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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
Newspaper/Magazine Article
Date
2018
Publication
AIMA Journal

What a long strange trip it’s been...on ALIS

Author
Weinberg, Michael

We have titled this paper with an ode to a compilation album by a band that was founded in Palo Alto and developed a counter-culture.  Though the title espouses a new state of mind, it is investment, not consumption driven, as this is 2017 and not 1965.

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Type
Journal Article
Date
2018

From Browsing to Buying and Beyond: The Needs-Adaptive Shopper Journey Model

Author
Lee, Leonard, J, Jeffrey Inman, Jennifer J. Argo, Tim Böttger, Utpal Dholakia, Timothy Gilbride, Koert Van Ittersum, Barbara Kahn, Ajay Kalra, Donald Lehmann, Leigh M. McAlister, Venkatest Shankar, and Claire I. Tsai
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Type
Journal Article
Date
2018
Journal
Journal of Marketing Research

"There Ain't No Such Thing as a Free Lunch": Consumers' Reactions to Pseudo-Free Offers

Author
Dallas, Steven and Vicki Morwitz

The authors examine how consumers respond to pseudo-free offers--offers that are presented to consumers as free but that require consumers to make a nonmonetary payment (such as completing a survey or providing personal information) in order to receive the "free" good or service. Across six studies, the authors find that consumers are generally just as likely to accept pseudo-free offers (with nonmonetary costs) as comparable truly free offers (with no costs), as long as the costs of the pseudo-free offers are below some threshold.

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Type
Journal Article
Date
2018
Journal
European Financial Management

A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price

Author
Penman, Stephen, Francesco Reggiani, Scott Richardson, and Irem Tuna

We provide a framework for identifying accounting numbers that indicate risk and expected return. Under specified accounting conditions for measuring earnings and book value, book-to-price (B/P) indicates expected returns, providing justification for B/P in asset pricing models. However, the framework also points to earnings-to-price (E/P) as a risk characteristic. Indeed, E/P, rather than B/P, is the relevant characteristic when there is no expected earnings growth, but the weight shifts to B/P with growth.

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Type
Journal Article
Date
2018
Journal
Marketing Science

A Semantic Approach for Estimating Consumer Content Preferences from Online Search Queries

Author
Liu, Jia and Olivier Toubia

We extend latent Dirichlet allocation by introducing a topic model, hierarchically dual latent Dirichlet allocation (HDLDA), for contexts in which one type of document (e.g., search queries) are semantically related to another type of document (e.g., search results). In the context of online search engines, HDLDA identifies not only topics in short search queries and web pages, but also how the topics in search queries relate to the topics in the corresponding top search results.

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Type
Journal Article
Date
2018
Journal
Marketing Science

An Empirical Study of National vs. Local Pricing under Multimarket Competition

Author
Li, Yang, Brett Gordan, and Oded Netzer

Geographic price discrimination is generally considered beneficial to firm profitability. Firms can extract higher rents by varying prices across markets to match consumers' preferences. This paper empirically demonstrates, however, that a firm may instead prefer a national pricing policy that fixes prices across geographic markets, foregoing the opportunity to customize prices. Under appropriate conditions, a national pricing policy helps avoid intense local competition due to targeted prices.

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Type
Working Paper
Date
2018

Appendix to "A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price"

Author
Penman, Stephen, F. Reggiani, S. Richardson, and I. Tuna
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Type
Journal Article
Date
2018
Journal
Behavioural Public Policy

Are "Nudges" Getting a Fair Shot? Joint Versus Separate Evaluation

Author
Davidai, Shai and E. Shafir

The most effective behavioral policies are often also the most contentious. Psychologically informed interventions that promote non-deliberative behaviors ("nudges") are often more effective than "traditional" policies (like informational and educational campaigns) that target more deliberative processes. Yet, precisely because of their deliberative nature, people are often said to prefer the latter over the former.

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Type
Journal Article
Date
2018
Journal
Journal of Marketing Research

Attention, Information Processing and Choice in Incentive-Aligned Choice Experiments

Author
Yang, Cathy, Olivier Toubia, and Martijin De Jong

In incentive-aligned choice experiments, each decision is realized with some probability, Prob. In three eye-tracking experiments, we study the impact of varying Prob from 0 (as in purely hypothetical choices) to 1 (as in real-life choices) on attention, information processing, and choice. Consistent with the bounded rationality literature, we find that as Prob increases from 0 to 1, consumers process the choice-relevant information more carefully and more comprehensively.

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Type
Journal Article
Date
2018
Journal
Marketing Science

Bayesian Nonparametric Customer Base Analysis with Model-Based Visualizations

Author
Dew, Ryan and Asim Ansari

Marketing managers are responsible for understanding and predicting customer purchasing activity. This task is complicated by a lack of knowledge of all of the calendar time events that influence purchase timing. Yet, isolating calendar time variability from the natural ebb and flow of purchasing is important for accurately assessing the influence of calendar time shocks to the spending process, and for uncovering the customer-level purchasing patterns that robustly predict future spending.

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Type
Newspaper/Magazine Article
Date
2018
Publication
Group Processes & Intergroup Relations

Born that way or became that way: Stigma toward congenital versus acquired disability

Author
Bogart, K.R., N.M. Rosa, and Michael Slepian
Stigma may differ depending on the timing of group-membership entry, whether a person was "born that way" or "became that way." Disability, a highly understudied minority group, varies on this domain. Three studies demonstrated that congenital disability is more stigmatized than acquired disability and essentialism and blame moderate and mediate this effect. Congenital disability was more stigmatized than the acquired version of the same disability (Studies 1–2). People with congenital disability were more essentialized, but less blamed than people with acquired disability (Study 2).
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Type
Journal Article
Date
2018
Journal
Journal of Marketing Research

Building a Social Network for Success

Author
Ansari, Asim, Lucas Bremer, Florian Stahl, and Mark Heitmann
This article proposes a framework for studying how a brand, firm, or individual can use networking activities to manage a social network and drive its success. Using data from ego networks of music artists, the article models how artists can enhance their social networking presence and stimulate relationships between fans to achieve long-term benefits in terms of music plays.
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Type
Newspaper/Magazine Article
Date
2018
Publication
PLOS ONE

Catecho-O-methyltransferase moderates effects of stress mindset on affect and cognition

Author
Crum, Alia, Modupe Akinola, B. Turnwald, T. Kaptchuk, and K. Hall

There is evidence that altering stress mindset — the belief that stress is enhancing vs. debilitating — can change cognitive, affective and physiological responses to stress. However, individual differences in responsiveness to stress mindset manipulations have not been explored. Given the previously established role of catecholamines in both placebo effects and stress, we hypothesized that genetic variation in catechol-O-methyltransferase (COMT), an enzyme that metabolizes catecholamines, would moderate responses to an intervention intended to alter participants' mindsets about stress.

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Type
Journal Article
Date
2018
Journal
Marketing Science

Competition and Crowd-out for Brand Keywords in Sponsored Search

Author
Simonov, Andrey, Chris Nosko, and Justin Rao

On search keywords with trademarked terms, the brand owner ("focal brand") and other relevant firms compete for consumers. For the focal brand, paid clicks have a direct substitute in the organic links below the paid ad(s). The proximity of this substitute depends on whether competing firms are bidding aggressively to siphon off traffic. We study the returns to focal brands and competitors using large-scale experiments on Bing with data from thousands of brands.

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Type
Newspaper/Magazine Article
Date
2018
Publication
Social Psychological and Personality Science

Confiding secrets and well-being

Author
Slepian, Michael and E. Moulton-Tetlock
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Type
Journal Article
Date
2018
Journal
Journal of Strategic Marketing

Corporate Advantage in Customer-Centric Diversification

Author
Harrigan, Kathryn and Lalit Manral

Our theory explains how multi-product corporations that engage in customer-centric diversification can create and sustain corporate advantage. First, we invoke the concept of customer-centric assets to explain their role as the cornerstone of corporate advantage in customer-centric diversification. Second, our explanation of the corporate advantage in customer-centric diversification goes beyond the hypothetical "consumer synergies" argument to also include the "market-power advantage" argument.

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Type
Working Paper
Date
2018

Cultural Distance and Intercultural Exchange: Unpacking the Psychological Pathway of Inspiration

Author
Xi, Zou, Dan Wang, Tim Wildschut, Constantine Sedikides, and Dan Cable
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Type
Newspaper/Magazine Article
Date
2018
Publication
Personality and Social Psychology Bulletin

Dehumanizing gender: The de-biasing effects of gendering human-abstracted entities

Author
Martin, A.E. and Michael Slepian
The propensity to "gender" — or conceptually divide entities by masculinity versus femininity — is pervasive. Such gendering is argued to hinder gender equality, as it reifies the bifurcation of men and women into two unequal categories, leading many to advocate for a "de-gendering movement." However, gendering is so prevalent that individuals can also gender entities far removed from human sex categories of male and female (i.e., weather, numbers, sounds) due to the conceptual similarities they share with our notions of masculinity and femininity (e.g., tough, tender).
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Type
Book
Date
2018

Digital Marketing: Strategy & Tactics

Author
Kagan, Jeremy
<p>Digital marketing has become mainstream. No longer is "digital" the parsley on the marketing plate at a fancy dinner, an afterthought, or a cool extra to add some sizzle to a marketing plan. Digital is now the main course of the marketing meal -- the connective strategy that pulls all the elements of an integrated marketing program together, ensuring that all messaging and communications strategies are effective at reaching the customer.
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Type
Journal Article
Date
2018
Journal
The Accounting Review

Do the FASB's standards add shareholder value?

Author
Khan, Urooj, Bin Li, Shivaram Rajgopal, and Mohan Venkatachalam

We examine the cost-effectiveness, from the shareholders' perspective, of the accounting standards issued by the FASB during 1973-2009. We evaluate (i) the stock market reactions of firms affected by the standards surrounding events that changed the standard's probability of issuance; and (ii) whether the market reactions are related, in the cross-section, to agency problems, information asymmetry, proprietary costs, contracting costs, and changes in estimation risk.

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Type
Working Paper
Date
2018

Does Mandated Corporate Social Responsibility Reduce Intrinsic Motivation? Evidence from India

Author
Rajgopal, Shivaram and Prasanna Tantri

We investigate the implementation of a 2014 Government of India mandate that requires companies to at least spend 2% of their profits on corporate social responsibility (CSR) activities. Firms that voluntarily engaged in CSR before the mandate reduce their spending significantly down to the suggested 2% level. Firms that did not actively engage in CSR before the mandate increase their spending marginally. CSR spending post mandate is highly sensitive to negative shocks to firm profits, but not to positive profit shocks.

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Type
Chapter
Date
2018
Book
Human Flourishing in an Age of Gene Editing

Does More Choice Lead to More Flourishing?

Author
Iyengar, Sheena and Tucker Kuman
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Type
Newspaper/Magazine Article
Date
2018
Publication
Journal of Consumer Research

Dynamics of communicator and audience power: The persuasiveness of competence versus warmth

Author
Dubois, David, Derek D. Rucker, and Adam Galinsky

The current research offers a new theoretical perspective on the relationship between power and persuasion. An agentic-communal model of power is presented that proposes power affects both the type of messages generated by communicators and the types of messages that persuade audiences. Compared to low-power and neutral states, high-power states produce a greater emphasis on information that conveys competence. As a consequence, high-power communicators generate messages with greater competence information and high-power audiences are persuaded more by competence information.

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Type
Chapter
Date
2018
Book
International Panel on Social Progress: Rethinking Society for the 21st Century

Economic Inequality and Social Progress

Author
Davidai, Shai, Stephan Klasen, Giovanni Andrea Cornia, Rebeca Grynspan, Luis Lopez-Calva, and Nora Lustig

Inequality and its effects on societies have received increasing prominence in debates among economists and social scientists and in policy circles over the past thirty years. There are many, often interacting inequalities and different forms of inequality. Wide income and wealth inequality has harmful consequences for the economic welfare of societies, social cohesion, and other factors that intrinsically and instrumentally diminish social progress.

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Type
Journal Article
Date
2018
Journal
Marketing Science

Exclusive Placement in Online Advertising

Author
Sayedi, Amin, Kinshuk Jerath, and Marjan Baghaie

A recent development in online advertising has been the ability of advertisers to have their ads displayed exclusively on (a part of) a web page. We study this phenomenon in the context of both sponsored search advertising and display advertising. Ads are sold through auctions, and when exclusivity is allowed, the seller accepts two bids from advertisers, where one bid is for the standard display format in which multiple advertisers are displayed, and the other bid is for being shown exclusively (therefore they are called two-dimensional, or 2D, auctions).

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Type
Journal Article
Date
2018

Extracting Features of Entertainment Products: A Guided LDA Approach Informed by the Psychology of Media Consumption

Author
Toubia, Olivier, Garud Iyengar, Renee Bunnell, and Alain Lemaire

The authors propose a quantitative approach for describing entertainment products, in a way that allows for improving the predictive performance of consumer choice models for these products. Their approach is based on the media psychology literature, which suggests that people’s consumption of entertainment products is influenced by the psychological themes featured in these products. They classify psychological themes on the basis of the “character strengths” taxonomy from the positive psychology literature (Peterson and Seligman 2004).

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Type
Newspaper/Magazine Article
Date
2018
Publication
Cognition

Facial expressions of authenticity: Emotion variability increases judgments of trustworthiness and leadership

Author
Slepian, Michael and Evan Carr
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Type
Journal Article
Date
2018
Journal
American Economic Journal: Macroeconomics

Firms and the Decline of Earnings Inequality in Brazil

Author
Alvarez, Jorge, Felipe Benguria, Niklas Engbom, and Christian Moser

We document a large decrease in earnings inequality in Brazil between 1996 and 2012. Using administrative linked employer-employee data, we fit high-dimensional worker and firm fixed effects models to understand the sources of this decrease. Firm effects account for 40 percent of the total decrease and worker effects for 29 percent. Changes in observable worker and firm characteristics contributed little to these trends. Instead, the decrease is primarily due to a compression of returns to these characteristics, particularly a declining firm productivity pay premium.

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Type
Working Paper
Date
2018

Folding and Unfolding: Structural Oscillation in Problem-solving Workgroups

Author
Keum, Daniel and Beth Bechky
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Type
Working Paper
Date
2018

Framing, Context and Value Averaging

Author
Boughanmi, Khaled, Kamel Jedidi, and Rajeev Kohli
We introduce a multi-attribute model that generalizes the multinomial logit model by introducing one additional parameter. It captures framing and context effects, and allows violations of regularity, independence of irrelevant alternatives and order independence. Conceptually, the model considers the value of an alternative to be a generalized mean of the importance values associated with its attributes. A single parameter determines the type of mean. Its value can change across decision frames and choice sets.
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Type
Journal Article
Date
2018
Journal
Financial Analysts Journal

Fundamentals of Value vs. Growth Investing and an Explanation for the Value Trap

Author
Penman, Stephen and Francesco Reggiani

Value stocks earn higher returns than growth stocks on average, but a “value” position can turn against the investor. Fundamental analysis can explain this so-called value trap: The investor may be buying earnings growth that is risky. Both the earnings-to-price ratio (E/P) and the book-to-price ratio (B/P) come into play. E/P indicates expected earnings growth, but price in that ratio also discounts for the risk to that growth; B/P indicates that risk. A striking finding emerges: For a given E/P, a high B/P (“value”) indicates higher expected earnings growth--but growth that is risky.

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Type
Journal Article
Date
2018
Journal
Journal of Experimental Psychology: Applied

Future self-continuity is associated with improved health and increases exercise behavior

Author
Rutchick, A.M., Michael Slepian, M.O. Reyes, L.N. Pleskus, and H. Hershfield
To the extent that people feel more continuity between their present and future selves, they are more likely to make decisions with the future self in mind. The current studies examined future self-continuity in the context of health. In Study 1, people reported the extent to which they felt similar and connected to their future self; people with more present-future continuity reported having better subjective health across a variety of measures.
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Type
Working Paper
Date
2018

Go West Young Firm: The Value of Entrepreneurial Migration for Startups and Their Founders

Author
Guzman, Jorge

I study the benefits to entrepreneurial migration, focused on firms moving to Silicon Valley. Using a machine learning estimator and panel data, I find moving to Silicon Valley leads to higher startup performance on equity outcomes, financing, patenting, products, and revenue. These results are robust to a stringent coefficient stability test, and show no evidence of pre-trends. The benefits are partially driven by knowledge spillovers, and sensitive to capital market conditions during migration. Despite the benefits to migration, most startups do not move.

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Type
Journal Article
Date
2018
Journal
Autism

Grandma Knows Best: Family Structure and Age of Diagnosis of Autism Spectrum Disorder

Author
Sicherman, Nachum, George Loewenstein, Teresa Tavassoli, and Joseph Buxbaum

This pilot study estimates the effects of family structure on age of diagnosis, with the goal of identifying factors that may accelerate or delay diagnosis. We conducted an online survey with 477 parents of children with autism. In addition, we carried out novel, follow-up surveys of 196 "friends and family," who were referred by parents. Family structure and frequency of interactions with family members have significant effects on age of diagnosis (p < 0.05).

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Type
Newspaper/Magazine Article
Date
2018
Publication
Regulation

Handicapping Financial Reform

Author
Calomiris, Charles
What are the key shortcomings in the current financial regulatory structure, and which reforms will be adopted to address them in the next two years? I admit that I don't know the answer to that second, more important question. But I can explain why the stakes are high and how successful reform might be achieved.
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Type
Journal Article
Date
2018
Journal
Psychological Science

Hormone-Diversity Fit: Collective Testosterone Moderates the Effect of Diversity on Group Performance

Author
Akinola, Modupe, Elizabeth Page-Gould, Pranjal Mehta, and Z. Liu

Prior research has found inconsistent effects of diversity on group performance. The present research identifies hormonal factors as a critical moderator of the diversity-performance connection. Integrating the diversity, status, and hormone literatures, we predicted that groups collectively low in testosterone, which orients individuals less toward status competitions and more toward cooperation, would excel with greater group diversity. In contrast, groups collectively high in testosterone, which is associated with a heightened status drive, would be derailed by diversity.

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Type
Journal Article
Date
2018
Journal
Judgment and Decision Making

How Should We Think About Americans' Perceptions of Socioeconomic Mobility

Author
Davidai, Shai and T. Gilovich

Recent evidence suggests that Americans' beliefs about upward mobility are overly optimistic. Davidai & Gilovich (2015a), Kraus & Tan (2015), and Kraus (2015) all found that people overestimate the likelihood that a person might rise up the economic ladder, and underestimate the likelihood that they might fail to do so. However, using a different methodology, Chambers, Swan and Heesacker (2015) reported that Americans' beliefs about mobility are much more pessimistic.

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Type
Working Paper
Date
2018

How Social Ties Bias Group Decisions: Results from Laboratory and Field Experiments on Abstract Art and Wine

Author
Wang, Dan, Jackson Lu, and Sheena Iyengar
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Type
Journal Article
Date
2018
Journal
Business and Society

Income Inequality and Subjective Wellbeing: Towards an Understanding of the Relationship and Its Mechanisms

Author
Katic, Ivana and Paul Ingram

Income inequality is emerging as the socioeconomic topic of our era. Yet there is no clear conclusion as to how income inequality affects the most comprehensive human outcome measure, subjective well-being (SWB). This study provides an explanation for the relationship between income inequality and SWB, by delving into its mechanisms, including egalitarian preferences, perceived fairness, social comparison concerns, as well as perceived social mobility.

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Type
Working Paper
Date
2018

Internet Appendix to Accompany "Leverage"

Author
Santos, Tano and Pietro Veronesi
Appendix to accompany the December 2018 paper by Tano Santos and Pietro Veronesi, "Leverage."
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Type
Working Paper
Date
2018

Is Weak Governance Always Bad? Governance and Competition Dynamics of Risk Aversion

Author
Keum, Daniel
Is weak governance bad for innovation? Reducing managerial accountability to performance is necessary to mitigate risk aversion and underinvestment in innovation, but it also increases the risk of lazy managers who seek a quiet life, resulting in a tension in the effects of improving governance on innovation.
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Type
Newspaper/Magazine Article
Date
2018
Publication
Journal of Applied Psychology

Lay Theories of Networking Ability: Beliefs that Inhibit Engagement in Networking

Author
Hildebrand, Claudius, Sheena Iyengar, and Xi Zou
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Type
Journal Article
Date
2018
Journal
Journal of Human Capital

Life-Cycle Human Capital Accumulation across Countries: Lessons from US Immigrants

Author
Lagakos, David, Benjamin Moll, Tommaso Porzio, Nancy Qian, and Todd Schoellman

This paper assesses cross-country variation in life-cycle human capital accumulation, using new evidence from US immigrants. The returns to experience accumulated in an immigrant's birth country before migrating are positively correlated with birth-country GDP per capita. To understand this fact, we build a model of life-cycle human capital accumulation that features three potential theories: differential human capital accumulation, differential selection, and differential skill loss.

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Type
Chapter
Date
2018
Book
Sharing Economy: Making Supply Meet Demand

Modeling and analysis of an aggregated market for procurement

Author
Maglaras, Costis, Ying-Ju Chen, and Gustavo Vulcano

We study an aggregated marketplace where potential buyers arrive and submit requests-for- quotes (RFQs). There are n independent suppliers modelled as M/GI/1 queues that compete for these requests. Each supplier submits a bid that comprises of a fixed price and a dynamic target leadtime, and the cheapest supplier wins the order as long as the quote meets the buyer’s willingness to pay.

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Type
Working Paper
Date
2018

Monetary Transmission through Shadow Banks

Author
Xiao, Kairong

I find that shadow bank money creation significantly expands during monetary tightening. This "shadow money channel" offsets the reductions in commercial bank deposits and dampens the impact of monetary policy. Using a structural model of bank competition, I show that heterogeneous depositor clientele quantitatively explains the difference in monetary transmission between commercial and shadow banks. Facing more yield-sensitive clientele, shadow banks pass through more rate hikes to depositors, thereby attract more deposits when the Fed raises rates.

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Type
Journal Article
Date
2018
Journal
Social Psychological and Personality Science

Moral character impression formation depends on the valence homogeneity of the context

Author
Lammers, J., A. Gast, C. Unkelbach, and Adam Galinsky

People quickly form impressions about moral character; for example, if people learn that someone cheated, they form a negative impression about that person's character and expect that person to cheat in the future. Four studies show that the formation of such moral character impressions depends on the degree of valence homogeneity in the target's context. We argue that this is the case because the degree of homogeneity in the context (the evaluative ecology) informs perceivers about the reliability of signals.

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Type
Journal Article
Date
2018
Journal
Research in Organizational Behavior

Moral Utility Theory: Understanding the Motivation to Behave (Un)Ethically

Author
Hirsh, J.B., J.G. Lu, and Adam Galinsky

Moral Utility Theory provides an integrative framework for understanding the motivational basis of ethical decision making by modeling it as a process of subjective expected utility (SEU) maximization. The SEUs of ethical and unethical behavioral options are proposed to be assessed intuitively during goal pursuit, with unethical conduct emerging when the expected benefits of moral transgressions outweigh the expected costs.

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Type
Journal Article
Date
2018
Journal
Brookings Papers on Economic Activity

Mortgage Market Design: Lessons from the Great Recession

Author
Piskorski, Tomasz and Amit Seru

The rigidity of mortgage contracts and a variety of frictions in the design of the market and the intermediation sector hindered efforts to restructure or refinance household debt in the aftermath of the financial crisis. In this paper, we focus on understanding the design and implementation challenges of ex ante and ex post debt relief solutions that are aimed at a more efficient sharing of aggregate risk between borrowers and lenders.

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Type
Journal Article
Date
2018
Journal
Psychological and Personality Science

Multicolored Blindfolds: How Organizational Multiculturalism Can Conceal Racial Discrimination and Delegitimize Racial Discrimination Claims

Author
Gundemir, S. and Adam Galinsky

Past studies have found that multicultural approaches to diversity can reduce prejudice and stimulate positive intergroup relations. The current research explored a possible negative side effect of multiculturalism: whether organizational diversity structures geared toward multiculturalism can conceal racial discrimination and delegitimize racial discrimination claims.

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Type
Journal Article
Date
2018
Journal
Journal of Economic Perspectives

Nonmonetary Incentives and the Implications of Work as a Source of Meaning

Author
Cassar, Lea and Stephan Meier
Empirical research in economics has begun to explore the idea that workers care about nonmonetary aspects of work. An increasing number of economic studies using survey and experimental methods have shown that nonmonetary incentives and nonpecuniary aspects of one's job have substantial impacts on job satisfaction, productivity, and labor supply. By drawing on this evidence and relating it to the literature in psychology, this paper argues that work represents much more than simply earning an income: for many people, work is a source of meaning.
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