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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
Journal Article
Date
2014
Journal
Management Science

Improving Penetration Forecasts Using Social Interactions Data

Author
Toubia, Olivier, Jacob Goldenberg, and Rosanna Garcia

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.

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Type
Chapter
Date
2014
Book
Handbook of Anthropology in Business

In Pursuit of Strategy: Anthropologists in Advertising

Author
Morais, Robert

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.

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

Incomplete Contracts and Firm Boundaries: New Directions

Author
Dessein, Wouter

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.

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Type
Journal Article
Date
2014
Journal
Asian Journal of Social Psychology

Intercultural interactions and cultural transformation

Author
Liu, Zongjian and Michael Morris
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Type
Journal Article
Date
2014
Journal
Policy Insights from the Behavioral and Brain Sciences

Intercultural training and assessment: Implications for organizational and public policies

Author
Morris, Michael, K. Savani, and R.D. Roberts

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.

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Type
Journal Article
Date
2014
Journal
Clinical & Experimental Immunology

Interleukin (IL)-17A, F and AF in Inflammation: A Study in Collagen-Induced Arthritis and Rheumatoid Arthritis

Author
Sarkar, Sujata, Melanie Brucks, Shivali Justa, Judith Endres, David Fox, Xiaoqun Zhao, Fatima Alnaimat, Brian Whitaker, John Wheeler, Brian Jones, and Swaroopa Bommireddy
Interleukin (IL)-17 plays a critical role in inflammation. Most studies to date have elucidated the inflammatory role of IL-17A, often referred to as IL-17. IL-17F is a member of the IL-17 family bearing 50% homology to IL-17A and can also be present as heterodimer IL-17AF. This study elucidates the distribution and contribution of IL-17A, F and AF in inflammatory arthritis. Neutralizing antibody to IL-17A alone or IL-17F alone or in combination was utilized in the mouse collagen-induced arthritis (CIA) model to elucidate the contribution of each subtype in mediating inflammation.
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Type
Working Paper
Date
2014

International Diversification Revisited

Author
Hodrick, Robert and Xiaoyan Zhang

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.

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Type
Journal Article
Date
2014
Journal
Marketing Science

Introduction to Theory and Practice

Author
Gupta, Hanssens, John Hauser, Donald Lehmann, and Bernd Schmitt

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.

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Type
Chapter
Date
2014
Book
Rational Intuition: Philosophical Roots, Scientific Investigations

Intuition in Strategic Thinking

Author
Duggan, William
<p>One of the greatest powers of the human mind is strategic thinking: to come up with a feasible course of action to reach a worthwhile goal. Cast your mind back to the dawn of humankind, and then forward through the countless achievements that have brought us to where we are today. At the heart of each advance is a strategic thought that formed in someone’s brain. Modern science now understands the mental mechanism that creates strategic thoughts. Here we call that mechanism "strategic intuition," for reasons that will soon become clear.
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Type
Working Paper
Date
2014

Investors' Access to Corporate Management: A Field Experiment about 1-on-1 Calls

Author
Heinrichs, Anne
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Type
Journal Article
Date
2014
Journal
The Accounting Review

Is Warren Buffett&#39;s Commentary on Accounting, Governance, and Investing Practices Reflected in the Investment Decisions and Subsequent Influence of Berkshire Hathaway?

Author
Bowen, Robert, Shivaram Rajgopal, and Mohan Venkatachalam

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

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Type
Newspaper/Magazine Article
Date
2014
Publication
Academy of Management Journal

Learning vs. Leakage: Indirect Ties to Competitors and Firm Innovation

Author
Wang, Dan, Emily Cox, and Rory McDonald
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Type
Chapter
Date
2014

L’avenir de la télévision– La quatrième génération : « cloud-TV », le nuage des nuages

Author
Noam, Eli

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.

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Type
Journal Article
Date
2014
Journal
California Management Review

Maersk Line: B2B Social Media &mdash; &#34;It&#39;s Communication, Not Marketing&#34;

Author
Katona, Zsolt and Miklos Sarvary

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.

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Type
Journal Article
Date
2014
Journal
Journal of Marketing

Making Choices While Smelling, Tasting, and Listening: The Role of Sensory Similarity/Dissimilarity When Sequentially Sampling Products

Author
Biswas, Dipayan, Donald Lehmann, Lauren Labrecque, and Ereni Markos
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Type
Chapter
Date
2014
Book
Handbook of Strategic Account Management

Making the Case for Managing Strategic Accounts

Author
Capon, Noel and F. Mihoc
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Type
Book
Date
2014

Managing Global Accounts

Author
Capon, Noel
<p><i>Managing Global Accounts</i> will help you address the issues of dealing with global customers. As globalization takes hold several things happen: customers are more demanding and sophisticated, competition gets tougher, business is more complex and fast changing, and highly competent global account managers are in short supply. The managerial challenges of competing in a global world are more difficult in orders of magnitude than competing domestically.
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Type
Book
Date
2014

Managing Marketing: An Applied Approach

Author
Capon, Noel and S. Singh
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Type
Working Paper
Date
2014

Marketing Attribution in a Multichannel Customer Relationship Setting

Author
Goic, Marcel, Kinshuk Jerath, and Kirthi Kalyanam
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Type
Journal Article
Date
2014
Journal
Business and Economics Journal

Maximizing the Value of a Business: Using the Right Metrics

Author
Sexton, Don

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.

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Type
Working Paper
Date
2014

Measuring individual-level loss aversion using simple experiments

Author
Gachter, S., A. Herrmann, and Eric Johnson
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Type
Working Paper
Date
2014

Measuring the Impacts of the Teachers II: Teacher Value-Added and Student Outcomes in Adulthood

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

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.

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Type
Journal Article
Date
2014

Measuring the Performance of Large-Scale Combinatorial Auctions: A Structural Estimation Approach

Author
Olivares, Marcelo, S.W Kim, and G. Weintraub
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Type
Working Paper
Date
2014

Measuring the Risk-Return Tradeoff with Time-Varying Conditional Covariances

Author
Hedegaard, Esben and Robert Hodrick

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.

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Type
Book
Date
2014

Media Industry Dynamics: Management, Concentration, Policies, Convergence and Competition

Author
Faustino, Paulo, Eli Noam, Christian Scholz, and John Lavine

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.

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Type
Chapter
Date
2014
Book
Handbook of Research on Marketing and Corporate Social Responsibility

Modeling Non-Consumer Behavior: Consumption as Restriction and Corporate Social Responsibility

Author
Hill, Ron, Justine Rapp, and Donald Lehmann
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Type
Case Study
Date
2014

Native Advertising: Innovation or Trendy Trap?

Author
Seave, Ava

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.

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Type
Journal Article
Date
2014
Journal
Leadership Quarterly

Negotiating face-to-face: Men's facial structure predicts negotiation performance

Author
Haselhuhn, M., E. Wong, M. Ormiston, M. Inesi, and Adam Galinsky

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.

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Type
Chapter
Date
2014
Book
The History of Marketing Science

New Products Research

Author
Golder, Peter and Donald Lehmann
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Type
Journal Article
Date
2014
Journal
Journal of Management Accounting Research

On the Upsides of Aggregation

Author
Arya, A. and Jonathan Glover

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.

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Type
Journal Article
Date
2014
Journal
Social and Personality Psychology Compass

Perspective-taking as a strategy for improving intergroup relations: Evidence, mechanisms, and qualifications

Author
Todd, A. and Adam Galinsky

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.

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Type
Journal Article
Date
2014
Journal
<a href="http://journals.plos.org/plosone/article?id=10.1371/journal.pone.0085681">PLOS ONE</a>

Perspective-taking increases willingness to engage in intergroup contact

Author
Wang, C.S., K. Tai, G. Ku, and Adam Galinsky
The current research explored whether perspective-taking increases willingness to engage in contact with stereotyped outgroup members. Across three studies, we find that perspective-taking increases willingness to engage in contact with negatively-stereotyped targets. In Study 1, perspective-takers sat closer to, whereas stereotype suppressors sat further from, a hooligan compared to control participants.
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Type
Journal Article
Date
2014
Journal
Journal of International Business Studies

Political Risk Spreads

Author
Bekaert, Geert, Campbell Harvey, Christian Lundblad, and Stephan Siegel

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.

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Type
Working Paper
Date
2014

Private Information Spillover and Its Effect on Public Disclosure: An Analysis of Headquarter Clusters, Proprietary Costs and Confidential Treatment Orders

Author
Heinrichs, Anne
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Type
Newspaper/Magazine Article
Date
2014
Publication
Marketing Science

Probabilistic Lexicographic Models

Author
Jedidi, Kamel, Rajeev Kohli, and Ricardo Montoya
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Type
Journal Article
Date
2014
Journal
Personality and Social Psychology Bulletin

Pushing in the Dark: Causes and Consequences of Limited Self-Awareness for Interpersonal Assertiveness

Author
Ames, Daniel and Abbie Wazlawek

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.

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Type
Journal Article
Date
2014
Journal
The Accounting Review

R2 and Idiosyncratic Risk Are Not Interchangeable

Author
Li, Bin, Shivaram Rajgopal, and Mohan Venkatachalam

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.

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Type
Journal Article
Date
2014
Journal
Social Psychological and Personality Science

Relieving the burdens of secrecy: Revealing secrets influences judgments of hill slant and distance

Author
Slepian, Michael, E.J. Masicampo, and N. Ambady
Recent work demonstrates that harboring secrets influences perceptual judgments and actions. Individuals carrying secrets make judgments consistent with the experience of being weighed down, such as judging a hill as steeper and judging distances to be farther. In the present article, two studies examined whether revealing a secret would relieve the burden of secrecy. Relative to a control condition, thinking about a secret led to the judgments of increased hill slant, whereas revealing a secret eliminated that effect (Study 1).
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Type
Journal Article
Date
2014
Journal
The Accounting Review

Reputation Repair After a Serious Restatement

Author
Rajgopal, Shivaram, Jivas Chakravarthy, and Ed deHaan

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.

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Type
Journal Article
Date
2014
Journal
Journal of Consumer Research

Retailer Pricing Strategy and Consumer Choice under Price Uncertainty

Author
Danziger, Shai, Liat Hadar, and Vicki Morwitz

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.

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Type
Newspaper/Magazine Article
Date
2014
Publication
Notes, the Quarterly Journal of the Music Library Association

Review of <i>The Great Orchestrator: Arthur Judson and American Arts Management</i>

Author
Mauskapf, Michael
This book represents an important contribution to scholarship on Arthur Judson and the arts management profession more broadly. Although work remains to be done, Doering's insightful depiction of "the great orchestrator" should serve as a model for scholars who wish to expand their coverage of music history and explore what goes on behind the scenes of the performing arts.
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Type
Working Paper
Date
2014

Scope Insensitive Today but Not Tomorrow (or Yesterday): Further Evidence of Affect as a Decision System of the Present

Author
Chang, Hannah and Michel Tuan Pham
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Type
Working Paper
Date
2014

Seeking feedback across boundaries: Barriers for women and minorities in the workplace

Author
Akinola, Modupe
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Type
Journal Article
Date
2014
Journal
Journal of Personality and Social Psychology

Seeking structure in social organization: Compensatory control and the psychological advantages of hierarchy

Author
Friesen, Justin P., Aaron C. Kay, Richard P. Eibach, and Adam Galinsky
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Type
Newspaper/Magazine Article
Date
2014
Publication
Journal of Finance

Should Derivatives Be Privileged in Bankruptcy?

Author
Bolton, Patrick
Derivatives enjoy special status in bankruptcy: They are exempt from the automatic stay and effectively senior to virtually all other claims. We propose a corporate finance model to assess the effect of these exemptions on a firm's cost of borrowing and its incentives to engage in efficient derivative transactions. While derivatives are value-enhancing risk management tools, seniority for derivatives can lead to inefficiencies: It transfers credit risk to debtholders, even though this risk is borne more efficiently in the derivative market.
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Type
Working Paper
Date
2014

Social and Location Effects in Mobile Advertising

Author
Zubcsek, Peter, Zsolt Katona, and Miklos Sarvary
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Type
Working Paper
Date
2014

Social Influence and Customer Adoption of New Sales Channels

Author
Bilgicer, Tolga, Kamel Jedidi, Donald Lehmann, and Scott Neslin
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Type
Journal Article
Date
2014
Journal
<a href="http://www.pnas.org/content/112/1/65.full?tab=author-info">Proceedings of the National Academy of Sciences</a>

Sound credit scores and financial decisions despite cognitive aging

Author
Li, Ye, A. Zeynap Enkavi, Lisa Zaval, Elke Weber, and Eric Johnson
At a time when the world's 65-and-older population will double by 2035, policy changes have transferred many complex financial and healthcare decisions to individuals. Age-related declines in cognitive ability raise the specter that older adults facing major financial decisions may find them increasingly challenging. We explore whether knowledge and expertise accumulated from past decisions can offset age-related cognitive declines.
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Type
Working Paper
Date
2014

States of Uncertainty Increase the Reliance on Affect in Decisions

Author
Pham, Michel Tuan
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Type
Working Paper
Date
2014

Stock Picking Skills of SEC Employees

Author
Rajgopal, Shivaram and Roger White

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.

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