava Seave

Bill Grueskin, Ava Seave, and Lucas Graves spent close to a year tracking the reporting of on-site news organizations—some of which were founded over a century ago and others established only in the past year or two—and found in their traffic and audience engagement patterns, allocation of resources, and revenue streams ways to increase the profits of digital journalism.

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Type
Journal Article
Date
2011
Journal
Journal of Financial Economics

The structure and formation of business groups: Evidence from Korean <em>chaebols</em>

Author
Almeida, Heitor, Sang Yong Park, Marti G. Subrahmanyam, and Daniel Wolfenzon

In this paper we study the determinants of business groups’ ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how groups form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group firms (“central firms”) to set up and acquire firms that have low pledgeable income (e.g., low profitability) and high acquisition premia.

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Type
Journal Article
Date
2011
Journal
Fordham Urban Law Journal

The Use and Abuse of Blight in Eminent Domain

Author
Gold, Martin and Lynne Sagalyn

Blight findings have functioned as a cornerstone for condemnation since the great urban decline of the mid-twentieth century prompted governments at all levels throughout the country to intervene in the real estate market. Elements of blight, and then the term itself, became a basis for this intervention. But the use of blight as a basis for takings has become increasingly controversial as its application has migrated from slum clearance to urban renewal, then to economic development projects, and on to revenue-enhancing projects.

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Type
Working Paper
Date
2011

Theory of Inverse Demand: Financial Assets

Author
Kubler, Felix, Larry Selden, and Xiao Wei
While the comparative statics of asset demand have been studied extensively, surprisingly little work has been done on the behavior of equilibrium asset prices and returns in response to changes in the supplies of securities. This is despite considerable interest in the equity premium and interest rate puzzles. In this paper, we seek to fill this void for the classic case of a representative agent economy with a single risky asset and risk free asset in both one and two period settings.
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Type
Journal Article
Date
2011
Journal
Psychological Science

Tough and tender: Embodied categorization of gender

Author
Slepian, Michael, M. Weisbuch, N.O. Rule, and N. Ambady
Emerging evidence has shown that human thought can be embodied within physical sensations and actions. Indeed, abstract concepts such as morality, time, and interpersonal warmth can be based on metaphors that are grounded in bodily experiences (e.g., physical temperature can signal interpersonal warmth). We hypothesized that social-category knowledge is similarly embodied, and we tested this hypothesis by examining a sensory metaphor related to categorical judgments of gender.
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Type
Journal Article
Date
2011
Journal
The Review of Economics and Statistics

Trade Liberalization and Firm Productivity: The Case of India

Author
Khandelwal, Amit and Petia Topalova

This paper exploits India's rapid, comprehensive and externally imposed trade reform to establish a causal link between changes in tariffs and firm productivity. Pro-competitive forces, resulting from lower tariffs on final goods, as well as access to better inputs, due to lower input tariffs, both appear to have increased firm-level productivity, with input tariffs having a larger impact. The effect was strongest in import-competing industries and industries not subject to excessive domestic regulation.

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Type
Chapter
Date
2011
Book
The Psychology of Social Conflict and Aggression

Using both your head and your heart: The role of perspective taking and empathy in resolving social conflict

Author
Galinsky, Adam, D. Gilin, and W. Maddux
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Type
Case Study
Date
2011

Valuing Currency Management: TOM vs. U.S. Commerce Bank

Author
Bekaert, Geert
In 2009, Geert Rijkaard, the founder of a Dutch currency management firm whose investment models had made him one of the richest men in the world, sued a large U.S. bank for more than $300 million for breaking a joint-venture agreement. The judgment would depend largely on the answer to a single question: Was Rijkaard's firm truly capable of delivering the returns it had promised? Both sides offer detailed financial analyses supported by their own research. This case places students in the role of the court tribunal, and asks them to interpret the evidence and determine the appropriate ruling.
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Type
Working Paper
Date
2011

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

Author
Goldberg, Penny, Amit Khandelwal, and Nina Pavcnik

This chapter discusses and extends the findings of recent research which examines the role of imported inputs in fostering domestic product growth in India. India's trade liberalization during the 1990s resulted in substantial increases in the volume and variety of imported inputs. This period also witnessed an expansion of product lines by Indian firms. We explore the causal relationship between increased access to imported inputs through lower input tariffs and the subsequent increase in firms' product mix.

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Type
Chapter
Date
2011
Book
The Origins, History and Future of the Federal Reserve

Volatile Times and Persistent Conceptual Errors: U.S. Monetary Policy, 1914&ndash;1951

Author
Calomiris, Charles

This paper describes the motives that gave rise to the creation of the Federal Reserve System, summarizes the history of Fed monetary policy from its origins in 1914 through the Treasury-Fed Accord of 1951, and reviews several of the principal controversies that surround that history. The persistence of conceptual errors in Fed monetary policy — particularly adherence to the "real bills doctrine" — is a central puzzle in monetary history, particularly in light of the enormous costs of Fed failures during the Great Depression.

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Type
Working Paper
Date
2011

What Do CEOs Do?

Author
Bandiera, Oriana, Luigi Guiso, Andrea Prat, and Raffaella Sadun

We develop a methodology to collect and analyze data on CEOs' time use. The idea — sketched out in a simple theoretical set-up — is that CEO time is a scarce resource and its allocation can help us identify the firm's priorities as well as the presence of governance issues. We follow 94 CEOs of top-600 Italian firms over a pre-specified week and record the time devoted each day to different work activities. We focus on the distinction between time spent with insiders (employees of the firm) and outsiders (people not employed by the firm).

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Type
Working Paper
Date
2011

What Good Are Hubs? Preferences for New Product Information Sources

Author
Goldenberg, Jacob, Donald Lehmann, Daniela Shidlovski, and Michal Master Barak
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Type
Journal Article
Date
2011
Journal
Review of Financial Studies

What Segments Equity Markets?

Author
Bekaert, Geert, Campbell Harvey, Christian Lundblad, and Stephan Siegel

We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of segmentation in many developing countries, the level of segmentation is still significant. In contrast to previous research, we characterize the factors that account for variation in market segmentation both through time as well as across countries.

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