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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
Working Paper
Date
2011

The Market Value of Social Security

Author
Geanakoplos, John and Stephen Zeldes

What discount rate should the government use to measure the financial status of various government programs and the impact of potential policy changes? How, if at all, should the discount rate take into account the risk of the underlying cash flows? We examine these questions in the context of one of the largest components of the U.S. budget: Social Security. Official measures of the U.S. Social Security system's present value funding shortfall are computed using the risk-free interest rate.

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Type
Journal Article
Date
2011
Journal
International Journal of the Economics of Business

Has Pharmaceutical Innovation Reduced Social Security Disability Growth?

Author
Lichtenberg, Frank

This paper analyzes longitudinal state-level data during the period 1995–2004 to investigate whether use of newer prescription drugs has reduced the ratio of the number of workers receiving Social Security Disability Insurance benefits to the working-age population (the “DI recipiency rate”).  

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Type
Journal Article
Date
2011
Journal
Operations Research

Identifying Good Nursing Levels: A Queuing Approach

Author
Yankovic, Natalia and Linda Green

Nursing care is arguably the single biggest factor in both the cost of hospital care and patient satisfaction. Inadequate inpatient nursing levels have also been cited as a significant factor in medical errors and emergency room overcrowding. Yet, there is widespread dissatisfaction with the current methods of determining nurse staffing levels, including the most common one of using minimum nurse-to-patient ratios. In this paper, we represent the nursing system as a variable finite-source queuing model.

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Type
Journal Article
Date
2011
Journal
Psychological Science

Mating interest improves women's accuracy in judging male sexual orientation

Author
Rule, N.O., K.S. Rosen, Michael Slepian, and N. Ambady
People can accurately infer others' traits and group memberships across several domains. We examined heterosexual women's accuracy in judging male sexual orientation across the fertility cycle (Study 1) and found that women's accuracy was significantly greater the nearer they were to peak ovulation. In contrast, women's accuracy was not related to their fertility when they judged the sexual orientations of other women (Study 2).
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Type
Journal Article
Date
2011
Journal
Social Psychological and Personality Science

Mind-body dissonance: Conflict between the senses expands the mind's horizons

Author
Huang, L. and Adam Galinsky

The ability of humans to display bodily expressions that contradict mental states is an important developmental adaptation. The authors propose that mind-body dissonance, which occurs when bodily displayed expressions contradict mentally experienced states, signals that the environment is unusual and that boundaries of cognitive categories should be expanded to embrace atypical exemplars. Four experiments found that mind-body dissonance increases a sense of incoherence and leads to category expansion.

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Type
Journal Article
Date
2011
Journal
Journal of Marketing

Sophistication in Research in Marketing

Author
Lehmann, Donald, Leigh McAlister, and Richard Staelin

Over the years, the level of analytical rigor has risen in articles published in marketing academic journals. While, ceteris paribus, rigor is desirable, there is a growing sense that rigor has become a, if not the, goal for research in marketing. Consequently, other desirable characteristics, such as relevance, communicability, and simplicity, have been downplayed, to the detriment of the field of marketing.

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Type
Journal Article
Date
2011
Journal
Personality and Social Psychology Bulletin

The mainstream is not electable: When vision triumphs over representativeness in leader emergence and effectiveness

Author
Halevy, N., Y. Berson, and Adam Galinsky

Theories of visionary leadership propose that groups bestow leadership on exceptional group members. In contrast, social identity perspectives claim that leadership arises, in part, from a person's ability to be seen as representative of the group. Integrating these perspectives, the authors propose that effective leaders often share group members' perspectives concerning the present, yet offer a unique and compelling vision for the group's future.

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Type
Journal Article
Date
2011
Journal
Management Science

Efficient Risk Estimation via Nested Sequential Simulation

Author
Broadie, Mark, Yiping Du, and Ciamac Moallemi

We analyze the computational problem of estimating financial risk in a nested simulation. In this approach, an outer simulation is used to generate financial scenarios and an inner simulation is used to estimate future portfolio values in each scenario. We focus on one risk measure, the probability of a large loss, and we propose a new algorithm to estimate this risk. Our algorithm sequentially allocates computational effort in the inner simulation based on marginal changes in the risk estimator in each scenario.

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Type
Journal Article
Date
2011
Journal
American Sociological Review

Laws of Attraction: Regulatory Arbitrage in the Face of Activism in Right-to-Work States

Author
Rao, Hayagreeva, Lori Qingyuan Yue, and Paul Ingram

Extant research recognizes that firms exploit regulatory variations to their advantage but depicts such regulatory arbitrage as a dyadic process between firms and regulators. We extend this account by including the political rivals of a firm and suggest that firms view regulatory differences as part of a corporate political opportunity structure, and exploit regulatory variations to disadvantage their rivals. Empirically, we focus on variations in right-to-work (RTW) laws which signal the pro-business climate in a state and exist in twenty-two of the 50 American states.

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Type
Working Paper
Date
2011

Monotonicity properties of stochastic inventory systems

Author
Federgruen, Awi and Min Wang

The principal performance measures in an inventory system involve key characteristics of the system's inventory position, i.e., the total inventory the firm is economically committed to, as well as the average order size or order frequency. As to the former, the focus among operation managers is on the maximum inventory (position), the average inventory and the minimum inventory, the latter being related to the so-called safety stock concept. Financial analysts and macroeconomists pay particular attention to the sales/inventory ratio, also referred to as the inventory turnover.

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Type
Working Paper
Date
2011

Optimal Pricing of Services with Switching Costs

Author
Liu, Qian and Garrett van Ryzin

Customer switching costs are an important factor in account-based services such as telecommunications, financial, insurance and brokerage services. In these businesses, existing customers incur significant costs if they switch to another provider. Such costs include physical configuration and installation costs, contractual costs (e.g. termination fees) and cognitive costs of learning. These switching costs enable a firm to extract more revenue from incumbent customers by charging them higher prices.

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Type
Working Paper
Date
2011

Sponsor Risk and the Performance of Asset-backed Securities

Author
Faltin-Traeger, Oliver, Kathleen Johnson, and Christopher Mayer

Asset-backed securitization transforms assets into securities and in the process separates the credit risk of a pool of assets from the credit risk of the securitization's sponsor, which gives securitization several important advantages over issuing corporate debt. Recent research, however, suggests a link between the financial condition of the sponsor and the performance of its ABS.

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Type
Journal Article
Date
2011
Journal
Journal of Political Economy

The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China

Author
Wei, Shang-Jin and Xiaobo Zhang

While the high savings rate in China has global impact, existing explanations are incomplete. This paper proposes a competitive saving motive as a new explanation: as the country experiences a rising sex ratio imbalance, the increased competition in the marriage market has induced the Chinese, especially parents with a son, to postpone consumption in favor of wealth accumulation. The pressure on savings spills over to other households through higher costs of house purchases. Both cross-regional and household-level evidence supports this hypothesis.

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Type
Journal Article
Date
2011
Journal
Journal of Retailing

When Shelf-Based Scarcity Impacts Consumer Preferences

Author
Parker, Jeffrey and Donald Lehmann

Scarcity has long been known to impact consumers' choices. Yet, the impact of shelf-based scarcity in retail environments, created by stocking level depletion, has received almost no attention in the literature. Indeed, little research to date has even examined if consumers will attend to shelf-based scarcity in retail environments, much less how this cue can impact choice. A priori, given the inherently noisy and cue-filled nature of retail environments, it is quite reasonable to expect that shelf-based scarcity would play little to no role in consumers' choices.

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Type
Journal Article
Date
2011

Laws of Attraction: Regulatory Arbitrage in the Face of Activism in Right-to-work States

Author
Rao, Hayagreeva, Lori Yue, and Paul Ingram

Past research recognizes that firms exploit regulatory variations to their advantage but depicts such regulatory arbitrage as a dyadic process between firms and regulators. We extend this account by including a firm’s non-market rivals and suggest that firms view regulatory differences as part of a corporate political opportunity structure and exploit regulatory variations to disadvantage their rivals. Empirically, we focus on variations in right-to-work (RTW) laws that signal the pro-business climate in a state; these laws exist in 22 U.S. states.

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Type
Working Paper
Date
2011

Measuring the Effect of Queues on Customer Purchases

Author
Lu, Yina, Marcelo Olivares, Andrés Musalem, and Ariel Schilkrut

Capacity decisions in service operations often involve a trade-off between operating cost and the level of service offered to customers. Although the cost of attaining a pre-specified level of service has been well-studied, there isn't much research studying how customer service levels affect revenue and profit. This paper conducts an empirical study to analyze how waiting in a queue in the context of a retail store affects customer purchasing behavior. Our methodology uses a novel technology based on digital imaging to record periodic information about the queuing system.

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Type
Newspaper/Magazine Article
Date
2011
Publication
Central Banking Journal

The Whys and Hows of CoCo Issuance

Author
Calomiris, Charles and Richard Herring
Though the regulatory landscape post-crisis remains far from fixed, contingent capital, or CoCos, appear likely to form part of policymakers' toolkits. There is undoubtedly widespread support from regulators the world over to have instruments that can be converted from debt to equity at times of financial market stress. Yet there is little consensus as to what the trigger for conversion should be.
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Type
Journal Article
Date
2011
Journal
Review of Financial Studies

All the News That's Fit to Reprint: Do Investors React to Stale Information?

Author
Tetlock, Paul

This paper tests whether stock market investors appropriately distinguish new and old information about firms. I define the staleness of a news story as its textual similarity to the previous ten stories about the same firm. I find that firms' stock returns respond less to stale news. Even so, a firm's return on the day of stale news negatively predicts its return in the following week. Individual investors trade more aggressively on news when news is stale. The subsequent return reversal is significantly larger in stocks with above-average individual investor trading activity.

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Type
Working Paper
Date
2011

An integrated model for capacity planning and dynamic control in call center networks with general SLAs

Author
Federgruen, Awi, Santiago R. Balseiro, and Assaf Zeevi

We address the following problems that arise in the management of call center operating under certain Service Level Agreements (SLAs): (1) setting the capacity levels of the agent pools; (2) constructing a routing scheme for arriving customers; and (3) devising a dynamic priority rule for customers waiting at each pool. We develop a mathematical programming approach to simultaneously solve this integrated planning problem and show how it can be used in strategic call center design studies.

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Type
Journal Article
Date
2011
Journal
Journal of Experimental Social Psychology

Lex Talionis: Testosterone and the law of retaliation

Author
Galinsky, Adam

Research examining both the organizing and activating effects of testosterone in one-shot bargaining contexts has been vexed by inconsistencies. Some research finds that high-testosterone men are more likely to reject unfair offers in an ultimatum game and exogenous administration of testosterone to men leads to less generous offers. In contrast, other research finds that higher prenatal exposure to testosterone predicts more generous dictator game offers and administering testosterone to women leads to more generous ultimatum game offers.

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Type
Journal Article
Date
2011
Journal
Personality and Individual Differences

Regulatory focus and anxiety: A self-regulatory model of GAD-Depression comorbidity

Author
Klenk, Megan, Timothy Strauman, and E. Tory Higgins

The etiology of generalized anxiety disorder (GAD), including its high degree of comorbidity with major depressive disorder (MDD), remains a conceptual and clinical challenge. In this article, we discuss the relevance of regulatory focus theory (Higgins, 1997), an increasingly influential theory of self-regulation, for generating and testing hypotheses regarding vulnerability to GAD as well as to GAD/MDD comorbidity. The theory postulates two cognitive/motivational systems for pursuing desired end states: the promotion and prevention systems.

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Type
Journal Article
Date
2011
Journal
Review of Financial Studies

Stochastic House Appreciation and Optimal Mortgage Lending

Author
Piskorski, Tomasz and Alexei Tchistyi

We characterize the optimal mortgage contract in a continuous time setting with stochastic growth in house price and income, costly foreclosure, and a risky borrower who requires incentives to repay his debt. We show that many features of subprime loans can be consistent with properties of the optimal contract and that, when house prices decline, mortgage modification can create value for borrowers and lenders.

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Type
Newspaper/Magazine Article
Date
2011
Publication
regulation2point0

The Economics of the Proposed Mortgage Servicer Settlement

Author
Calomiris, Charles, Joseph Mason, and Eric Higgins
On March 4, 2011, the <em>New York Times</em> described a settlement proposed by a consortium of state attorneys general (AGs) to large mortgage servicers. The claims to be settled reportedly relate to failures to follow existing procedural rules relating to the foreclosure process. The settlement would make dramatic changes in those rules, and reportedly require a mortgage loan principal reduction program of $20 to 25 billion. The purpose of this study is to review how such a settlement would affect the housing market and the larger economy.
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Type
Journal Article
Date
2011
Journal
Organization Studies

The Iron Cage: Ugly, Uncool, and Unfashionable

Author
Abrahamson, Eric

Historical studies reveal how organizational markets supplied artifacts that became fashionable because they met not only consumers' cultural tastes, but also their technological preferences. This article calls such artifacts cultural-technological fusions. The digital mode of production tends to generate more types of fashionable fusions, which replace each other at a growing rate, and travel increasingly swiftly across consumers globally.

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Type
Journal Article
Date
2011
Journal
Personality and Social Psychology Review

When Do People Rely on Affective and Cognitive Feelings in Judgment? A Review

Author
Greifeneder, Rainer, Herbert Bless, and Michel Tuan Pham

Although people have been shown to rely on feelings to make judgments, the conditions that moderate this reliance have not been systematically reviewed and conceptually integrated. This article addresses this gap by jointly reviewing moderators of the reliance on both subtle affective feelings and cognitive feelings of ease-of-retrieval.

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Type
Newspaper/Magazine Article
Date
2011
Publication
e21

A Contingent Capital Requirement for Banks

Author
Calomiris, Charles and Richard Herring

Although debates still rage over the causes of the financial crisis of 2007–2009, one thing is clear: several of the world's largest financial institutions — including Fannie Mae, Freddie Mac, Citigroup, UBS, AIG, Bear Stearns, Lehman Brothers, and Merrill Lynch — had amassed huge and concentrated asset risks relating to sub-prime mortgages and other risky investments, but they maintained equity capital that was too small to absorb the losses that resulted from those risky investments.

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Type
Working Paper
Date
2011

Shimer Meets the Production Based Asset Pricing Crowd: Labor Search and Asset Returns

Author
Donaldson, John and Hyung Seok Eric Kim

Beginning with Shimer (2005) and Hall(2005), a recent branch of the business cycle literature has explored the role of wage rigidity in accounting for the statistical characteristics of key labor market variables; in particular high vacancy and unemployment volatility and a high negative correlation between the two. As a further exploration, we extend the Mortensen-Pissarides structure of period-by-period Nash wage bargaining to an environment where there is labor force heterogeneity (permanently employed "insiders" and "outsiders" subject to separations) and limited asset market participat

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Type
Newspaper/Magazine Article
Date
2011
Publication
El País

Tras el Banco Base, volver a empezar

Author
Santos, Tano
<p>La interrupción de la fusión de Banco Base crea una oportunidad para reconducir un proceso que conducía a la creación de una entidad a la vez sistémica y frágil. La estrategia del regulador sigue buscando la consolidación de balances bajo el argumento de que el sistema es solvente, con independencia de que hubiera instituciones m?s problemáticas que otras.
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Type
Journal Article
Date
2011
Journal
Journal of Marketing Research

Complicating Choice

Author
Schrift, Rom, Oded Netzer, and Ran Kivetz

A great deal of research in consumer decision-making and social-cognition has explored consumers’ attempts to simplify choices by bolstering their tentative choice candidate and/or denigrating the other alternatives. The present research investigates a diametrically opposed process, whereby consumers complicate their decisions.

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Type
Journal Article
Date
2011
Journal
Journal of Finance

Corporate Governance, Product Market Competition, and Equity Prices

Author
Giroud, Xavier and Holger Mueller

This paper examines whether firms in noncompetitive industries benefit more from good governance than do firms in competitive industries. We find that weak governance firms have lower equity returns, worse operating performance, and lower firm value, but only in noncompetitive industries. When exploring the causes of the inefficiency, we find that weak governance firms have lower labor productivity and higher input costs, and make more value-destroying acquisitions, but, again, only in noncompetitive industries.

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Type
Working Paper
Date
2011

Did Executive Compensation Encourage Extreme Risk-taking in Financial Institutions?

Author
Kogut, Bruce and Hitesh Harnal
The effect of executive compensation on extreme risk is frequently cited as a leading candidate for the financial crisis. The evidence for or against is scarce. This paper assembles panel data on 117 financial firms from 1995 through 2008, using the financial crisis as a type of "stress test" experiment to determine the relation of equity-based incentives on the probability of default. After estimating default probabilities using a Heston-Nandi specification, we apply a dynamic panel model to estimate statistically the effect of compensation on default risk.
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Type
Working Paper
Date
2011

Forming Syndications among Venture Capital Firms

Author
Kogut, Bruce, Tom Snijders, and Jordi Colomer
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Type
Working Paper
Date
2011

Generating Rules and Network Dynamics: Identifying the Mechanisms of Venture Capital Syndication

Author
Kogut, Bruce, Mariano Belinsky, Pietro Urso, and Jordi Colomer
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Type
Working Paper
Date
2011

Learning about Consumption Dynamics

Author
Johannes, Michael and Yiqun Mou

This paper studies the asset pricing implications of Bayesian learning about the parameters, states, and models determining aggregate consumption dynamics. Our approach is empirical and focuses on the quantitative implications of learning in real-time using post World War II consumption data. We characterize this learning process and provide empirical evidence that revisions in beliefs stemming from parameter and model uncertainty are significantly related to aggregate equity returns.

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Type
Journal Article
Date
2011
Journal
Psychological Science

Local Warming: Daily temperature changes influences belief in global warming

Author
Li, Ye, Eric Johnson, and Lisa Zaval
Although people are quite aware of global warming, their beliefs about it may be malleable; specifically, their beliefs may be constructed in response to questions about global warming. Beliefs may reflect irrelevant but salient information, such as the current day's temperature. This replacement of a more complex, less easily accessed judgment with a simple, more accessible one is known as attribute substitution.
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Type
Journal Article
Date
2011
Journal
Journal of Finance

Public Information and Coordination: Evidence from a Credit Registry Expansion

Author
Hertzberg, Andrew and Jose Maria Liberti

This paper provides evidence that lenders to a firm close to distress have incentives to coordinate: lower financing by one lender reduces firm creditworthiness and causes other lenders to reduce financing. To isolate the coordination channel from lenders' joint reaction to new information, we exploit a natural experiment that made lenders' negative private assessments about their borrowers public. We show that lenders, while learning nothing new about the firm, reduce credit in anticipation of the reaction by other lenders to the same firm.

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Type
Working Paper
Date
2011

Red Queen Dynamics and Organizational Design: Does Convergence in Performance Lead to Convergence in Form?

Author
Kogut, Bruce, John Paul MacDuffie, Frits Pil, and Charles Ragin

The Red Queen dynamic predicts that organizations will converge in performance, forcing leaders to run harder just to maintain their position. However, do organizations converge in form as well? We draw on unique longitudinal data from the world auto industry to track change over time in manufacturing performance and practices. Using a fuzzy set methodology, our results confirm a Red Queen dynamic but reject a convergence in form despite isomorphic pressures to conform.

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Type
Working Paper
Date
2011

The Asset Pricing Implications of Priced Structural Parameter Uncertainty

Author
Johannes, Michael
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Type
Journal Article
Date
2011
Journal
The Journal of Finance

The Joy of Giving or Assisted Living? Using Strategic Surveys to Separate Public Care Aversion from Bequest Motives

Author
Ameriks, John, Andrew Caplin, Steven Laufer, and Stijn Van Nieuwerburgh
The "annuity puzzle," conveying the apparently low interest of retirees in longevity insurance, is central to household finance. One possible explanation for low annuitization is "public care aversion" (PCA), retiree aversion to simultaneously running out of wealth and being in need of long term care. Another possible explanation is an intentional bequest motive. To disentangle the relative importance of PCA and bequest motive, we estimate a structural model of the retirement phase using a novel survey instrument that includes hypothetical questions.
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Type
Newspaper/Magazine Article
Date
2011
Publication
Shadow Open Market Committee Symposium

Monetary Policy and the Behavior of Banks: Lessons from the 1930s for the 2010s

Author
Calomiris, Charles
The Fed continues to reassure its critics that it will be able to identify changes in the economy quickly enough to prevent an inflationary surge. But critics are skeptical for good reason. There is cause for concern that the Fed may be slow to detect a sudden shift in the money multiplier. That concern — which is informed by an understanding of the micro-foundations of the money multiplier, as illustrated by the history of the 1930s — is the subject of this article.
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Type
Journal Article
Date
2011
Journal
Nature Medicine

Despite steep costs, payments for new cancer drugs make economic sense

Author
Lichtenberg, Frank

Cancer drugs have become more expensive over the past few years, leading many people to question whether the treatments are really worth their high costs. But despite the sticker shock, cancer medicines have provided good value for money.

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Type
Journal Article
Date
2011
Journal
IEEE Transactions on Information Theory

A Note on Performance Limitations in Bandit Problems with Side Information

Author
Zeevi, Assaf and Alexander Goldenshluger

We consider a sequential adaptive allocation problem which is formulated as a traditional two armed bandit problem but with one important modification: at each time step t, before selecting which arm to pull, the decision maker has access to a random variable Xt which provides information on the reward in each arm. Performance is measured as the fraction of time an inferior arm (generating lower mean reward) is pulled.

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Type
Working Paper
Date
2011

Accounting Anomalies, Risk and Return

Author
Penman, Stephen and Julie Zhu

This paper investigates the question of whether so-called anomalous returns predicted by accounting numbers are normal returns for risk or abnormal returns. It does so via a model that shows how accounting numbers inform about normal returns if pricing were rational. The model equates expected returns to expectations of earnings and earnings growth, so that any variable that forecasts earnings and earnings growth also forecasts required returns if the market prices those outcomes as risky.

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Type
Working Paper
Date
2011

Organizational Performance and Evolvability

Author
Kogut, Bruce and Amit Jain
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Type
Chapter
Date
2011
Book
The psychology of social conflict and aggression

Pushing up to a point: The psychology of interpersonal assertiveness

Author
Ames, Daniel

For better or worse, most of us find ourselves surrounded by others whose goals and interests are not perfectly aligned with our own. And so each day, most of us face one or more versions of the same basic question: How hard should I push? When people assert themselves forcefully, they may get their way in some instrumental fashion, but they may fail to get along with their counterparts. When people forego pursuing their interests, they may get along with others, but their acquiescence may mean a failure to get their way.

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Type
Newspaper/Magazine Article
Date
2011
Publication
Administrative Science Quarterly

Review of <i>Organizational Trust: A Cultural Perspective</i>

Author
Morris, Michael
"Trust falls between hope and certainty," is a familiar premise. But how do we develop trust in the others we transact with? Which aspects of this process are universal, and which are a function of culture, including our national, occupational, and organizational cultures? How do we transcend differences to bridge cultural divides? Given that we all have multiple cultural legacies that provide conflicting imperatives in some cases, which of these cultural facets dominate to shape our behavior? How do our multiple cultural facets interact and change over time?
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Type
Journal Article
Date
2011
Journal
Journal of Financial Economics

Technological Change and the Growing Inequality in Managerial Compensation

Author
Lustig, Hanno, Chad Syverson, and Stijn Van Nieuwerburgh
Three of the most fundamental changes in US corporations since the early 1970s have been (1) the increased importance of organizational capital in production, (2) the increase in managerial income inequality and pay-performance sensitivity, and (3) the secular decrease in labor market reallocation. Our paper develops a simple explanation for these changes: A shift in the composition of productivity growth away from vintage-specific to general growth.
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Type
Working Paper
Date
2011

The Origins and Diffusion of High Executive Pay

Author
Kogut, Bruce and Jae-Suk Yang
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Type
Journal Article
Date
2011
Journal
International Journal of Health Care Finance and Economics

The quality of medical care, behavioral risk factors, and longevity growth

Author
Lichtenberg, Frank

The rate of increase of longevity has varied considerably across U.S. states since 1991. This paper examines the effect of the quality of medical care, behavioral risk factors (obesity, smoking, and AIDS incidence), and other variables (education, income, and health insurance coverage) on life expectancy and medical expenditure using longitudinal state-level data. We examine the effects of three different measures of the quality of medical care.

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Type
Working Paper
Date
2011

Ambiguity and Climate Policy

Author
Heal, Geoffrey, Antony Milner, and Simon Dietz

Economic evaluation of climate policy traditionally treats uncertainty by appealing to expected utility theory. Yet our knowledge of the impacts of climate policy may not be of sufficient quality to justify probabilistic beliefs. In such circumstances, it has been argued that the axioms of expected utility theory may not be the correct standard of rationality. By contrast, several axiomatic frameworks have recently been proposed that account for ambiguous beliefs. In this paper, we apply static and dynamic versions of a smooth ambiguity model to climate mitigation policy.

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