Olin Business School PhD Brochure

WashU PhD

LEARN MORE Washington University in St. Louis Olin Business School Campus Box 1133 1 Brookings Drive St. Louis, MO 63130-4899 Phone: 314-935-6340 phdinfo@wustl.edu To learn more or apply to the Olin PhD program, visit olin.wustl.edu/phd.

Make an impact.

PHD PROGRAM

Financial Support All applicants are automatically considered for Olin-provided financial support; no separate application is required. In addition to the annual stipend, Olin provides funding for the presentation of papers at conferences and for expenses associated with the completion of theses and job searches.

All enrolled students on scholarship making satisfactory progress in the program are guaranteed financial support for five years.

This includes full tuition remission, plus a stipend for living expenses distributed over 12 months.

Admissions A successful academic background, research aptitude, intellectual curiosity, skills acquired in the basic disciplines (particularly economics, psychology, math and statistics), passion for a chosen field and an uncompromising work ethic are necessary for successful and timely completion of our program. Applicants are evaluated on the strength and breadth of academic background, experience, ability to research and aptitude.

To be considered for admission, you will need to submit a completed online application, the application fee, letters of recommendation, transcripts and exam results. International students are required to submit copies of their TOEFL or IELTS scores. Students are admitted to the program for the fall semester only. Application deadlines and document submission instructions are available on our website (olin.wustl.edu/phd).

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Late applications or applications with late supporting documentation will not be considered.

Washington University encourages and gives full consideration to all applicants for admission, financial aid and employment.

The University does not discriminate regarding access to, or treatment or employment in, its programs and activities on the basis of race, color, age, religion, sex, sexual orientation, gender identity or expression, national origin, veteran status, disability or genetic information.

Applicants with a prior criminal history will not be automatically disqualified from consideration for admission. Inquiries about compliance should be directed to the Vice Chancellor for Human Resources, Washington University, Campus Box 1184, One Brookings Drive, St. Louis, MO 63130-4899.

At Olin Business School, we challenge you to do more. Students become research-savvy and skilled contributors. Smart ideas become proprietary knowledge through a dedication to academic research and teaching.

Mentoring and collaboration are foundational, supporting creativity, innovation and an entrepreneurial spirit.

Informed by numbers, driven by principle.

Relevance and rigor are the hallmarks of Olin’s PhD program. That translates into a distinctive reputation for you as an Olin graduate, whichever of the seven PhD areas you pursue. You will master analytical

The Olin Experience WashU Olin is well known for its research productivity. In fact, we are consistently ranked among the most prolific institutions in the business school community.

Our faculty members are committed to excellence in teaching and are recognized the world over for their important contributions in the creation of new knowledge.

As a PhD student, you will partner with faculty in a rigorous academic program in one of seven areas of specialization:

and critical-thinking skills as you learn to thoughtfully consider data

Accounting

balanced with values.

Business Economics Finance

“ The Olin point of difference is to offer the top program of choice for the best, the brightest PhD candidates and select universities seeking to hire new faculty.”

— Anjan Thakor Director of Doctoral Programs, Director of WFA-CFAR, and John E. Simon Professor of Finance

Olin’s business PhD program ensures you: • An intellectually challenging core curriculum • Strong grounding in basic disciplines • An energized, research-driven culture of excellence •A collegial network built upon mutual respect and a community of critical thinkers • A competitive edge in the business education market •C ollaborative relationships between faculty and students to enhance the education experience and ultimate search for your first faculty appointment 2 | olin.wustl.edu/phd

Marketing

Operations and Manufacturing Management Organizational Behavior Strategy and Entrepreneurship

726 average GMAT score for admitted students in fall 2019

65

326 average GRE score for admitted students in fall 2019

total number of students WashU PhD | 3

Curriculum At WashU Olin, your coursework will be individualized. Personalized advising and customized course selection allow you to match your studies to fit your particular goals and interests. In all cases, flexible learning combines with independence in study. You’ll master both analytical and critical-thinking skills, and students with advanced standing have opportunities to teach independently.

Completion of the degree requires 36 graduate credit hours of coursework, along with the preparation and oral defense of a dissertation. Although each area has specific degree requirements, all PhD students are required to be proficient in the following areas:

Core Foundation • A strong foundation in microeconomics or psychology, along with an understanding of probability/statistics and quantitative methods • Exposure to your area of specialization and the required research tools

36

required credit hours

• Successful completion of core exam

Research

Specialization

• Collaboration with faculty in research activities

• Coursework in one or more areas of study • In-depth knowledge in your chosen field • Active association with the research process through faculty mentoring • Completion of the field exam(s) 4 | olin.wustl.edu/phd

• Presentation of well-developed research papers • Individual research pursuing a specialized topic of interest • Development and defense of your dissertation

Research Projects As a PhD student, you’ll support ongoing research, employing state-of-the-art analytical and/ or empirical methods to address substantive questions. In addition, you’ll be exposed to leading researchers from around the world at select conferences, seminars and workshops. Upon advisor recommendations, you will be provided with funding for travel to attend conferences and academic meetings.

Teaching Skills WashU Olin emphasizes strong teaching skills—for our faculty and our PhD students. As a part of your Olin experience, you’ll gain valuable insight into successful teaching methods and practices: •P articipate in presentation skills workshops, with emphasis on communication techniques and effective teaching methods •G ain classroom teaching experience through teaching assistantships (beginning in the second year of the program) •E ngage in opportunities to teach independently (if and when students with advanced standing are deemed ready)

Renowned Faculty Our faculty members are thought leaders whose research is on the leading edge of business thinking. All Olin faculty members are research-active and teach on a regular basis. They present, publish and serve on editorial boards, thus fostering the crossfertilization of knowledge and continual innovation in business research.

This collaborative experience is mutually beneficial, with faculty members gaining new perspectives and valuable insights, while you hone the research skills necessary to be a successful academic.

Olin’s innovative research centers cultivate dynamic interaction between academia and industry to produce new knowledge and advance understanding of firms and markets around the world.

PhD students regularly collaborate with faculty to cowrite research featured in top academic journals, learning and growing together from project inception through article revision and publication.

WashU PhD | 5

Student Placement

Environment

Recent placements of Olin PhD students include:

We welcome students from around the globe with friendliness, support and a sense of belonging.

This community atmosphere extends to all of Washington University, where you’ll study alongside other WashU students pursuing graduate degrees in art, architecture, engineering, physics, social work and many more fields. You’ll have a supportive community of classmates, faculty and staff, plus access to additional assistance to help you learn and develop, including the University’s Teaching Center and the Liberman Graduate Center. These resources are in place to help you achieve the greatest success possible during your studies.

• Cornell University

• University of Cambridge

• University of Maryland

• Georgia State University

• University of California, Riverside

• University of Notre Dame

• Indiana University

• University of California, San Diego

• University of Texas at Dallas

• Syracuse University

• University of Florida

• University of Wisconsin Madison

• Tulane University

• University of Kentucky

• Vanderbilt University

Job Placements

80%

in tenure track positions

10%

in other academic positions

Mentoring Olin’s collegial network is built on mutual respect and shared schools of thought. You’ll be guided by our highly productive faculty members, some of the nation’s top scholars in business and management research. These one-on-one mentoring relationships are formed early and help you hone research skills.

Upon graduation, many students will have cowritten publications with faculty, who become mentors, colleagues and collaborators.

10% in industry

STL Located in the heart of the Midwest, St. Louis represents the WashU culture on a larger scale.

Its diverse, close-knit community and culture mean there’s always something to do and someone to do it with.

St. Louis is home to many free attractions, including: • Saint Louis Art Museum • Saint Louis Science Center • Saint Louis Zoo The city is also bustling with restaurants, art galleries, concerts, parks, sporting events and cultural centers.

“ For me, Olin has been an extensive framework of learning opportunities and a platform to nurture my appetite for research. A small program like ours is an ideal place to gain insights and be inspired by the opportunity of learning from one another.”

– Johan Maharjan, PhD ’15

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WashU PhD | 7

PhD in Accounting

WashU PhD

“The Olin PhD program helps exceptional students foster scholarly thinking and build research skills.”

—Richard Frankel, Beverly and James Hance Professor of Accounting

Olin Business School’s Accounting program focuses on infusing students with a broad base of knowledge and the necessary research skills to enjoy robust careers as university educators and researchers. This rigorous training is crucial to entering the highly competitive field as an accounting faculty member at a top research university.

In this program, you’ll study issues in two areas: the role of financial information in facilitating the operations of capital markets and assistance for managers planning and controlling the way institutions operate.

The Wells Fargo Advisors Center for Finance and Accounting Research (WFA-CFAR) is dedicated to the dissemination of research in finance and accounting that brings to light cutting-edge thinking and helps solve the unique needs and challenges of business. The center brings an important focus to finance and accounting issues through the creative design of Olin courses, groundbreaking research papers and white papers, top-tier academic conferences and custom member projects.

Collaborative Research—Accounting Faculty and PhD Students Working Papers: • Chapman, K., Kaplan, Z., Potter, C.*, Strategic Disclosure of Supplemental Information: Evidence from Book-to-Bill Ratios.

• Jennings, J., Seo, H.*, Solimon, M., The Market’s Reaction to Changes in Performance Ranking.

• Jennings, J., Seo, H.*, Tanlu, L., The Effect of Organizational Complexity on Earnings Forecasting Behavior.

• Jennings, J., Frankel, R., Lee, J.*, How Well Do Machines Mimic Readers? Under review at the Journal of Accounting Research.

• Jennings, J., Call, A., Donovan, J.* Lenders’ Use of Analyst Earnings Forecasts When Establishing Debt Covenant Thresholds.

Under review at The Accounting Review.

• Jennings, J., Ahn, S.J.*, The Deterrence Effects of SEC Enforcement Actions on Insider Trading. Under review at the Journal of Financial Economics.

• Jennings, J., Demerjian, P., Donovan, J.*, The Importance of Private Information Quality in Debt Contracting. Revise and resubmit at the Journal of Management Accounting Research.

• Gopalan, R., Martin, X., Srinivasan, K.*, Accounting Based Bankruptcy Regulation and Earnings Management. Under review at The Accounting Review.

• Martin, X., Seo, H.*, Yang, J., Compensation Committee Meeting and Management Earnings Guidance.

• Frankel, R., Kim, B.*, Ma, T.*, Martin, X., Bank Monitoring and Accounting Recognition: The Case of Aging-Report Requirements.

Published Papers: • Frankel, R., Sun Y.*, (2018). Predicting Accruals Based on Cash-Flow Properties. The Accounting Review.

• Frankel, R., Lee, J.*, Lemayian, Z., (2018). Proprietary Costs and Sealing Documents in Patent Litigation. Review of Accounting Studies, 23(2): 452–486.

• Jiang, F., Lee, J.*, Martin, X., Zhou, G., (2018). Manager Sentiment and Stock Returns. Journal of Financial Economics, forthcoming.

• Jennings, J., Lee, J.*, Matsumoto, D.A., (2017). The Effect of Industry Co-Location on Analysts’ Information Acquisition Costs.

Accounting Review, 92(6): 103–127.

• Frankel, R., Jennings, J., Lee, J.*, (2016). Using Unstructured and Qualitative Disclosures to Explain Accruals. Journal of Accounting and Economics, 62(2–3): 209–227.

• Donovan, J.*, Frankel, R., Martin, X., (2015). Accounting Conservatism and Creditor Recovery Rate. Accounting Review, 90(6): 2267–2303.

• Donovan, J.*, Frankel, R. , Lee, J.*, Martin, X., Seo, H.*, (2014). Issues raised by studying DeFond and Zhang: What Should Audit Researchers Do? Journal of Accounting and Economics, 58(2–3): 327–338.

• Martin, X., Gormley, T., Kim, B.H.*, (2012). Do Firms Adjust Their Timely Loss Recognition in Response to Changes in the Banking Industry. Journal of Accounting Research, 50(1): 159–196. *Indicates current or former student

Accounting Faculty CHAIR: Xiumin Martin Professor of Accounting PhD, University of Missouri, Columbia Research interests: financial accounting, voluntary disclosure, accounting information in assets valuation

Kimball Chapman Assistant Professor of Accounting PhD, Pennsylvania State University Research interests: voluntary disclosure, earnings announcements, investor relations Richard Frankel Beverly and James Hance Professor of Accounting PhD, Stanford University Research interests: accounting-based valuation, voluntary disclosure Mahendra Gupta Former Dean and Geraldine J. and Robert L. Virgil Professor of Accounting and Management PhD, Stanford University Research interests: managerial accounting, strategic cost management and control Chad Ham Assistant Professor of Accounting PhD, University of Maryland Research interests: financial accounting, corporate governance, litigation, manager traits Jared Jennings Associate Professor of Accounting PhD, University of Washington Research interests: information asymmetry, voluntary disclosure, sell-side analysts Zachary Kaplan Assistant Professor of Accounting PhD, University of Chicago Research interests: managerial disclosure strategy, analyst forecast strategy, earnings expectations Ron King Myron Northrop Professor of Accounting and Director of the Center for Experiential Learning PhD, University of Arizona Research interests: business law and economics, auditing, experimental economics Zawadi Lemayian Assistant Professor of Accounting PhD, Massachusetts Institute of Technology Research interests: fixed-income markets, taxation, banking, disclosure Mary Jane Rabier Assistant Professor of Accounting PhD, Accounting, University of Maryland Research interests: financial accounting, financial reporting, voluntary disclosure, mergers and acquisitions, earnings management, human capital, corporate strategy, conference calls

PhD in Business Economics

WashU PhD

“Students in Olin’s PhD program receive an unparalleled amount of personalized attention.

This experience strengthens and accelerates the start of their research careers.”

—Stephen P. Ryan, Professor of Economics

Olin’s PhD program in Business Economics prepares you for an academic career in economics with rigorous training grounded in the central areas of the field. You’ll have opportunities for cross-disciplinary work, combining economics with strategy, finance or marketing. Student success is fostered by the faculty’s active interest in supporting student learning, along with advising and supervising overall research efforts to help students realize their full potential. Olin Business Economics faculty members have a special interest in empirical and theoretical industrial organization. Research pursuits cover a wide range of subjects, including industry studies, incentives in organizations, organizational design, health economics and the determinants of industry structure.

The Center for Research in Economics and Strategy (CRES) advances the understanding of firms and markets by supporting scientific research employing state-of-the-art analytical and empirical methods. Intended for publication in top-tier academic journals, CRES-sponsored research addresses substantive questions in many areas of economics and strategy. In addition to research assistance, which includes PhD student funding and data collection, CRES supports frequent presentations of internal and external research, national and international short-term visitors, CRES Fellows and a website that includes extensive research listings.

Collaborative Research—Business Economics Faculty and PhD Students Working Papers: • • • •

Cooper, R.*, Hamilton, B., Who Shows Whom the Money? The Effects of Social and Human Capital on Negotiating Agent Performance.

Zeng, X.*, Chib, S., Bayesian Strategy for Improved Forecasts of the Equity Premium.

Chib, S., Zeng, X.*, Which Factors Are Risk Factors in Asset Pricing? A Model Scan Framework.

Chib, S., Zeng, X.*, On Comparing Asset Pricing Models.

Working Project: • Baranchuk, N. McDonald, G., Yang, J., Innovation Incentives.

*Indicates current or former student

Business Economics Faculty CHAIR: Mariagiovanna Baccara Associate Professor of Economics PhD, Princeton University Research interests: innovation and intellectual property rights, organized crime, matching, social networks

Siddhartha Chib Harry C. Hartkopf Professor of Econometrics and Statistics PhD, University of California, Santa Barbara Research interests: Bayesian statistics and econometrics, Markov chain Monte Carlo methods Daniel Gottlieb Assistant Professor of Economics PhD, Massachusetts Institute of Technology Research interests: contract theory, behavioral economics, insurance Barton H. Hamilton Robert Brookings Smith Distinguished Professor of Entrepreneurship PhD, Stanford University Research interests: entrepreneurship, health economics, labor economics, econometrics Brent Hickman Assistant Professor of Economics PhD, University of Iowa Research interests: empirical methods for models of private information, auctions, industrial organization, higher education, affirmative action, black-white inequality Glenn MacDonald John M. Olin Distinguished Professor of Economics and Strategy and Director of the Center for Research in Economics and Strategy PhD, University of Rochester Research interests: industry evolution, strategy and value appropriation, microeconomics/industrial organization, investor protection, compensation Paulo Natenzon Assistant Professor of Economics PhD, Princeton University Research interests: environmental theory, decision theory, behavioral economics Robert A. Pollak Hernreich Distinguished Professor of Economics PhD, Massachusetts Institute of Technology Research interests: environmental economics and policy, consumer demand analysis and consumer behavior, demography, labor economics, economics of the family Stephen P. Ryan Professor of Economics PhD, Duke University Research interests: industrial organization, applied econometrics Mark P. Taylor Dean and Donald Danforth Jr. Distinguished Professor of Finance PhD, University of London Research interests: financial markets, international finance, international macroeconomics, macroeconomics

PhD in Finance

WashU PhD

“Olin’s PhD program combines esteemed finance faculty producing cutting-edge research in an environment that fosters faculty-student interaction. Professors guide students inside and outside the classroom, as well as coauthor research with them.”

—Asaf Manela, Associate Professor of Finance

Olin’s PhD program in Finance emphasizes rigorous analytical training and prepares you to pursue a career in research and teaching at leading academic institutions across the globe. Our students have a strong quantitative background and typically have undergraduate training in economics, mathematics, engineering or other quantitative disciplines. Our research-active faculty members are easily accessible to you. Collaboration is encouraged early in the program, with joint research resulting in faculty-student coauthored papers published in top-tier journals. Much of the research is based on economic models to address problems such as the allocation of capital and risk and rewards in the economy. Empirical work widely uses the tools of econometrics—the application of statistics to economics.

The Wells Fargo Advisors Center for Finance and Accounting Research (WFA-CFAR) is dedicated to the dissemination of research in finance and accounting that brings to light cutting-edge thinking and helps solve the unique needs and challenges of business. The center brings an important focus to finance and accounting issues through the creative design of Olin courses, groundbreaking research papers and white papers, top-tier academic conferences and custom member projects. These corporate projects are teamed by PhD and other Olin students, working closely with Olin faculty. Students strive to solve current challenges and position the organization for the future.

Collaborative Research—Finance Faculty and PhD Students Working Papers: • Dybvig, P., Pezzo, L.*, Mean-Variance Portfolio Rebalancing with Transaction Costs.

• Kadan, O., Liu, F.*, Tang, X.*, Recovering Factor Volatility.

• Gomes, A., Moreira, A., Sovich, D., Relative Valuation and Information Production.

• Gopalan, Y.*, Kalda, A.*, Manela, A., Hub-and-Spoke Regulation and the Leverage of Financial Intermediaries.

• Maurer, T., Pezzo, L., Taylor, M., Importance of Transaction Costs for Asset Allocations in FX Markets.

• Gopalan, R., Martin, X., Srinivasan, K.*, Weak Creditor Rights and Insider Opportunism: Evidence from an Emerging Market.

• Gopalan, R. Gopalan, Y.*, Koharki, K., Market Information and Rating Agency Catering.

• Milbourn, T., Jayaraman, S., Seo, H.*, Product Market Peers and Relative Performance Evaluation.

• Thakor, A., Vuong, T.*, Dynamic Capital Buffers.

• Zhou, G., Huang, D.*, Zhang, H., Twin Momentum: Fundamental Trends Matter.

• Zhou, G., He, A., Huang, D.*, Failure of Existing Factor Models in Explaining Individual Stock Returns: Evidence from a Simple Predictability Test.

Published Papers: • Kadan, O., Tang, X.*, (2019). A Bound on Expected Stock Returns. Review of Financial Studies.

• Jiang, F., Lee, J.*, Martin, X., Zhou, G., (2018). Manager Sentiment and Stock Returns. Journal of Financial Economics.

• Liu, H., Dai, M., Li, P., Wang, Y.*, (2018). Market Closure, Portfolio Selection, and Liquidity Premia. Management Science.

• Thakor, A., Song, F.*, (2018). Bank Culture. Journal of Financial Intermediation.

• Zhou, G., Huang, D.*, (2017). Upper Bounds on Return Predictability. Journal of Financial and Quantitative Analysis, 52: 401–425.

• Kadan, O., Liu. F.*, Liu, S.*, (2016). Generalized Systematic Risk. American Economic Journal: Microeconomics, 8: 86–127.

• Liu, H., Wang, Y.*, (2016). Market Making with Asymmetric Information and Inventory Risk. Journal of Economic Theory, 163: 73–09.

• Alok, S., Gopalan, R., (2018). Managerial Compensation in Multi-Division Firms. Management Science, 64(6): 2856–2874.

• Brogaard, J., Ringgenberg, M., Sovich, D., (2018). The Economic Impact of Index Investing. Review of Financial Studies.

*Indicates current or former student

Finance Faculty CHAIR: Guofu Zhou, Frederick Bierman and James E. Spears Professor of Finance PhD, Duke University Research interests: portfolio choice, asset allocation, technical analysis, bubbles and crashes, anomalies, asymmetric information, asset pricing tests, Bayesian learning, model selection, economic methods, real option

Ohad Kadan, H. Frederick Hagemann Jr. Professor of Finance PhD, The Hebrew University of Jerusalem Research interests: corporate finance, market microstructure, economics of information, game theory Mark Leary, Associate Professor of Finance PhD, Duke University Research interests: empirical corporate finance and capital structure, payout policy, security issuance, financial intermediaries

Deniz Aydin, Assistant Professor of Finance PhD, Stanford University Research interests: banking and financial institutions, consumer behavior

Jeongmin “Mina� Lee, Assistant Professor of Finance PhD, University of Maryland Research interests: asset pricing, financial intermediation, information economics, market microstructure

Taylor Begley, Assistant Professor of Finance PhD, University of Michigan Research interests: corporate finance, financial intermediation, financial contracting, information economics

Yaron Leitner, Visiting Associate Professor of Finance PhD, Northwestern University Research interests: banking and financial institutions, information economics

Jennifer Dlugosz, Assistant Professor of Finance PhD, Harvard University Research interests: corporate finance, financial intermediation, credit markets, corporate governance

Hong Liu, Fossett Distinguished Professor of Finance PhD, University of Pennsylvania Research interests: optimal consumption and investment with frictions, asset pricing, market microstructure

Jason R. Donaldson, Assistant Professor of Finance PhD, London School of Economics Research interests: contract theory, financial intermediation

Asaf Manela, Associate Professor of Finance PhD, University of Chicago Research interests: financial intermediation, information economics, asset pricing

Philip H. Dybvig, Boatmen’s Bancshares Professor of Banking and Finance PhD, Yale University Research interests: banking, corporate finance, financial markets, asset pricing, fixed-income securities, industrial organization, portfolio management

Todd T. Milbourn, Vice Dean and Hubert C. and Dorothy R. Moog Professor of Finance PhD, Indiana University Research interests: corporate finance, managerial career concerns, management compensation, economics of asymmetric information

Armando R. Gomes, Associate Professor of Finance PhD, Harvard University Research interests: corporate finance, mergers and acquisitions, corporate governance, economic theory Radhakrishnan Gopalan, Professor of Finance PhD, University of Michigan Research interests: corporate finance, corporate governance, emerging market financial systems, mergers and acquisitions, corporate restructuring, entrepreneurial finance Todd Gormley, Associate Professor of Finance PhD, Massachusetts Institute of Technology Research interests: corporate governance, banking, empirical methods, risk, development Xing Huang, Assistant Professor of Finance PhD, University of California, Berkeley Research interests: behavioral finance, asset pricing, investor behavior, market efficiency, information acquisition, mutual funds, household finance

Timothy Solberg, Professor of Practice in Finance MBA, University of Chicago Research interests: economic development, health economics, international economics, banking and financial institutions, corporate governance Janis Skrastins, Assistant Professor of Finance PhD, London Business School Research interests: empirical corporate finance, banking, financial intermediation, organizational design, emerging markets Anjan Thakor, John E. Simon Professor of Finance, Director of Doctoral Programs and Director of Wells Fargo Advisors Center for Finance and Accounting Research PhD, Northwestern University Research interests: corporate finance, financial intermediation, economics of asymmetric information

PhD in Operations and Manufacturing Management “Influential research and fresh knowledge creation are the trademarks of any top doctoral program and business school, and Olin’s doctoral program is both pioneering and extremely successful at it.”

—Panos Kouvelis, Emerson Distinguished Professor of Operations and Manufacturing Management and Director of the Boeing Center for Supply Chain Innovation

Olin faculty members in Operations and Manufacturing Management (OMM) are distinguished by strong analytical backgrounds in operations research, management science, industrial engineering and economics. The program emphasizes the use of modeling techniques to understand manufacturing and service environments in areas of research ranging from supply chain management, operations strategy and revenue management to supply contracts and effective uses of information technology for process reengineering. Research frequently focuses on areas with strategic and tactical implications and involves mathematical models that help analyze problems and provide insight into complex scenarios.

The Boeing Center for Supply Chain Innovation (BCSCI) creates value through collaborative research in technology, information and supply chain management. The focus is on the proprietary challenges member companies face. BCSCI undertakes a number of custom projects annually for members. Teams of PhD and other Olin students tackle these projects, working closely with Olin faculty to find solutions that build a competitive advantage through strategic supply chain management and technology-based process reengineering.

Collaborative Research—OMM Faculty and PhD Students Working Papers:

• Duo, S., Kouvelis, P., Who Compensates the Sales Agent?

• Jung, S.H.*, Kouvelis, P., Co-opetitive Supply Partnerships with End-Product Rivals under Information Asymmetry. Under review at Manufacturing and Service Operations Management.

• Turcic, D., Guo, X.*, Kouvelis, P., Omni-Channel Retailing with Operational Frictions.

• Turcic, D. Xiao, G.*, Kouvelis, P., Make-to-Order versus Make-to-Stock When Firms Compete under Fluctuating Input Cost.

• Zhang, F., Guo X.*, Xiao, G.*, Effect of Consumer Awareness on Corporate Social Responsibility under Asymmetric Information. Under revision at Management Science.

• Zhang, F., Dong, L., Shi, D.*, 3D Printing versus Traditional Flexible Technology: Implication on Manufacturing Strategies. Under revision at Manufacturing & Service Operations Management.

• Zhang, F., Bolandifar, E.*, Zhu, K. Managing Competitive Levers in a Collaborative Distribution Channel. Under review at Manufacturing & Service Operations Management.

• Zhang, F., Guo, X.*, Yu, Y.*, Zheng, S., Optimal Bundling Strategy for a Retail Platform under Agency Selling. Under review at Management Science.

• Zhang, F., Lei, J, Yu, Y.*, Zhang, R.*, Competition on Product Availability.

• Zhang, F., Xiao, G.*, Yu, Y.*, The Impact of Capacity Constraint and Consumer Heterogeneity on Service Differentiation.

• Kouvelis, P., Xiao, G.*, Study of Hybrid (Push-Pull) Wholesale Price Contracts for Random Yield Supply Chains. Under review at Manufacturing and Service Operations Management.

Published Papers:

• Tian, Z. , Tang, S.Y., Kouvelis, P., (2018). Soft Order Commitment in Supply Chains: Role of Penalties and Rationing Rules. Decision Sciences.

• Kouvelis, P., Xiao, Y.*, Yang, N., (2018). Drug Pricing for Competing Pharmaceutical Manufacturers Distributing through a Common PBM. Production and Operations Management.

• Kouvelis, P., Xiao, G., Yang, N., (2018). On the Properties of Yield Distributions in Random Yield Problems: Conditions, Class of Distributions, and Relevant Applications. Production and Operations Management.

• Kouvelis, P., Milner, J., Tian, Z., (2017). Clinical Trials for New Drug Development: Optimal Investment and Application. Manufacturing & Service Operations Management, 19(3): 437–452.

• Kouvelis, P., Wu, X.*, Xiao, Y*., Cash Hedging in a Supply Chain. Management Science, forthcoming.

• Zhang, F., Aviv, Y., Wei, M.*, (2018). Responsive Pricing of Fashion Products: The Effects of Demand Learning and Strategic Consumer Behavior (with Y. Aviv and M. Wei). Management Science, forthcoming.

• Zhang, F., Wei, M.*, (2018). Advance Selling to Strategic Consumers: Preorder Contingent Production Strategy with Advance Selling Target.

Production and Operations Management, forthcoming.

• Dong, L., Guo, X.*, Turcic, D., (2018). Selling a Product Line through a Retailer When Demand Is Stochastic: Analysis of Price-Only Contracts.

Manufacturing and Service Operations Management, forthcoming.

• Dong, L., Bolandifar, E., Feng, T., Zhang, F., (2017). Simple Contracts to Assure Supply Under Noncontractible Capacity and Asymmetric Cost Information. Manufacturing & Service Operations Management. *Indicates current or former student

Published Papers Continued:

• Dong, L., Kouvelis, P., Tian, Z.*, (2017). Responsive Pricing Newsvendor Networks with Discretionary Commonality. Journal of Production and Operations Management. 26(8): 1534–1552.

• Kouvelis, P., Tian, Z.*, Munson, C., (2015). Understanding and Managing Product Line Complexity: Applying Sensitivity Analysis to a Large-Scale MILP Model to Price and Schedule New Customer Orders. IIE Trans, 47: 1–22.

• Bolandifar, E.*, Kouvelis, P., Zhang, F., (2016). Delegation versus Control in Supply Chain Procurement and Competition. Journal of Production and Operations Management, 25(9): 1528–1541.

• Kouvelis, P., Xiao, Y.*, Yang, N., (2015). Competition in Pharmaceutical Supply Chain: Formulary Design and Drug Pricing. Manufacturing and Service Operations Management, 17(4): 511–526.

• Turcic, D., Kouvelis, P., Bolandifar, E.*, (2015). Hedging Commodity Procurement in a Bilateral Supply Chain. Manufacturing and Service Operations Management, 17(2): 221–235.

• Dong, L., Kouvelis, P., Wu, X.*, (2014). The Value of Operational Flexibility in the Presence of Input and Output Uncertainties with Oil Refining Applications. Management Science, 60(12): 2908–2926.

• Wu, X.*, Zhang, F., (2014). Home or Overseas? An Analysis of Sourcing Strategies under Competition. Management Science, 60(5): 1223–1240. 1–22.

• Bolandifar, E.*, Kouvelis, P., Zhang, F., (2016). Delegation versus Control in Supply Chain Procurement and Competition. Journal of Production and Operations Management, 25(9): 1528–1541.

• Kouvelis, P., Xiao, Y.*, Yang, N., (2015). Competition in Pharmaceutical Supply Chain: Formulary Design and Drug Pricing. Manufacturing and Service Operations Management, 17(4): 511–526.

• Turcic, D., Kouvelis, P., Bolandifar, E.*, (2015). Hedging Commodity Procurement in a Bilateral Supply Chain. Manufacturing and Service Operations Management, 17(2): 221–235.

• Dong, L., Kouvelis, P., Wu, X.*, (2014). The Value of Operational Flexibility in the Presence of Input and Output Uncertainties with Oil Refining Applications. Management Science, 60(12): 2908–2926.

• Wu, X.*, Zhang, F., (2014). Home or Overseas? An Analysis of Sourcing Strategies under Competition. Management Science, 60(5): 1223–1240.

Operations and Manufacturing Management Faculty CO-CHAIR: Lingxiu Dong Professor of Operations and Manufacturing Management PhD, Stanford University Research interests: operations management, production and distribution systems, supply chain management, information in supply chains CO-CHAIR: Fuqiang Zhang Professor of Operations and Manufacturing Management PhD, University of Pennsylvania Research interests: supply chain management, consumer behavior in operations management, inventory and production planning, game theory, incentives and mechanism design, energy and environment Kaitlin Daniels, Assistant Professor of Operations and Manufacturing Management PhD, University of Pennsylvania Research interests: gig economy, contract theory, service operations Jake Feldman, Assistant Professor of Operations and Manufacturing Management PhD, Cornell University Research interests: assortment optimization, customer choice models, revenue management, approximation algorithms, machine learning

Panos Kouvelis, Emerson Distinguished Professor of Operations and Manufacturing Management and Director of the Boeing Center for Supply Chain Innovation PhD, Stanford University Research interests: global supply chain management, operations and finance interfaces, risk management in supply chains, commodity risk management, operations strategy, managing the innovation process, marketing/manufacturing interfaces, product line design, lean manufacturing, inventory control, operations planning, project management, cyclic scheduling, manufacturing system design, management science and optimization Iva Rashkova, Assistant Professor of Operations and Manufacturing Management PhD, London Business School Research interests: financial considerations for inventory management, medical shortages, developing countries Dennis Zhang, Assistant Professor of Operations and Manufacturing Management PhD, Northwestern University Research interests: data science, service operations, healthcare operations, social networks, behavioral operations and economics

PhD in Organizational Behavior

WashU PhD

“The Olin PhD program is a wonderful place to explore meaningful questions and acquire the key research skills to find answers to these questions—answers that often have an immediate and considerable impact on the scholarly community and society at large.”

—Markus Baer, Associate Professor of Organizational Behavior

Olin’s Organizational Behavior program examines how individuals and groups affect and are affected by organizations and the people in them. As an Organizational Behavior PhD student, you’ll study organizations from multiple viewpoints, methods and levels of analysis—delving into management, leadership, negotiation, team development and conflict management, among other areas. The program follows an apprenticeship model with an emphasis on one-on-one interaction. You’ll work directly with faculty and thesis advisors, observing how Olin’s research-driven faculty approaches a subject.

Collaborative Research—Organizational Behavior Faculty and PhD Students Published Papers: • Sanner, B.*, Bunderson, J.S., (2018). The Truth about Hierarchy. Sloan Management Review, forthcoming.

• Jang, D.*, Elfenbein, H.A., Bottom, W.P., (2018). More than a Phase: Form and Features of a General Theory of Negotiation.

Academy of Management Annals, 12: 318–356.

• Sharma, S*., Elfenbein, H.A., Foster, J., Bottom, W.P., (2018). Predicting Negotiation Performance from Personality Traits: A Field Study across Diverse Occupations. Human Performance, 31, 1-20.

• Jang, D.*, Elfenbein, H.A., (2018). Menstrual Cycle Effects on Mental Health Outcomes: A Meta-Analysis. Archives of Suicide Research, 20, 1-21.

• Elfenbein, H.A., Jang, D.*, Sharma S.*, Sanchez-Burks, J., (2017). Validating Emotional Attention Regulation as a Component of Emotional Intelligence: A Stroop Approach to Individual Differences in Tuning In to and Out of Nonverbal Cues. Emotion, 17, 348-358.

• Campagna, R.T.*, Mislin, A.A.*, Kong, D.T.*, Bottom, W.P., (2016). Strategic Consequences of Emotional Misrepresentation in Negotiation: The Blowback Effect. Journal of Applied Psychology, 101: 605–624.

• Kong, D.T.*, Bottom, W.P., Konczak, L.J., (2016). Negotiators’ Emotion Perception and Value-Claiming under Different Incentives.

International Journal of Conflict Management, 27: 146–171.

• Baer, M., Evans, K.*, Oldham, G.R., Boasso, A., (2015). The Social Network Side of Individual Innovation: A Meta-Analysis and Path-Analytic Integration. Organizational Psychology Review, 5: 191–223.

• Kong, D.T.*, Koncak, L., Bottom, W.P., (2015). Team Performance as a Joint Function of Team Member Satisfaction and Agreeableness. Small Group Research, 46: 160–178.

• Kudesia, R.S.*, Baer, M., Elfenbein, H.A., (2015). A Wandering Mind Does Not Stray Far from Home: The Value of Metacognition in Distant Search. PLOS ONE, 10(5).

• Kong, D.T.*, Dirks, K.T., Ferrin, D.L., (2014). Interpersonal Trust within Negotiations: Meta-Analytic Evidence, Critical Contingencies, and Directions for Future Research. Academy of Management Journal, 57: 1235–1255.

• Sharma, S., Bottom, W.P., Elfenbein, H. A. (2013). On the Role of Personality, Cognitive Ability and Emotional Intelligence in Predicting Negotiation Outcomes: A Meta-Analysis. Organizational Psychology Review, 3(4), 293-336.

• Bottom, W.P., Kong D.T.*, (2012). The Casual Cruelty of Our Prejudices: On Walter Lippmann’s Theory of Stereotype and Its “Obliteration” in Psychology and Social Science. Journal of the History of the Behavioral Sciences, 48: 363–394.

• Gray, S. M., Knight, A.P., Baer, M. (In Press). On the Emergence of Collective Psychological Ownership in New Creative Teams.

Organization Science.

• Mislin, A.A., Boumgarden, P.A., Jang, D., Bottom, W. P. (2015). Accounting for Reciprocity in Negotiation and Social Exchange.

Judgment and Decision Making, 10(6), 571-589.

*Indicates current or former student

Organizational Behavior Faculty CHAIR: William P. Bottom Joyce and Howard Wood Distinguished Professor of Organizational Behavior PhD, University of Illinois at Urbana–Champaign Research interests: organizational behavior, behavioral decision theory, negotiation Markus Baer Associate Professor of Organizational Behavior PhD, University of Illinois at Urbana–Champaign Research interests: problem formulation, idea generation, solution implementation, organizational creativity and innovation Peter Boumgarden Professor of Practice, Strategy and Organizations PhD, Washington University in St. Louis Research interests: innovation, organization design, organization structure, entrepreneurship, venture capital Stuart Bunderson George and Carol Bauer Professor of Organizational Ethics and Governance and Co-Director of the Bauer Leadership Center PhD, University of Minnesota Research interests: organizational behavior and theory, knowledge management, coordination of specialized expertise Kurt Dirks Bank of America Professor of Managerial Leadership and Co-Director of the Bauer Leadership Center PhD, University of Minnesota Research interests: organizational behavior, trust in work relationships, feelings of ownership in the workplace, leadership, teams

Hillary Anger Elfenbein John K. and Ellen A. Wallace Distinguished Professor of Organizational Behavior PhD, Harvard University Research interests: emotions in the workplace Emily Grijalva Assistant Professor of Organizational Behavior PhD, University of Illinois, Urbana-Champaign Research interests: narcissism and its link to personality development and leadership emergence and effectiveness, as well as on gender and counterproductive work behavior Ashley Hardin Assistant Professor of Organizational Behavioral PhD, University of Michigan Research interests: quantitative social research, qualitative social research, social psychology Andrew Knight Associate Professor of Organizational Behavior PhD, University of Pennsylvania Research interests: groups and teams, affect, relationships, entrepreneurship, healthcare Judi McLean Parks Reuben C. and Anne Carpenter Taylor Professor of Organizational Behavior PhD, University of Iowa Research interests: conflict management and dispute resolution, psychological contracts and workplace justice, diversity and sociocultural and cross-cultural management factors, revenge in the workplace, organizational identity Ray Sparrowe Associate Professor of Organizational Behavior PhD, University of Illinois at Chicago Research interests: leadership, informal relationships in organizations, group processes and outcomes

PhD in Marketing

WashU PhD

“The success of our marketing PhD program comes from its size and top-notch faculty.

The small size ensures that each student gets individual attention throughout the program, while the premier Olin faculty allow students to apply the newest techniques to projects that match their interests.”

—Raphael Thomadsen, Associate Professor of Marketing

At Olin, the Marketing discipline is distinguished by a demand for innovative ideas, critical thinking and a strong emphasis on quantitative abilities. The program has two areas of study: Marketing Science and Consumer Behavior.

Marketing Science focuses on economic fundamentals, including microeconomic theory and econometrics. Using this methodology, you’ll examine mathematical modeling of buyer/seller interactions, consumer choices, purchase behavior, resource allocation, components of the marketing mix and new-product development.

As a Consumer Behavior student, you’ll concentrate on psychology fundamentals, including cognitive psychology, social psychology and behavioral decision theory. These areas provide a strong foundation for you to study and research consumer judgment and decision making, cognition, culture, emotions, motivation, individual differences, perception and social influence.

Some PhD Marketing students analyze the intersection of Marketing Science and Consumer Behavior, exploring how the interplay of these two broad areas can improve understanding and predict marketing phenomena.

Collaborative Research—Marketing Faculty and PhD Students Working Papers:

• Gershon, R., LeBoeuf, R.A., Nowlis, S., Why Do Consumers Leave Reviews? The Influence of a Personal Connection between the Buyer and Seller.

• Gershon, R.*, Cryder, C., John, L., The Social Benefits and Material Burdens of Prosocial Referral Incentives. Revise and resubmit at the Journal of Marketing Research.

• Chan, T.Y., Zhang, F.*, Zhang, Q., Customer Migration from Online Retail Platforms. Revise and resubmit at Marketing Science.

• Chan, T.Y., Bentley, T.*, Park, Y.H.*, Ranking as an Imperfect Signal in Sponsored Search Advertising and Its Empirical Implications.

Revise and resubmit at Management Science.

• Chan, T.Y., Thomadsen, R., Yang, B.*, A Salesforce-Driven Model of Consumer Choice. Revise and resubmit at Marketing Science.

• Chan, T.Y., Jiang, Z.*, Che, H., Consumer Search and Purchase: An Empirical Investigation of the Search-Based Retargeting Policy.

Revise and Resubmit at Marketing Science.

• Jiang, B., Sudhir, K., Zou, T.*, Cost-Information Transparency and Intertemporal Pricing. Under revision, Management Science.

• Stephenson, B.*, Cryder, C., LeBoeuf, R., Nowlis, S., Why Garlic Ice Cream? Peculiar Line Extensions Increase Choice of a Brand’s Pre-Existing Products. Revising for second-round submission at the Journal of Marketing.

• Jiang, Z.*, Nevskaya, Y., Thomadsen, R., Can Non-Tiered Frequency Rewards Programs Be Profitable? Revise and resubmit at Marketing Science.

• Yang, B*, Seetharaman, P.B., Prelaunch Advertising for Movies: An Econometric Analysis of Demand and Supply. Under review at Journal of Marketing Research.

Published Papers: • Jiang B, Yang B.*, (2018). Quality and Pricing Decisions in a Market with Consumer Information Sharing. Management Science, forthcoming.

• Narasimhan, C., Papatla, P., Jiang, B., Kopalle, P.K., Messinger, P.R., Moorthy, S., Proserpio, D., Subramanian, U., Wu, C.*, Zhu, T., (2018).

Sharing Economy: Review of Current Research and Future Direction. Customer Needs and Solutions, March: 93–106 • Gershon, R.*, Cryder, C., (2018). Goods Donations Increase Charitable Credit for Low-Warmth Donors. Journal of Consumer Research, forthcoming.

• Chan, T.Y., Murphy, A., Wang, L.*, (2018). Information Asymmetry, Manufacturer-Retailer Contracts, and Two-Sided Entry. International Economic Review, forthcoming.

• Chan, T.Y., Narasimhan, C., Yoon Y.*, (2017). Advertising and Price Competition in a Manufacturer-Retailer Channel. International Journal of Research in Marketing, 34(3): 694–716.

• Chan, T.Y., Xie, Y., Zhang, X.*, (in press). Price Search and Periodic Price Discounts. Management Science, forthcoming.

• Wu, C., Che, H., Chan, T.Y., Lu, X., (2015). The Economic Value of Online Reviews. Marketing Science, 34(5): 739–754.

• Guo, X.*, Jiang, B., (2016). Signaling through Price and Quality to Consumers with Fairness Concerns. Journal of Marketing Research, 53(6): 988–1000.

• Cosguner, K*., Chan, T.Y., Seetharaman, P.B., (2017). Behavioral Price Discrimination in the Presence of Switching Costs. Marketing Science, 36(3): 426–435. *Indicates current or former student

Marketing Faculty CHAIR: Tat Y. Chan Professor of Marketing PhD, Yale University Research interests: industrial organization, applied econometrics, applied microeconomics, marketing

Cynthia Cryder Associate Professor of Marketing PhD, Carnegie Mellon University Research interests: judgment and decision making, prosocial behavior, incentives, field and Internet research methodology Xiang Hui Assistant Professor of Marketing PhD, Economics, Ohio State University Research interests: quantitative marketing, economics of digitization, industrial organization Baojun Jiang Associate Professor of Marketing PhD, Carnegie Mellon University Research interests: competitive strategy, behavioral economics, the sharing economy, platform-based business models, pricing, distribution channels, innovation, operations/marketing interface, game theory Robyn LeBoeuf Associate Professor of Marketing PhD, Princeton University Research interests: consumer behavior, judgment and decision making, behavioral decision theory, intertemporal choice, gift giving Meng Liu Associate Professor of Marketing PhD, Clemson University Research interests: market designs, digital platforms, economics of digitization Chakravarthi Narasimhan Philip L. Siteman Professor of Marketing PhD, University of Rochester Research interests: supply chain strategies, e-strategies, modeling customer profitability, choice modeling Yulia Nevskaya Assistant Professor of Marketing PhD, University of Rochester Research interests: consumer tastes evolution and habit formation, dynamic structural choice models, rewards programs, digital marketing

Stephen Nowlis August A. Busch Jr. Distinguished Professor of Marketing PhD, University of California, Berkeley Research interests: consumer behavior, decision making, consumption Hannah Perfecto Assistant Professor of Marketing PhD, University of California, Berkeley Research interests: consumer behavior, behavioral decision theory, metacognition, field experiments, research replicability and reliability Sydney Scott Assistant Professor of Marketing PhD, University of Pennsylvania Research interests: morality and consumption, judgment and decision making, preferences for natural products Seethu Seetharaman W. Patrick McGinnis Professor of Marketing and Director of the Center for Analytics and Business Insights PhD, Cornell University Research interests: dynamic choice behavior of households using econometric models Raphael Thomadsen Associate Professor of Marketing PhD, Stanford University Research interests: pricing, product design, game theory, point-of-sale, marketing Elanor Williams Associate Professor of Marketing PhD, Cornell University Research interests: social consumption and consumer decision making Song Yao Associate Professor of Marketing PhD, Duke University Research interests: quantitative marketing, empirical microeconomics, advertising, new technology, auctions, competitive strategy, customer analytics

PhD in Strategy and Entrepreneurship

WashU PhD

“Our students benefit from a large faculty-to-student ratio relative to other PhD programs. This means more attention—and the ability to work with multiple faculty before deciding on a dissertation topic.”

—Minyuan Zhao, Associate Professor of Strategy

At Olin, we believe that great Strategy and Entrepreneurship PhD candidates have a fundamental drive to impact business practice. Our students, like our faculty, have diverse undergraduate training, including economics, chemistry, engineering and mathematics. We strongly promote interdisciplinary and collaborative research among PhD students and faculty across business disciplines and with other areas and schools at Washington University.

The Center for Research in Economics and Strategy (CRES) advances the understanding of firms and markets by supporting scientific research employing state-of-the-art analytical and empirical methods. Intended for publication in top-tier academic journals, CRES-sponsored research addresses substantive questions in many areas of economics and strategy. In addition to research assistance, which includes PhD student funding and data collection, CRES supports frequent presentations of internal and external research, national and international short-term visitors, CRES Fellows and a website that includes extensive research listings.

Collaborative Research—Strategy and Entrepreneurship Faculty and PhD Students Working Papers: • Knott, A., Vieregger, C.*, All Hail Large Firms: Reconciling the Firm Size and Innovation Debate. Invited for revision, Strategic Management Journal.

Published Papers: • Klüppel, L.M.*, Pierce, L., Snyder, J.A., (2018). Perspective—The Deep Historical Roots of Organization and Strategy: Traumatic Shocks, Culture, and Institutions. Organization Science, forthcoming.

• Gubler, T.*, Larkin, I., Pierce, L., (2018). Doing Well by Making Well: The Impact of Corporate Wellness Programs on Employee Productivity. Management Science, forthcoming.

• Cummings T.*, Knott, A.M., (2018). Outside CEOs and Innovation. Strategic Management Journal, 39: 2095–2119.

• Balasubramanian, P.*, Bennett, V.M., Pierce, L., (2017). The Wages of Dishonesty: The Supply of Cheating under High-Powered Incentives. Journal of Economic Behavior & Organization, 136: 428–444.

• Gubler, T.*, Larkin, I., Pierce, L., (2016). Motivational Spillovers from Awards: Crowding Out in a Multitasking Environment.

Organization Science, 27(2): 286–303.

• Pierce, L., Balasubramanian, P.*, (2015). Behavioral Field Evidence on Psychological and Social Factors in Dishonesty and Misconduct. Current Opinion in Psychology, 6: 70–76.

• Gubler, T.*, Pierce, L., (2014). Healthy, Wealthy, and Wise: Retirement Planning Predicts Health Improvements. Psychological Science, 25(9): 1822–1830.

• Nickerson, J.A., Boumgarden, P.*, Zenger, T.R., (2012). Sailing Toward Exploration and Exploitation: Achieving Ambidexterity through Organizational Vacillation. Strategic Management Journal, 33(6): 587–610.

*Indicates current or former student

Strategy and Entrepreneurship Faculty CHAIR: Anne Marie Knott Robert and Barbara Frick Professor of Business PhD, University of California, Los Angeles Research interests: innovation, R&D, entrepreneurship, managerial value

Nicholas Argyres Vernon W. and Marion K. Piper Professor of Strategy PhD, University of California, Berkeley Research interests: strategy and structure, vertical integration, contracting and interorganizational arrangements, strategy and the institutional environment, information technology and organization, organizational politics Seth Carnahan Associate Professor of Strategy PhD, Strategy, University of Maryland Research interests: strategy, entrepreneurship, human capital, employee mobility Daniel W. Elfenbein Associate Professor of Strategy PhD, Harvard University Research interests: governance of complex transactions, markets for intellectual property, innovation and technological change, university–industry technology transfer, incentives in organizations Tarek Ghani Assistant Professor of Strategy PhD, University of California, Berkeley Research interests: market and institutional development in emerging economies Jackson A. Nickerson Frahm Family Professor of Organization and Strategy and Brookings Non-Resident Senior Scholar in Government Studies PhD, University of California, Berkeley Research interests: business strategy organization choice and performance, corporate survival, new institutional economics, intellectual capital management, management of innovation and technology Lamar Pierce Professor of Organization and Strategy PhD, University of California, Berkeley Research interests: business strategy and public policy, fraud and corruption, ethics, incentives in organizations Ulya Tsolmon Assistant Professor of Strategy PhD, Duke University Research interests: internal markets and governance of multiunit firms, strategic human capital and firm boundaries, innovation strategy Minyuan Zhao Assistant Professor of Strategy PhD, New York University Research interests: business/corporate strategy, international business, international economics