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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
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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Type
Journal Article
Date
2009
Journal
American Economic Review, Papers and Proceedings

Trade Liberalization and New Imported Inputs

Author
Goldberg, Pinelopi, Amit Khandelwal , Nina Pavcnik, and Petia Topalova

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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Type
Journal Article
Date
2009
Journal
Review of Financial Studies

Understanding index option returns

Author
Broadie, Mark, Mikhail Chernov, and Michael Johannes

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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Type
Journal Article
Date
2009
Journal
Research Methodology in Strategy and Management

Using Hybrid Research Methodologies for Testing Contingency Theories of Strategy

Author
Harrigan, Kathryn
A multi-site, multi-source research methodology is suggested for scholars of corporate strategy in order to attain generalizability and statistical significance in reporting findings while not losing the nuances and understanding of each firm's environmental context.
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Type
Journal Article
Date
2009
Journal
Climatic Change

Value of perfect ENSO phase predictions for agriculture: Evaluating the impact of land tenure and decision objectives

Author
Letson, David, Carlos Laciana, Federico Bert, Elke Weber, Richard Katz, Xavier Gonzalez, and Guillermo Podestá
In many places, predictions of regional climate variability associated with the El Niño–Southern Oscillation phenomenon offer the potential to improve farmers' decision outcomes, by mitigating the negative impacts of adverse conditions or by taking advantage of favorable conditions. While the notion that climate forecasts are potentially valuable has been established, questions of when they may be more or less valuable have proven harder to resolve.
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Type
Journal Article
Date
2009
Journal
Journal of Marketing

Valuing Branded Businesses

Author
Jacobson, Robert
We develop and validate a conditional multiplier approach for valuing branded businesses. Our approach enhances traditional multiplier-based valuation by explicitly incorporating brand characteristics into the model. We present theoretical arguments why, develop a model to demonstrate how, and provide an empirical illustration showing that brand assets are not fully reflected in contemporaneous margins and, therefore, valuation accuracy can be improved by incorporating information about the properties of the firm's brand asset directly into a valuation framework.
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Type
Journal Article
Date
2009
Journal
Journal of Experimental Social Psychology

Vicarious entrapment: Your sunk costs, my escalation of commitment

Author
Gunia, B., N. Sivanathan, and Adam Galinsky

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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Type
Journal Article
Date
2009
Journal
Hormones and Behavior

When are low testosterone levels advantageous? The moderating role of individual versus intergroup competition

Author
Mehta, Pranjal, Elizabeth V. Wuehrmann, and Robert A. Josephs
Although theory suggests that testosterone should facilitate competitive performance, empirical evidence has been mixed. The present study tested the hypothesis that testosterone's effect on competitive performance depends on whether competition is among individuals (individual competition) or among teams (intergroup competition). Sixty participants (50% women) provided saliva samples and were randomly assigned to complete an analytical reasoning test in individual or intergroup competition.
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Type
Journal Article
Date
2009
Journal
Psychological Science

Who I am depends on how I feel: The role of affect in the expression of culture

Author
Ashton-James, C., W. Maddux, Adam Galinsky , and T. Chartrand

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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Type
Journal Article
Date
2009
Journal
Journal of Urban Economics

Why Do Households Without Children Support Local Public Schools? Linking House Price Capitalization to School Spending

Author
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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Type
Journal Article
Date
2009
Journal
Organization Science

Why Pseudonyms? Deception as Identity Preservation Among Jazz Record Companies, 1920–1929

Author
Phillips, Damon and Young-Kyu Kim
This paper theoretically and empirically engages the relationship between organizational identity and deception using the market for early jazz recordings as a setting. In this setting, pseudonyms (where a recording is reissued under a fictitious name) were used deceptively as a way to preserve a firm's identity while selling profitable but identity-threatening products to the mass market.
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Type
Journal Article
Date
2009
Journal
Annals of Applied Probability

Woodroofe's one-armed bandit problem revisited

Author
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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Type
Journal Article
Date
2008
Journal
Journal of Management Inquiry

22 Things I Hate: Mini Rants on Management Research

Author
Abrahamson, Eric
This article does not present one long rant about the state of our field. Rather, it articulates a series of 22 mini rants—short rants that do not exceed 116 words in length. The mini rants range from theory generation; to the positioning of articles in our field; to hypothesis generation; to data, methods analysis, and results; to academic writing; and to our field in general. The shotgun approach presented by mini rants serves as a device to maximize the number of potential thoughtful, or even rant-like, responses to each of the author's mini rants.
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Type
Journal Article
Date
2008
Journal
Marketing Letters

Choice Under Restrictions

Author
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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Type
Journal Article
Date
2008
Journal
Administrative Science Quarterly

Employee-Management Techniques: Transient Fads or Trending Fashions?

Author
Abrahamson, Eric and Micki Eisenman
In this theory development case study, we focus on the relations across recurrent waves in the amount and kind of language promoting and diffusing, and then demoting and rejecting, management techniques—techniques for transforming the input of organizational labor into organizational outputs. We suggest that rather than manifesting themselves as independent, transitory, and un-cumulative fads, the language of repeated waves cumulates into what we call management fashion trends.
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Type
Journal Article
Date
2008
Journal
China Accounting Review

Eye on the Prize: Directions for Accounting Research

Author
Penman, Stephen
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Type
Journal Article
Date
2008
Journal
Quantitative Finance

Improved lower and upper bound algorithms for pricing American options by simulation

Author
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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Type
Journal Article
Date
2008
Journal
Marketing Letters

Measuring Long-Run Marketing Effects and Their Implications for Long-Run Marketing Decisions

Author
Bronnenberg, Bart, J. P. Dubé, Carl Mela, Paulo Albuquerque, Tulin Erdem, Dominique Hanssens, Gunter Hitsch, Han Hong, and Baohong Sun
The empirical measurement of long-run (or "carry-over") effects from marketing effort is a central topic in marketing. A long literature has sought to measure these carry-over effects empirically and to assess their relevance to marketing decision-making. These efforts have led to several interesting stylized facts. For example, advertising and prices exhibit carryover effects on future prices and sales (Assmus, Farley and Lehman 1984 and Kalyanaram and Winer 1995 respectively).
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Type
Journal Article
Date
2008
Journal
IEEE Transactions on Multimedia

Multiple distortion measures for packetized scalable media

Author
Chan, Carri, Susie Wee, and John Apostolopoulos

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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Type
Journal Article
Date
2008
Journal
Journal of Marketing Research

Remedying Hyperopia: The Effects of Self-Control Regret on Consumer Behavior

Author
Keinan, Anat and Ran Kivetz
The self-control literature is premised on the notion of myopia (shortsightedness or present-biased preferences) and assumes that choosing vices generates regret. An alternative perspective suggests that consumers often suffer from a reverse self-control problem—namely, excessive farsightedness and overcontrol, or "hyperopia." This research examines whether consumers can foresee the detrimental long-term consequences of hyperopia. Five studies demonstrate that anticipating long-term regret relaxes self-control and motivates consumers to counteract their righteousness.
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Type
Journal Article
Date
2008
Journal
Management Science

Strategic Interaction across Countries and Multinational Agglomeration: An Application to the Cement Industry

Author
Ghemawat, Pankaj
Agglomeration in FDI is typically attributed to location-specific characteristics such as natural resource advantages or production-related spillovers between multinational firms. The increasing collocation of the largest global firms in the cement industry since the 1980s is not easily attributed to either of these explanations. This paper draws on theories of multimarket contact to test whether strategic interaction across national markets has influenced the successive market entry decisions generating the observed agglomeration.
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Type
Journal Article
Date
2008
Journal
International Journal of Theoretical and Applied Finance

The effect of jumps and discrete sampling on volatility and variance swaps

Author
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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Type
Journal Article
Date
2008
Journal
Journal of Advertising

When Deep Structures Surface: Design Structures That Can Repeatedly Surprise

Author
Goldenberg, Jacob and David Mazursky
Recent findings in the creativity and marketing literature have revealed a seemingly unexpected phenomenon: Creative ideas frequently share similar design structures and patterns. The present study extends recent research regarding the impact of creative design structures. It addresses the question of whether ads that use the same structure that appears repeatedly in various ads would consistently be judged as original and favorable or whether such judgments would diminish over occurrences of ad exposure.
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Type
Journal Article
Date
2008
Journal
Games and Economic Behavior

A Geometric Approach to the Price of Anarchy in Nonatomic Congestion Games

Author
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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Type
Journal Article
Date
2008
Journal
Quarterly Journal of Economics

Five Facts About Prices: A Reevaluation of Menu Cost Models

Author
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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Type
Journal Article
Date
2008
Journal
Psychological Science

Mistaken identity: Activating conservative political identities induces "conservative" financial decisions

Author
Morris, Michael, Erica Carranza, and Craig Fox

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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Type
Journal Article
Date
2008
Journal
Journal of Experimental Social Psychology

Negational racial identity and presidential voting preferences

Author
Zhong, C.B., Adam Galinsky , and M. Unzueta

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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Type
Journal Article
Date
2008
Journal
Communications & Strategies

Ultrabroadband Investment Models

This paper explores why investment models might help explain different fiber deployment patterns, thereby conditioning the path to telecommunications-based ultrabroadband. The delivery of ultrabroadband to the residential market requires additional infrastructure investments beyond Fiber to the Home (FTTH). However, since FTTH is the path to delivering telecommunications-based ultrabroadband, fiber deployment could indicate which geographies would benefit from the new service in the long run.
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Type
Journal Article
Date
2008
Journal
Journal of Law, Economics, & Organization

Bureaucratic Rents and Life Satisfaction

Author
Meier, Stephan, Simon Luchinger, and Alois Stutzer
Institutions affect bureaucrats' possibilities to acquire rents; they determine the degree of accountability and responsiveness of officials and of political control of the bureaucracy and, thereby, the size and distribution of rents in the public sphere. Those rents can involve higher wages, monetary and nonmonetary fringe benefits, and bribes. We propose a direct measure to capture the total of these rents: the difference in subjective well-being between bureaucrats and people working in the private sector.
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Type
Journal Article
Date
2008
Journal
Journal of Experimental Social Psychology

Identity motives and cultural priming: Cultural (dis)identification in assimilative and contrastive responses

Author
Zou, Xi, Michael Morris , and Veronica Benet-Martinez

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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Type
Journal Article
Date
2008
Journal
Journal of Finance

Local Bank Financial Constraints and Firm Access to External Finance

This paper shows that financial constraints of local banks in emerging markets lead to underinvestment and credit constrained borrowers. I find that local bank lending is sensitive to an exogenous expansion in the availability of external financing. Using novel data to measure risk and return on marginal lending, I show that the profitability of loans does not decline during lending expansions. The resulting credit expansion leads to an increase in total borrower debt, holding investment opportunities constant.
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Type
Journal Article
Date
2008
Journal
Psychological Science

On Feelings as a Heuristic for Making Offers in Ultimatum Negotiations

Author
Pham, Michel Tuan

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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Type
Journal Article
Date
2008
Journal
Finance and Stochastics

Sensitivity estimates for portfolio credit derivatives using Monte Carlo

Author
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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Type
Journal Article
Date
2008

Customer Lifetime Value and Firm Valuation

Author
Sunil, Gupta and Donald Lehmann
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Type
Journal Article
Date
2008
Journal
Operations Research

A Single-Unit Decomposition Approach to Multiechelon Inventory Systems

Author
Tsitsiklis, John
We show the optimality of state-dependent echelon base-stock policies in uncapacitated serial inventory systems with Markov-modulated demand and Markov-modulated stochastic lead times in the absence of order crossing. Our results cover finite-time horizon problems as well as infinite-time horizon formulations, with either a discounted or an average cost criterion. We employ a novel approach, based on a decomposition of the problem into a series of single-unit single customer problems that are essentially decoupled.
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Type
Journal Article
Date
2008
Journal
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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Type
Journal Article
Date
2008
Journal
Computational and Mathematical Organization Theory

Elucidating Strategic Network Dynamics Through Computational Modeling

Author
Zhiang, John Lin, Haibin Yang, and J. Richard Harrison
In this study we describe a comprehensive computational model of network dynamics (COM-NeD) and demonstrate how it may help us better understand and theorize the dynamics of strategic networks. Specifically, we model a population of firms characterized by idiosyncratic resource needs and productive capacities, while having to respond to the demands of external events by establishing ties and receiving needed resources from other firms. Through COM-NeD we investigate a set of established theoretical perspectives that represent distinct strategies for seeking and establishing interfirm ties.
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Type
Journal Article
Date
2008
Journal
Explorations in Economic History

Resolving the puzzle of the underissuance of national bank notes

Author
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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Type
Journal Article
Date
2008
Journal
Journal of Financial Economics

Testing limits to policy reversal: Evidence from Indian privatizations

Author
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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Type
Journal Article
Date
2008
Journal
Mathematical Programming (A)

The Capacitated Max <i>k</i>-Cut Problem

Author
Gaur, Daya, Ramesh Krishnamurti, and Rajeev Kohli
We introduce a capacitated max k-cut problem in which a set of vertices is partitioned into k subsets, each with a possibly different capacity. The objective is to maximize the weighted number of edges across subsets when a weight is associated with each edge of the graph. We describe a switching algorithm that obtains a solution which is at least 1?(1/k) of the optimal solution.
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Type
Journal Article
Date
2008
Journal
Organizational Behavior and Human Decision Processes

The promise and peril of self-affirmation in de-escalation of commitment

Author
Sivanathan, N., Daniel Molden, Adam Galinsky , and G. Ku

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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Type
Journal Article
Date
2008
Journal
The Review of Financial Studies

The Returns on Human Capital: Good News on Wall Street Is Bad News on Main Street

Author
Lustig, Hanno and Stijn Van Nieuwerburgh
We use a standard single-agent model to conduct a simple consumption growth accounting exercise. Consumption growth is driven by news about current and expected future returns on the market portfolio. We impute the residual of consumption growth innovations that cannot be attributed to either news about financial asset returns or future labor income growth to news about expected future returns on human wealth, and we back out the implied human wealth and market return process.
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Type
Journal Article
Date
2008
Journal
Journal of Consumer Research

Desire to acquire: Powerlessness and compensatory consumption

Author
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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Type
Journal Article
Date
2008
Journal
Academy of Management Proceedings

Negotiating gender stereotypes: Other-advocacy reduces social constraints on women in negotiations

Author
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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Type
Journal Article
Date
2008
Journal
The Review of Economics and Statistics

Outsourcing Tariff Evasion: A New Explanation for Entrepôt Trade

Author
Fisman, Raymond, Peter Moustakerski, and Shang-Jin Wei

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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Type
Journal Article
Date
2008
Journal
Journal of Consumer Research

The Mere Categorization Effect: How the Presence of Categories Increases Choosers' Perceptions of Assortment Variety and Outcome Satisfaction

Author
Mogilner, Cassie, Tamar Rudnick, and Sheena Iyengar

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.

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