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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

Covid Incidence Rates in Targeted Zipcodes of NYC

Author
Federgruen, Awi
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Type
Journal Article
Date
2020
Journal
Journal of Marketing

Creating Boundary-Breaking Marketing-Relevant Consumer Research

Author
MacInnis, Deborah, Vicki Morwitz, Simona Botti, Donna Hoffman, Robert Kozinets, Donald Lehmann, John Lynch, and Connie Pechmann

Consumer research often fails to have broad impact on members of our own discipline, on adjacent disciplines studying related phenomena, and on relevant stakeholders who stand to benefit from the knowledge created by our rigorous research. We propose that impact is limited because consumer researchers have adhered to a set of implicit boundaries or defaults regarding what we study, why we study it, and how we do so. We identify these boundaries and describe how they can be challenged.

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Type
Working Paper
Date
2020

Foundations and Trends in Machine Learning, A Tutorial on Thompson Sampling

Author
Russo, Daniel, Benjamin Van Roy, Abbas Kazerouni, Ian Osband, and Zheng Wen

The multi-armed bandit problem has been the subject of decades of intense study in statistics, operations research, electrical engineering, computer science, and economics. A “one-armed bandit” is a somewhat antiquated term for a slot machine, which tends to “rob” players of their money. The colorful name for our problem comes from a motivating story in which a gambler enters a casino and sits down at a slot machine with multiple levers, or arms, that can be pulled. When pulled, an arm produces a random payout drawn independently of the past.

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Type
Journal Article
Date
2020
Journal
Journal of Economic Theory

Incomplete Market Demand Tests for Kreps-Porteus-Selden Preferences

Author
Kubler, Felix, Larry Selden, and Xiao Wei

What does utility maximization subject to a budget constraint imply for intertemporal choice under uncertainty? Assuming consumers face a two period consumption-portfolio problem where asset markets are incomplete, we address this question following both the standard local infinitesimal and finite data approaches. To focus on the separate roles of time and risk preferences, individuals maximize KPS (Kreps-Porteus-Selden) preferences. The consumption-portfolio problem is decomposed into a one period portfolio problem and a two period certainty consumption-saving problem.

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Type
Chapter
Date
2020
Book
Independence, Credibility, and Communication of Central Banking

Inflation Targeting under Political Pressure

Author
Halac, Marina and Pierre Yared
This paper studies optimal monetary policy when the central bank lacks commitment to policies and is subject to privately observed, time-varying political pressure. We characterize the monetary rule that maximizes social welfare subject to the central bank's self-enforcement and private information constraints. Inflation responds to political shocks over time, with extreme shocks potentially triggering a temporary transition from a hawkish low-inflation regime to a dovish high-inflation regime.
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Type
Journal Article
Date
2020
Journal
Journal of Business Anthropology

Inspiring Brand Positionings with Mixed Qualitative Methods: A Case of Pet Food

Author
Morais, Robert

Qualitative research is often used by marketers to develop new brand positionings. This case illustrates how two sequentially applied qualitative approaches were used to generate positionings for a pet food brand. The methods included psychologically oriented focus groups and anthropologically informed ethnographies. When implemented independently by a single market research company, the two approaches inspired highly distinctive brand positionings.

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Type
Newspaper/Magazine Article
Date
2020
Publication
Behavioural Public Policy

Making medications stick: Improving medication adherence by highlighting the personal health costs of non-compliance

Author
Jachimowicz, J.M., J.G. Gladstone, D. Berry, C.L. Kirkdale, T. Thornley, and Adam Galinsky

Poor compliance of prescription medication is an ongoing public health crisis. Nearly half of patients do not take their medication as prescribed, harming their own health while also increasing public health care costs. Despite these detrimental consequences, prior research has struggled to establish cost-effective and scalable interventions to improve adherence rates.

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Type
Journal Article
Date
2020
Journal
Journal of Marketing Research

Modeling Dynamic Heterogeneity Using Gaussian Processes

Author
Dew, Ryan, Yang Li, and Asim Ansari

Marketing research relies on individual-level estimates to understand the rich heterogeneity of consumers, firms, and products. While much of the literature focuses on capturing static cross-sectional heterogeneity, little research has been done on modeling dynamic heterogeneity, or the heterogeneous evolution of individual-level model parameters. In this work, the authors propose a novel framework for capturing the dynamics of heterogeneity, using individual-level, latent, Bayesian nonparametric Gaussian processes.

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Type
Journal Article
Date
2020
Journal
Contemporary Accounting Research

Moving the Conceptual Framework Forward: Accounting for Uncertainty

Author
Barker, Richard and Stephen Penman

To meet the objectives of financial reporting in the IASB's Conceptual Framework, the "balance-sheet approach" embraced by the Framework is necessary but not sufficient. Critical, but largely overlooked, is the role of uncertainty, which we argue defines the role of accrual accounting as a distinctive source of information for investors when investment outcomes are uncertain. This role is in some sense paradoxical: on the one hand, uncertainty undermines both the balance sheet (because uncertain assets are unrecognized) and the income statement (because mismatching is unavoidable).

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Type
Journal Article
Date
2020
Journal
Journal of Marketing Research

Multiperiod Contracting and Salesperson Effort Profiles: The Optimality of "Hockey Stick," "Giving Up" and "Resting on Laurels"

Author
Jerath, Kinshuk and Fei Long

We study multi-period sales-force incentive contracting where salespeople can engage in effort gaming, a phenomenon that has extensive empirical support. Focusing on a repeated moral hazard scenario with two independent periods and a risk-neutral agent with limited liability, we conduct a theoretical investigation to understand which effort profiles the firm can expect under the optimal contract.

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Type
Newspaper/Magazine Article
Date
2020
Publication
Journal of Personality and Social Psychology

Open to offers, but resisting requests: How the framing of anchors affects motivation and negotiated outcomes

Author
Majer, J.M., R. Trotschel, Adam Galinsky, and D. Loschelder

Abundant research has established that first proposals can anchor negotiations and lead to a first-mover advantage. The current research developed and tested a motivated anchor adjustment hypothesis that integrates the literatures on framing and anchoring and highlights how anchoring in negotiations differs in significant ways from standard decision-making contexts.

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Type
Journal Article
Date
2020

Ordering sequential competitions to reduce order relevance: Soccer penalty shootouts

Author
Olivares, Marcelo, N. Rudi, and A. Shetty
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Type
Working Paper
Date
2020

Overconfidence, Information Diffusion, and Mispricing Persistence

Author
Daniel, Kent, Alexander Klos, and Simon Rottke

Short-sale constrained past-winners and losers both underperform strongly in the first year post-formation, earning market-adjusted returns of -13%, and -17%, respectively. However, constrained winners continue to underperform for the following four years, earning a cumulative market-adjusted return of -40% (t = -6.33), while past-losers earn 6% (t = 0.55). This persistence differential cannot be explained by existing models or by simple extensions of existing models.

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Type
Journal Article
Date
2020
Journal
Organization Science

Penalizing the Underdogs? Employment Protection and the Competitive Dynamics of Firm Innovation

Author
Keum, Daniel
This study examines how constraining a firm�s ability to adjust resources affects innovation. In response to losing competitiveness, laggard firms must release obsolete resources and increase experimentation with new resources. Limiting the pace and efficiency at which they can do so impedes their ability to innovate and challenge leaders. I explore these ideas empirically by exploiting the staggered adoption of employment protection laws by U.S.
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Type
Journal Article
Date
2020
Journal
The Ramanujan Journal

Properties of Reciprocity Formulas for the Rogers-Ramanujan Continued Fractions

Author
Kohli, Rajeev
Ramanujan recorded four reciprocity formulas for the Rogers-Ramanujan continued fractions. Two reciprocity formulas each are also associated with the Ramanujan-Gollnitz-Gordon continued fractions and a level-13 analog of the Rogers-Ramanujan continued fractions. We show that all eight reciprocity formulas are related to a pair of quadratic equations. The solution to the first equation generalizes the golden ratio and is used to set the value of a coefficient in the second equation; and the solution to the second equation gives a pair of values for a continued fraction.
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Type
Newspaper/Magazine Article
Date
2020
Publication
Medium

Rethinking Design Thinking

Author
Morais, Robert

This article starts with the premise that while Design Thinking has value, there are yawning gaps in the research components of the process. More disciplined research will enable design thinkers to create better, more human-centered designs.

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Type
Newspaper/Magazine Article
Date
2020
Publication
Strategic Management Review

Retrospective on Corporate Renewal

Author
Harrigan, Kathryn
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Type
Newspaper/Magazine Article
Date
2020
Publication
Strategic Management Review

Retrospective on Rumelt’s Contributions in "Diversification Strategy & Performance"

Author
Harrigan, Kathryn
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Type
Journal Article
Date
2020
Journal
Quantitative Marketing and Economics

Search Query Formation by Strategic Consumers

Author
Liu, Jia and Olivier Toubia

Submitting queries to search engines has become a major way for consumers to search for information and products. The massive amount of search query data available today has the potential to provide valuable information on consumer preferences. In order to unlock this potential, it is necessary to understand how consumers translate their preferences into search queries. Strategic consumers should attempt to maximize the information content of the search results, conditional on a set of beliefs on how the search engine operates.

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Type
Journal Article
Date
2020

Search Query Formation by Strategic Consumers

Author
Liu, Jia and Olivier Toubia

Submitting queries to search engines has become a major way for consumers to search for information and products. The massive amount of search query data available today has the potential to provide valuable information on consumer preferences. In order to unlock this potential, it is necessary to understand how consumers translate their preferences into search queries. Strategic consumers should attempt to maximize the information content of the search results, conditional on a set of beliefs on how the search engine operates.

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Type
Journal Article
Date
2020

Social Marginalization Motivates Indiscriminate Sharing of COVID-19 News on Social Media

Author
Jun, Youjung and Gita Johar

We find that people who experience social marginalization are more likely to share COVID-19 news indiscriminately, that is, sharing news that is factually untrue and true, as well as news that seems surprising and unsurprising. This effect, driven by their general motivation to seek meaning, holds when people self-identify as being socially marginalized (i.e., experiencing frequent feelings of discrimination) and when they are situationally induced to feel marginalized. We demonstrate that an intervention to help people obtain a temporary sense of meaning by having high (vs.

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Type
Journal Article
Date
2020
Journal
Marketing Letters

Speciesism: An Obstacle to AI and Robot Adoption

Author
Schmitt, Bernd

Once artificial intelligence (AI) is indistinguishable from human intelligence, and robots are highly similar in appearance and behavior to humans, there should be no reason to treat AI and robots differently from humans. However, even perfect AI and robots may still be subject to a bias (referred to as speciesism in this article), which will disadvantage them and be a barrier to their commercial adoption as chatbots, decision and recommendation systems, and staff in retail and service settings.

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Type
Journal Article
Date
2020

Stochastic Market Microstructure Models of Limit Order Books (abstract + video)

Author
Maglaras, Costis and R. Cont

Many financial markets are operated as electronic limit order books (LOBs). Over short time scales, seconds to minutes, LOBs can be best understood and modeled as stochastic dynamical systems, and, specifically, ones that exhibit interesting and relevant queueing phenomena. I will offer a brief overview of algorithmic trading in a limit order book, and highlight how queueing phenomena play an important role in trade execution, and as a consequence in market behavior.

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Type
Newspaper/Magazine Article
Date
2020
Publication
Critical Finance Review

Taking the Cochrane-Piazzesi Term Structure Model Out of Sample: More Data, Additional Currencies, and FX Implications

Author
Hodrick, Robert and Tuomas Tomunen

We examine the statistical term structure model of Cochrane and Piazzesi (2005) and its affine counterpart, developed in Cochrane and Piazzesi (2008), in several out-of-sample analyzes. The model's one-factor forecasting structure characterizes the term structures of additional currencies in samples ending in 2003. In post-2003 data one-factor structures again characterize each currency's term structure, but we reject equality of the coefficients across the two samples.

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Type
Journal Article
Date
2020
Journal
The Accounting Review

Team Incentives and Bonus Floors in Relational Contracts

Author
Glover, Jonathan and Hao Xue

Teamwork and team incentives are increasingly prevalent in modern organizations. Performance measures used to evaluate individuals' contributions to teamwork are often non-verifiable. We study a principal-multi-agent model of relational (self-enforcing) contracts in which the optimal contract resembles a bonus pool. It specifies a minimum joint bonus floor the principal is required to pay out to the agents, and gives the principal discretion to use non-verifiable performance measures to both increase the size of the pool and to allocate the pool to the agents.

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Type
Working Paper
Date
2020

The Effect of Employee Participation in Corporate Volunteering on Human Capital: Field Experimental Evidence

Author
Portocarerro, F. and Vanessa Burbano
Corporate volunteering has become a central component of organizations’ corporate social responsibility (CSR) strategy, with more than 90% of corporations currently supporting some form of employee volunteering with nonprofits and charities. However, it is unclear whether such initiatives are strategic from a human capital management perspective, as research to date has been unable to establish a causal effect of such initiatives on important employee outcomes, and we have limited understanding of the mechanisms through which such initiatives might benefit the firm.
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Type
Working Paper
Date
2020

The Effect of Financial Constraints on Parochial Cooperation and Norm Enforcement

Author
Meier, Stephan and Suparee Boonmanunt
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Type
Journal Article
Date
2020
Journal
The Journal of Technology Transfer

The Financial Benefits of Persistently High Forward Citations

Author
Harrigan, Kathryn and Y. Fang

We explored the balance between societal benefits that negatively affect firms' financial performance by eroding their competitive advantage and positive effects that enhanced their reputations as technological leaders to study the effects of forward citations upon firms' financial performance.

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Type
Journal Article
Date
2020
Journal
Economic Development Quarterly

The Impact of State-Level R&D Tax Credits on the Quantity and Quality of Entrepreneurship

Author
Fazio, Cathy, Jorge Guzman, and Scott Stern

The acceleration of start-up activity is often cited as a rationale for the R&D tax credit, a key innovation policy instrument adopted increasingly by US states over the past quarter century. While there is a strong empirical base linking the R&D tax credit to increased R&D expenditures and innovation, prior work has not provided causal evidence that this policy effects the rate of formation and growth potential of new businesses.

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Type
Chapter
Date
2020
Book
Strategies for Monetary Policy

The Interaction of Markets and Policy: A Corporate Finance Perspective

Author
Hodrick, Laurie Simon

Our panel has been asked to consider the interaction of markets and policy. In my remarks today, I will specifically consider the interaction between the stock market and the monetary policy of the Federal Reserve, which is set to foster economic conditions that achieve the dual-mandate objectives of maximal employment and price stability (targeted as a 2 percent inflation rate). I want to reconcile seemingly conflicting evidence when we interpret the stock market in its aggregate and when we consider an individual firm that trades in the market.

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Type
Journal Article
Date
2020
Journal
Journal of Marketing Research

The Polarity of Online Reviews: Prevalence, Drivers and Implications

Author
Schoenmueller, Verena, Oded Netzer, and Florian Stahl

In this research, we investigate the prevalence, robustness and possible reasons underlying the polarity of online review distributions with the majority of the reviews at the positive end of the rating scale, a few reviews in the mid-range and some reviews at the negative end of the scale.

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Type
Newspaper/Magazine Article
Date
2020
Publication
Journal of Applied Psychology

The power-shield: Powerful roles protect against gender disparities in political elections

Author
Pike, B. and Adam Galinsky
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Type
Journal Article
Date
2020

The Role of Intuition in CEO Acquisition Decisions

Author
Kopalle, Praveen, Hannu Kuusela, and Donald Lehmann
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Type
Journal Article
Date
2020
Journal
Journal of Retailing

The Role of Numbers in the Customer Journey

Author
Santana, Shelle, Manoj Thomas, and Vicki Morwitz

At each stage in customers' journeys, they encounter different types of numeric information that they process using different judgment strategies. Relevant numbers might include budgets, price, product attributes, product counts, product ratings, numbers in brand names, health and nutrition information, financial information, time-related information, and others. This manuscript provides a review of the vast array of numerical information presented to consumers at different stages of the customer journey.

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Type
Newspaper/Magazine Article
Date
2020
Publication
Journal of Consumer Research

The Smartphone as a Pacifying Technology

Author
Melumad, Shiri and Michel Tuan Pham

In light of consumers’ growing dependence on their smartphones, this article investigates the nature of the relationship that consumers form with their smartphone and its underlying mechanisms. We propose that in addition to obvious functional benefits, consumers in fact derive emotional benefits from their smartphone—in particular, feelings of psychological comfort and, if needed, actual stress relief. In other words, in a sense, smartphones are not unlike adult pacifiers.

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Type
Journal Article
Date
2020
Journal
Journal of Consumer Research

Trickle-Round Signals: When Low Status Is Mixed with High

Author
Bellezza, Silvia and Jonah Berger

Trickle-down theories suggest that status symbols and fashion trends originate from the elites and move downward, but some high-end restaurants serve lowbrow food (e.g., potato chips, macaroni and cheese), and some high-status individuals wear downscale clothing (e.g., ripped jeans, duct-taped shoes). Why would high-status actors adopt items traditionally associated with low-status groups?

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Type
Journal Article
Date
2020
Journal
Journal of Marketing

Uniting the Tribes: Using Text for Marketing Insights

Author
Berger, Jonah, Ashlee Humphreys, Stephan Ludwig, Wendy Moe, Oded Netzer, and David Schweidel

Words are part of almost every marketplace interaction. Online reviews, customer service calls, press releases, marketing communications, and other interactions create a wealth of textual data. But how can marketers best use such data? This article provides an overview of automated textual analysis and details how it can be used to generate marketing insights. The authors discuss how text reflects qualities of the text producer (and the context in which the text was produced) and impacts the audience or text recipient.

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Type
Journal Article
Date
2020
Journal
Management Science

What Motivates Innovative Entrepreneurs? Evidence from a Field Experiment

Author
Guzman, Jorge, Jean Oh, and A. Sen

Entrepreneurial motivation is important to the process of economic growth. However, evidence on the motivations of innovative entrepreneurs, and how those motivations differ across fundamental characteristics, remains scant. We conduct three interrelated field experiments with the MIT Inclusive Innovation Challenge to study how innovative entrepreneurs respond to messages of money and social impact, and how this varies across gender and culture.

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Type
Working Paper
Date
2020

When One Isn't Enough: Organization-level and Product-level Sustainability in New Ventures

Author
Burbano, Vanessa, N. Carlson, and J. Ostler
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Type
Journal Article
Date
2020
Journal
Journal of Experimental Psychology: Applied

When to explain why or how it happened: Tailoring accounts to fit observers' construal level

Author
Carter, A., D. Bobocel, and Joel Brockner
The justice literature suggests that providing accounts for negative organizational decisions can enhance observers' perceptions of fairness and positive views of the organization. However, prior research has yet to distinguish between why- and how-information contained within accounts.
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Type
Journal Article
Date
2020

Why empirical research is good for Operations Management, and what is good empirical Operations Management?

Author
Olivares, Marcelo, M. Fisher, and B.R Staats
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Type
Case Study
Date
2019

Setting Strategy at S Group: Finland's Largest Retailer Anticipates Amazon's Arrival

Author
Dessein, Wouter

Amazon's entry into Finland had been expected for years by S Group, Finland's largest retailer. Now that the company's arrival in their home market was imminent, S Group needed to decide quickly on the best strategy for survival and the optimal path to future growth. The company's executive board had several options: staying focused on the Finnish market, expanding into global markets, or tapping their world-class data and logistics expertise to forge another path.

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Type
Journal Article
Date
2019

The Macro-Economics of Crypto-Currencies: Balancing Entrepreneurialism and Monetary Policy

Author
Noam, Eli

Cryptocurrencies provide an important dimension of innovation to the evolution of the exchange medium we call money. There are now over 2,000 such currencies, and their potential and volume is growing. How- ever, they will, collectively and in volume, create real problems for the monetary system of a country. Central banks, which are institutions tasked with providing monetary stability, are more essential than ever.

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Type
Journal Article
Date
2019

Next-Generation Regulation for Next-Generation TV

Author
Noam, Eli

The Emerging Video Cloud System

Few questions are fraught with more long-term implications than the way we shape our communications system. If the medium is indeed the message, and if these messages influence people and institutions, then tomorrow’s media, and today’s media policies, will govern future society, culture, and economy.

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Type
Journal Article
Date
2019
Journal
RSF: The Russell Sage Foundation Journal of the Social Sciences

Gender in the Labor Market: The Role of Equal Opportunity and Family-Friendly Policies

Author
Bartel, Ann, Elizabeth Doran, and Jane Waldfogel

Although the gender wage gap in the U.S. has narrowed, women's career trajectories diverge from men's after the birth of children, suggesting a potential role for family-friendly policies. We provide new evidence on employer provision of these policies. Using the American Time Use Survey, we find that women are less likely than men to have access to any employer-provided paid leave and this differential is entirely explained by part-time status. Using the NLSY97, we find that young women are more likely to have access to specifically designated paid parental leave, even in part-time jobs.

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Type
Journal Article
Date
2019
Journal
Stochastic Systems

Optimal Exploration-Exploitation in a Multi-armed Bandit Problem with Non-stationary Rewards

Author
Besbes, Omar, Yonatan Gur, and Assaf Zeevi

In a multi-armed bandit (MAB) problem a gambler needs to choose at each round of play one of K arms, each characterized by an unknown reward distribution. Reward realizations are only observed when an arm is selected, and the gambler's objective is to maximize cumulative expected earnings over some planning horizon of length T. To do this, the gambler needs to acquire information about arms (exploration) while simultaneously optimizing immediate rewards (exploitation). The gambler's policy is measured relative to a (static) oracle that knows the identity of the best arm a priori.

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Type
Case Study
Date
2019

Pratt & Whitney and the Geared Turbofan: This Changes Everything

Author
Dessein, Wouter
In 2007 the management of United Technologies (UTC) and its Pratt & Whitney division were ready to launch a new kind of large aircraft engine following years of research and testing. However, to get the GTF engine from its current state to a commercial product would require incremental investment in the billions of dollars. Pratt & Whitney believed strongly that it had developed a superior engine, one whose technology would shape the aircraft engine market going forward.
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Type
Working Paper
Date
2019

Pay, Employment, and Dynamics of Young Firms

Author
Babina, Tania, Wenting Ma, Christian Moser, Paige Ouimet, and Rebecca Zarutskie

Why do young firms pay less? Using confidential microdata from the US Census Bureau, we find lower earnings among workers at young firms. However, we argue that such measurement is likely subject to worker and firm selection. Exploiting the two-sided panel nature of the data to control for relevant dimensions of worker and firm heterogeneity, we uncover a positive and significant young-firm pay premium. Furthermore, we show that worker selection at firm birth is related to future firm dynamics, including survival and growth.

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Type
Working Paper
Date
2019

The Cross-Section of Risk and Return

Author
Daniel, Kent, Lira Mota, Simon Rottke, and Tano Santos

In thenance literature, a common practice is to create characteristic portfolios by sorting on characteristics associated with average returns. We show that the resulting portfolios are likely to capture not only the priced risk associated with the characteristic, but also unpriced risk. We develop a procedure to remove this unpriced risk using covariance information estimated from past returns. We apply our methodology to the ve Fama and French (2015) characteristic portfolios.

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Type
Journal Article
Date
2019
Journal
The Accounting Review

Economic Consequences of the AOCI Filter Removal for Advanced Approaches Banks

Author
Kim, Sehwa, Seil Kim, and Stephen Ryan

We examine economic consequences of US bank regulators' phased removal of the prudential filter for accumulated other comprehensive income for advanced approaches banks beginning on January 1, 2014. The primary effect of the AOCI filter is to exclude unrealized gains and losses on available-for-sale securities from banks' regulatory capital.

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