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.
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:
All these activities help to facilitate and streamline faculty research, and that of the doctoral students working with them.
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.
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.
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.
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.
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.
Consumer reviews and ratings of products and services have become ubiquitous on the Internet. This paper analyzes, given the sequential nature of reviews and the limited feedback of such past reviews, the information content they communicate to future customers. We consider a model with heterogeneous customers who buy a product of unknown quality and we focus on two different informational settings. In the first setting customers observe the whole history of past reviews. In the second one they only observe the sample mean of past reviews.
We study a multi-server queueing model of a revenue-maximizing firm providing a service to a market of heterogeneous price- and delay-sensitive customers with private individual preferences. The firm may offer a selection of service classes that are differentiated in prices and delays. Using a deterministic relaxation, which highlights the first-order economic structure of the problem, we construct a solution that is incentive compatible and near-optimal in systems with large capacity and market potential.
The dominant perspective in society is that stress has negative consequences, and not surprisingly, the vast majority of interventions for coping with stress focus on reducing the frequency or severity of stressors. However, the effectiveness of stress attenuation is limited because it is often not possible to avoid stressors, and avoiding or minimizing stress can lead individuals to miss opportunities for performance and growth. Thus, during stressful situations, a more efficacious approach is to optimize stress responses (i.e., promote adaptive, approach-motivated responses).
This paper provides quasi-experimental evidence on the impact of paid leave legislation on fathers' leave-taking, as well as on the division of leave between mothers and fathers in dual-earner households. Using difference-in-difference and difference-in-difference-in-difference designs, we study California's Paid Family Leave (CA-PFL) program, which is the first source of government-provided paid parental leave available to fathers in the United States.
Changes in a firm's backward-dispersion patent-citation score are a useful, non-financial indicator of patent value that is positively-related to Tobin's <em>q</em>. V-scores, which analyze content patterns between patents' technological-class codes and those of their antecedents, provide contemporaneous information for investors to assess firms' economic prospects that is more time-sensitive than forward-looking information such as forward citations.
An essential function of the Federal Reserve is to manage the central payment system. The distributed ledger technology is a digital innovation with the potential to transform payments, clearing, and settlement processes. In my brief remarks, I will introduce the Federal Reserve's management of payment systems, emphasize how the distributed ledger technology could reduce operational and financial inefficiencies for payment systems, and highlight some potential challenges to the distributed ledger technology's broad implementation.
Air pollution is a serious problem that affects billions of people globally. Although the environmental and health costs of air pollution are well known, the present research investigates its ethical costs. We propose that air pollution can increase criminal and unethical behavior by increasing anxiety. Analyses of a 9-year panel of 9,360 U.S.
We investigate the increasingly common business setting in which companies face the possibility of both observed and unobserved customer attrition (i.e., "overt" and "silent" churn) in the same pool of customers. This is the case for many online-based services where customers have the choice to stop interacting with the firm either by formally terminating the relationship (e.g., canceling their account) or by simply ignoring all communications coming from the firm.
We study the relationship between capacity and performance for a service firm with spatial operations, in the sense that requests arrive with origin-destination pairs. An example of such a system is a ride-hailing platform in which each customer arrives in the system with the need to travel from an origin to a destination. We propose a state-dependent queueing model that captures spatial frictions as well as spatial economies of scale through the service rate.
Despite the laws that protect employee rights, discrimination still persists in the workplace. This chapter examines individual-level factors that may influence subtle discrimination in the workplace. More specifically, it examines how social categories tend to perpetuate the use of stereotypes and reviews contemporary theories of subtle prejudice and discrimination.
This integrative review presents the Agentic-Communal Model of Advantage and Disadvantage to offer insight into the psychology of inequality. This model examines the relation between individuals' position of advantage or disadvantage in a social hierarchy and their propensity toward agency and communion. We begin by identifying and reviewing four inequalities — Resources, Opportunities, Appraisals, and Deference, or the ROAD of inequality — that are fundamental to social advantage and disadvantage.
In this paper, we introduce a brief and effective way to increase leader's perceived authenticity in the form of a values affirmation exercise. Personal values reflect what people consider as most important and ideal (Rokeach, 1973). As a result, values affirmation exercise where people are reminded of their values activates their ideal selves. In Experiment 1, we show that values affirmation induces the feeling of authenticity by activating the ideal-self.
Sustaining large-scale public goods requires individuals to make environmentally friendly decisions today to benefit future generations. Recent research suggests that second-order normative beliefs are more powerful predictors of behaviour than first-order personal beliefs. We explored the role that second-order normative beliefs — the belief that community members think that saving energy helps the environment — play in curbing energy use.
This study develops a timely and unbiased measure of expected credit losses. The expected rate of credit losses (ExpectedRCL) is a linear combination of various non-discretionary credit risk-related measures disclosed by banks. ExpectedRCL performs substantially better than net charge-offs, realized credit losses, and fair value of loans in predicting credit losses, and reflects all the explanatory power of the credit loss-related information in these variables.
The Language of Branding: Theory, Strategies and Tactics shows marketers how to use language successfully to improve brand value and influence consumer behavior.
Research has established that competing head to head against a rival boosts motivation and performance. The present research investigated whether rivalry can affect performance over time and in contests without rivals. We examined the long-term effects of rivalry through archival analyses of postseason performance in multiple high-stakes sports contexts: National Collegiate Athletic Association (NCAA) Division I Men's Basketball and the major U.S.
We investigate the effectiveness of regulatory oversight exercised by the SEC against auditors over the years 1996–2009. The evidence suggests that the SEC is significantly less likely to name a Big N auditor as a defendant, after controlling for both the severity of the violation and for the characteristics of companies more likely to be audited by Big N auditors. Further, when the SEC does charge Big N auditors, the SEC (i) is less likely to impose harsher penalties on the Big N; and (ii) is less likely to name a Big N audit firm relative to individual Big N partners.
Research has shown that possessions have the power to change consumers' self-construal and activate different aspects of the self. Building on this literature, the authors suggest that the salience of product ownership not only activates the product-related self but also simultaneously deactivates product-unrelated selves, resulting in impaired performance on tasks unrelated to the activated self. In five experiments, we first elicit feelings of ownership over a product (e.g., a calculator) to activate a product-related identity (e.g., the math self).
Studies of how quantitative easing (QE) impacts asset prices typically look for effects in one- or two-day windows around QE announcements. This methodology underestimates the impact of QE on asset classes whose responses happen outside of this short time frame. We document that QE announcements by the Fed, ECB, and the Bank of England are associated with: quick price reactions of medium- and long-term government bonds; but with reactions in equity and equity implied volatility that occur over several weeks.
Effectively delegating work to others is considered critical to managerial success, as it frees up managers' time and develops subordinates' skills. We propose that female leaders are less likely than male leaders to capitalize on these benefits of delegating. Although delegation has communal (e.g., relational) and agentic (e.g., assertive) properties, we argue that female leaders, as compared to male leaders, find it more difficult to delegate tasks due to gender-role incongruence.
Prior studies linking grit — defined as perseverance and passion for long-term goals — to performance are beset by contradictory evidence. As a result, commentators have increasingly declared that grit has limited effects. We propose that this inconsistent evidence has occurred because prior research has emphasized perseverance and ignored, both theoretically and empirically, the critical role of passion, which we define as a strong feeling toward a personally important value/preference that motivates intentions and behaviors to express that value/preference.
Originators produce higher quality assets at a private cost. These assets can either be bought by informed intermediaries or sold in a pool with low quality assets. Savings gluts diminish origination incentives because they compress the spread between the price paid for high quality assets and the price paid for the pool. The narrowing of the spreads relaxes borrowing constraints, which results in higher leverage. Thus savings gluts generate financial fragility — the sensitivity of financial intermediaries' equity to unforeseen contingencies.
This paper investigates, theoretically and empirically, factional arrangements within the Chinese Communist Party (CCP), the governing political party of the People's Republic of China. Our empirical analysis ranges from the end of the Deng Xiaoping era to the current Xi Jinping presidency and it covers the appointments of both national and provincial officials using detailed biographical information.
We examine the Internet’s impact on the cross-border distribution of cultural goods and assess its implications for cultural policy and cultural diversity. We present a stylized model of a two-country economy where governments are endowed with political preferences over the consumption of domestic content and enact import barriers and subsidies to protect it. We introduce peer-to-peer file sharing as a distinct distribution channel enabled by the Internet that provides access to all media products at a low cost. We report two main findings.
This article offers a primer on social power and social class with respect to their theoretical importance, conceptual distinction, and empirical relationship. We introduce and define the constructs of social power, social class, and one's psychological sense of power. We next explore the complex relationship between social power and social class. Because social class can produce a sense of power within an individual, studies on social power can inform theory and research on social class.
The rise of "Big Data" had a big impact on marketing research and practice. In this article, we first highlight sources of useful consumer information that are now available at large scale and very little or no cost. We subsequently discuss how this information — with the help of new analytical techniques — can be translated into valuable insights on consumers' psychological states and traits that can, in turn, be used to inform marketing strategy.
This paper compares the function of public vs. private institutions and studies conditions that influence their effectiveness. We use the population of commercial banks in Manhattan from 1840 to 1980 and investigate the impact of banks' participation in the New York Clearing House Association, an industry-level cooperative arrangement, and the New York Federal Reserve Bank, the governmental regulatory institution, on their failure rates. We find that banks' participation in the private institution reduced their failure rates more than did participation in the public institution.
In hospitals, Step Down Units (SDUs) provide an intermediate level of care between the Intensive Care Units (ICUs) and the general medical-surgical wards. Because SDUs are less richly staffed than ICUs, they are less costly to operate; however, they also are unable to provide the level of care required by the sickest patients. There is an ongoing debate in the medical community as to whether and how SDUs should be used. On one hand, an SDU alleviates ICU congestion by providing a safe environment for post-ICU patients before they are stable enough to be transferred to the general wards.
Community differences in organizing capacity have been attributed to cohesion and trust among population members and from population members to organizations and have been seen as an enduring feature of communities. The experience of a crisis, and the handling of the crisis, can be seen as a test of cohesion that verifies community support of organizations or proves its absence.