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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
2011
Journal
Journal of Financial Economics

The structure and formation of business groups: Evidence from Korean <em>chaebols</em>

Author
Almeida, Heitor, Sang Yong Park, Marti G. Subrahmanyam, and Daniel Wolfenzon

In this paper we study the determinants of business groups’ ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how groups form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group firms (“central firms”) to set up and acquire firms that have low pledgeable income (e.g., low profitability) and high acquisition premia.

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Type
Journal Article
Date
2011
Journal
Fordham Urban Law Journal

The Use and Abuse of Blight in Eminent Domain

Author
Gold, Martin and Lynne Sagalyn

Blight findings have functioned as a cornerstone for condemnation since the great urban decline of the mid-twentieth century prompted governments at all levels throughout the country to intervene in the real estate market. Elements of blight, and then the term itself, became a basis for this intervention. But the use of blight as a basis for takings has become increasingly controversial as its application has migrated from slum clearance to urban renewal, then to economic development projects, and on to revenue-enhancing projects.

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Type
Journal Article
Date
2011
Journal
American Economic Journal: Microeconomics

Too Many Products: Decentralized Decision-Making in Multinational Firms

I analyze the country-level product ranges offered by multinational laundry detergent manufacturers in Western Europe. Observed product range variation across countries is too great to be the optimal firm-level response to differences in consumer preferences and retail environments. Counterfactual analysis reveals that increased product range standardization would reduce firm costs and increase profits.

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Type
Journal Article
Date
2011
Journal
Psychological Science

Tough and tender: Embodied categorization of gender

Author
Slepian, Michael, M. Weisbuch, N.O. Rule, and N. Ambady
Emerging evidence has shown that human thought can be embodied within physical sensations and actions. Indeed, abstract concepts such as morality, time, and interpersonal warmth can be based on metaphors that are grounded in bodily experiences (e.g., physical temperature can signal interpersonal warmth). We hypothesized that social-category knowledge is similarly embodied, and we tested this hypothesis by examining a sensory metaphor related to categorical judgments of gender.
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Type
Journal Article
Date
2011
Journal
The Review of Economics and Statistics

Trade Liberalization and Firm Productivity: The Case of India

Author
Khandelwal, Amit and Petia Topalova

This paper exploits India's rapid, comprehensive and externally imposed trade reform to establish a causal link between changes in tariffs and firm productivity. Pro-competitive forces, resulting from lower tariffs on final goods, as well as access to better inputs, due to lower input tariffs, both appear to have increased firm-level productivity, with input tariffs having a larger impact. The effect was strongest in import-competing industries and industries not subject to excessive domestic regulation.

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Type
Journal Article
Date
2011
Journal
Review of Financial Studies

What Segments Equity Markets?

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

We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of segmentation in many developing countries, the level of segmentation is still significant. In contrast to previous research, we characterize the factors that account for variation in market segmentation both through time as well as across countries.

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Type
Journal Article
Date
2011
Journal
Journal of Economic Perspectives

When and Why Incentives (Don't) Work to Modify Behavior

Author
Gneezy, Uri, Stephan Meier , and Pedro Rey-Biel

First we discuss how extrinsic incentives may come into conflict with other motivations. For example, monetary incentives from principals may change how tasks are perceived by agents, with negative effects on behavior. In other cases, incentives might have the desired effects in the short term, but they still weaken intrinsic motivations. To put it in concrete terms, an incentive for a child to learn to read might achieve that goal in the short term, but then be counterproductive as an incentive for students to enjoy reading and seek it out over their lifetimes.

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Type
Journal Article
Date
2011

When Does the Past Repeat Itself? The Interplay of Behavior Prediction and Personal Norms

Author
Chandon, Pierre, Ronn J. Smith Ronn J. Smith, Vicki Morwitz , Eric R. Spangenberg, and David E. Sprott
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Type
Journal Article
Date
2011
Journal
Psychological Science

When focusing on differences leads to similar perspectives

Author
Todd, A., K. Hanko, Adam Galinsky , and T. Mussweiler

The current research investigated whether mind-sets and contexts that afford a focus on self-other differences can facilitate perceptual and conceptual forms of perspective taking. Supporting this hypothesis, results showed that directly priming a difference mind-set made perceivers more likely to spontaneously adopt other people's visual perspectives (Experiment 1) and less likely to overimpute their own privileged knowledge to others (Experiments 2 and 3).

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Type
Journal Article
Date
2011
Journal
Journal of International Economics

When Is Quality of Financial System a Source of Comparative Advantage?

Author
Ju, Jiandong and Shang-Jin Wei

Dominant theories of trade tend to ignore the role of finance as a source of comparative advantage. On the other hand, the finance literature places financial institutions as a driver of economic growth. This paper unites these two competing schools of thought in a general equilibrium framework. For economies with high-quality institutions (defined by the competitiveness of the financial sector, the quality of corporate governance, and the level of property rights protection), finance is passive.

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Type
Journal Article
Date
2011
Journal
Oxford Review of Economic Policy

Why bank governance is different

Author
Becht, Marco and Patrick Bolton

This paper reviews the pattern of bank failures during the financial crisis and asks whether there was a link with corporate governance. It revisits the theory of bank governance and suggests a multiconstituency approach that emphasizes the role of weak creditors. The empirical evidence suggests that, on average, banks with stronger risk officers, less independent boards, and executives with less variable remuneration incurred fewer losses. There is no evidence that institutional shareholders opposed aggressive risk-taking.

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Type
Journal Article
Date
2011
Journal
Quarterly Journal of Economics

Why Do Mothers Breastfeed Girls Less Than Boys? Evidence and Implications for Child Health in India

Author
Jayachandran, Seema
Breastfeeding is negatively associated with future fertility both because nursing temporarily reduces fecundity and because mothers generally stop nursing upon a subsequent pregnancy. If parents have a fertility preference for sons, as is common in developing countries such as India, they will wean daughters more quickly to "try again" for a boy, potentially increasing girls' exposure to contaminated food and water as an unintended consequence.
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Type
Journal Article
Date
2011
Journal
Harvard Business Review

Why fair bosses fall behind

Author
Wiesenfeld, B., N. Rothman, S. Wheeler-Smith, and Adam Galinsky

The article discusses research that shows managers who are perceived as being tough and wielding power are more likely to be promoted than others. The author cites the example of drug maker Pfizer, where in 2001 the no-nonsense Hank McKinnell was hired as chief executive instead of the more collegial Karen Katen. In 2006 Pfizer got rid of McKinnel for poor performance.

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Type
Journal Article
Date
2010
Journal
Journal of Economic Psychology

Fairness Perceptions and Prosocial Emotions in the Power to Take

Author
van Winden, Frans

This experimental study investigates how behavior changes after receiving punishment. The focus is on how proposers in a power-to-take game adjust their behavior depending on their fairness perceptions, their experienced emotions, and their interaction with responders. We find that fairness plays an important role: proposers who take what they consider to be an unfair amount experience higher intensities of prosocial emotions (shame and guilt), particularly if they are punished. This emotional experience induces proposers to lower their claims.

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Type
Journal Article
Date
2010
Journal
Effective Executive

Organizing for Marketing ROI

Author
Sexton, Don

Many companies do not know their marketing ROI because their organizations are not set up to evaluate marketing ROI.

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Type
Journal Article
Date
2010
Journal
Administrative Science Quarterly

Organizing the In-Between: The Population Dynamics of Network Weaving Organizations in the Global Interstate Network

Author
Ingram, Paul and Magnus Thor Torfason

This article examines the population dynamics and viability of network weavers, which are organizations that provide network relations for others. An analysis of the population dynamics of the intergovernmental organizations (IGOs) that are the basis of the interstate networks that influenced global economic relations, peace, and democracy in the 1815–2000 period show that IGO founding and failure depends on the ease and value of specific interstate relations.

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Type
Journal Article
Date
2010
Journal
<a href="http://ejcr.org/">Journal of Consumer Research</a>

Regulatory Focus, Regulatory Fit, and the Search and Consideration of Choice Alternatives

Author
Pham, Michel Tuan and Hannah Chang

This research investigates the effects of regulatory focus on alternative search and consideration set formation in consumer decision making. Results from three experiments yield two primary findings. First, promotion‐focused consumers tend to search for alternatives at a more global level, whereas prevention‐focused consumers tend to search for alternatives at a more local level. Second, promotion‐focused consumers tend to have larger consideration sets than do prevention‐focused consumers.

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Type
Journal Article
Date
2010
Journal
Journal of Empirical Finance

Stock and Bond Returns with Moody Investors

Author
Bekaert, Geert, Eric Engstrom, and Steven Grenadier

<p>We present a tractable, linear model for the simultaneous pricing of stock and bond returns that incorporates stochastic risk aversion. In this model, analytic solutions for endogenous stock and bond prices and returns are readily calculated. After estimating the parameters of the model by the general method of moments, we investigate a series of classic puzzles of the empirical asset pricing literature.

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Type
Journal Article
Date
2010
Journal
Journal of Public Economics

Stuck in the Middle: Impacts of Grade Configuration in Public Schools

Author
Lockwood, Benjamin and Jonah Rockoff

We examine the implications of separating students of different grade levels across schools for the purposes of educational production. Specifically, we find that moving students from elementary to middle school in 6th or 7th grade causes significant drops in academic achievement. These effects are large (about 0.15 standard deviations), present for both math and English, and persist through grade 8, the last year for which we have achievement data. The effects are similar for boys and girls, but stronger for students with low levels of initial achievement.

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Type
Journal Article
Date
2010
Journal
Journal of Experimental Social Psychology

An upside to bicultural identity conflict: Resisting groupthink in cultural ingroups

Author
Mok, Aurelia and Michael Morris

Bicultural individuals differ in the degree to which their cultural identities are integrated versus conflicting—Bicultural Identity Integration (BII). Studies of judgment find that biculturals with less integrated identities (low BIIs) tend to defy salient cultural norms, whereas those with highly integrated identities (high BIIs) conform. This study examined biculturals' judgment in a group decision-making context, focusing on individuals' reactions to consensus in cultural ingroups. Results showed that low (vs.

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Type
Journal Article
Date
2010
Journal
Management and Organization Review

Asian-Americans' creative styles in Asian and American situations: Assimilative and contrastive responses as a function of bicultural identity integration

Author
Mok, Aurelia and Michael Morris

Bicultural individuals vary in the degree to which their two cultural identities are integrated. Among Asian-Americans, for instance, some experience their Asian and American sides as compatible whereas others experience them as conflicting. Past research on judgments finds this individual difference affects the way bicultural individuals respond to situations that cue their cultures.

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Type
Journal Article
Date
2010
Journal
Management and Organization Review

Creativity East and West: Perspectives and Parallels

Author
Morris, Michael and Angela Ka-yee Leung

This Editors' Forum –‘Creativity East and West’– presents five papers on the question of cultural differences in creativity from the perspective of different research literatures, followed by two integrative commentaries. The literatures represented include historiometric, laboratory, and organizational studies. Investigation of cultural influences through country comparisons and priming manipulations, focusing on how people perform creatively and how they assess creativity.

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Type
Journal Article
Date
2010
Journal
American Economic Journal: Economic Policy

Domestic Institutions and the Bypass Effect of Financial Globalization

Author
Wei, Shang-Jin and Jiandong Ju

This paper proposes a simple model to study how domestic institutions affect patterns of international capital flows. Inefficient financial system, and poor corporate governance, may be bypassed by two-way capital flows in which domestic savings leave the country in the form of financial capital outflows but domestic investment takes place via inward FDI. While financial globalization always improves the welfare of a developed country with a good financial system, its effect is ambiguous for a developing country with an inefficient financial sector or poor corporate governance.

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Type
Journal Article
Date
2010
Journal
Journal of Financial Economics

Habit Formation, the Cross Section of Stock Returns and the Cash-Flow Risk Puzzle

Author
Santos, Tano and Pietro Veronesi

Non-linear external habit persistence models, which feature prominently in the recent "equity premium" asset pricing and macroeconomics literature, generate counterfactual predictions in the cross section of stock returns. In particular, we show that in the absence of cross sectional heterogeneity in firms' cash flow risk these models produce a "growth premium," that is, stocks with high price-to-fundamental ratios command a higher premium than stocks with low price-to-fundamental ratios.

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Type
Journal Article
Date
2010
Journal
Leadership Excellence

Lead by Choice

Author
Iyengar, Sheena

As Cassius said to Brutus (in Julius Caesar) Men at some time are masters of their fates: The fault, dear Brutus, is not in our stars, But in ourselves, that we are underlings. Might you become master of your fate through choice—no matter what the stars say?

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Type
Journal Article
Date
2010
Journal
Econometrica

Markov perfect industry dynamics with many firms

Author
Benkard, C. Lanier and Benjamin Van Roy
We propose an approximation method for analyzing Ericson and Pakes (1995)-style dynamic models of imperfect competition. We develop a simple algorithm for computing an "oblivious equilibrium," in which each firm is assumed to make decisions based only on its own state and knowledge of the long run average industry state, but where firms ignore current information about competitors' states. We prove that, as the market becomes large, if the equilibrium distribution of firm states obeys a certain "light-tail" condition, then oblivious equilibria closely approximate Markov perfect equilibria.
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Type
Journal Article
Date
2010
Journal
Journal of Experimental Social Psychology

My way: How strategic preferences vary by negotiator role and regulatory focus

Author
Appelt, Kirstin and E. Tory Higgins

Negotiators may use vigilant, loss-minimizing strategies or eager, gain-maximizing strategies. The present study provides evidence that preferences for these different strategies depend on negotiator role and personal orientation. In a price negotiation, buyers and prevention-focused individuals prefer vigilant strategies, whereas sellers and promotion-focused individuals prefer eager strategies.

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Type
Journal Article
Date
2010
Journal
Psychological Science

On &#34;feeling right&#34; in cultural contexts: How person-culture match affects self-esteem and subjective well-being

Author
Fulmer, C. Ashley, Michele Gelfand, Arie Kruglanski, Chu Kim-Prieto, Ed Diener, Antonio Pierro, and E. Tory Higgins

Whether one is in one’s native culture or abroad, one’s personality can differ markedly from the personalities of the majority, thus failing to match the “cultural norm.” Our studies examined how the interaction of individual- and cultural-level personality affects people’s self-esteem and well-being.We propose a person-culture match hypothesis that predicts that when a person’s personality matches the prevalent personalities of other people in a culture, culture functions as an important amplifier of the positive effect of personality on self-esteem and subjective well-being at the individ

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Type
Journal Article
Date
2010
Journal
American Economic Journal: Microeconomics

Organizing for Synergies

Author
Dessein, Wouter, Luis Garicano, and Robert Gertner

Large companies are usually organized into business units, yet some activities are almost always centralized in a company-wide functional unit. We first show that organizations endogenously create an incentive conflict between functional managers (who desire excessive standardization) and business-unit managers (who desire excessive local adaptation). We then study how the allocation of authority and tasks to functional and business-unit managers interacts with this endogenous incentive conflict.

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Type
Journal Article
Date
2010
Journal
Journal of Organizational Behavior

Structure and Freedom in Creativity: The Interplay between Externally Imposed Structure and Personal Cognitive Style

Author
Goldenberg, Jacob, Lilach Sagiv, Sharon Arieli, and Ayalla Goldschmidt
This research investigates how creativity is influenced by externally imposed structure (how structured the task is), internal, cognitively produced, structure (how structured the individuals' cognitive style is), and the interaction between these two factors. Reviewing past literature, we find a contradiction. Studies that focused on the situational perspective found that externally imposed structure increases creativity. In contrast, studies that focused on the individual found that systematic (structured) cognitive style decreases creativity.
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Type
Journal Article
Date
2010

On-line, voluntary control of human temporal lobe neurons

Author
Cerf, Moran, Nikhil Thiruvengadam, Florian Mormann, Alexander Kraskov, Rodrigo Quian Quiroga, Christof Koch, and Itzhak Fried
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Type
Journal Article
Date
2010
Journal
Journal of Revenue and Pricing Management

Guest Editorial to a Special Issue

Author
Maglaras, Costis

This special issue features articles from the 9th Annual INFORMS Revenue Management and Pricing Section Conference at the Kellogg School of Management, Northwestern University during 22–23 June 2009. The conference featured 42 half hour talks by practitioners and researchers, as well as keynote addresses by Professor Anton Kleywegt of Georgia Tech and by Dr Matthew Schrag, the Director of Operations Research and Industrial Engineering at Delta Airlines. The conference was organized by Martin Lariviere and Baris Ata.

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Type
Journal Article
Date
2010
Journal
Research in Organizational Behavior

Measuring the pulse of an organization: Integrating physiological measures into the organizational scholar's toolbox

Author
Akinola, Modupe

This goal of this chapter is to build a bridge between psychophysiology and organizational behavior in an effort to extend organizational theories and enhance the precision of organizational research. The first section describes psychophysiological systems and theories that can inform organizational scholars' understanding of the biological bases of behavior in organizations. The second section discusses the advantages and challenges associated with incorporating psychophysiological measures into organizational research.

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Type
Journal Article
Date
2010
Journal
Medical Decision Making

Effects of game-like interactive graphics on risk perceptions and decisions

Author
Ancker, J. S., Elke Weber, and Rita Kukafka
Background. Many patients have difficulty interpreting risks described in statistical terms as percentages. Computer game technology offers the opportunity to experience how often an event occurs, rather than simply read about its frequency. Objective. To assess effects of interactive graphics on risk perceptions and decisions. Design. Electronic questionnaire. Participants and setting. Respondents (n = 165) recruited online or at an urban hospital. Intervention. Health risks were illustrated by either static graphics or interactive game-like graphics.
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Type
Journal Article
Date
2010
Journal
Management Science

An Experimental Test of Advice and Social Learning

Author
Kariv, Shachar and Andrew Schotter
Social learning is the process of individuals learning by observing the actions of others. One odd aspect of the literature on social learning though is that, ironically, learning is not very social because in the real world, although people learn by observing the actions of others, they also learn from advice. This paper introduces the giving of advice into a standard social-learning problem. The experiment is designed so that both pieces of information—action and advice—are equally informative (in fact, identical) in equilibrium.
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Type
Journal Article
Date
2010
Journal
Trends in Cognitive Science

Born to Choose: The Origins and Value of the Need for Control

Author
Leotti, Lauren, Sheena Iyengar , and Kevin Ochsner

Belief in one's ability to exert control over the environment and to produce desired results is essential for an individual's well being. It has been repeatedly argued that the perception of control is not only desirable, but it is likely a psychological and biological necessity. In this article, we review the literature supporting this claim and present evidence for a biological basis for the need for control and for choice—that is, the means by which we exercise control over the environment.

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Type
Journal Article
Date
2010
Journal
Journal of Marketing Trends

Determining Marketing Accountability

Author
Sexton, Don, Kamal Sen, and Venu Gorti

Applies economic, marketing, and finance concepts to develop a metric, Customer Value Added, that explains how marketing activities drive the financial performance of an organization.  Includes empirical results for a consumer packaged goods company where Customer Value Added predicted revenue and contribution with R-squared values greater than 0.90.

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Type
Journal Article
Date
2010
Journal
Economic Policy

Inflation and the Inflation Risk Premium

Author
Bekaert, Geert and Xiaozheng Wang

This article starts by discussing the concept of "inflation hedging" and provides estimates of "inflation betas" for standard bond and well-diversified equity indices for over 45 countries. We show that such standard securities are poor inflation hedges. Expanding the menu of assets to Treasury bills, foreign bonds, real estate and gold improves matters but inflation risk remains difficult to hedge. We then describe how state-of-the-art term structure research has tried to uncover estimates of the inflation risk premium, the compensation for bearing inflation risk.

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Type
Journal Article
Date
2010
Journal
Social and Personality Psychology Compass

Motivation in Mental Accessibility: Relevance of a Representation (ROAR) as a New Framework

Author
Eitam, Baruch and E. Tory Higgins

The notion of accessibility of mental representations has been invaluable in explaining and predicting human thought and action. Focusing on social cognition, we review the large corpus of data that has accumulated since the first models of mental activation dynamics were outlined. We then outline a framework that we call Relevance of a Representation (or ROAR for short), the main tenant of which is that not all stimulated representations are in fact activated (i.e., influence thought and action processes).

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Type
Journal Article
Date
2010
Journal
Journal of Consumer Research

Motivational Compatibility and Choice Conflict

Author
Kivetz, Ran and Cecile K. Cho
For most forms of conscious consumer choice, product attributes serve as the means that consumers use to accomplish their goals. Because there is competition between products in the marketplace, consumption decisions typically present conflict between means to achieve a goal. In this paper we examine the consequences of conflict between regulatory means on consumers' decisions and show that the resolution depends upon whether the means—that is, the attributes—are compatible with the consumer's regulatory orientation.
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Type
Journal Article
Date
2010
Journal
Journal of Marketing Research

Shaping Customer Satisfaction through Self-Awareness Cues

Author
Pham, Michel Tuan, Caroline Goukens, Donald Lehmann , and Jennifer Stuart

Six studies show that subtle contextual cues that increase customers' self-awareness can be used to influence their satisfaction with service providers holding the objective service delivery constant. Self-awareness cues tend to increase customers' satisfaction when the outcome of a service interaction is unfavorable, but tend to decrease customers' satisfaction when the outcome of the interaction is favorable. This is because higher self-awareness increases customers' tendency to attribute outcomes to themselves as opposed to the provider.

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Type
Journal Article
Date
2010
Journal
Social Psychological and Personality Science

Specialization in Relational Reasoning: The Efficiency, Accuracy, and Neural Substrates of Social versus Non-Social Inferences

Author
Mason, Malia, Joe Magee, and Louise Nind
Although deduction can be applied both to associations between nonsocial objects and to social relationships among people, the authors hypothesize that social targets elicit specialized cognitive mechanisms that facilitate inferences about social relations. Consistent with this view, in Experiments 1a and 1b the authors show that participants are more efficient and more accurate at inferring social relations compared to nonsocial relations. In Experiment 2 they find direct evidence for a specialized neural apparatus recruited specifically for social relational inferences.
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Type
Journal Article
Date
2010
Journal
The Review of Economic Studies

Why Has House Price Dispersion Gone up?

Author
Van Nieuwerburgh, Stijn and Pierre-Olivier Weill
We set up and solve a spatial, dynamic equilibrium model of the housing market based on two main assumptions: households with heterogenous abilities flow in and out metropolitan areas in response to local wage shocks, and the housing supply cannot adjust instantly because of regulatory constraints. In our equilibrium, house prices compensate for cross-sectional productivity differences. We increase productivity dispersion in the calibrated model in order to match the 30-year increase in cross-sectional wage dispersion that we document based on metropolitan-level data.
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Type
Journal Article
Date
2010
Journal
Strategic Marketing

Be Precisely Effective, Part II

Author
Sexton, Don

How to view pricing, cross-selling, and customer loyalty during difficult economic times.  (Reprinted from "Marketing in Difficult Times," Effective Executive, July, 2009, pp. 11-18.)

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Type
Journal Article
Date
2010
Journal
Psychological Science

The ecology of automaticity: How situational contingencies shape action semantics and social behavior

Author
Cesario, Joseph, Jason Plaks, Nao Hagiwara, Carlos Navarrete, and E. Tory Higgins
What is the role of ecology in automatic cognitive processes and social behavior? Our motivated-preparation account posits that priming a social category readies the individual for adaptive behavioral responses to that category — responses that take into account the physical environment. We present the first evidence showing that the cognitive responses (Study 1) and the behavioral responses (Studies 2a and 2b) automatically elicited by a social-category prime differ depending on a person's physical surroundings.
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Type
Journal Article
Date
2010
Journal
Accounting Horizons

A Framework for Financial Accounting Standards: Issues and a Suggested Framework

Author
Ohlson, James and Stephen Penman

This paper addresses the issues that confront the FASB and IASB in developing a new conceptual framework document. First, we suggest characteristics that a conceptual framework ought to exhibit. Most of these suggestions are based on our critique of the existing framework and the FASB-IASB work in progress. Second, we present a model framework that exhibits these characteristics. We emphasize up front that this framework is quite explicit. It goes to the heart of what a framework document should do: it places specific restrictions on what constitutes admissible accounting standards.

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Type
Journal Article
Date
2010
Journal
Physica A: Statistical Mechanics and Its Applications

Analysis and models of bilateral investment treaties using a social networks approach

Author
Saban, Daniela and Flavia Bonomo

Bilateral investment treaties (BITs) are agreements between two countries for the reciprocal encouragement, promotion and protection of investments in each other's territories by companies based in either country. Germany and Pakistan signed the first BIT in 1959 and since then, BITs are one of the most popular and widespread form of international agreement. In this work we study the proliferation of BITs using a social networks approach. We propose a network growth model that dynamically replicates the empirical topological characteristics of the BIT network.

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Type
Journal Article
Date
2010
Journal
Review of Financial Studies

Does Public Financial News Resolve Asymmetric Information?

Author
Tetlock, Paul

I use uniquely comprehensive data on financial news events to test four predictions from an asymmetric information model of a firm's stock price. Certain investors trade on information before it becomes public; then, public news levels the playing field for other investors, increasing their willingness to accommodate a persistent liquidity shock. Empirically, I measure public information using firms' stock returns on news days in the Dow Jones archive. I find four patterns in postnews returns and trading volume that are consistent with the asymmetric information model's predictions.

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Type
Journal Article
Date
2010
Journal
Journal of Financial Economics

Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis

Author
Piskorski, Tomasz, Amit Seru, and Vikrant Vig

We examine whether securitization impacts renegotiation decisions of loan servicers, focusing on their decision to foreclose a delinquent loan. Conditional on a loan becoming seriously delinquent, we find a significantly lower foreclosure rate associated with bank-held loans when compared to similar securitized loans: across various specifications and origination vintages, the foreclosure rate of delinquent bankheld loans is 3% to 7% lower in absolute terms (13% to 32% in relative terms).

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Type
Journal Article
Date
2010
Journal
Perspectives on Psychological Science

Culture and Judgment and Decision Making: The Constructivist Turn

Author
Weber, Elke and Michael Morris

Cultural influences on individual judgment and decision making are increasingly understood in terms of dynamic constructive processing and the structures in social environments that shape distinct processing styles, directing initial attentional foci, activating particular judgment schemas and decision strategies, and ultimately reinforcing some judgment and decision making (JDM) patterns over others.

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Columbia University in the City of New York
665 West 130th Street, New York, NY 10027
Tel. 212-854-1100

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