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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

A multiclass model of limit order book dynamics and its application to optimal trade execution

Author
Maglaras, Costis and Ciamac Moallemi
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Type
Working Paper
Date
2011

Optimal order flow routing, exchange competition, and the effect of make/take fees

Author
Maglaras, Costis, Ciamac Moallemi, and Hua Zhang

In modern equity markets, traders have a choice of many exchanges, each operating as an electronic limit order book that can be modeled as a pair of multi-class queues operating under the "time/price" priority rule. The dynamics of the exchanges are coupled via price protection mechanisms. We present mathematical models to study the order routing problem, characterize market equilibria, and derive insights about the queue, delay and adverse selection measures for different exchanges. We present some empirical data that supports our findings.

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Type
Working Paper
Date
2011

Revenue maximization in a queueing system offering differentiated services

Author
Maglaras, Costis, John Yao, and Assaf Zeevi
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Type
Working Paper
Date
2011

Supplying Market Order: An Institutional Analysis of the Effectiveness of Private Regulation

Author
Ingram, Paul and Jiao Luo

Does private regulation work to provide and preserve collective benefits, and if so, when? To answer these questions, we focus on social structure and competitive exclusion. We argue that effective private regulation depends on social structures that support normative control of interested parties. However, competitive dynamics may transform private regulation into an instrument to defend the interest of institutional incumbents.

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Type
Journal Article
Date
2011
Journal
Health Affairs

What Are the Respective Roles of the Public and Private Sectors in Pharmaceutical Innovation?

Author
Lichtenberg, Frank and Bhaven Sampat

What are the respective roles of the public and private sectors in drug development?

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Type
Newspaper/Magazine Article
Date
2011
Publication
regulation2point0

Are Delays in the Foreclosure Process Really a Good Thing?

Author
Calomiris, Charles and Eric Higgins

The United States faces a foreclosure crisis. The Mortgage Bankers Association reported that slightly more than four percent of the loans in the United States are in the foreclosure process as of the third quarter of 2010. RealtyTrac reported in January 2011 that nearly three million homes received foreclosure filings in 2010. In addition to the current foreclosures, there exist a substantial number of potential foreclosures that will occur in the next several years. Goodman (2010) estimates that there may be another seven million homes that will face foreclosure.

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Type
Working Paper
Date
2011

Family Member Influence over Time and across Cultures: A Meta-Analysis

Author
Ruiz, Salvador, Eva Tomaseti, and Donald Lehmann
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Type
Case Study
Date
2011

GM Integrative case for Managerial Statistics

Author
Maglaras, Costis, Trevor Hariis, and Paul Glasserman
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Type
Working Paper
Date
2011

Incentive Efficient Price Systems in Insurance Economies with Adverse Selection

Author
Siconolfi, Paolo

We decentralize incentive efficient allocations in large adverse selection economies by introducing a Walrasian market for mechanisms, that is, for menus of contracts. Facing a budget constraint, informed individuals choose lotteries over mechanisms, while firms supply (slots at) mechanisms at given prices. An equilibrium requires that firms cannot favorably change, or cut, prices. We show that an equilibrium exists and is incentive efficient.

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Type
Working Paper
Date
2011

Recursive equilibrium in stochastic OLG economies: Incomplete markets

Author
Siconolfi, Paolo
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Type
Journal Article
Date
2011
Journal
Journal of Consumer Research

The Impact of Sequential Data on Consumer Confidence in Relative Judgments

Author
Biswas, Dipayan, Guangzhi Zhao, and Donald Lehmann

We examine how consumers update their confidences in ordinal (relative) judgments while evaluating sequential product-ranking and source-accuracy data in percentage versus frequency formats. The results show that when sequential data are relatively easier to mathematically combine (e.g., percentage data), consumers revise their judgments in a way that is consistent with an averaging model but inconsistent with the normative Bayesian model.

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Type
Working Paper
Date
2011

Accounting for Revenues: A Framework for Standard Setting

Author
Penman, Stephen and James Ohlson

This paper proposes an accounting for revenues as an alternative to the proposals currently begin aired by the FASB and IASB. Existing revenue recognition rules are vague, resulting in messy application, so the Boards are seeking a remedy. However, their proposals replace the traditional criteria — revenue is recognized when it is both "realized or realizable" and "earned" — with similarly vague notions that require both the identification of a "performance obligation" and the "satisfaction" of a performance obligation.

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Type
Working Paper
Date
2011

Comparison of web-based vs. in-person cognitive function tests of younger and older adults

Author
Weber, Elke, Eric Johnson, S. Nair, and S. Czaja
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Type
Working Paper
Date
2011

Framing the future first: Brain mechanisms that increase patience in intertemporal choice

Author
Figner, Bernd, Elke Weber, J. Steffener, Amy R. Krosch, T. Wager, and Eric Johnson
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Type
Working Paper
Date
2011

Should seniors be in charge? Decision-making over the lifespan

Author
Johnson, Eric and Elke Weber
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Type
Working Paper
Date
2011

The Impact of Marketing Promotions on Hedonic versus Utilitarian Purchases

Author
Kivetz, Ran and Yuhuang Zheng
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Type
Journal Article
Date
2011
Journal
Journal of Marketing Research

Adaptive Self-Explication of Multi-Attribute Preferences

Author
Netzer, Oded and V. Srinivasan

In this research we propose a web-based adaptive self-explicated approach for multi-attribute preference measurement (conjoint analysis) with a large number (ten or more) of attributes. Our approach overcomes some of the limitations of previous self-explicated approaches. We developed a computer-based self-explicated approach that breaks down the attribute importance question into a sequence of constant-sum paired comparison questions.

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Type
Working Paper
Date
2011

Managing Agency Problems in Early Shareholder Capitalism: An Exploration of Liverpool Shipping, 1744–1785

Author
Silverman, Brian S. and Paul Ingram

We examine early approaches to the agency problem by asking when captains owned ships in eigheenth and nineteenth century shipping, and how captain-ownership effected voyage success. For each ship we observe the identity of the owners, the identity of the ship captain, the route pursued for each voyage, and various outcome measures for each voyage. We also have information on vessel construction characteristics, the sailing history of each vessel, and the occupations of the owners.

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Type
Journal Article
Date
2011
Journal
The Quarterly Journal of Economics

Outside and Inside Liquidity

Author
Bolton, Patrick, Tano Santos, and Jose Scheinkman

We propose an origination-and-contingent-distribution model of banking, in which liquidity demand by short-term investors (banks) can be met with cash reserves (inside liquidity) or sales of assets (outside liquidity) to long-term investors (hedge funds and pension funds). Outside liquidity is a more efficient source, but asymmetric information about asset quality can introduce a friction in the form of excessively early asset trading in anticipation of a liquidity shock, excessively high cash reserves, and too little origination of assets by banks.

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Type
Chapter
Date
2011
Book
Global Urbanization

Public-Private Partnerships and Urban Governance: Coordinates and Policy Issues

Author
Sagalyn, Lynne

In this chapter, I describe the coordinates of the global application of public-private partnerships (PPP) and identify central commonalities of sector collaboration for both infrastructure development and urban redevelopment/regeneration projects. The comparison across these two types of "hard" asset-based initiatives will, I hope, highlight the central issues of implementation and underscore the need for policymakers to address the nature of risk sharing, which I believe is central to the PPP strategy at the project level.

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Type
Working Paper
Date
2011

Structural Estimation of a Large-Scale Combinatorial Auction

Author
Won Kim, Sang, Marcelo Olivares, and Gabriel Weintraub

Combinatorial auctions (CAs) are multi-unit auction mechanisms in which bidders can bid on combinations of items or packages. CAs have received considerable attention from academia, and their practical use has increased significantly over recent years especially in procurement projects. Units in procurement projects often exhibit cost synergies, and using a CA can be particularly advantageous to the auctioneer because it enables bidders to express their cost synergies in the bidding process.

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Type
Working Paper
Date
2011

Marketing Cubed: The New Marketing Revolution

Author
Sexton, Don and Shailendra Ghorpadeh
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Type
Working Paper
Date
2011

Mind-reading in strategic interaction: The impact of perceived similarity on projection and stereotyping

Author
Ames, Daniel, Elke Weber, and Xi Zou

In social dilemmas, negotiations, and other forms of strategic interaction, mind-reading—intuiting another party’s goals 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). Study 1 extends prior work on perceptual dilemmas in arms races, examining Americans’ perceptions of Chinese attitudes toward military escalation.

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Type
Working Paper
Date
2011

Trade Liberalization When Institutions Misallocate Resources: Evidence from Chinese Textile Exporters

Author
Khandelwal, Amit, Peter Schott, and Shang-Jin Wei

When the removal of trade barriers coincides with the elimination of inefficient institutions created to manage them, the gains from trade increase. We investigate the change in productivity associated with the removal of quotas on Chinese textile and clothing exporters as well as the elimination of the export licensing regime which managed quota allocation. When quotas were removed in 2005, Chinese export value and quantity surged and export prices declined.

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Type
Case Study
Date
2011

Teaching Notes for adidas v. Payless case

Author
Pham, Michel Tuan
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Type
Working Paper
Date
2011

Facilitating Pareto-Optimal Coordination by Subsidies in Deterministic and Stochastic Payoff Settings

Author
Heal, Geoffrey, Min Gong, Howard Kunreuther, David Krantz, and Elke Weber

Can subsidies promote Pareto-optimum coordination? We found that partially subsidizing 2 out of 6 players in a laboratory coordination game usually produced better coordination and higher total payoffs both with deterministic and stochastic payoffs. After removing the subsidy, high coordination continued in most groups with stochastic payoffs, but declined for groups with deterministic ones. A post-game survey indicated that decision justifications differ between deterministic and stochastic payoff settings.

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Type
Case Study
Date
2011

What, when, how? A revenue mystery

Author
Harris, Trevor

The measurement and timing of reported revenue is critical to performance measurement and the development of accurate forecasting models. GM used incentives to get customers to buy its vehicles. This case asks students to consider how GM should report the sales so that the data is a valid indication of performance and can be used to accurately forecast future sales.

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Type
Working Paper
Date
2011

The Impact of New (Orphan) Drug Approvals on Premature Mortality from Rare Diseases in the U.S. and France, 1999–2007

Author
Lichtenberg, Frank

This paper investigates the impact of the introduction of new orphan drugs on premature mortality from rare diseases using longitudinal, disease-level data obtained from a number of major databases. The analysis is performed using data from two countries: the U.S. (during the period 1999-2006) and France (during the period 2000-2007).

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Type
Working Paper
Date
2011

What can a looking glass reflect? Trait observability predicts what feedback is incorporated into self-knowledge

Author
Suppes, Alexandra and Sheena Iyengar

In this work we suggest that trait observability is an important predictor of what kind of feedback will be incorporated into self-knowledge. In two studies we find evidence that feedback about ones own observable traits, referencing social or physical characteristics, becomes incorporated into self-knowledge.  In our work, feedback on less observable traits, referencing internal states or competency, was not incorporated into self-knowledge.  This pattern holds for both positive and negative feedback, regardless of whether the feedback is explicitly or implicitly provided.

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Type
Working Paper
Date
2011

Coordinating Vertical Partnerships for Horizontally Differentiated Products

Author
van Ryzin, Garrett and Wei Ke

We develop a theoretical model to investigate the incentives for coordinating the positioning and pricing of horizontally differentiated products in the context of a vertical trading relationship between a retailer and multiple suppliers. We also use the model to analyze various trading relationships, such as category management, and characterize the channel efficiency of each, leading to interesting insights about when such practices may be most effective.

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Type
Case Study
Date
2011

Relevant Costs for Making Production Decisions

Author
Rockoff, Jonah and Nachum Sicherman
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Type
Case Study
Date
2011

Relevant Costs for Making Production Decisions: Was General Motors Making the Correct Choice in Producing High Volumes of Autos?

Author
Harris, Trevor, Jonah Rockoff, Nachum Sicherman, and Catherine Harris
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Type
Working Paper
Date
2011

"Nursevendor problem": Personnel staffing in the presence of endogenous absenteeism

Author
Green, Linda, Sergei Savin, and Nicos Savva

The problem of determining nurse staffing levels in a hospital environment is a complex task due to variable patient census levels and uncertain service capacity caused by nurse absenteeism. In this paper, we combine an empirical investigation of the factors affecting nurse absenteeism rates with an analytical treatment of nurse staffing decisions using a novel variant of the newsvendor model. Using data from the emergency department of a large urban hospital, we find that absenteeism rates are correlated with anticipated future nurse workload levels.

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Type
Newspaper/Magazine Article
Date
2011
Publication
Foreign Policy

The Euro Is Dead

Author
Calomiris, Charles
<p>Europe is living in denial. Even after the economic crisis exposed the eurozone's troubled future, its leaders are struggling to sustain the status quo. At this point, several European countries will likely be forced to abandon the euro within the next year or two.</p> <p>European leaders tell us that this is impossible. There is no legal mechanism, they say, for exiting the euro.
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Type
Journal Article
Date
2011
Journal
Marketing Science

&#34;Bricks & Clicks&#34;: The Impact of Product Returns on the Strategies of Multi-Channel Retailers

Author
Ofek, Elie, Zsolt Katona, and Miklos Sarvary

The Internet has increased the flexibility of retailers, allowing them to operate an online arm in addition to their physical stores. The online channel offers potential benefits in selling to customer segments that value the convenience of online shopping, but it also raises new challenges. These include the higher likelihood of costly product returns when customers' ability to "touch and feel" products is important in determining fit.

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Type
Journal Article
Date
2011

60 Years in the Making: A Look at the Evolution of Research on New Products, Innovation, and Growth

Author
Lehmann, Donald
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Type
Journal Article
Date
2011
Journal
Marketing Science

A "Position Paradox" in Sponsored Search Auctions

Author
Jerath, Kinshuk, Liye Ma, Young-Hoon Park, and Kannan Srinivasan

We study the bidding strategies of vertically differentiated firms that bid for sponsored search advertisement positions for a keyword at a search engine. We explicitly model how consumers navigate and click on sponsored links based on their knowledge and beliefs about firm qualities. Our model yields several interesting insights; a main counterintuitive result we focus on is the "position paradox." The paradox is that a superior firm may bid lower than an inferior firm and obtain a position below it, yet it still obtains more clicks than the inferior firm.

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Type
Chapter
Date
2011

A Different View on Pricing

Author
Morwitz, Vicki and Eesha Sharma
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Type
Journal Article
Date
2011
Journal
Organizational Psychology Review

A Functional Model of Hierarchy: Why, How, and When Vertical Differentiation Enhances Group Performance

Author
Halevy, N., E. Chou, and Adam Galinsky

We propose that hierarchy is such a prevalent form of social organization because it is functionally adaptive and enhances a group's chances of survival and success. We identify five ways in which hierarchy facilitates organizational success. Hierarchy (a) creates a psychologically rewarding environment; (b) motivates performance through hierarchy-related incentives; (c) capitalizes on the complementary psychological effects of having versus lacking power; (d) supports division of labor, and, as a result, coordination; and (e) reduces conflict and enhances voluntary cooperation.

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Type
Working Paper
Date
2011

A Lay Theory of Homophily: Relational Information in First Impressions

Author
Zou, Xi and Malia Mason

A long history of social science research has established the homophily principle — contact between similar people occurs at a higher rate than between dissimilar people — yet the extent to which people draw on this principle when forming first impressions remains unclear. We argue and present evidence that people have a lay theory of homophily that they invoke when forming impressions of others. Perceivers anchor the impressions they form of a target on their knowledge of the people with whom the target associates.

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Type
Journal Article
Date
2011
Journal
Production and Operations Management

A Note on the Relationship Among Capacity, Pricing, and Inventory in a Make-to-Stock System

Author
Allon, Gad and Assaf Zeevi

We address the simultaneous determination of pricing, production, and capacity investment decisions by a monopolistic firm in a multi-period setting under demand uncertainty. We analyze the optimal decision with particular emphasis on the relationship between price and capacity. We consider models that allow for either bi-directional price changes or models with markdowns only, and in the latter case we prove that capacity and price are strategic substitutes.

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Type
Working Paper
Date
2011

A Probabilistic Lexicographic Model of Choice

Author
Kohli, Rajeev and Ricardo Montoya
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Type
Case Study
Date
2011

A Turnaround Strategy Framework

Author
Harrigan, Kathryn
Most firms fail because they are mismanaged. In a distressed firm, managerial errors are compounded by failing to take corrective actions fast enough. New leadership is usually required, since the managers who dug the hole are rarely suitable for leading the way out. When faced with a distressed company, the turnaround team must decide whether the firm shows enough potential to justify the effort of restructuring.
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Type
Working Paper
Date
2011

Accounting for Marketing Activities: Implications for Marketing Research and Practice

Author
Mizik, Natalie and Doron Nissim

We review accounting principles related to the reporting of marketing activities and evaluate their implications for marketing research and practice. Based on our review, we argue that current accounting practices contribute significantly to the declining influence of marketing within organizations and the rise of myopic management. Financial reports misrepresent marketing contribution and impede its fair assessment. Changes to current marketing accounting practices are needed. Balance sheet recognition of all marketing-related intangibles emerged as the prevailing proposed solution.

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Type
Journal Article
Date
2011
Journal
Accounting Horizons

Accounting for Revenues: A Framework for Standard Setting

Author
Ohlson, James and Stephen Penman

This paper proposes an accounting for revenues as an alternative to the proposals currently begin aired by the FASB and IASB. Existing revenue recognition rules are vague, resulting in messy application, so the Boards are seeking a remedy. However, their proposals replace the traditional criteria — revenue is recognized when it is both "realized or realizable" and "earned" — with similarly vague notions that require both the identification of a "performance obligation" and the "satisfaction" of a performance obligation.

Read More
Type
Journal Article
Date
2011
Journal
Journal of Applied Corporate Finance

Accounting for Risk and Return in Equity Valuation

Author
Penman, Stephen

Standard valuation models forecast cash flows or earnings, add a growth rate, and discount the cash flows to their present value with a discount rate that typically reflects the cost of capital. But as the author argues, projecting the long-term growth rate is essentially speculative; and along with uncertainty about the growth rate, analysts generally do not have a good grasp of the discount rate either.

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Type
Journal Article
Date
2011
Journal
The European Financial Review

Accounting for Value

Author
Penman, Stephen

Accounting and valuation are so intertwined that valuation is really a matter of accounting; valuation involves accounting for value. Accordingly, a valuation is only as good as the accounting underlying it. How can one ask the question of what the price-earnings should be if the earnings are fuzzy? What is the meaning of price-to-book if book values are suspect? There is a question for both the investor and the accountant to answer: What is good accounting for valuation? Do International Financial Reporting Standards (IFRS) or U.S.

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Type
Case Study
Date
2011

Acid Tests of Corporate Advantage

Author
Harrigan, Kathryn
This case presents a way to test the efficacy of a firm's corporate diversification strategy or its corporate advantage. In this context, the performance of several lines of business is considered simultaneously within a corporate family; comparisons are made with other diversified firms that compete with the firm for capital.
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Type
Journal Article
Date
2011
Journal
Quantitative Marketing and Economics

Advertising to a Social Network

Author
Zubcsek, Peter and Miklos Sarvary

Direct advertising—sending promotional messages to individual customers—is increasingly used by marketers as a result of the recent improvements in consumer reachability. Most current methods to calculate optimal budgets for such advertising campaigns consider customers in isolation and ignore word-of-mouth communication (WOM). When the customer base forms a network (as is the case in telecom or social network databases) ignoring WOM clearly leads to suboptimal advertising budgets. This paper develops a model to help address this challenge.

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Type
Chapter
Date
2011
Book
Monetary and Banking History: Essays in Honour of Forrest Capie

Banking Crises and the Rules of the Game

Author
Calomiris, Charles

In the wake of the crisis of 2008 and onwards, it has become fashionable to return to the work of Hyman Minsky and Charles Kindleberger, and cite them as showing the ubiquity of crises, how they are an inevitable result of human nature, and how they have therefore to be carefully and thoroughly regulated against. Charles Calomiris considers this view, first clearly distinguishing between financial crises and banking crises.

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