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.
We propose an approach for using individual-level data on social interactions (e.g., number of recommendations received by consumers, number of recommendations given by adopters, number of social ties) to improve the aggregate penetration forecasts made by extant diffusion models. We capture social interactions through an individual-level hazard rate in such a way that the resulting aggregate penetration process is available in closed form and nests extant diffusion models.
Anthropologists who work in advertising and marketing research often make profound strategic contributions. However, many of them do not take an active part in strategy codification, specifically in the hands-on crafting of strategic documents, unless they are employed by advertising agencies as account planners or in strategy consulting firms that institutionalize the process. A concern throughout this chapter is that when anthropologists are absent throughout the process of strategy formulation, the power and influence of their contributions is curtailed.
The seminal work by Grossmann and Hart (1986) made the study of firm boundaries susceptible to formal economic analysis, and illuminated an important role for markets in providing incentives. In this essay, I discuss some new directions that the literature has taken since. As a central challenge, I identify the need to provide a formal theory of the firm in which managerial direction and bureaucratic decision-making play a key role. Merging a number of existing incomplete contracting models, I propose two approaches with very different contracting assumptions.
With globalization, cross-cultural competence is increasingly important to effective policies in international relations, business, and even in our schools and communities. Can we assess the skills and attributes relevant to gaining proficiency in other cultures? What kinds of training can help people toward this goal? Evidence on the assessment question comes from surveys of immigrant acculturation and expatriate adjustment, investigating antecedents including personality, general intelligence (g), and social-cultural intelligence.
Using country index returns from 8 developed countries and 8 emerging market countries, we re-explore the benefits to international diversification over the past 30 years. To examine various theories in a comparable way, we intentionally limited ourselves to an examination of country index returns and a limited number of types of investments.
This special section is the result of an effort by several scholars to move marketing academic research toward greater practical relevance. This initiative, called Theory Practice in Marketing (TPM), started with a conference at Columbia Business School in 2011, and the five papers published in this special section were presented at the second TPM conference held at Harvard Business School in 2012.
We examine (1) whether the accounting, governance, and investing practices of Berkshire Hathaway investees are consistent with Warren Buffett's public statements on what constitutes good accounting, governance, and investing practices and (2) whether these practices are associated with Berkshire's initial "selection" or Buffett's subsequent "influence." Compared to control firms, we find that Berkshire investees are highly likely to follow Buffett's investment philosophy, somewhat likely to follow his preferred accounting, disclosure, and compensation policies, but unlikely to follow the bo
La télévision aborde aujourd'hui sa quatrième génération. D'emblée, je voudrais insister sur le fait qu'un point de vue typiquement américain sur ce sujet n'existe pas. Non seulement parce que les États-Unis sont un grand pays avec une population hétérogène, mais aussi parce que ce dont je vais vous parler est un sujet rarement discuté, autant dans le monde universitaire que dans le monde des entreprises.
The case describes the launch of a social media platform by the largest container shipping company in the world. Students will have the opportunity to thoroughly evaluate the campaign, which by observable criteria, has done extremely well. The case provides details on the various platforms used, the nature of content provided on each, and the associated budgets (including headcount). The budget figures are particularly interesting because they permit a rich discussion around the social media program's ROI.
The value of a business depends on its future not its past. Nonetheless, some managers base key decisions on backwards-looking metrics or models that have been shown to be inappropriate in many situations.
What metrics and models can provide managers with steering control for maximizing the value of their business? This editorial provides some ideas.
Are teachers' impacts on students; test scores ("value-added") a good measure of their quality? This question has sparked debate partly because of a lack of evidence on whether high value-added (VA) teachers who raise students' test scores improve students' long-term outcomes. Using school district and tax records for more than one million children, we find that students assigned to high-VA teachers in primary school are more likely to attend college, earn higher salaries, live in higher SES neighborhoods, and have higher savings rates.
We use panel data to examine the prediction of Merton's intertemporal CAPM that time varying risk premiums arise from the conditional covariances of returns on assets with the return on the market. We find a positive and significant risk-return tradeoff that is driven by the time series variation in the conditional covariances, and the risk-premium on the market remains positive and significant after controlling for additional state-variables. Our estimation method allows us to estimate the risk-return tradeoff in the ICAPM using a large number of test assets.
In the last 20 years there has been considerable discussion about the transformation of the media industry and its relation with telecommunications, bringing these industries closer and making them more convergent – mostly in terms of content management and distribution.
When a negotiator of digital investments at a global advertising firm is given the task of developing an innovative media strategy for a car insurance product targeting young urban drivers, she looks to native advertising as a possible option. This case considers the genesis of native advertising, the associated costs, and the challenges to providing meaningful metrics as she weighs the pros and cons of this option for the firm's client.
Although a great deal of research has examined specific behaviors that positively affect leaders' negotiation processes and outcomes, there has been considerably less attention devoted to stable characteristics, psychological or physical, that might also influence outcomes at the bargaining table. In the current research, we identify a measureable physical trait — the facial width-to-height ratio — that predicts negotiation performance in men.
Aggregation, and minimizing associated information loss, is a pervasive theme in accounting. In contrast, this paper highlights some potential benefits of aggregation, using simple examples to illustrate ideas from a number of recent papers in a parsimonious manner. Aggregation rules can improve decision making because of their ability to convey appropriate information and because such rules may permit offsetting errors. Turning to control problems, aggregation has merit in the provision of both explicit and implicit incentives.
In this article, we review empirical research investigating the efficacy of perspective-taking — the active consideration of others' mental states and subjective experiences — as a strategy for navigating intergroup environments. We begin by describing some of the benefits accrued from perspective-taking: more favorable implicit and explicit intergroup evaluations, stronger approach-oriented action tendencies and positive non-verbal behaviors, increased intergroup helping, reduced reliance on stereotype-maintaining mental processes, and heightened recognition of intergroup disparities.
We introduce a new, market-based and forward looking measure of political risk derived from the yield spread between a country?s U.S. dollar debt and an equivalent U.S. Treasury bond. We explain the variation in these sovereign spreads with four factors: global economic conditions, country-specific economic factors, liquidity of the country?s bond, and political risk. We then extract the part of the sovereign spread that is due to political risk, making use of political risk ratings.
Do people know when they are seen as pressing too hard, yielding too readily, or having the right touch? And does awareness matter? We examined these questions in four studies. Study 1 used dyadic negotiations to reveal a modest link between targets' self-views and counterparts' views of targets' assertiveness, showing that those seen as under- and over-assertive were likely to see themselves as appropriately assertive.
A growing literature investigates the association between stock return variation and several aspects of information and governance structures, both in cross-country settings and cross-firm settings within the U.S. Several papers in this literature use idiosyncratic stock return volatility (s_e^2) as the measure of firm-specific return variation whereas others use return synchronicity, or R2.
How do firms repair their reputations after a serious accounting restatement? To answer this question, we review firms' press releases and identify 1,765 reputation-building actions taken by: (1) 94 restating firms in the periods before and after their restatement; and (2) a set of matched control firms during contemporaneous periods.
This research examines how consumers choose retailers when they are uncertain about store prices prior to shopping. Simulating everyday choice, participants made successive retailer choices where on each occasion they chose a retailer and only then learned product prices. The results of a series of studies demonstrated that participants were more likely to choose a retailer that offered an everyday low pricing strategy (EDLP) or that offered frequent small discounts over a retailer that offered infrequent large discounts.
We examine the profitability of stock trades executed by SEC employees. We find that a hedge portfolio mimicking such trades earns a positive abnormal return of about 8.5% per year in U.S. stocks, driven solely by avoiding losses on the sell-side. That is, SEC employees are using luck, skill, or private information to get out of U.S. stocks before prices fall. The SEC claims that this result stems in part from employees being forced to sell stocks in a firm when they are assigned to secret investigations. We question whether this policy is reasonable.