Accomplishments Archive

Spring 2018

B. Espen Eckbo, the Tuck Centennial Professor of Finance and founding director of the Lindenauer Center for Corporate Governance

Recent Presentation
B. Espen Eckbo, the Tuck Centennial Professor of Finance and founding director of the Lindenauer Center for Corporate Governance

• “Tradeoff Theory and Corporate Leverage Dynamics,” keynote address, Tunisian Society for Financial Studies Annual Meeting, December 2017

Phillip C. Stocken, the Jack Byrne Professor of Accounting

“Accounting Standards, Regulatory Enforcement, and Innovation”
Journal of Accounting and Economics, Forthcoming

Phillip C. Stocken, the Jack Byrne Professor of Accounting, and coauthor Volker Laux examine the effects of accounting standards and regulatory enforcement on entrepreneurial innovation and social welfare. They find that when regulatory penalties are relatively insensitive to the magnitude of the violation, optimal standards are sufficiently low enough that they induce full compliance and increase as the intensity of enforcement increases. In contrast, when regulatory penalties are sensitive to the magnitude of the violation, optimal standards induce non-compliance and decline as the intensity of enforcement increases.

Andrew Bernard, the Kadas T'90 Distinguished Professor and Emily Blanchard, associate professor of administration

“Carry-Along Trade”
The Review of Economic Studies, Forthcoming
Andrew Bernard, the Kadas T'90 Distinguished Professor, Emily Blanchard, associate professor of business administration, and coauthors Ilke Van Beveren and Hylke Vandenbussche, using novel linked production and export data at the firm-product level, find that the overwhelming majority of manufacturing firms export products that they do not produce. Three quarters of the exported products and thirty percent of export value from Belgian manufacturers, for example, are in goods that are not produced by the firm, so-called Carry-Along Trade (CAT). The number of CAT products is strongly increasing in firm productivity while the number of produced products that are exported is weakly increasing in firm productivity. The authors propose a general model of production and sourcing at multi-product firms and explore new demand- and supply-side modeling features capable of generating predictions consistent with the empirical findings. 

Presentation
Emily Blanchard, associate professor of business administration

• “Canada’s Trade Policy Agenda: Looking Ahead,” The School of Public Policy and the Centre for International Governance Innovation Roundtable, November 2017

Laurens Debo, associate professor of business administration

“Referral Priority Program: Leveraging Social Ties via Operational Incentives”
Management Science, Forthcoming
Laurens Debo, associate professor of business administration, and coauthor Luyi Yang investigate the referral priority program—an emerging business practice adopted by a growing number of technology companies that manage a waitlist of customers. Unlike more commonly used referral reward programs, this novel mechanism does not offer monetary compensation to referring customers, but leverages customers’ own disutility of delays to create referral incentives. Despite this appealing feature, the authors’ queueing-game-theoretic analysis finds the effectiveness of such a scheme as a marketing tool for customer acquisition and an operational approach for waitlist management depends crucially on the underlying market conditions, particularly the base market size of spontaneous customers. 

Adam Kleinbaum, associate professor of business administration

“Similar Neural Responses Predict Friendship”
Nature Communications, January 2018
Adam Kleinbaum, associate professor of business administration, and coauthors Carolyn Parkinson and Thalia Wheatley explore whether friendship, and more generally, social network proximity, is associated with increased similarity of real-time mental responding. The authors use functional magnetic resonance imaging to scan subjects’ brains during free viewing of naturalistic movies and found evidence for neural homophily: neural responses when viewing audiovisual movies are exceptionally similar among friends, and that similarity decreases with increasing distance in a real-world social network. 

Ellie Kyung, associate professor of business administration

Recent Presentations
Ellie Kyung, associate professor of business administration

• “How Slider Scales Systematically Bias Willingness-to-Pay: Implicit Recalibration of Monetary Magnitudes,” Marketing Seminar Speaker, IDC Herzliya, November 2017
• “How Slider Scales Systematically Bias Willingness-to-Pay: Implicit Recalibration of Monetary Magnitudes,” Society for Consumer Psychology Conference, February 2018
• “How Slider Scales Change Willingness-to-Pay: Recalibrating the Mental Number,” Decision Processes Colloquia Speaker, Wharton, March 2018

Devin Balkcom, adjunct professor of business administration

“Knot Grasping, Folding, and Re-Grasping”
The International Journal of Robotics Research, February 2018
Devin Balkcom, adjunct professor of business administration, and coauthor Weifu Wang analyze the physical resources necessary and sufficient to tie a knot of given structure. The authors study how many re-grasps are sufficient to tie an arbitrary knot, and present an algorithm that can yield a small sufficient number of re-grasps to tie the given knot. Physical experiments in which different knots are tied and untied by robots, alone and in collaboration with a human, serve as a proof of concept to show the simplicity and correctness of the approach.

Thomas Lawton, visiting professor of business administration

“To Engage or Not to Engage with Host Governments: Corporate Political Activity and Host Country Political Risk”
Global Strategy Journal, March 2018
Thomas Lawton, visiting professor of business administration, and coauthors Maria De Villa, Tazeeb Rajwani, and Kamel Mellahi, analyze how a host market’s institutional context can influence a multinational enterprise’s senior management’s choice and deployment of corporate political activity. 

“Corporate Political Activity and Location-Based Advantage: MNE Responses to Institutional Transformation in Uganda’s Electricity Industry”
Journal of World Business, November 2017
Lawton and coauthors Charles Mbalyohere, Roshan Boojihawon, and Howard Viney examine how multinational enterprises (MNEs) employ political strategies in response to location-based, institutional transformations in new frontier African markets. Effective MNE political strategies in these markets rely on nonmarket capabilities in political stakeholder engagement, community embeddedness, regional understanding, and responsiveness to stages of institutionalization.

“International Political Risk Management: Perspectives, Approaches and Emerging Agendas”
International Journal of Management Reviews, October 2017
Lawton and coauthor Anna John review the extant and emerging perspectives on, and approaches to, political risk management, particularly in the context of foreign direct investment. The authors identify and classify the various theoretical lenses in the domain of political risk management, and suggest a future research agenda.

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Winter 2018

Vijay Govindarajan, the Coxe Distinguished Professor of Management

Awards
Vijay Govindarajan, the Coxe Distinguished Professor of Management

• Best Paper Award for “Reverse Innovation, Emerging Markets, and Global Strategy,” Strategic Management Society, October 2017
• Ranked by Thinkers50 (#21) as one of the world’s most influential management thinkers, November 2017

Richard D'Aveni, the Bakala Professor of Strategy

Awards
Richard D'Aveni, the Bakala Professor of Strategy

• Strategy Award, Thinkers50, November 2017
• Ranked by Thinkers50 (#9) as one of the world’s most influential management thinkers, November 2017
• Recognized by Web of Science as ranking among the top one percent of works cited in 2017 for “The Age of Temporary Advantage,” Strategic Management Journal, 2010 

Kusum Ailawadi, the Charles Jordan 1911, TU’12 Professor of Marketing

“The Club Store Effect: Impact of Shopping in Warehouse Club Stores on Consumers’ Packaged Food Purchases”
Journal of Market Research, Forthcoming
Kusum Ailawadi, the Charles Jordan 1911, TU’12 Professor of Marketing, studies the impact of shopping at warehouse club stores on households’ packaged food-for-home purchases. Ailawadi finds a substantial increase in the total quantity (servings per capita) of purchases attributable to shopping at this format and, because there is no effect on quality of purchases, this translates into a substantial increase in calories, sugar, and saturated fat per capita. The results have important implications for how marketers can create win–win opportunities for themselves and for consumers.

Constance Helfat, the J. Brian Quinn Professor in Technology and Strategy

Recent Presentations
Constance Helfat, the J. Brian Quinn Professor in Technology and Strategy

• “20 Years of Dynamic Capabilities,” Academy of Management Annual Meeting, August 2017
• “Product Sequencing, Vertical Integration, and Integrative Capabilities in Platform Ecosystems,” Academy of Management Annual Meeting, August 2017
• “Integrating Generations of Strategic Management Research,” Strategic Management Society Annual Meeting, October 2017
• “Reconsidering Resource Allocation,” Strategic Management Society Annual Meeting, October 2017

Gordon Phillips, the C.V. Starr Foundation Professor and faculty director of the Center for Private Equity and Entrepreneurship

“The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity”
Journal of Finance, Forthcoming
Gordon Phillips, the C.V. Starr Foundation Professor and faculty director of the Center for Private Equity and Entrepreneurship, provides evidence that the deregulation of U.S. state banking markets leads to a significant increase in the relative employment and capital growth of local firms with higher productivity and that this effect is concentrated among young firms. His analysis suggests that this effect is driven by a shift in the composition of local bank credit supply towards more productive firms. 

“Text–Based Industry Momentum”
Journal of Financial and Quantitative Analysis,Forthcoming
Tests the hypothesis that low visibility shocks to text–based network industry peers can explain industry momentum. Phillips finds that shocks to less visible peers generate economically large momentum profits, and are stronger than own–firm momentum variables. More visible traditional SIC–based peers generate only small, short–lived momentum profits. The findings are consistent with momentum profits arising partially from inattention to economic links of less visible industry peers.

Presentations

• “Venture Capital Investments and Merger and Acquisition Activity around the World,” Finance Seminar Speaker, Michigan State University, September 2017
• “The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship,” Finance Seminar Speaker, Yale School of Management, October 2017
• “The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship,” Guest Speaker, London Business School, 2017
• “How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output,” Guest Speaker, MIT Sloan School of Management, 2017
• “How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output,” Speaker, National Bureau of Economic Research, 2017
• “Venture Capital Investments and Merger and Acquisition Activity around the World,” Guest Speaker, Indiana University, 2017
• “Venture Capital Investments and Merger and Acquisition Activity around the World,” Finance Seminar Speaker, Hong Kong University of Science and Technology, 2017

Teresa Fort, associate professor of business administration

“The Margins of Global Sourcing: Theory and Evidence from US Firms”
American Economic Review, September 2017
Teresa Fort, associate professor of business administration, develops a quantifiable multi-country sourcing model in which firms self-select into importing based on their productivity and country-specific variables. She shows that, under an empirically relevant condition, selection into importing exhibits complementarities across source markets. Fort's model highlights the importance of interdependencies in firms’ sourcing decisions across markets, which generate heterogeneous domestic sourcing responses to trade shocks.

Presentations

• “Empirical Evidence on Offshoring, Reorganization, and Innovation,” Comparative Analysis of Enterprise Data Conference Keynote Address, September 2017

Eesha Sharma, associate professor of business administration and Paul E. Raether T’73 Faculty Fellow

“Too Constrained to Converse: Financial Constraints Reduce Word-of-Mouth”
Journal of Consumer Research, Forthcoming
Existing research demonstrates that financial constraints are widespread and influence consumer attention, preference, choice, and consumption. Despite the growing knowledge of how financial constraints affect the consumer decision making process, less is known about its impact on post-purchase behavior. Eesha Sharma, associate professor of business administration and Paul E. Raether T’73 Faculty Fellow, examines whether financial constraints impact an important post-purchase behavior—word-of-mouth—and in what direction. 

Presentation

• “Too Constrained to Converse: Financial Constraints Reduce Word-of-Mouth,” Association for Consumer Research Conference, October 2017

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Fall 2017

Vijay Govindarajan, the Coxe Distinguished Professor of Management

“Can Reverse Innovation Catalyze Better Value Health Care?”
The Lancet, October 2017
The remarkable progress emerging economies have made over the past few decades has attracted the attention of leaders and policymakers from developed countries across various industries. Vijay Govindarajan, Coxe Distinguished Professor of Management, illustrates the lessons western health systems could learn from low-income and middle-income countries (LMICs) that have successfully been doing more for less. Healthcare innovations from LMICs can inspire health providers faced with the universal challenge of delivering high quality outcomes with increasingly scarce resources.

B. Espen Eckbo, Tuck Centennial Professor of Finance; Founding Director, Lindenauer Center for Corporate Governance

Recent Presentations
B. Espen Eckbo, Tuck Centennial Professor of Finance; Founding Director, Lindenauer Center for Corporate Governance

• “Is the Conditional Leverage-Profitability Correlation Positive?” UBC Summer Finance Conference, July 2017
• “Leverage Dynamics of High-Frequency Debt Issuers,” Norwegian Research Council Conference on Corporate Finance and Compensation Policy Keynote Speech, August 2017
• “How Costly is Forced Gender-Balancing of Corporate Boards?” European Finance Association, August 2017

Constance Helfat, J. Brian Quinn Professor in Technology and Strategy

Recent Presentations
Constance Helfat, J. Brian Quinn Professor in Technology and Strategy

• “20 Years of Dynamic Capabilities,” Academy of Management Annual Meeting, August 2017
• “Product Sequencing, Vertical Integration, and Integrative Capabilities in Platform Ecosystems,” Academy of Management Annual Meeting, August 2017
• “Human Capital and Organizational Capabilities,” Academy of Management Annual Meeting, August 2017

Richard Sansing, associate dean for faculty and Noble Foundation Professor of Accounting

“Development Cost Capitalization During R&D Races”
Contemporary Accounting Research, Fall 2017 

Richard Sansing, associate dean for faculty and Noble Foundation Professor of Accounting, investigates the economic effects of capitalizing development costs during a race between two firms to discover and develop a new technology. Capitalization of development costs provides a credible signal regarding progress in the race, allowing the rival to make a more informed decision regarding whether to proceed with development. He studies the effects of this signal on the firms’ investment decisions and social welfare and shows that if both firms capitalize instead of expense development costs, aggregate investment in research weakly increases but aggregate investment in development weakly decreases.

Emily Blanchard, associate professor of business administration

“Private Labels and Exports: Trading Variety for Volume”
Review of World Economics, August 2017

Emily Blanchard, associate professor of business administration, and coauthors Tatyana Chesnokova and Gerald Willmann explore the role of private label trade intermediation in shaping the range and diversity of exports and imports. Whereas direct sales maintain a firm’s unique product characteristics, or “brand equity,” trade through an intermediary often takes the form of “private label” sales, under which multiple firms’ output is pooled and re-sold under a new private label brand created by the intermediary. The authors illustrate that these private label arrangements result in greater total export and import volumes and lower average prices for consumers, but fewer independent varieties available to consumers in equilibrium. 

Presentations

• “New Roles and Rules for Trade Agreements in the GVC Era,” UNIDO & IFW Kiel Institute’s “Developing Inclusive and Sustainable Global Value Chains in the Digital Age” Conference, September 2017

Ellie Kyung, associate professor of business administration

Recent Presentations
Ellie Kyung, Associate Professor of Business Administration

• “How Slider Scales Systematically Bias Willingness-To-Pay: Implicit Recalibration of Monetary Magnitudes,” University of South Carolina’s “The Effect of Numerical Markers on Consumer Judgment and Decision Making” Conference, April 2017
• “How Slider Scales Systematically Bias Willingness-To-Pay: Implicit Recalibration of Monetary Magnitudes,” University of Illinois’ “New Directions in Pricing Management Research and Practice” Conference, May 2017
• “How Slider Scales Systematically Bias Willingness-To-Pay: Implicit Recalibration of Monetary Magnitudes,” Northeast Marketing Consortium, October 2017

Daniel Feiler, assistant professor of business administration

“Good Choice, Bad Judgment: How Choice under Uncertainty Generates Overoptimism” 
Psychological Science, Forthcoming

Overestimating an alternative makes one more likely to choose it. Daniel Feiler, assistant professor of business administration, examines this fundamental feature of choice under uncertainty and finds that if people are naive to this structural feature, they will tend to have erroneously inflated expectations for the alternatives they choose. In contrast to theories of motivated reasoning, this theory suggests that individuals will overestimate chosen alternatives even before the choice. The results illustrate how readily overoptimism emerges due to statistical naivete, even in the absence of a desire to justify one’s decision post-choice.

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Summer 2017

Andrew Bernard, the Kadas T’90 Distinguished Professor

"Exporter Dynamics and Partial Year Effects"
American Economic Review, Forthcoming
Motivated by the rapidly growing literature on firm export dynamics, Andrew Bernard, the Kadas T’90 Distinguished Professor, offers a deeper understanding of the performance of firms in their first years of exporting and their contribution to export growth by studying partial-year biases. Looking at Peruvian exporters, Bernard finds that the partial-year bias is large: first-year export levels are understated by 54 percent and the first year growth rate is overstated by 112 percentage points. Correcting the partial-year effect dramatically reduces first year export growth rates, raises initial export levels and almost doubles the contribution of net firm entry and exit to overall export growth.

"Two-Sided Heterogeneity and Trade"
Review of Economics and Statistics, Forthcoming
Bernard develops a multi-country model of international trade that provides a simple micro-foundation for buyer-seller relationships in trade. He explores a rich dataset that identifies buyers and sellers in trade and establishes a set of basic facts that guide the development of his theoretical model. Bernard uses predictions of the model to examine the role of buyer heterogeneity in a market for firm-level adjustments to trade shocks, as well as to quantitatively evaluate how firms’ marginal costs depend on access to suppliers in foreign markets.

Presentations & Events

• “The Origins of Firm Heterogeneity: A Production Network Approach,” Globalization and New Technology: Effects on Firms and Workers, and the Society of Economic Dynamics Annual Meeting, June 2017
• “Firm-to-Firm Connections,” Empirical International Trade and Investment Conference Keynote Speech, March 2017
• U.S. Embassy Bern, U.S. Investment Delegation Honoree Dinner, April 2017

B. Espen Eckbo, Tuck Centennial Professor of Finance; Founding Director, Lindenauer Center for ​Corporate Governance

Recent Presentation
B. Espen Eckbo, Tuck Centennial Professor of Finance; Founding Director, Lindenauer Center for 
​Corporate Governance

“How Costly is Forced Gender-Balancing of Corporate Boards?”
Financial Management Association Annual European Conference Keynote Speech, June 2017

Emily Blanchard, associate professor of business administration

“Globalization and Human Capital Investment: Export Composition Drives Educational Attainment” 
Journal of International Economics, May 2017     
Human capital is among the most important drivers of long-run economic growth, but its macroeconomic determinants are still not well understood. Emily Blanchard, associate professor of business administration, and co-author demonstrates the importance of a key demand-side driver of education, using exogenously-driven changes in the composition of a country's exports as a lens to study how shifting patterns of production influence subsequent educational attainment. She finds that growth in less skill-intensive exports depresses average educational attainment while growth in skill-intensive exports increases schooling. These results provide insight into which types of sectoral growth are most beneficial for long-run human capital formation and suggest that trade liberalization could exacerbate initial differences in factor endowments across countries.

“Renegotiating NAFTA: The Role of Global Supply Chains”
Economics and Policy in the Age of Trump, June 2017
Blanchard discusses NAFTA and how the U.S. trying to leave NAFTA rather than renegotiate it could be harmful given the powerful role NAFTA has had in redefining how and where products are made. Her essay was one of 18 essays by leading economists published in a special edition e-book by VOX, the policy portal for the Center for Economic and Policy Research (CEPR). The essays highlight many of the most pressing domestic and international economic policy issues on the Trump docket. 

Special Accomplishment
Blanchard was invited to join the CEPR as a Research Fellow in June 2017. 

Joseph Gerakos, associate professor of business administration and the Harvey H. Bundy III T’68 Faculty Fellow

“Audit Firms Face Downward-Sloping Demand Curves and the Audit Market Is Far from Perfectly Competitive”
Review of Accounting Studies, Forthcoming 
Joseph Gerakos, associate professor of business administration and the Harvey H. Bundy III T’68 Faculty Fellow, explores how demand estimation can be applied in auditing research. He analyzes difficulties in the interpretation of the audit fee regression and discusses the mechanics of the discrete choice demand estimation approach. The findings from his work imply that audit firms have market power. 

“Decomposing Value”
Review of Financial Studies, Forthcoming
Gerakos finds that only those firms with high book-to-market (B/M) ratios that have decreased in size earn the value premium. These firms follow conservative investment policies, while those high B/M firms that do not earn the value premium generate low cash flows. His findings on the relation between the value premium and changes in firm size provides a testable restriction for theories of value: if a value premium within the model remains when controlling for changes in firm size, such a model is inconsistent with the data.

“Do Risk Management Practices Work? Evidence from Hedge Funds”
Review of Accounting Studies, Forthcoming
Gerakos looks at hedge fund risk management practices and their association with left-tail risk during the 2008 financial crisis. Consistent with risk management practices reducing left-tail risk, funds in his sample that use formal risk models performed significantly better in the extreme down months of 2008. He finds that funds employing value at risk models had more accurate expectations of how they would perform in a short-term equity bear market.

“Hedge Fund Voluntary Disclosure”
The Accounting Review, Forthcoming 
Using a dataset of 3,234 letters sent by 434 hedge funds to their investors during 1995-2011, Gerakos studies what motivates hedge fund managers to make voluntary disclosures. Contrary to the hedge fund industry's reputation for opacity, he observes that managers provide their investors with an array of quantitative and qualitative information about fund returns, risk exposures, holdings, benchmarks, performance attribution, and future prospects. He finds that the tensions between the agency costs faced by investors and the proprietary costs faced by managers affect fund disclosures.

Presentations

• “Asset Managers: Institutional Performance and Smart Betas,” Q-Group Seminar and Center for Monetary and Financial Studies Asset Management Workshop, Spring 2017 
• “Book-to-Market, Retained Earnings, and Earnings in the Cross Section of Stock Returns,” 14th Annual Interdisciplinary Center Herzliya Conference in Financial Economic Research, May 2017

Steven Kahl, associate professor of business administration

“The Discursive Perspective of Market Categorization: Interaction, Power, and Context” 
Research in the Sociology of Organizations, 2017 
Steven Kahl, associate professor of business administration, develops a discursive perspective of market categorization focused on how categories are constructed through communicative exchanges. The discursive perspective points to three under-researched mechanisms of category evolution: the interaction between market participants, the power dynamics among market participants and within the discourse, and the cultural and material context in which categories are constructed. 

Eesha Sharma, associate professor of business administration

“Context Dependent Drivers of Discretionary Debt Decisions: Explaining Willingness to Borrow for Experiential Purchases” 
Journal of Consumer Research, Forthcoming
Eesha Sharma, associate professor of business administration and the Paul E. Raether T’73 Faculty Fellow, finds that consumers are more willing to borrow for experiential versus material purchases, even though experiential purchases tend to have a shorter physical duration. She also finds that framing a purchase as more experiential than material increases consumer willingness to borrow. 

Presentations

• “Drivers of Discretionary Debt Decisions: Explaining Willingness to Borrow for Experiential and Material Purchases,” Boulder Summer Conference for Consumer Financial Decision Making, May 2017
• “Too Constrained to Converse: Financial Constraints Reduce Word-of-Mouth,” Marketing Science Conference, June 2017

Felipe Severino, assistant professor of business administration

“Dynamics of Housing Debt in the Recent Boom and Great Recession”
National Bureau of Economic Research Annual Conference on Macroeconomics Proceedings, April 2017
Felipe Severino, assistant professor of business administration, studies the evolution of home purchase debt, home ownership, and measures of debt
burden during the recent housing boom and Great Recession. He finds that the main drivers of mortgage debt during this period were rising home values and expectations of increasing prices.

Presentations

• “Dynamics of Housing Debt in the Recent Boom and Great Recession,” National Bureau of Economic Research 32nd Annual Conference on Macroeconomics, April 2017
• “How Does Student Debt Affect Mid-Career Choices?” with Ing-Haw Cheng, assistant professor of business administration, Boulder Summer Conference on Consumer Financial Decision Making, May 2017 

Awards

• Michael J. Brennan Best Paper Runner Up: “Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class,” Review of Financial Studies

Paul Argenti, professor of corporate communication

“Reputation at Risk: The Social Responsibility of NGOs”
Corporate Reputation Review, February 2017
Paul Argenti, professor of corporate communication, examines whether post-Soviet/post-communist NGOs funded by western governments and institutions act in a socially responsible manner and whether their impact on business reputation serves the societies in post-communist countries. He seeks to demonstrate the tendency (particularly of environmental NGOs) to focus on short-term goals that may in the long run hurt the investment reputation of the countries and NGOs themselves.

Ella L.J. Bell Smith, professor of business administration

“Easing Racial Tension at Work”
Center for Talent Innovation, June 2017
Ella L.J. Bell Smith, professor of business administration, draws upon national survey data to show that employers and employees benefit when colleagues feel that they can talk about race at work. More than two out of three employees of color are currently uncomfortable discussing race relations, and 29 percent feel it is never acceptable at their company to speak about experiences of race-based bias. “Easing Racial Tensions at Work” measures not only the cost of this silence, but also offers a trove of tactical ways to break it—and quantifies the benefits of doing so.

Giles Chance, adjunct professor of business administration

"Could the People's Currency become the Global Currency?"
The Edward Elgar Handbook on China and Globalisation, Forthcoming
Giles Chance, adjunct professor of business administration, has been commissioned to write the chapter, "Could the People's Currency become the Global Currency?" in an updated handbook regarding perspectives on the globalization process of Chinese firms. The book is expected to be published in 2018. 

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Spring 2017

B. Espen Eckbo, the Tuck Centennial Professor of Finance

"Are Stock-Financed Takeovers Opportunistic?"
Journal of Financial Economics, Forthcoming
B. Espen Eckbo, the Tuck Centennial Professor of Finance, presents new evidence on an old question: are stock-financed takeovers opportunistic? He tests the prediction that the more the target knows about the bidder, the more difficult it is for the bidder to pay with overpriced shares, and finds the opposite to be true: the better the target’s skill in valuing the bidder, the greater the likelihood that the deal is paid in bidder stock.

Kevin Lane Keller, the E. B. Osborn Professor of Marketing

"Unlocking the Power of Integrated Marketing Communications: How Integrated is Your IMC Program?"
Journal of Advertising, July 2016 
Kevin Lane Keller, the E. B. Osborn Professor of Marketing, discusses how the future of advertising and marketing communications will be marked by an increasingly diverse collection of new digital options added to the traditional media and communication options already available. His paper describes seven choice criteria that marketers can use to judge how effectively and efficiently they have assembled their integrated marketing communications programs and outlines five priority areas for future research.

Punam Anand Keller, associate dean for innovation and growth; the Charles Henry Jones Third Century Professor of Management, and Eesha Sharma, assistant professor of business administration

"A Penny Saved Is Not a Penny Earned: When Decisions to Earn and Save Compete for Consumer Resources"
Journal of the Association for Consumer Research, January 2017
Punam Anand Keller, associate dean for innovation and growth and the Charles Henry Jones Third Century Professor of Management, and Eesha Sharma, assistant professor of business administration, examine how people think about and decide between opportunities to earn and save. They also study whether perceived financial deprivation interacts with preferences for earning and saving opportunities.

Recent presentation
Eesha Sharma, assistant professor of business administration

• “The Effect of Financial Constraints on Social Sharing,” Society for Consumer Psychology Conference, February 2017

Praveen Kopalle, associate dean for the MBA program and the Signal Companies’ Professor of Management

"The Effects of Advertised Quality Emphasis and Objective Quality on Sales"
Journal of Marketing, March 2017
Praveen Kopalle, associate dean for the MBA program and the Signal Companies’ Professor of Management, examines the effectiveness of quality-based advertising messages. He demonstrates that it is not beneficial for low-quality products to emphasize quality in their advertising, and that it is effective for high-quality products to do so.

Adam Kleinbaum, associate professor of business administration

"Spontaneous Neural Encoding of Social Network Position"
Nature Human Behavior, April 2017
Adam Kleinbaum, associate professor of business administration, pairs network data with pattern analysis to show that social network position information is accurately perceived and spontaneously activated when upon encountering familiar individuals. His findings explain how the human brain encodes the structure of its social world, and emphasize the importance of integrating an understanding of social networks into the study of social perception.

Kusum Ailawadi, the Charles Jordan 1911, Tu'12 Professor of Marketing

Recent presentation
Kusum Ailawadi, the Charles Jordan 1911, Tu'12 Professor of Marketing

• “What Does Digital Distribution Mean for Manufacturer-Retailer Interaction: Three Themes for Researchers,” Leo Tindeman Symposium at KU Leuven, February 2017

John Vogel, adjunct professor of business administration and associate faculty director for the Center for Business, Government & Society

"Will Opendoor Revolutionize the Sale of Residential Real Estate?"
The Real Estate Finance Journal, Spring 2017
Research by John Vogel, adjunct professor of business administration and associate faculty director for the Center for Business, Government & Society, analyzes Opendoor, a startup real estate platform that offers sellers an alternative to listing their homes with brokers. Vogel discusses the challenges the company will confront in the housing market and what the impact will be if Opendoor and its imitators are successful.

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Winter 2017

Teresa Fort, assistant professor of business administration

"Technology and Production Fragmentation: Domestic versus Foreign Sourcing"
Review of Economic Studies, August 2016
Teresa Fort, assistant professor of business administration, analyzes the relation between technology and firms’ global sourcing strategies. Her findings suggest that technology lowers coordination costs, though its effect is disproportionately higher for domestic rather than foreign sourcing.

Erin Mansur, the Revers Professor of Business Administration

"Geographic Dispersion of Economic Shocks: Evidence from the Fracking Revolution"
American Economic Review, forthcoming
Erin Mansur, the Revers Professor of Business Administration, examines the effects of the horizontal drilling and hydrofracturing boom in oil and natural gas production in the U.S. and how the technological shift interacted with local economies to create exogenous shocks to income and employment. His work finds that new oil and gas extraction increased aggregate U.S. employment by as many as 640,000 jobs, implying a 0.43 percentage point decrease in the unemployment rate during the Great Recession assuming no general equilibrium effects.

Praveen Kopalle, associate dean for the MBA program and the Signal Companies’ Professor of Management

"The Role of Big Data and Predictive Analytics in Retailing"
Journal of Retailing, forthcoming
Praveen Kopalle, associate dean for the MBA program and the Signal Companies’ Professor of Management, examines the opportunities in and possibilities arising from big data in retailing, particularly along five major data dimensions—data pertaining to customers, products, time, (geo-spatial) location, and channel. He discusses the relevance and uses of Bayesian analysis techniques, predictive analytics, and field experiments. In addition, he examines the ethical and privacy issues that may arise from the use of big data in the retail context.

Gordon Phillips, the C.V. Starr Foundation Professor and faculty director of the Center for Private Equity and Entrepreneurship

"Extending Industry Specialization through Cross-Border Acquisitions"
Review of Financial Studies, forthcoming
Gordon Phillips investigates the role of industry specialization in horizontal cross-border mergers and acquisitions. He finds that acquirers from more specialized industries in a country are more likely to buy foreign targets in countries that are less specialized in these same industries. His results are consistent with an internalization motive for foreign acquisitions, through which acquirers can apply localized intangibles on foreign assets.

"Conglomerate Industry Choice and Product Language"
Management Science, forthcoming
Gordon Phillips analyzes the words that firms use to describe their products to examine the determinants of which industries conglomerate firms operate within. His findings show that most conglomerates are not truly diversified, since most firms that operate across multiple industries choose industries with high language overlap and potential synergies.

Ellie Kyung, associate professor of business administration

“When Bigger is Better (and When it is Not): Implicit Bias in Numeric Judgments”
Journal of Consumer Research, forthcoming
Ellie Kyung, associate professor of business administration, and co-authors analyze the notion of “bigger-is-better” and the culturally determined numerical association embedded in memory. Her research demonstrates that these strong associations between numeric direction and quality become entrenched in one’s automatic, implicit memory, and thereby spontaneously bias judgments about a product, person, or situation that has been rated using a rating system with an opposite rating polarity.

Constance Helfat, the J. Brian Quinn Professor in Technology and Strategy

"The Necessity, Logic, and Forms of Replication"
Strategic Management Journal, November 2016
Constance Helfat, the J. Brian Quinn Professor in Technology and Strategy, discusses different types of replication studies, comparing replications with other approaches to cumulating knowledge and providing guidelines toward producing high-quality replication studies. Her work shows that replication studies can help to establish the range of applicability of prior studies and better support what implications can be drawn for managerial practice.

Kusum Ailawadi, the Charles Jordan 1911, Tu'12 Professor of Marketing

“Managing Multi- and Omni-Channel Distribution: Metrics and Research Directions”
Journal of Retailing, forthcoming
Kusum Ailawadi presents a framework and the metrics—both old and new—that suppliers and retailers should monitor and that academic researchers should incorporate in their models. Her article lays out the important questions that multi- and omni-channel marketers are grappling with, refers the reader to what existing academic research has to say about them, and suggests how future research can build off this framework and metrics to supplement what is known and address what is not.

Adam Kleinbaum, associate professor of business administration

“Reorganization and Tie Decay Choices”
Management Science, forthcoming
Adam Kleinbaum, associate professor of business administration, examines the impact of tie decay choices in the evolution of networks. When opportunity structures get reorganized, social actors make choices about which ties to retain and which to allow to decay, informed by their past experience of those ties. Kleinbaum argues that conditional on changes in opportunity, people choose to retain ties to valuable contacts, reciprocated ties, and socially embedded ties.

Andrew Bernard, the Jack Byrne Professor of International Economics

"Rethinking Deindustrialization”
Economic Policy, forthcoming
Andrew Bernard, the Jack Byrne Professor of International Economics, looks at whether we are measuring deindustrialization properly and what the implications are for understanding the future path of an advanced economy. His findings emphasize that the focus on employment at manufacturing firms overstates the loss in manufacturing-related capabilities that are actually retained in many firms that switch industries.

“Global Firms”
Journal of Economic Literature, forthcoming
Andrew Bernard and coauthors develop a new theoretical framework for internationally traded firms to decide whether to export to foreign markets. Since trade is dominated by a few “global firms,” the new framework allows firms to have large market shares and to decide simultaneously on the set of production locations, export markets, input sources, products to export, and inputs to import. Using U.S. transactions data, the authors offer strong evidence in support of the framework's main predictions.

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Fall 2016

Steven Kahl, associate professor of business administration

"Occupational Survival Through Task Integration: Systems Men, Production Planners, and the Computer, 1940s-1990s"
Organization Science, October 2016
Steven Kahl, associate professor of business administration, examines how occupational groups survive the introduction of a new technology and associated jurisdictional changes. His comparative historical analysis shows that taking an integrative approach with other occupations at the field level can help occupations survive long term.

Gordon Phillips, the C.V. Starr Foundation Professor and faculty director of the Center for Private Equity and Entrepreneurship

"Text-Based Network Industries and Endogenous Product Differentiation"
Journal of Political Economy, October 2016
Gordon Phillips, the C.V. Starr Foundation Professor, studies how firms differ from their competitors using new time-varying measures of product similarity based on text-based analysis of firm 10-K product descriptions.

Ron Adner, professor of strategy and entrepreneurship

"Technology Scalability and Endogenous Market Segmentation”
Strategy Science, September 2016
Ron Adner, professor of strategy and entrepreneurship, examines competitive strategy and where firms choose to position themselves within an industry by characterizing when generalists desegment markets, and when they are “stuck in the middle” because they are outcompeted by specialists.

Gordon Phillips, the C.V. Starr Foundation Professor and faculty director of the Center for Private Equity and Entrepreneurship

"Financing and New Product Decisions of Private and Publicly Traded Firms"
The Review of Financial Studies, Forthcoming
Gordon Phillips, the C.V. Starr Foundation Professor, and co-author exploit Medicare national coverage reimbursement approvals as a quasi-natural experiment to investigate how the financing decisions of private and publicly traded firms respond to changes in investment opportunities. Phillips’ research finds that publicly traded companies increase their external financing, and their subsequent product introductions, by more than private companies in response to national coverage approvals.

Laurens Debo, associate professor of business administration

"Inferring Quality from Wait Time"
Management Science, October 2016
Laurens Debo, associate professor of business administration, and co-author studied the impact of wait time on consumers’ purchasing behavior when product quality is unknown to some consumers (“uninformed consumers”) but known to others (“informed consumers”). Debo’s research found that uninformed consumers’ purchasing probability during short wait times decreases in the presence of informed consumers, and relatively few informed consumers suffice to create this effect.

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Summer 2016

Teresa Fort, assistant professor of business administration

"Technology and Production Fragmentation: Domestic versus Foreign Sourcing"
Review of Economic Studies, August 2016
Teresa Fort, assistant professor of business administration, analyzes the relation between technology and firms’ global sourcing strategies. Her findings suggest that technology lowers coordination costs, though its effect is disproportionately higher for domestic rather than foreign sourcing.

Paul Argenti, professor of corporate communication

"Strategic Communication in the C-Suite"
International Journal of Business Communication, Forthcoming
In a working paper for the International Journal of Business Communication, professor of corporate communication Paul Argenti explores the ways in which C-suite executives are using corporate communications to execute strategy. He discusses the shift from a tactical and superficial focus on speeches and media placements to a more strategic and elevated level. “Given that strategic approaches to communication are much more important in organizations than ever before, we as academics have an obligation to help the business leaders of tomorrow find ways to be more effective communicators and leaders,” says Argenti.

Alexander Jordan, adjunct assistant professor of business administration

"The Companies That Narcissists Are Attracted To"
The Sydney Morning Herald, August 2016
A study co-authored by Alexander Jordan, adjunct assistant professor of business administration, finds that people with narcissistic tendencies are more likely to support hierarchies. The study was co-authored with Emily Zitek of the Cornell School of Industrial and Labor Relations.

Gordon Phillips, the C.V. Starr Foundation Professor and faculty director of the Center for Private Equity and Entrepreneurship

"How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output"
Equitable Growth, June 2016
In a working paper for the Washington Center for Equitable Growth, C.V. Starr Professor Gordon Phillips and two co-authors examine how credit access affects displaced workers. Their findings indicate that an increase in credit limits allows individuals to take .15 to 3 weeks longer to find a job. That extra time allows them to find more lucrative and more productive employment.

Praveen Kopalle, associate dean for the MBA program and the Signal Companies’ Professor of Management

“Why the Dynamics of Competition Matter for Category Profitability"
Journal of Marketing, Forthcoming
Praveen Kopalle, associate dean for the MBA program and the Signal Companies’ Professor of Management, and co-authors discuss the widespread trade practice of category management, presenting a competition framework that reconciles cross-sectional breadth (large numbers of SKUs in any given period) with longitudinal depth (demand effects across time).

B. Espen Eckbo, the Tuck Centennial Professor of Finance

"How Costly Is Corporate Bankruptcy for the CEO?"
Journal of Financial Economics, March 2016
B. Espen Eckbo, the Tuck Centennial Professor of Finance, and co-authors Karin Thorburn, visiting professor of finance, and Wei Wang, associate professor at Smith School of Business, examine CEO career and compensation changes for firms filing for Chapter 11. Eckbo's research found that the likelihood of leaving decreases with profitability and CEO share ownership. Furthermore, creditor control rights during bankruptcy (through debtor-in-possession financing and large trade credits) are associated with CEO career change. The research also found that despite large equity losses, the median incumbent does not reduce his stock ownership as the firm approaches bankruptcy.

Erin Mansur, the Revers Professor of Business Administration

"Are There Environmental Benefits from Driving Electric Vehicles? The Importance of Local Factors"
American Economic Review, Forthcoming
Erin Mansur, the Revers Professor of Business Administration, and co-authors combine a theoretical discrete-choice model of vehicle purchases, an econometric analysis of electricity emissions, and the AP2 air pollution model to estimate the geographic variation in the environmental benefits from driving electric vehicles. Mansur's research found that geographically differentiated subsidies can reduce deadweight loss, but only modestly.

Gordon Phillips, the C.V. Starr Foundation Professor

"The Impact of Consumer Credit Access on Employment, Earnings, and Entrepreneurship"
National Bureau of Economic Research, July 2016
On July 18, Gordon Phillips, the C.V. Starr Foundation Professor, presented his paper, “The Impact of Consumer Credit Access on Employment, Earnings, and Entrepreneurship,” at a conference in Cambridge, Massachusetts, organized by the National Bureau of Economic Research. Phillips’ research looks at the effect of increased credit access after bankruptcy events are removed from individuals’ credit reports. He has found that increased credit access leads to higher earnings, more borrowing, and greater rates of entrepreneurship.

Ellie Kyung, associate professor of business administration

"When Remembering Disrupts Knowing: Blocking Implicit Price Memory"
Journal of Marketing Research, Forthcoming
Research by Ellie Kyung, associate professor of business administration, finds that contrary to previous research findings and popular consumer belief, attempting to remember old prices for products in order to compare prices across time can actually backfire, making consumers less accurate in their comparative price decisions. Kyung’s paper looks at the mechanics of why this occurs and how to overcome this effect.

Kevin Lane Keller, the E. B. Osborn Professor of Marketing

"Reflections on Customer-Based Brand Equity: Perspectives, Progress, and Priorities"
AMS Review, May 2016
In "Reflections on Customer-Based Brand Equity: Perspectives, Progress, and Priorities,” Kevin Lane Keller, the E. B. Osborn Professor of Marketing, reflects back on his 1993 paper, “Conceptualizing, Measuring, and Managing Customer-Based Brand Equity,” explaining how the 1993 paper was developed and highlighting some of its main contributions—such as a comprehensive bridge between the theory and practice of branding.

Eesha Sharma, assistant professor of business administration

"Saving the Masses: The Impact of Perceived Efficacy on Charitable Giving to Single vs. Multiple Beneficiaries"
Organizational Behavior and Human Decision Processes, June 2016
Much evidence suggests that it is not easy to increase giving to groups of people because giving is driven by emotional concern, which is muted for multiple beneficiaries. "Saving the Masses: The Impact of Perceived Efficacy on Charitable Giving to Single vs. Multiple Beneficiaries," by Eesha Sharma, assistant professor of business administration, shows that by enhancing perceived efficacy, organizations can increase both emotional concern and giving to multiple beneficiaries.

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