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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
2014
Journal
Journal of Management & Governance

Comparing Corporate Governance Practices and Exit Decisions between US and Japanese Firms

Author
Harrigan, Kathryn
<p>This study examines how widespread the similarities between U.S. and Japanese corporate governance practices have become. Results suggest that, in spite of convergence in many areas of business practices, Japanese board structures and governance practices still differ greatly from those in the United States – particularly in SEC-mandated reforms such as independent audit and compensation committees. Our results suggest that findings concerning corporate governance differences between Japanese and U.S.
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Type
Journal Article
Date
2014

Consumers’ Purchase Intentions and Their Behavior

Author
Morwitz, Vicki

Purchase intentions are frequently measured and used by marketing managers as an input for decisions about new and existing products and services. Purchase intentions are correlated and predict future sales, but do so imperfectly. I review and summarize research on the relationship between purchase intentions and sales that has been conducted over the past 60 years. This review offers insights into how best to measure purchase intentions, how to forecast sales from purchase intentions measures, and why purchase intentions do not always translate into sales.

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Type
Journal Article
Date
2014
Journal
Quarterly Journal of Economics

Ethnic Divisions and Production in Firms

Author
Hjort, Jonas
A body of literature suggests that ethnic heterogeneity limits economic growth. This paper provides microeconometric evidence on the direct effect of ethnic divisions on productivity. In team production at a plant in Kenya, an upstream worker supplies and distributes flowers to two downstream workers who assemble them into bunches.
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Type
Journal Article
Date
2014
Journal
European Economic Review

Search Costs and Equilibrium Price Dispersion in Auction Markets

Author
Backus, Matthew, Joseph Podwol, and Henry Schneider
A leading explanation for price dispersion in posted-price markets is search costs. We incorporate this insight into a model of competing second-price auctions similar to eBay. By doing so, we extend the narrow literature on competing auctions to capture price dispersion, and grow the already large literature on price dispersion to include auctions. We provide evidence on search costs and price dispersion using data collected from eBay, identifying search costs by exploiting a discontinuity in the visibility of auctions due to eBay's search tool.
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Type
Journal Article
Date
2014
Journal
Journal of Labor Economics

Human Capital Spillovers in Families: Do Parents Learn from or Lean on Their Children?

I develop a model in which a child's acquisition of a given form of human capital incentivizes adults in his household to either learn from him (if children act as teachers then adults' cost of learning the skill falls) or lean on him (if children's human capital substitutes for that of adults in household production then adults' benefit of learning the skill falls).
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Type
Journal Article
Date
2014
Journal
Journal of Consumer Psychology

Insights from the Animal Kingdom

Author
Morwitz, Vicki

Just as we have learned a great deal in consumer psychology by focusing on understanding how different sub-groups of humans think, this paper suggests that we can also learn from examining how different types of animals think. To that end, this manuscript offers a review of literature on topics in animal cognition that have also been investigated by consumer researchers.

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Type
Journal Article
Date
2014

The effect of pharmaceutical innovation on longevity, hospitalization and medical expenditure in Turkey, 1999–2010

Author
Lichtenberg, Frank, Mehtap Tatar, and Zafer Caliskan

We investigate the impact of pharmaceutical innovation on longevity, hospitalization and medical expenditure in Turkey during the period 1999–2010 using longitudinal, disease-level data.

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Type
Journal Article
Date
2014
Journal
Finance Research Letters

Credit Risk Assessment of Fixed Income Portfolios Using Explicit Expressions

Author
Pagnoncelli, Bernando
We propose a model to assess the credit risk features of fixed income portfolios assuming they can be characterized by two parameters: their default probability and their default correlation. We rely on explicit expressions to assess their credit risk and demonstrate the benefits of our approach in a complex leveraged structure example. We show that using expected loss as a proxy for credit risk is misleading as it does not capture the dispersion effects introduced by correlation.
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Type
Journal Article
Date
2014
Journal
Econometrica

Fiscal Rules and Discretion Under Persistent Shocks

Author
Yared, Pierre

This paper studies the optimal level of discretion in policymaking. We consider a fiscal policy model where the government has time-inconsistent preferences with a present bias towards public spending. The government chooses a fiscal rule to trade o ff its desire to commit to not overspend against its desire to have flexibility to react to privately observed shocks to the value of spending. We analyze the optimal fiscal rule when the shocks are persistent.

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Type
Journal Article
Date
2014
Journal
American Economic Review

Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide

Author
Mayer, Christopher, Edward Morrison, Tomasz Piskorski , and Arpit Gupta

We investigate whether homeowners respond strategically to news of mortgage modification programs by defaulting on their mortgages. We exploit plausibly exogenous variation in modification policy induced by U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers with subprime mortgages throughout the country. Using a difference-in-difference framework, we find that Countrywide's relative delinquency rate increased more than ten percent per month immediately after the program's announcement.

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Type
Journal Article
Date
2014

Prior test scores do not provide valid placebo tests of teacher switching research designs

Author
Chetty, Raj, John N. Friedman, and Jonah Rockoff

Chetty, Friedman, and Rockoff (2014)[CFR] evaluate the degree of bias in teacher value-added (VA) estimates using a “teacher switching” research design, regressing changes in mean test scores across cohorts on changes in mean teacher VA. Recent studies (Kane, Staiger, and Bacher-Hicks 2014, Rothstein 2014) have found that regressing changes in mean scores in the prior grade on changes in mean VA also yields a positive coefficient, a result we confirm in our data.

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Type
Journal Article
Date
2014
Journal
Journal of Consumer Research

Brand Tourists: How Core Users Enhance the Brand Image by Eliciting Pride

Author
Bellezza, Silvia and Anat Keinan

This research examines how core consumers of selective brands react when core users obtain access to the brand. Contrary to the view that non-core users and downward brand extensions pose a threat to the brand, this work investigates the conditions under which these non-core users enhance rather than dilute the brand image.

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Type
Journal Article
Date
2014
Journal
Journal of Consumer Research

Something to Chew On: The Effects of Oral Haptics on Mastication, Orosensory Association, and Calorie Estimation

Author
Biswas, Dipayan, Courtney Szocs, Aradhna Krishna, and Donald Lehmann

This research examines how oral haptics (due to hardness/softness or roughness/smoothness) related to foods influence mastication (i.e., degree of chewing) and orosensory perception (i.e., orally perceived fattiness), which in turn influence calorie estimation, subsequent food choices, and overall consumption volume. The results of five experimental studies show that, consistent with theories related to mastication and orosensory perception, oral haptics related to soft (vs. hard) and smooth (vs. rough) foods lead to higher calorie estimations.

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Type
Journal Article
Date
2014
Journal
Annual Review of Economics

Teacher Effects and Teacher-Related Policies

Author
Jackson, C. Kirabo, Jonah Rockoff , and Douglas Staiger

The emergence of large longitudinal datasets linking students to teachers has led to an explosion in the study of teacher effects on student outcomes by economists over the last decade. One large literature has documented wide variation in teacher effectiveness that is not well explained by observable student or teacher characteristics. A second literature has investigated how educational outcomes might be improved by leveraging teacher effectiveness, through processes of recruitment, assignment, compensation, evaluation, promotion, and retention.

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Type
Journal Article
Date
2014
Journal
Journal of Consumer Research

The experience versus the expectations of power: A recipe for altering the effects of power on behavior

Author
Rucker, Derek D., M. Hu, and Adam Galinsky

Power transforms consumer behavior. This research introduces a critical theoretical moderator of power's effects by promoting the idea that power is accompanied by both an experience (how it feels to have or lack power) and expectations (schemas and scripts as to how those with or without power behave). In some cases, the psychological experience of power predisposes people to behave one way, whereas attention to the expectations of power suggests behaving in another way. As a consequence, power's effects for consumer behavior can hinge on consumers' focus.

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Type
Journal Article
Date
2014
Journal
Journal of Marketing Research

The Limits of Attraction

Author
Frederick, Shane and Ernest Baskin
Consumer research has documented dozens of instances in which the introduction of an "irrelevant" third option affects preferences between the remaining two. In nearly all such cases, the unattractive dominated option enhances the attractiveness of the option it most resembles — a phenomenon known as the "attraction effect." In the studies presented here, however, we contend that this phenomenon may be restricted to stylized product representations in which every product dimension is represented by a number (e.g., a toaster oven that has a durability of 7.2 and ease of cleaning of 5.5).
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Type
Journal Article
Date
2014
Journal
Psychological Science

The Too-Much-Talent Effect: Team Interdependence Determines When More Talent Is Too Much or Not Enough

Author
Swaab, Roderick I., Michael Schaerer, Eric M. Anicich, and Adam Galinsky

Five studies examined the relationship between talent and team performance. Two survey studies found that people believe there is a linear and nearly monotonic relationship between talent and performance: Participants expected that more talent improves performance and that this relationship never turns negative. However, building off research on status conflicts, we predicted that talent facilitates performance — but only up to a point, after which the benefits of more talent decrease and eventually become detrimental as intrateam coordination suffers.

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Type
Journal Article
Date
2014
Journal
The Journal of Finance

Time-Varying Fund Manager Skill

Author
Kacperczyk, Marcin, Stijn Van Nieuwerburgh , and Laura Veldkamp

We propose a new definition of skill as a general cognitive ability to either pick stocks or time the market at different times. We find evidence for stock picking in booms and for market timing in recessions. Moreover, the same fund managers that pick stocks well in expansions also time the market well in recessions. These fund managers significantly outperform other funds and passive benchmarks. Our results suggest a new measure of managerial ability that gives more weight to a fund's market timing in recessions and to a fund's stock picking in booms.

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Type
Journal Article
Date
2014
Journal
American Economic Journal: Economic Policy

Under Pressure: Job Security, Resource Allocation, and Productivity in Schools Under No Child Left Behind

Author
Reback, Randall, Jonah Rockoff , and Heather Schwartz

We conduct the first nationwide study of incentives under the No Child Left Behind (NCLB) Act, which requires states to punish schools failing to meet target passing rates on students' standardized exams. States' idiosyncratic policies created variation in the risk of failure among very similar schools in different states, which we use to identify effects of accountability pressure.

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Type
Journal Article
Date
2014
Journal
Journal of Public Economics

What Makes Annuitization More Appealing?

Author
Choi, James, David Laibson, Brigitte Madrian, John Beshears, and Stephen Zeldes

We conduct and analyze two large surveys of hypothetical annuitization choices. We find that allowing individuals to annuitize a fraction of their wealth increases annuitization relative to a situation where annuitization is an "all or nothing" decision. Very few respondents choose declining real payout streams over flat or increasing real payout streams of equivalent expected present value. Highlighting the effects of inflation increases demand for cost of living adjustments. Frames that highlight flexibility, control, and investment significantly reduce annuitization.

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Type
Journal Article
Date
2014
Journal
Journal of Experimental Social Psychology

Averted eye-gaze disrupts configural face encoding

Author
Young, S.G., Michael Slepian , J.P. Wilson, and K. Hugenberg
Faces are processed in a configural manner (i.e., without decomposition into individual face features), an effect attributed to humans having a high degree of face processing expertise. However, even when perceiver expertise is accounted for, configural processing is subject to a number of influences, including the social relevance of a face. In the current research, we present two experiments that document the influence of eye-gaze direction (direct or averted) on configural encoding of faces.
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Type
Journal Article
Date
2014
Journal
Social Psychological and Personality Science

Does travel broaden the mind? Breadth of foreign experiences increases generalized trust

Author
Cao, J., Adam Galinsky , and W. Maddux

Five studies examined the effect of breadth and depth of foreign experiences on generalized trust. Study 1 found that the breadth (number of countries traveled) but not the depth (amount of time spent traveling) of foreign travel experiences predicted trust behavior in a decision-making game. Studies 2 and 3 established a causal effect on generalized trust by experimentally manipulating a focus on the breadth versus depth of foreign experiences. Study 4 used a longitudinal design to establish that broad foreign travel experiences increased generalized trust.

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Type
Journal Article
Date
2014
Journal
Social Psychological and Personality Science

Expanding opportunities by opening your mind: Multicultural engagement predicts job market success through longitudinal increases in integrative complexity

Author
Maddux, W., E. Bivolaru, A. Hafenbrack, C. Tadmor, and Adam Galinsky

A longitudinal study found that the psychological approach individuals take when immersed in a general multicultural environment can predict subsequent career success. Using a culturally diverse sample, we found that "multicultural engagement" — the extent to which students adapted to and learned about new cultures — during a highly international 10-month master of business administration (MBA) program predicted the number of job offers students received after the program, even when controlling for important personality/demographic variables.

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Type
Journal Article
Date
2014
Journal
Games and Economic Behavior

Incentives and Group Identity

Author
Masella, Paolo, Stephan Meier , and Philipp Zahn
This paper investigates in a principal-agent environment whether and how group membership influences the eff ectiveness of incentives and when incentives can have "hidden costs," i.e., a detrimental effect. We show experimentally that in all interactions control mechanisms can have hidden costs for reasons specifi c to group membership. In within-group interactions control has detrimental effects because the agent does not expect to be controlled and reacts negatively when being controlled.
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Type
Journal Article
Date
2014
Journal
Management Science

Information aggregation and allocative efficiency in smooth markets

Author
Iyer, Kris, Ramesh Johari, and Ciamac Moallemi

Recent years have seen extensive investigation of the information aggregation properties of markets. However, relatively little is known about conditions under which a market will aggregate the private information of rational risk averse traders who optimize their portfolios over time; in particular, what features of a market encourage traders to ultimately reveal their private information through trades? We consider a market model involving finitely many informed risk-averse traders interacting with a market maker.

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Type
Journal Article
Date
2014
Journal
Journal of Economic Behavior & Organization

Myopic Separability

Author
Kannai, Yakar, Larry Selden , and Xiao Wei

In the classic certainty multiperiod, multigood demand problem, suppose preferences for current and past period consumption are separable from consumption in future periods. Then optimal demands can be determined from the standard two stage budgeting process, where optimal current period demands depend only on current and past prices and current period expenditure. Unfortunately this simplification does not significantly reduce the informational requirements for the decision maker since in general the expenditure is a function of future prices.

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Type
Journal Article
Date
2014
Journal
Games and Economic Behavior

On the escalation and de-escalation of conflict

Author
Lacomba, Juan, Francisco Lagos, and Frans van Winden

We introduce three extensions of the Hirshleifer-Skaperdas conflict game to study experimentally the effects of post-conflict behavior and repeated interaction on the allocation of effort between production and appropriation. Without repeated interaction, destruction of resources by defeated players can lead to lower appropriative efforts and higher overall efficiency. With repeated interaction, appropriative efforts are considerably reduced because some groups manage to avoid fighting altogether, often after substantial initial conflict.

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Type
Journal Article
Date
2014
Journal
Journal of Consumer Psychology

Using Consumer Psychology to Fight Obesity

Author
Pham, Michel Tuan
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Type
Journal Article
Date
2014

Preentry Contacts and the Generation of Nascent Networks in Organizations

Author
Sterling, Adina

This paper investigates the impact of individuals' social ties at organizational entry on the formation of intraorganizational networks. When individuals enter organizations with one or more preentry relationships in place, I argue they form more extensive networks post entry than their untied counterparts. However, it is also suggested that under some conditions—i.e., when quality is more certain—the relationship between pre- and postentry social structure is contingent on individuals' quality attributes.

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Type
Journal Article
Date
2014
Journal
International Journal of Research in Marketing

Choosing a Digital Content Strategy: How Much Should be Free?

Author
Halbheer, Daniel, Florian Stahl, and Donald Lehmann

Advertising supported content sampling is ubiquitous in online markets for digital information goods. Yet, little is known about the profit impact of sampling when it serves the dual purpose of disclosing content quality and generating advertising revenue. This paper proposes an analytical framework to study the optimal content strategy for online publishers and shows how it is determined by characteristics of both the content market and the advertising market.

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Type
Journal Article
Date
2014

Empirical Generalizations in Retailing

Author
Kamakura, Wagner A, Praveen K. Kopalle, and Donald Lehmann
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Type
Journal Article
Date
2014
Journal
Journal of Consumer Research

How and When Grouping Low-Calorie Options Reduces the Benefits of Providing Dish-Specific Calorie Information

Author
Parker, Jeffrey and Donald Lehmann

To date the effectiveness of inducing lower-calorie choices by providing consumers with calorie information has yielded mixed results. Here four controlled experiments show that adding dish-specific calorie information to menus (calorie posting) tends to result in lower-calorie choices. However, additionally grouping low-calorie dishes into a single "low-calorie" category (calorie organizing) ironically diminishes the positive effects of calorie posting. This outcome appears to be caused by the effect that grouping low-calorie options has on consumers' consideration sets.

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Type
Journal Article
Date
2014
Journal
Journal of Economic Behavior & Organization

Learning from (Failed) Replications: Cognitive Load Manipulations and Charitable Giving

Author
Kessler, Judd and Stephan Meier
Replication of empirical studies is much more than a tool to police the field. Failed replications force us to recognize that seemingly arbitrary design features may impact results in important ways. We describe a study that used a cognitive load manipulation to investigate the role of the deliberative system in charitable giving and a set of failed replications of that study. While the original study showed large and statistically significant results, we failed to replicate using the same protocol and the same subject pool.
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Type
Journal Article
Date
2014
Journal
Journal of Accounting and Public Policy

Market reactions to policy deliberations on fair value accounting and impairment rules during the financial crisis of 2008&ndash;2009

Author
Bowen, Robert
<p>Fair value accounting (FVA) has been blamed for amplifying the financial crisis of 2008-2009. We investigate investor and creditor reactions to policymaker deliberations, recommendations and decisions about FVA and impairment rules in the banking industry. If FVA was a key contributor to the financial crisis as some industry pundits and academic research suggest, we first should observe positive stock market reactions to proposals that relax FVA rules and negative reactions when policymakers support FVA.
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Type
Journal Article
Date
2014
Journal
Strategic Management Journal

Structural Equality at the Top of the Corporation: Mandated Quotas for Women Directors

Author
Kogut, Bruce and Jordi Colomer
We propose a concept of structural equality as a compromise between competing policy preferences of equality and individual liberty to address a stunning property of the governance of corporations, namely, the paucity of female directors on corporate boards. An argument for imposing a quota for women directors on boards is the need to disrupt structural impediments to permit endogenous mechanisms to sustain female recruitment beyond a critical mass.
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Type
Journal Article
Date
2014
Journal
Journal of Consumer Research

The Red Sneakers Effect: Inferring Status and Competence from Signals of Nonconformity

Author
Bellezza, Silvia, F. Gino, and Anat Keinan

This research examines how people react to nonconforming behaviors, such as entering a luxury boutique wearing gym clothes rather than an elegant outfit or wearing red sneakers in a professional setting. Nonconforming behaviors, as costly and visible signals, can act as a particular form of conspicuous consumption and lead to positive inferences of status and competence in the eyes of others. A series of studies demonstrates that people confer higher status and competence to nonconforming rather than conforming individuals.

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Type
Journal Article
Date
2014
Journal
Journal of Construction Engineering and Management

Valuation of Projects with Stochastic Cash Flows and Inter-Temporal Correlations

Author
Hawas, Francisco
This paper explores the influence of cash-flow correlations on the behavior of the net present value (NPV) and internal rate of return (IRR) when performing valuations. In general, correlation has a negligible effect on the expected value of both the NPV and IRR. Even in cases of high correlation the IRR distribution departs very little from normality. In cases of moderate to low correlation, very good approximations of the SD of the NPV and IRR can be obtained, assuming that the cash flows are independent.
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Type
Journal Article
Date
2014
Journal
Journal of Marketing Research

Which Products Are Best Suited to Mobile Advertising? A Field Study of Mobile Display Advertising Effects on Consumer Attitudes and Intentions

Author
Bart, Yakov, Andrew Stephen, and Miklos Sarvary

Mobile advertising is one of the fastest-growing advertising formats. In 2013, global spending on mobile advertising was approximately $16.7 billion and it is expected to exceed $62.8 billion by 2017. The most prevalent type of mobile advertising is mobile display advertising (MDA), which takes the form of banners on mobile webpages and in mobile applications. This paper examines which product characteristics are likely to be associated with MDA campaigns that are effective in increasing consumers' favorable attitudes towards products and purchase intentions.

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Type
Journal Article
Date
2014

Commentary on ‘From Academic Research to Marketing Practice: Exploring the Marketing Science Value Chain’

Author
Lehmann, Donald
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Type
Journal Article
Date
2014

Commentary on- From Academic Research to Marketing Practice: Exploring the Marketing Science Value Chain

Author
Lehmann, Donald
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Type
Journal Article
Date
2014
Journal
Journal of Law, Economics, and Organization

Corporate Finance, Incomplete Contracts, and Corporate Control

Author
Bolton, Patrick

This essay in celebration of Grossman and Hart (1986) (GH) discusses how the introduction of incomplete contracts has fundamentally changed economists' perspectives on corporate finance and control. Before GH, the dominant theory in corporate finance was the tradeoff theory pitting the tax advantages of debt (relative to equity) against bankruptcy costs. After GH, this theory has been enriched by the introduction of control considerations and investor protection issues.

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Type
Journal Article
Date
2014
Journal
GfK Marketing Intelligence Review

Do Pleasant Emotional Ads Make Consumers Like Your Brand More?

Author
Geuens, Maggie, Patrick De Pelsmaker, and Michel Tuan Pham

Emotionally pleasant TV commercials are often preferred over merely factual ones. A large-scale study of Belgian TV ads confirms this notion and shows that such commercials also create more positive feelings toward the advertised brand. Interestingly, these effects depend on neither the level of involvement associated with the product category nor the type of product. Independent of the perceived creativity of the commercial or its informational value, emotionality had a significant impact on the evaluation of a brand.

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Type
Journal Article
Date
2014
Journal
Marketing Science

Dynamic Targeted Pricing in B2B Relationships

Author
Zhang, Jonathan, Oded Netzer , and Asim Ansari

We model the multifaceted impact of pricing decisions in B2B contexts and show how a seller can develop optimal inter-temporal targeted pricing strategies to maximize long-term customer value. We empirically model the B2B customer's purchase decisions in an integrated fashion. In order to facilitate targeting and to capture the short and long-term dynamics of B2B customer purchasing, our modeling framework weaves together in a hierarchical Bayesian manner, multivariate copulas, a non-homogeneous hidden Markov model, and control functions for price endogeneity.

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Type
Journal Article
Date
2014
Journal
GfK Marketing Intelligence Review

Feels Right . . . Go Ahead? When to Trust Your Feelings in Judgments and Decisions

Author
Pham, Michel Tuan

Not only are subjective feelings an integral part of many judgments and decisions, they can even lead to improved decisions and better predictions. Individuals who have learned to trust their feelings performed better in economic-negotiation games than their rational-thinking opponents. But emotions are not just relevant in negotiations and decisions. They also play a decisive role in forecasting future events. Candidates who trusted their feelings made better predictions than people with less emotional confidence.

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Type
Journal Article
Date
2014
Journal
Journal of Cognitive Neuroscience

Neural substrates of social status inference: Role of medial prefrontal cortex and superior temporal sulcus

Author
Mason, Malia, J. Magee, and S. Fiske
The negotiation of social order is intimately connected to the capacity to infer and track status relationships. Despite the foundational role of status in social cognition, we know little about how the brain constructs status from social interactions that display it. Although emerging cognitive neuroscience reveals that status judgments depend on the intraparietal sulcus, a brain region that supports the comparison of targets along a quantitative continuum, we present evidence that status judgments do not necessarily reduce to ranking targets along a quantitative continuum.
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Type
Journal Article
Date
2014
Journal
Social Psychological and Personality Science

Stupid doctors and smart construction workers: Perspective-taking reduces stereotyping of both negative and positive targets

Author
Wang, C.S., G. Ku, K. Tai, and Adam Galinsky

Numerous studies have found that perspective-taking reduces stereotyping and prejudice, but they have only involved negative stereotypes. Because target negativity has been empirically confounded with reduced stereotyping, the general effects of perspective-taking on stereotyping and prejudice are unclear.

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Type
Journal Article
Date
2014
Journal
The Journal of Law, Economics and Organization

Technological Change and the Make-or-Buy Decision

Author
Bartel, Ann, Saul Lach, and Nachum Sicherman

A central decision faced by firms is whether to make intermediate components internally or to buy them from specialized producers. We argue that firms producing products for which rapid technological change is characteristic will benefit from outsourcing to avoid the risk of not recouping their sunk cost investments when new production technologies appear. This risk is exacerbated when firms produce for low volume internal use, and is mitigated for those firms which sell to larger markets.

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Type
Journal Article
Date
2014
Journal
Schmalenbach Business Research: Neuroeconomics

The brain in business research

Author
Kenning, P., Elke Weber, and I. Welpe
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Type
Journal Article
Date
2014
Journal
American Economic Journal: Applied Economics

Human Capital and Productivity in a Team Environment: Evidence from the Healthcare Sector

Author
Bartel, Ann, Nancy Beaulieu, Ciaran S. Phibbs, and Patricia W. Stone

Using panel data from a large hospital system, this paper presents estimates of the productivity effects of human capital in a team production environment. Proxying nurses' general human capital by education and their unit-specific human capital by experience on the nursing unit, we find that greater amounts of both types of human capital significantly improve patient outcomes.

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Type
Journal Article
Date
2014
Journal
Journal of Finance

Sequential learning, predictability, and optimal portfolio returns

Author
Johannes, Michael, Arthur Korteweg, and Nicholas Polson

This paper finds statistically and economically significant out-of-sample portfolio benefits for an investor who uses models of return predictability when forming optimal portfolios. The key is that investors must incorporate an ensemble of important features into their optimal portfolio problem, including time-varying volatility, and time-varying expected returns driven by improved predictors such as measures of yield that include share repurchase and issuance in addition to cash payouts. Moreover, investors need to account for estimation risk when forming optimal portfolios.

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