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.
This monograph presents existing and new research on three approaches to multiagent incentives. The goal of all three approaches is to find theories that better explain observed institutions than the standard approach has.
Standard principal-agent models commonly invoked to explain executive pay practices do not account for the involvement of third-party intermediaries in the CEO labor market. This paper investigates the influence of one such intermediary — talent agents who seek out prospective employers and negotiate pay packages on behalf of CEOs. Jensen, Murphy and Wruck (2004) characterize the hiring of such agents as an obvious example of rent extraction by incoming CEOs.
Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007–2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in business cycle, international trade, and external financing conditions, on firms' profits, sales and investment using both sectoral benchmarks and firm-specific sensitivities estimated prior to the crisis.
The current research investigated how patterns of home and host cultural identification can explain which individuals who have lived abroad achieve the greatest creative and professional success. We hypothesized that individuals who identified with both their home and host cultures (i.e., biculturals) would show enhanced creativity and professional success compared with individuals who identified with only a single culture (i.e., assimilated and separated individuals).
We live in an "Information Age" of overabundant data and lightning-fast transmission. Yet although information and knowledge represent key factors in most economic decisions, we often forget that data, information, and knowledge are products created and traded within the knowledge economy. In Gurus and Oracles, Miklos Sarvary describes the information industry—the far-flung universe of companies whose core business is to sell information to decision makers.
Providing a comprehensive exploration of the major developments of social psychological theories that have taken place over the past half century, this innovative two-volume handbook is a state of the art overview of the primary theories and models that have been developed in this vast and fascinating field.
Every business knows that the best customer is a happy customer. They return again and again, bring their friends and family, and deliver tons of free advertising via word of mouth and social media. But in order to grow that loyal base, you must be keenly aware of your customers' needs and preferences. Drawing on the latest research in the exploding field of positive psychology, Columbia Business School professor Bernd Schmitt offers three unique approaches any business can use to turning a casual customer into a committed fan:
We provide evidence from the field that levels of discrimination are heterogeneous across contexts in which we might expect to observe bias. We explore how discrimination varies in its extent and source through an audit study including over 6,500 professors at top U.S. universities drawn from 89 disciplines and 258 institutions. Faculty in our field experiment received meeting requests from fictional prospective doctoral students who were randomly assigned identity-signaling names (Caucasian, Black, Hispanic, Indian, Chinese; male, female).
This chapter helps strategy scholars evaluate when, why, and how to employ historical research methods in strategy research.
Whether done intentionally or out of habit, many behaviors are repeated. Prior research has demonstrated that past behavior is an excellent predictor of future behavior in contexts as varied as media use, eating and drinking, substance abuse, voting, and travel mode choice, just to name a few. Although no one denies the evidence regarding the prevalence of repeat behavior and the predictive power of past behavior, two issues remain intensely debated
International Financial Management seamlessly blends theory with the analysis of data, examples, and practical case situations. Overall, Bekaert and Hodrick equips future business leaders with the analytical tools they need to understand the issues, make sound international financial decisions, and manage the risks that businesses may face in today"s competitive global environment.
All data in this edition has been updated to reflect the most recent information, including coverage on the latest research, global financial crisis, and emerging markets.
Using informant reports on working professionals, we explored the role of listening in interpersonal influence and how listening may account for at least some of the relationship between personality and influence. The results extended prior work which has suggested that listening is positively related to influence for informational and relational reasons.
Increasingly, individuals identify with two or more cultures. Prior research has found the degree to which individuals chronically integrate these identities (bicultural identity integration; BII) moderates responses to cultural cues: High BII individuals assimilate (adopting biases that are congruent with norms of the cued culture), whereas low BII individuals contrast (adopting biases that are incongruent with these norms). The authors propose BII can also be a psychological state and modulated by shifts in processing styles.
We develop and test an incentive-compatible Conjoint Poker (CP) game. The preference data collected in the context of this game are comparable to incentive-compatible choice-based conjoint (CBC) analysis data. We develop a statistical efficiency measure and an algorithm to construct efficient CP designs. We compare incentive-compatible CP to incentive-compatible CBC in a series of three experiments (one online study and two eye-tracking studies). Our results suggest that CP induces respondents to consider more of the profile-related information presented to them compared with CBC.
This chapter on mind perception reviews social cognitive research on how individual perceivers draw inferences about the beliefs, desires, intentions, and feelings of others around them, a process that is at once remarkable and nearly ubiquitous. We begin by examining how perceivers do this, discussing research on various inferential sources, including reading situations, faces, behavior, social groups, and the self. We also discuss accounts that address how perceivers might shift between these inferential sources, such as embracing stereotyping in lieu of social projection or vice versa.
In social dilemmas, negotiations, and other forms of strategic interaction, mind-reading — intuiting another party's preferences and intentions — has an important impact on an actor's own behavior. In this paper, we present a model of how perceivers shift between social projection (using one's own mental states to intuit a counterpart's mental states) and stereotyping (using general assumptions about a group to intuit a counterpart's mental states).
Travis Proulx and Michael Inzlicht offer an intriguing and ambitious model that seeks to parsimoniously capture the full range of meaning threats and the many psychological mechanisms that people use to cope with those threats. In this commentary, we articulate both our agreements and our disagreements with their meaning maintenance model (MMM). In general, we find the model both compelling and intriguing, and we find promise in several of its core assertions. However, we believe the current model, like any incipient model, has yet to incorporate some critical core constructs.
What is business anthropology and what should it be in the future? My reflections are based upon my reading of others’ work and my own experience as an observant participant in marketing research and advertising. My current practice is that of a Principal at a marketing research firm, with which I have been affiliated since 2006. For 25 years prior, I was an advertising executive, working in the areas of account management and account planning.
Domestic and multinational corporations have begun to enter retailing in India, raising concerns that they will destroy the millions of small stores and street vendor businesses that presently dominate retailing in the country. Policymakers know that corporate retailers can improve the efficiency and productivity of retailing and distribution in India, but they are also concerned about possible harm to small businesses and loss of jobs among those who might not have the skills and training needed to find alternative employment.
This paper compares accounting and finance approaches to equity valuation, with a focus on practical investing. It shows how the two endeavors tie to the same theoretical foundation so they have the potential of being unified. Finance has largely focused on the "denominator" aspect of valuation— the discount rate—under the mantra of "asset pricing" while accounting has largely focused on the numerator; specifying the expected accounting outcomes to be discounted. The paper shows how both accounting and finance can be unified to resolve both the numerator and denominator issue in valuation.
Four experiments examined the effects of perspective taking on processes contributing to stereotype maintenance: biases in social memory, behavior explanations, and information seeking. The first two experiments explored whether perspective taking influences memory and spontaneous explanations for stereotype-relevant behaviors. Relative to participants in an objective-focus condition, perspective takers exhibited better recall of stereotype-inconsistent behaviors (Experiment 1) and spontaneously generated more dispositional explanations for them (Experiment 2).
The current paper reviews the concept of power and offers a new architecture for understanding how power guides and shapes consumer behavior. Specifically, we propose that having and lacking power respectively foster agentic and communal orientations that have a transformative impact on perception, cognition, and behavior. These orientations shape both who and what consumers value. New empirical evidence is presented that synthesizes these findings into a parsimonious account of how power alters consumer behavior as a function of both product attributes and recipients.
Five experiments demonstrate that experiencing power leads to overconfident decision-making. Using multiple instantiations of power, including an episodic recall task (Experiments 1–3), a measure of work-related power (Experiment 4), and assignment to high- and low-power roles (Experiment 5), power produced overconfident decisions that generated monetary losses for the powerful. The current findings, through both mediation and moderation, also highlight the central role that the sense of power plays in producing these decision-making tendencies.
Five experiments investigated the effect of power on social distance. Although increased social distance has been suggested to be an underlying mechanism for a number of the effects of power, there is little empirical evidence directly supporting this claim. Our first three experiments found that power increases social distance toward others. In addition, these studies demonstrated that this effect is (a) mediated by self-sufficiency and (b) moderated by the perceived legitimacy of power — only when power is seen as legitimate, does it increase social distance.
Who has power, who is affected by power, and how power is acquired and exercised provide the foundation for understanding human relations. Indeed, to truly understand the dynamics of any organization or firm requires knowing where power resides and where influence flows. The dispersion of power within and between organizations can emerge from formal systems or through the process of informal interaction and is typically conveyed through organizational charts or network maps.
Government officials, policy analysts, practitioners, and academics from diverse perspectives across the globe have enthusiastically endorsed the promise of public-private engagement to solve pressing problems of public policy. The endorsement often is a rallying cry for a change in policy or reform of a prevailing policy regime. In theory and practice, the idea of public-private (PP) blurs prevailing distinctions between roles and actions traditionally considered properly “public” and those roles and actions conventionally considered properly “private.” It signifies a shift away from th
We examine decision makers' use of tacit linguistic intuitions and explicit linguistic knowledge for brand name translations from English to Chinese. We present a market study, which reveals that managers intuitively use linguistic sound and meaning characteristics, that is, which sounds and meanings best fit for the Chinese translation of the English names. A subsequent experiment shows that generalized types of existing name approaches (that is, whether the names are translated based on sound or based on meaning) are employed as explicit benchmark standards for new names.
The current research explored the neural mechanisms linking social status to perceptions of the social world. Two fMRI studies provide converging evidence that individuals lower in social status are more likely to engage neural circuitry often involved in "mentalizing" or thinking about others' thoughts and feelings.
We consider three "crisis shocks" related to key features of the 2007-2008 crisis, for emerging and developed economies: (1) the collapse of global trade, (2) the contraction of credit supply, and (3) selling pressure on firms' equity. Using an international cross-section of firms, we find that returns' sensitivities to these shocks imply large and statistically significant influences on residual equity returns during the crisis period (after controlling for normal risk factors that are associated with expected returns).
Previous research suggests that cortisol can affect cognitive functions such as memory, decision making and attentiveness to threat-related cues. Here, we examine whether increases in cortisol, brought on by an acute social stressor, influence threat-related decision making. Eighty-one police officers completed a standardized laboratory stressor and then immediately completed a computer simulated decision making task designed to examine decisions to accurately shoot or not shoot armed and unarmed Black and White targets.
Price momentum strategies have historically generated high positive returns with little systematic risk. However, these strategies also experience infrequent but severe losses. During 13 of the 978 months in our 1929–2010 sample, losses to a US-equity momentum strategy exceed 20 percent per month. We demonstrate that a hidden Markov model in which the market moves between latent "turbulent" and "calm" states in a systematic stochastic manner captures these high-loss episodes.