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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
2020

The Color of Money: Federal vs. Industry Funding of University Research

Author
Babina, Tania, Alex Xi He, Sabrina Howell, Elisabeth Perlman, and Joseph Staudt

U.S. universities have experienced a shift in research funding away from federal and towards private industry sources. This paper evaluates whether the source of funding -- federal or private industry -- is relevant for commercialization of research outputs. We link person-level grant data from 22 universities to patent and career outcomes (including IRS W-2 records). To identify a causal effect, we exploit individual-level variation in exposure to narrow federal R&D programs stemming from pre-existing field specialization.

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Type
Journal Article
Date
2020

The Influence of Pensions on Labor Supply

Author
Johnston, Andrew C. and Jonah Rockoff

We cast new light on the influence of pensions on labor supply. To do so, we compare the retention patterns of pension-eligible workers to those of pension-ineligible ones, allowing us to non-parametrically identify the counterfactual in large, administrative data. Pensions exert a retentive force as workers approach the eligibility threshold and apply strong expulsive pressure thereafter (since employees lose pension wealth by remaining employed once eligible).

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Type
Journal Article
Date
2020
Journal
Games and Economic Behavior

Does Poverty Negate the Impact of Social Norms on Cheating?

Author
Boonmanunt, Suparee, Agne Kajackaite, and Stephan Meier
Cheating such as corruption and tax evasion is prevalent in the developing world; therefore, many interventions have been undertaken to reduce cheating in developing countries. Although some field evidence shows that poverty is correlated with cheating, the causal effect of poverty on cheating in the field and the effectiveness of interventions for financially constrained people remain an open question.
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Type
Journal Article
Date
2020
Journal
Journal of Political Economy

Firm Volatility in Granular Networks

Author
Herskovic, Bernard, Bryan Kelly, Hanno Lustig, and Stijn Van Nieuwerburgh
Firm volatilities comove strongly over time, and their common factor is the dispersion of the economy-wide firm size distribution. In the cross-section, smaller firms and firms with a more concentrated customer base display higher volatility. Network effects are essential to explaining the joint evolution of the empirical firm size and firm volatility distributions. We propose and estimate a simple network model of firm volatility in which shocks to customers influence their suppliers. Larger suppliers have more customers, and customer-supplier links depend on customers' size.
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Type
Journal Article
Date
2020
Journal
Econometrica

Sequential Information Design

Author
Doval, Laura and Jeffrey Ely

We study games of incomplete information as both the information structure and the extensive-form vary. An analyst may know the payoff-relevant data but not the players' private information, nor the extenstive-form that governs their play. Alternatively, a designer may be able to build a mechanism from these ingredients. We characterize all outcomes that can arise in an equilibrium of some extensive-form with some information structure.

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Type
Working Paper
Date
2020

Skilled Scalable Services: The New Urban Bias in Economic Growth

Author
Eckert, Fabian, Sharat Ganapati, and Conor Walsh

Since 1980, economic growth in the U.S. has been fastest in its largest cities. We show that a group of skill- and information-intensive service industries are responsible for all of this new urban bias in recent growth. We then propose a simple explanation centered around the interaction of three factors: the disproportionate reliance of these services on information and communication technology (ICT), the precipitous price decline for ICT capital since 1980, and the preexisting comparative advantage of cities in skilled services.

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Type
Working Paper
Date
2020

Crowding Out Bank Loans: Liquidity-Driven Bond Issuance

Author
Darmouni, Olivier and Kerry Siani

According to conventional wisdom, banks play a special role in providing liquidity in bad times, while capital markets are used to fund investment in good times. Using microdata on corporate balance sheets following the COVID-19 shock, we provide evidence that instead, the corporate bond market is central to firms' access to liquidity, crowding out bank loans even when the crisis did not originate in the banking sector. We first show that, contrary to good times, bond issuance is used to increase holdings of liquid assets rather than for real investment.

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Type
Journal Article
Date
2020

The Impact of High-Flow Nasal Cannula Use on Patient Mortality and the Availability of Mechanical Ventilators in COVID-19

Author
Gershengorn, Hayley B., Yue Hu, Jen-Ting Chen, S. Jean Hsieh, Jing Dong, Michelle Ng Gong, and Carri Chan
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Type
Working Paper
Date
2020

Bank Liquidity Provision Across the Firm Size Distribution

Author
Chodorow-Reich, Gabriel, Olivier Darmouni, Stephan Luck, and Matthew Plosser

Using loan-level data covering two-thirds of all corporate loans from U.S. banks, we document that SMEs (i) obtain much shorter maturity credit lines than large firms; (ii) have less active maturity management and therefore frequently have expiring credit; (iii) post more collateral on both credit lines and term loans; (iv) have higher utilization rates in normal times; and (v) pay higher spreads, even conditional on other firm characteristics. We present a theory of loan terms that rationalizes these facts as the equilibrium outcome of a trade-off between commitment and discretion.

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Type
Journal Article
Date
2020
Journal
Proceedings of the ACM International Conference on AI in Finance (ICAIF-2020)

Choosing News Topics to Explain Stock Market Returns

Author
Glasserman, Paul, Kriste Krstovski, Harry Mamaysky, and Paul Laliberte

We analyze methods for selecting topics in news articles to explain stock returns. We find, through empirical and theoretical results, that supervised Latent Dirichlet Allocation (sLDA) implemented through Gibbs sampling in a stochastic EM algorithm will often overfit returns to the detriment of the topic model. We obtain better out-of-sample performance through a random search of plain LDA models. A branching procedure that reinforces effective topic assignments often performs best. We test these methods on an archive of over 90,000 news articles about S&P 500 firms.

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Type
Journal Article
Date
2020
Journal
Journal of Political Economy

Commitment vs. Flexibility with Costly Verification

Author
Halac, Marina and Pierre Yared

A principal faces an agent who is better informed but biased toward higher actions. She can verify the agent's information and specify his permissible actions. We show that if the verification cost is small enough, a threshold with an escape clause (TEC) is optimal: the agent either chooses an action below a threshold or requests verification and the efficient action above the threshold. For higher costs, however, the principal may require verification only for intermediate actions, dividing the delegation set.

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Type
Newspaper/Magazine Article
Date
2020
Publication
Review of Economic Studies

Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinance Program

Author
Agarwal, Sumit, Gene Amromin, Souphala Chomsisengphet, Tim Landvoigt, Tomasz Piskorski, Amit Seru, and Vincent Yao
Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP). The policy relaxed housing equity constraints by extending government credit guarantee on insufficiently collateralized mortgages refinanced by intermediaries. Difference-in-difference tests based on program eligibility criteria reveal a significant increase in refinancing activity by HARP.
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Type
Journal Article
Date
2020
Journal
Management Science

Prior-Independent Optimal Auctions

Author
Allouah, Amine and Omar Besbes

Auctions are widely used in practice. While also extensively studied in the literature, most of the developments rely on the significant common prior assumption. We study the design of optimal prior-independent selling mechanisms: buyers do not have any information about their competitors and the seller does not know the distribution of values, but only a general class it belongs to.

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Type
Newspaper/Magazine Article
Date
2020
Publication
Financial Times

Retail investors are being squeezed out of the high-yield bond market

Author
Carr, Ellen

The SEC should reform 144A regulation to prevent Wall Street streaking further ahead.

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Type
Journal Article
Date
2020
Journal
Perspectives on Psychological Science

The future of women in psychological science

Author
Gruber, June, Jane Mendle, Kristin Lindquist, Toni Schmader, Lee Clark, Eliza Bliss-Moreau, and Modupe Akinola

There has been extensive discussion about gender gaps in representation and career advancement in the sciences. However, psychological science itself has yet to be the focus of discussion or systematic review, despite our field’s investment in questions of equity, status, well-being, gender bias, and gender disparities. In the present article, we consider 10 topics relevant for women’s career advancement in psychological science.

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Type
Journal Article
Date
2020

Accounting for Intangible Assets: Suggested Solutions

Author
Barker, Richard, Andrew Lennard, Stephen Penman, and Alan Teixeira

Current accounting practice expenses many investments in intangible assets to the income statement, confusing earnings from current revenues with investments to gain future revenues. This has led to increasing calls to book those investments to the balance sheet. Drawing on the relevant research, this paper proposes solutions for the accounting for intangible assets that contrast with balance sheet recognition, and compares them to current practice and the IFRS standards that dictate practice.

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Type
Journal Article
Date
2020
Journal
The Review of Financial Studies

Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship

Author
Babina, Tania

Using US Census employer-employee matched data, I show that employer financial distress accelerates the exit of employees to found start-ups. This effect is particularly evident when distressed firms are less able to enforce contracts restricting employee mobility into competing firms. Entrepreneurs exiting financially distressed employers earn higher wages prior to the exit and after founding start-ups, compared to entrepreneurs exiting non-distressed firms. Consistent with distressed firms losing higher-quality workers, their start-ups have higher average employment and payroll growth.

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Type
Journal Article
Date
2020

Macro Marketing comes of Age

Author
Lehmann, Donald
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Type
Case Study
Date
2020

Myanmar in 2020: Mobile Telecommunication and Mobile Financial Services

Author
Johar, Gita and Oded Netzer

Licensed foreign telecom operators in Myanmar were required to also provide mobile financial services (MFS). Due to a lack of trust in the banking sector, the government believed the adoption of MFS would boost financial inclusion in the country by enabling seamless money transfers, bill payments, and more. As they entered the MFS market, foreign telecom operators Ooredoo and Telenor grappled with fundamental questions that would determine their launch and customer acquisition strategies.

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Type
Chapter
Date
2020

Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19

Author
Kozlowski, Julian, Laura Veldkamp, and Venky Venkateswaran

The largest economic cost of the COVID-19 pandemic could arise from changes in behavior long after the immediate health crisis is resolved. A potential source of such a long-lived change is scarring of beliefs, a persistent change in the perceived probability of an extreme, negative shock in the future. We show how to quantify the extent of such belief changes and determine their impact on future economic outcomes. We nd that the long-run costs for the U.S. economy from this channel is many times higher than the estimates of the short-run losses in output.

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Type
Working Paper
Date
2020

Firm Pay Dynamics

Author
Engbom, Niklas and Christian Moser

We study the nature of firm pay dynamics using matched employer-employee and firm financials data from Sweden. To this end, we propose and estimate a statistical model that extends the seminal framework by Abowd, Kramarz, and Margolis (1999b) to account for idiosyncratically time-varying firm pay policies. We validate the model by showing that firm-year pay estimates are systematically related to measures of firm performance.

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Type
Working Paper
Date
2020

A Structural Model of Bank Balance Sheet Synergies and the Transmission of Central Bank Policies

Author
Diamond, William, Zhengyang Jiang, and Yiming Ma

This paper estimates a structural model of unconventional monetary policy transmission through bank balance sheets using cross-sectional instruments for loan and deposit demand. We estimate the demand for banking at a branch-specific level from the response of a bank's quantities at one branch to interest rate changes caused by demand shocks at other branches. Depositors are considerably less sensitive to interest rates than corporate or mortgage borrowers.

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Type
Working Paper
Date
2020

Diversity by Design: The Role of Contact and Homophily in Determining Persistent Friendships

Author
Bergemann, Patrick, Zachary Heinemann, Modupe Akinola, Sheena Iyengar, and Adam Galinsky

Organizations regularly divide members in ways that maximize diversity, yet it is unclear whether efforts to induce diversity are effective in producing lasting ties. In this paper, we explore the extent to which an organization can induce diverse networks in small groups versus large groups, and in the short term (while induced contact persists) and in the long term (after induced contact ends). We evaluate this in an incoming MBA cohort as they are assigned to 70-person sections and five-person learning teams, both intended to maximize diversity and facilitate diverse ties.

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Type
Working Paper
Date
2020

The Value of Time: Evidence from Auctioned Cab Rides

Author
Buchholz, Nicholas, Laura Doval, Jakub Kastl, Filip Matejka, and Tobias Salz

We recover valuations of time using detailed data from a large ride-hail platform, where drivers bid on trips and consumers choose between a set of rides with different prices and waiting times. We estimate demand as a function of prices and waiting times and find that price elasticities are substantially higher than waiting-time elasticities. We show how these estimates can be mapped into values of time that vary by place, person, and time of day. We find that the value of time during non-work hours is 16% lower than during work hours.

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Type
Working Paper
Date
2020

Friends during Hard Times: Evidence from the Great Depression

Author
Babina, Tania, Diego Garcia, and Geoff Tate

Using a novel dataset of over 3,500 public and private firms, we construct the network of firm connections through executives and directors on the eve of the 1929 financial market crash. We find that more connected firms have 17% higher 10-year survival rates on average. Consistent with a role in facilitating access to working capital, the results are particularly strong for small firms, private firms, cash-poor firms, and firms located in counties with high bank suspension rates during the crisis.

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Type
Journal Article
Date
2020
Journal
Journal of Public Economics

Cost Saving and the Freezing of Corporate Pension Plans

Author
Zeldes, Stephen, Joshua Rauh, and Irina Stefanescu

Companies that freeze defined benefit pension plans save the equivalent of 13.5% of the long-horizon payroll of current employees. Furthermore, firms with higher prospective accruals are more likely to freeze their plans. Cost savings would not be possible in a benchmark model in which i) all workers receive compensation equal to their marginal product and ii) workers value equally all identical-cost forms of pension benefits.

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Type
Journal Article
Date
2020
Journal
American Economic Review

Long Run Growth of Financial Data Technology

Author
Farboodi, Maryam and Laura Veldkamp

"Big data" financial technology raises concerns about market inefficiency. A common concern is that the technology might induce traders to extract others' information, rather than to produce information themselves. We allow agents to choose how much they learn about future asset values or about others' demands, and we explore how improvements in data processing shape these information choices, trading strategies and market outcomes. Our main insight is that unbiased technological change can explain a market-wide shift in data collection and trading strategies.

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Type
Working Paper
Date
2020

Manufacturing Risk-free Government Debt

Author
Jiang, Zhengyang, Hanno Lustig, Stijn Van Nieuwerburgh, and Mindy Xiaolan
When debt is priced fairly, governments face a trade-off between insuring bondholders and taxpayers. If the government decides to fully insure bondholders by manufacturing risk-free debt, then it cannot insure taxpayers against permanent macro-economic shocks over long horizons. Instead, taxpayers will pay more in taxes in bad times. Conversely, if the government insures taxpayers against adverse macro shocks, then the debt becomes at least as risky as un-levered equity.
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Type
Newspaper/Magazine Article
Date
2020
Publication
Stanford Social Innovation Review

Scaling Big in India: Leveraging Behavioral Science to Help Feed Millions

Author
Johar, Gita and K. Ganesh
A look at how a community kitchen initiative in India used insights from behavioral science to rapidly scale its services, delivering 4.5 million meals to homeless migrant workers even as the country instituted the world's largest lockdown to combat COVID-19.
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Type
Journal Article
Date
2020
Journal
Journal of Political Economy

The Tail That Wags the Economy: Beliefs and Persistent Stagnation

Author
Kozlowski, Julian, Laura Veldkamp, and Venky Venkateswaran

The Great Recession was a deep downturn with long-lasting effects on credit, employment and output. While narratives about its causes abound, the persistence of GDP below pre-crisis trends remains puzzling. We propose a simple persistence mechanism that can be quantified and combined with existing models. Our key premise is that agents don't know the true distribution of shocks, but use data to estimate it non-parametrically. Then, transitory events, especially extreme ones, generate persistent changes in beliefs and macro outcomes.

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Type
Working Paper
Date
2020

Achieving Scale Collectively

Author
Bassi, Vittorio, Raffaela Muoio, Tommaso Porzio, Ritwika Sen, and Esau Tugume

Technology is often embodied in expensive and indivisible capital goods. As a result, the small scale of firms in developing countries could hinder investment and productivity. This paper argues that market interactions between small firms can alleviate this concern. We design and implement a survey of manufacturing firms in Uganda, which uncovers an active rental market for large machines among small firms. We then build an equilibrium model of firm behavior and estimate it with our data.

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Type
Working Paper
Date
2020

The Gender Pay Gap: Micro Sources and Macro Consequences

Author
Morchio, Iacopo and Christian Moser

We document that a large share of the gender pay gap in Brazil is due to women working at lower-paying employers. At the same time, women's revealed-preference ranking of employers is less increasing in pay compared to that of men. To interpret these facts, we develop an empirical equilibrium search model with endogenous gender differences in pay, amenities, and recruiting intensities across employers.

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Type
Working Paper
Date
2020

The Human Side of Structural Transformation

Author
Porzio, Tommaso, Federico Rossi, and Gabriella Santangelo

We show that the global human capital increase during the 20th century contributed to structural transformation. We document that almost half of the decline in aggregate agricultural employment was driven by new birth cohorts entering the labor market. We use data on educational attainment and compile a comprehensive list of policy reforms to interpret the differences in agricultural employment across cohorts. We find that the increase in schooling led to a sharp reduction in the agricultural labor supply by equipping younger cohorts with skills more valued out of agriculture.

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Type
Working Paper
Date
2020

Horizon Effects and Adverse Selection in Health Insurance Markets

Author
Darmouni, Olivier and Dan Zeltzer

We study how increasing contract length affects adverse selection in health insurance markets. Although health risks are persistent, private health insurance contracts in the United States have short, one-year terms. Short-term, community-rated contracts allow patients to increase their coverage only after risks materialize, which leads to market unraveling. Longer contracts ameliorate adverse selection because both demand and supply exhibit horizon effects. Intuitively, longer horizon risk is less predictable, thus elevating demand for coverage and lowering equilibrium premiums.

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Type
Journal Article
Date
2020

Carbon Footprinting and Pricing Under Climate Concerns

Author
Bertini, Marco, Stefan Buehler, Daniel Halbheer, and Donald Lehmann
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Type
Journal Article
Date
2020

The Past, Present, and Future of Marketing Strategy

Author
Sozuer, S., G.S. Carpenter, P.K. Kopalle, L.M. McAlister, and Donald Lehmann
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Type
Journal Article
Date
2020
Journal
Proceedings of the 58th Annual Meeting of the Association for Computational Linguistics

DeSePtion: Dual Sequence Prediction and Adversarial Examples for Improved Fact-Checking

Author
Hidey, Christopher, Tuhin Chakrabarty, Tariq Alhindi, Siddharth Varia, Kriste Krstovski, Mona Diab, and Smaranda Muresan

The increased focus on misinformation has spurred development of data and systems for detecting the veracity of a claim as well as retrieving authoritative evidence. The Fact Extraction and VERification (FEVER) dataset provides such a resource for evaluating end-to-end fact-checking, requiring retrieval of evidence from Wikipedia to validate a veracity prediction.

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Type
Working Paper
Date
2020

License to Fire? Unemployment Insurance and Moral Cost of Layoffs

Author
Meier, Stephan and Daniel Keum
Expanding unemployment insurance (UI) not only reduces the burden for the unemployed but also the moral cost of layoffs to firms and their managers. Using staggered expansions of UI across US states, we show that expanding UI leads to larger layoffs in firms experiencing negative economic shocks. The effects are stronger in weakly governed and financially unconstrained firms, where managers have greater discretion to avoid moral cost.
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Type
Journal Article
Date
2020
Journal
Hormones & Behavior

Testosterone reactivity to competition and competitive endurance in men and women

Author
Castro, K.V., D.A. Edwards, Modupe Akinola, and Pranjal Mehta
Transient shifts in testosterone occur during competition and are thought to positively influence dominance behavior aimed at enhancing social status. However, individual differences in testosterone reactivity to status contests have not been well-studied in relation to real-time expressions of competitive behavior among men and women. This research tests the association between changes in endogenous testosterone levels during competition and performance in terms of competitive endurance. Participant sex, social presence, and relative status outcomes (e.g., winning vs.
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Type
Journal Article
Date
2020

Uncertainties in Climate and Weather Extremes Increase the Cost of Carbon

Author
Proistosescu, Cristian and Gernot Wagner

Climate change has myriad physical and economic impacts. Even those that can be easily quantified indicate the need for ambitious climate action. Other climate impacts have yet to be quantified. We argue here that uncertainties in climate and weather extremes only further increase the social cost of carbon emissions.

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Type
Journal Article
Date
2020

The Past, Present, and Future of Consumer Research

Author
Malter, M.S., M.B. Holbrook, E.B. Kahn, J.R. Parker, and Donald Lehmann
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Type
Journal Article
Date
2020

The Past, Present, and Future of Customer Management

Author
Oblander, E.S., S. Gupta, C.F. Mela, R.S. Winer, and Donald Lehmann
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Type
Journal Article
Date
2020

Autonomy in Consumer Choice

Author
Wertenbrock, Klaus, Rom Y. Schrift, Joseph W. Alba, Alexandra Barasch Barasch, Amit Bhattacharjee, Markus Geisler, Joshua Knabe, Donald Lehmann, Gideon Nave, Jeffrey R. Parker, Stefano Puntoni, Yanmi Zheng, and Yonat Zvebner
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Type
Journal Article
Date
2020

The Past, Present, and Future of Measurements and Methods in Marketing Analysis

Author
Ding, Y., W.S. DeSarbo, D.M. Hanssens, K. Jedid, J.G. Lynch, Jr., and Donald Lehmann
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Type
Journal Article
Date
2020

The Past, Present, and Future of Innovation Research

Author
Lee, B.C, C. Moorman, C.P. Moreau, A.T. Stephen, and Donald Lehmann
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Type
Journal Article
Date
2020

The Past, Present, and Future of Brand Research

Author
Oh, T.T, K.L. Keller, S.A. Neslin, D.J. Reibstein, and Donald Lehmann
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Type
Journal Article
Date
2020
Journal
Covid Economics

Aggregate Demand and Aggregate Supply Effects of Covid-19: A Real-time Analysis

Author
Bekaert, Geert, Eric Engstrom, and Andrey Ermolov

We extract aggregate demand and supply shocks for the US economy from real-time survey data on inflation and real GDP growth using a novel identification scheme. Our approach exploits non-Gaussian features of macroeconomic forecast revisions and imposes minimal theoretical assumptions. After verifying that our results for US post-war business cycle fluctuations are largely in line with the prevailing consensus, we proceed to study output and price fluctuations during COVID-19. We attribute two thirds of the decline in 2020:Q1 GDP to a negative shock to aggregate demand.

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Type
Journal Article
Date
2020
Journal
Proceedings of the 21st ACM Conference on Economics and Computation

Biased Programmers? Or Biased Data? A Field Experiment in Operationalizing AI Ethics

Author
Cowgill, Bo, Fabrizio Dell'Acqua, Samuel Deng, Daniel Hsu, Nakul Verma, and Augustin Chaintreau
Why does "algorithmic bias" occur? The two most frequently cited reasons are "biased programmers" and "biased training data." We quantify the effects of these using a field experiment on a diverse group of AI practitioners. In our experiment, machine learning programmers are asked to predict math literacy scores for a representative sample of OECD residents. One group is given perfectly representative training data, and the other is given a "dataset of convenience" -- a biased training sample containing who confirm to common expectations about who is good at math.
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Type
Journal Article
Date
2020
Journal
Journal of Financial and Quantitative Analysis

Good Carry, Bad Carry

Author
Bekaert, Geert and George Panayotov

We distinguish between "good" and "bad" carry trades constructed from G-10 currencies. The good trades exhibit higher Sharpe ratios and sometimes positive return skewness, in contrast to the bad trades that have both substantially lower Sharpe ratios and highly negative return skewness. Surprisingly, good trades do not involve the most typical carry currencies like the Australian dollar and Japanese yen.

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Type
Working Paper
Date
2020

IPOs, Human Capital, and Labor Reallocation

Author
Babina, Tania, Paige Ouimet, and Rebecca Zarutskie

How does access to public equity markets affect real outcomes? We examine the human capital of IPO-filing firms and how going public affects their labor force. While IPO-filing ?rms have high average wages and limited industrial diversification, a successful IPO increases departures of high-wage employees to startups and triggers industrial diversification through employment growth in non-core industries. Surprisingly, IPOs do not significantly affect earnings growth of pre-IPO workers. Instead, post-IPO hires receive larger earnings increases upon joining.

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