the Little Book of Big Impact by Vanderbilt Owen Graduate School of Management

the little book of BIG impact

BIG

the little book of

impact

Vanderbilt Business

Building on excellence,

shaping the future

From its founding in 1969 as a graduate business school “of the highest professional quality,” the Owen Graduate School of Management has always strived for excellence. In keeping with Vanderbilt University’s longstanding commitment to world-class research, the school’s early leadership recruited elite talent that was as well respected in the halls of academia as it was within industry. That strong foundation has helped foster a top-caliber faculty that today works across many disciplines in an intimate, intellectually collaborative environment. Vanderbilt’s business faculty regularly publishes important new research in—and serves on the editorial boards of—the world’s most prestigious academic journals. The faculty’s work is also shaping the real world of business with innovations such as the creation of the Market Volatility Index (VIX) and the recent development of a national patient-safety grading scale for hospitals. This booklet offers highlights of how the research being done at Vanderbilt doesn’t merely observe the world of business, but makes a meaningful impact upon it.

ACADEMIC

FIREPOWER Eric Noll (MBA ’90) wanted to develop an innovative new investment tool for Nasdaq OMX, where he serves as Executive Vice President of Transaction Services. So he turned to the “academic firepower” of Vanderbilt finance professors Jacob Sagi, an expert on asset pricing and decision theory, and Robert Whaley, a globally recognized academic luminary who is also highly regarded on Wall Street for creating the Market Volatility Index (VIX). In the collaborative spirit that defines Owen, the trio in April 2011 launched Alpha Indexes, which track how individual equities perform against broader market benchmarks. Based on research published in Financial Analysts Journal, the indexes capture a stock’s true returns, cancelling out effects of random bumps in the market. As an investment, options traded on Alpha Indexes replicate a complex and expensive strategy with one simple product.

Robert E. Whaley Valere Blair Potter Professor of Management (Finance) | Co-Director of the Financial Markets Research Center Areas of expertise: Derivatives, financial markets, options, futures, market volatility Ph.D. University of Toronto

Jacob S. Sagi Vanderbilt Financial Markets Research Center Associate Professor of Finance Areas of expertise: Asset pricing, decision theory Ph.D. (Physics) University of British Columbia Ph.D. (Financial Economics) University of British Columbia

a legacy of excellence When Vanderbilt finance professor Hans Stoll turned his research focus to futures and options in the late 1960s, they were used mostly in agriculture and practically unknown as financial instruments. Today, the derivatives market stands at $648 trillion in notional amounts outstanding, marking one of the most active sectors in global finance. That growth is due in no small part to the analytical foundations Stoll contributed to the field with a seminal paper published in the Journal of Finance describing the mathematical relationship of put and call prices for options. Nearly three decades later, Vanderbilt finance professor William Christie explored a seemingly straightforward question in a nowfamous paper he co-authored for the Journal of Finance: Why do Nasdaq market makers avoid odd-eights quotes? The answer, it turned out, was because they were involved in a massive price-fixing scheme. Christieâ&#x20AC;&#x2122;s work ultimately led to a $1.027 billion settlement and the introduction of market reforms that endure to this day. Both professors have helped establish Vanderbiltâ&#x20AC;&#x2122;s reputation as a pre-eminent center for research in financial markets, drawing repeated visits over the years from speakers including former Federal Reserve Chairman Paul Volcker, as well as Nobel laureates Myron Scholes and Merton Miller. 4

William G. Christie

Frances Hampton Currey Professor of Management in Finance | Professor of Law Areas of expertise: Financial markets, corporate finance Ph.D. University of Chicago

Hans R. Stoll

The Anne Marie and Thomas B. Walker, Jr., Professor of Finance | Director of the Financial Markets Research Center | Faculty Director for Master of Finance Areas of expertise: Global financial exchanges, derivatives markets Ph.D. University of Chicago

frontiers On the

finance

From credit default swaps to illiquid assets, finance has grown increasingly complex over the past two decades, as the world discovered during the 2008-2009 economic crisis. But thanks to the efforts of people like Vanderbilt finance professors Nicolas Bollen and Craig Lewis, investors and regulators are getting a much clearer understanding of how these new products operateâ&#x20AC;&#x201D; and how they might pose catastrophic risks to the wider economy. As one of the academic worldâ&#x20AC;&#x2122;s foremost experts on hedge funds, Bollen has identified suspicious patterns in fund returns to detect the kind of investment fraud perpetrated by people like Bernard Madoff. Bollen has presented and published several papers around this topic, most recently in The Review of Financial Studies. On the regulatory side, the Securities and Exchange Commission (SEC) tapped Lewis in 2011 to serve as its Chief Economist, charged with bringing a new level of academic rigor and analysis to the agency. Lewis, a widely published researcher, has played an instrumental role in helping the SEC implement the detailed regulations accompanying a sweeping set of financial reforms passed by Congress in 2010. Together, their work embodies an intellectual drive that runs throughout Vanderbiltâ&#x20AC;&#x2122;s management faculty to dig deep for the ideas that make business better for everyone, from Wall Street to Main Street. 6

Nicolas P.B. Bollen

E. Bronson Ingram Research Professor in Finance Areas of expertise: Hedge fund and mutual fund performance, option valuation Ph.D. Duke University

Craig M. Lewis, CPA

Madison S. Wigginton Chair of Management | SEC Chief Economist and Director of Risk, Strategy and Financial Innovation Division Areas of expertise: Equity analyst behavior, securities, corporate financial policy Ph.D. University of Wisconsin

hot spot for R. Lawrence Van Horn

Associate Professor of Management (Economics) | Executive Director of Health Affairs Areas of expertise: Health care management and economics Ph.D. University of Pennsylvania

In 2011, the Wall Street Journal named Nashville as a hot spot for health care startups. And with good reason. Not only has HCA Healthcare developed and grown the world’s largest for-profit hospital system from here, Nashville is also home to a growing roster of more than 250 innovative health care companies. Layer on to that Vanderbilt University’s own top-ranked medical center and it’s easy to see why Owen’s faculty is uniquely situated to study and understand the dynamics of health care economics and management.

health care Leading those efforts is Larry Van Horn, a health care economist who helped build Vanderbilt’s Health Care MBA, and who created the Master of Management in Health Care program in partnership with Dr. C. Wright Pinson, Deputy Vice Chancellor for Health Affairs at Vanderbilt University Medical Center. A sought-after speaker and consultant within the health care industry, Van Horn has formed unique residency partnerships both locally and nationally to help give students, researchers and practitioners a front-row view of the world of health care. He continues to work closely on health care policy issues with U.S. Rep. Jim Cooper, a respected budget expert in Congress and currently has work under review examining the effects of hospital mergers and hospital readiness for quality-based reimbursement. 9

Vanderbilt Bus 65

The number of editorial board positions Vanderbilt Business faculty currently hold at some of the worldâ&#x20AC;&#x2122;s most prestigious academic journals.

iness

rules to live 12

Ranga Ramanujam

Associate Professor of Management Areas of expertise: Organizational safety and reliability, hospital errors Ph.D. Carnegie Mellon University

Vanderbilt organizational studies professor Ranga Ramanujam thinks a lot about rules. He’s written widely for journals such as the Academy of Management Review and Organization Science about why rule violations occur in high-risk areas like health care and banking—and how such lapses steadily erode quality and ultimately destroy value.

(and work) by Now he’s going one level deeper. In an effort to determine what features of safety and ethics policies are more likely to be followed than others, Ramanujam has gathered a decade’s worth of restaurant health inspection scores in Southern California. While he continues to work on the research, the findings will go far beyond determining which restaurants to avoid in the Los Angeles area. The insights gleaned from the work will have implications for designing operational guidelines intended to help increase patient safety, prevent bank fraud, or avert the next oil spill.

13 16

In a media world increasingly dominated by “likes” and random bursts of 140-character thoughtlettes, narrative complexity in advertising may seem like a relic of yesteryear. But according to a recent study by Vanderbilt marketing professor Jennifer Escalas, who serves as an associate editor for the Journal of Consumer Research, there’s no substitute for a good storyline when it comes to grabbing people’s attention.

Jennifer Escalas

Associate Professor of Marketing Areas of expertise: Narrative processing in advertising, consumer self-brand relationships Ph.D. Duke University

In the paper, published in the Journal of Consumer Psychology, Escalas and her co-author demonstrate that ads become more effective when test subjects are forced to expend some mental effort to understand what’s happening. Got that? For Escalas, this idea is more than just theory—it’s an insight she can use in her own business. Along with her husband, a former Olympic swimmer, Escalas runs a successful swimwear company that makes custom suits for teams around the world.

A good 14

story sells 15 18

Their first names aren’t the only thing Vanderbilt marketing professors Steve Hoeffler and Steve Posavac have in common. Both set their research sights on bridging the gap between academic work in consumer psychology and providing best practices for real-world managers in a new book titled Cracking the Code, edited by Posavac. Based on several earlier studies published in the Journal of Marketing Research, Hoeffler explores how consumers understand and react to novel, never-before-seen products such as the iPad or Segway personal transporters. From a practical perspective, he explores ways companies can lower perceived risks—and costs—for early adopters.

Cracking Steve Hoeffler

Associate Professor of Marketing Areas of expertise: New product marketing, brand management, preference development Ph.D. Duke University

Posavac, who serves as an area editor for the Journal of Consumer Psychology, looks at consumers’ tendency to have tunnel vision when considering marketing messages and shares how managers can make more effective tactical decisions. The chapter drew on Posavac’s earlier work published in the Journal of Consumer Psychology, the Journal of Consumer Research and Organizational Behavior and Human Decision Processes. Both professors will also play integral roles helping build Vanderbilt’s newly established Center for Marketing Innovation.

the code Steven S. Posavac

E. Bronson Ingram Professor in Marketing Areas of expertise: Consumer and managerial decision making, persuasion Ph.D. University of Utah

Dawn Iacobucci

E. Bronson Ingram Professor of Management in Marketing Areas of expertise: Social networks, customer satisfaction, service quality Ph.D. University of Illinois at Urbana-Champaign

She wrote

the

book on

marketing Literally. A renowned scholar who serves on the editorial boards of publications such as the Journal of Consumer Psychology, the Journal of Consumer Research and the Journal of Marketing Research, Vanderbilt marketing professor Dawn Iacobucci recently saw her textbook MM: Marketing Management go into its third edition. While much of her work focuses on marketing research methodology, Iacobucci enthusiastically applies her analytical prowess to diverse realms in the field. In recent years she’s examined political attitudes in health care, how movie ratings affect viewer satisfaction and the impact social networks have on salespeople. Drawing on her master’s degree in theological studies (she holds two other master’s degrees), she also isn’t afraid to work the classics into her research. Iacobucci has presented work on common research methods in social science and biblical studies. And she’s been known to throw Aristotle or even a poem of her own into the mix. 19 22

The number of book chapters Vanderbilt Business faculty contributed to scholarly works over the past year.

Vand 20

erbilt Business 21

We challengethe

status quo Bruce Cooil’s work as a statistical modeler takes him deep into research questions ranging from predicting the costs of a liver transplant to estimating the impact on sales from word-of-mouth recommendations within social networks.

But it was one of his latest projects that really raised eyebrows. Working with a team that included Owen alumnus Timothy Keiningham (MBA ’89), who is now Chief Strategy Officer and Executive VP at Ipsos Loyalty, Cooil found that customer satisfaction scores alone are not very predictive of business success. What really matters, Cooil and his coauthors wrote in the October 2011 issue of the Harvard Business Review, is grabbing a larger share of wallet (SOW)—the amount consumers spend in a particular category—than rivals. They also demonstrate how to estimate SOW directly from the way customers rank products within a category. In other words, the difference between being a customer’s first choice and her second translates into significant financial rewards. It may not be an intuitive theory—as many companies that sweat over customer service can attest—but a tool to measure SOW is already having an impact in the real world of business. 22 25

Bruce Cooil

The Dean Samuel B. and Evelyn R. Richmond Professor of Management Areas of expertise: Statistical modeling, decision analysis, forecasting Ph.D. University of Pennsylvania

23 26

Nancy Lea Hyer

Associate Professor of Operations Management | Associate Dean of Academic Programs Areas of expertise: Lean production, project management Ph.D. Indiana University

Michael A. LaprĂŠ

E. Bronson Ingram Associate Professor in Operations Management Areas of expertise: Organizational performance and improvement Ph.D. INSEAD

new meaning management

Giving to “operations”

Vanderbilt operations management professors Nancy Lea Hyer and Michael Lapré have distinguished academic track records in their respective fields. Hyer is a specialist in project management dynamics and Lapré has studied the airline industry to understand how organizations learn and adapt to new, efficiency-producing practices. In some of their most recent work, however, both have turned their expertise to questions in health care. A study Hyer co-authored in the Journal of Operations Management (and for which she received a Best Paper Award) examined Vanderbilt University Medical Center’s decision to open a dedicated trauma unit. She found that performing various services within the unit generated a surplus of $2,493 per patient. That compares to previously when the hospital ran its emergency services department at a $578 per-patient loss. Similarly, Lapré, an associate editor for Management Science and a senior editor for Production and Operation Management, recently developed a course for the MBA program looking at operations management issues in health care. Students learn about everything from throughput at bariatric surgery centers to customer defections at retail pharmacies. Now, Lapré is building on his work in health care with a new study examining how surgical teams can maximize their performance. 25

The euro is in crisis. China and Brazil have risen to become economic superpowers in their own right. And a growing African middle class now rivals that of India. These are no longer just isolated circumstances whose effects are felt in faraway places. They’re the factors driving an increasingly interconnected global economy, regardless of industry or geography. To help companies and individuals succeed in this international setting, Vanderbilt management professor Ray Friedman, a widely published expert on negotiation and cross-cultural management, has spent much of his career examining global business practices. For example, Friedman’s latest paper—forthcoming in Administrative

Global Ray Friedman

Brownlee O. Currey Professor of Management | Associate Dean of Faculty and Research Areas of expertise: Negotiation, cross-cultural management (with a Chinese specialty), employee relations, and conflict management Ph.D. University of Chicago

29 26

Science Quarterly and co-authored with Vanderbilt colleague Bruce Barryâ&#x20AC;&#x201D;examines ways to build consensus most effectively in intercultural negotiations. When it comes to valuing global currencies, Vanderbilt economics and finance professor David Parsley has found worthwhile lessons in examining the prices of Big Mac meals around the world, which heâ&#x20AC;&#x2122;s written about in the Journal of International Money and Finance and Economic Journal. Most recently Parsley has turned his sights to how effectively monetary authorities can influence exchange rates, as well as the impact a surge of new imports can have on currency value in developing countries.

gurus David C. Parsley

E. Bronson Ingram Professor in Economics and Finance Areas of expertise: International exchange rates, global macroeconomics, monetary policy Ph.D. University of California at Berkeley

27 30

Mark A. Cohen

Professor of Management | Professor of Law | University Fellow, Resources for the Future (RFF) Areas of expertise: Environmental regulation, corporate crime and punishment, consumer protection Ph.D. Carnegie Mellon University

Luke M. Froeb

William C. Oehmig Associate Professor in Free Enterprise and Entrepreneurship Areas of expertise: Regulations governing competition, mergers and acquisitions Ph.D. University of Wisconsin

Fresh thinking sometimes requires a new point of view. That’s why Vanderbilt strategy professors Mark Cohen and Luke Froeb each took a leave from the Owen faculty to work in key policy roles in Washington.

THE

VIEW

Cohen recently returned to Vanderbilt after serving for three years as Vice President for Research at Resources for the Future (RFF), a non-partisan institute focused on environmental and natural resource issues. In 2010, he led a research team advising the National Commission on the BP Deepwater Horizon Oil Spill on ways to improve government policies and the safety culture of the offshore drilling industry.

FROM WASHINGTON For his part, Froeb spent two years as Director of the Bureau of Economics at the U.S. Federal Trade Commission, before returning to Owen in 2005. At the FTC, Froeb directed a staff of Ph.D. economists who found and dismantled barriers to competition. Antitrust agencies around the world now use his models to determine the competitive effects of mergers. Both now bring that insider experience to bear in their research and teaching. Plus, they’ve also now mastered the fine art of navigating Washington’s infamous traffic circles. 29

Vande

rbilt Business

The number of new booksâ&#x20AC;&#x201D;or new textbook editionsâ&#x20AC;&#x201D;published by Vanderbilt Business faculty over the past two years.

PUBLICATIONS 2012 Abrahamson, K., Ramanujam, Ranga, and Anderson, J. (2012, forthcoming). CoWorker Characteristics and Nurse Perception of Safety Climate. International Journal of Health Care Quality Assurance.

Bollen, Nicolas P. B., and Pool, V.K. (2012, forthcoming). Suspicious Patterns in Hedge Fund Returns and the Risk of Fraud. Review of Financial Studies. Bollen, Nicolas P. B. (2012, forthcoming). Zero-R2 Hedge Funds and Market Neutrality. Journal of Financial and Quantitative Analysis.

Allen, G. N., and March, Salvatore T. (2012). A Research Note on Representing Part-Whole Relations in Conceptual Modeling. MIS Quarterly, 36(3), 945-964.

Chen, Y., Friedman, Ray, and Simons, T. (2012, forthcoming). The Gendered Trickle-down Effects of Top Management Behavior on Line Employeesâ&#x20AC;&#x2122; Turnover Intent. Equality, Diversity and Inclusion: An International Journal.

Barraclough, Kathryn, Stoll, Hans R., and Whaley, Robert E. (2012). Stock Option Contract Adjustments: The Case of Special Dividends. Journal of Financial Markets, 15(2), 233-257.

Chew, Soo Hong, and Sagi, Jacob S. (2012). An Inequality Measure for Stochastic Allocations. Journal of Economic Theory, 147(4), 1517-1544.

Barraclough, Kathryn, and Whaley, Robert E. (2012). Early Exercise of Put Options on Stocks. Journal of Finance, 67(4), 1423-1456.

Cohen, Mark A. (2012). Imperfect Competition in Auto Lending: Subjective Markups, Racial Disparity, and Class Action Litigation. Review of Law and Economics, 8(1), 21-58.

Barraclough, Kathryn, and Whaley, Robert E. (2012, forthcoming). Put Option Exercise and Short Stock Interest Arbitrage. Journal of Investment Management. Bateman, T.S., and Barry, Bruce (2012, forthcoming). Masters of the Long Haul: Pursuing Long-Term Work Goals. Journal of Organizational Behavior.

Cohen, Mark A., and Vandenbergh, Michael P. (2012, forthcoming). The Potential Role of Carbon Labeling in a Green Economy. Energy Economics.

Blackburn, Joseph (2012). Valuing Time in Supply Chains: Establishing Limits of TimeBased Competition. Journal of Operations Management, 30(5), 396-405.

Cohen, Mark A., and Viscusi, W. Kip (2012, forthcoming). The Role of Information Disclosure in Climate Mitigation Policy. Climate Change Economics. 32

Iacobucci, Dawn (2012). Commentary on â&#x20AC;&#x153;Mediation Analysis and Categorical Variables: The Final Frontier.â&#x20AC;? Journal of Consumer Psychology, 22(4), 600-602.

Deval, Helene, Mantel, Susan P., Kardes, Frank R., and Posavac, Steven S. (2012, forthcoming). Flexible Inferences: How Implicit Theory Activation Leads Consumers to Draw Different Conclusions from the Same Information. Journal of Consumer Research.

Kurtulus, Mumin, Uelkue, Sezer, and Toktay, Beril L. (2012). The Value of Collaborative Forecasting in Supply Chains. Manufacturing & Service Operations Management, 14(1), 82-98.

Frankel, Jeffrey, Parsley, David, and Wei, Shang-Jin (2012). Slow Pass-through around the World: A New Import for Developing Countries. Open Economies Review, 23(2), 213-251.

Liu, L.A., Friedman, Ray, Barry, Bruce, Gelfand, M., and Zhang, Z.X. (2012). The Dynamics of Consensus Building in Intracultural and Intercultural Negotiations. Administrative Science Quarterly, 57(2), 269-304.

Friedman, Ray, Liu, W., Chi, S.C, Hong, Y.Y., and Sung, L.K. (2012). Cross-Cultural Management and Bicultural Identity Integration: When Does Experience Abroad Lead to Appropriate Cultural Switching? International Journal of Intercultural Relations, 36(1), 130-139.

Liu, W., Friedman, Ray, and Hong, Y. (2012). Culture and Accountability in Negotiation: Recognizing the Importance of In-group Relations. Organizational Behavior and Human Decision Processes, 117(1), 221-234.

Ganglmair, Bernhard, Froeb, Luke M., and Werden, Gregory J. (2012). Patent Hold-Up and Antitrust: How A Well-Intentioned Rule Could Retard Innovation. Journal of Industrial Economics, 60(2), 249-273.

Miller, Toyah, Grimes, Matthew, McMullen, Jeffrey, and Vogus, Timothy J. (2012, forthcoming). Venturing for Others with Heart and Head: How Compassion Encourages Social Entrepreneurship. Academy of Management Review, 37(4).

Goodman, P.S., and Ramanujam, Ranga (2012, forthcoming). The Relationship Between Change Across Multiple Organizational Domains and the Incidence of Latent Errors. Journal of Applied Behavioral Science.

Singer, Sara J., and Vogus, Timothy J. (2012, forthcoming). Safety Climate Research: Reflections and New Directions. BMJ Quality and Safety.

Narock, T., Yoon, V., and March, Salvatore T. (2012). On the Role of Context and Subjectivity on Scientific Information Systems. Communications of the Association for Information Systems, 30, Article 12.

Singer, Sara J., and Vogus, Timothy J. (2012, forthcoming). Reducing Hospital Errors: Interventions that Build Safety Culture. Annual Review of Public Health.

Niederman, F., and March, Salvatore T. (2012). Design Science and the Accumulation of Knowledge in the Information Systems Discipline. ACM Transactions on Management Information Systems, 3(1), 1-15.

Tangirala, S., and Ramanujam, Ranga (2012). Ask and You Shall Hear: Examining the Relationship between Manager Consultation and Employee Voice. Personnel Psychology, 65(2), 251-282.

Ovtchinnikov, Alexei V., and Pantaleoni, Eva (2012). Individual Political Contributions and Firm Performance. Journal of Financial Economics, 105(2), 367-392.

Üstüner, Tuba, and Iacobucci, Dawn (2012). Does Intraorganizational Network Embeddedness Improve Salespeople’s Effectiveness? A Task Contingency Perspective. Journal of Personal Selling and Sales Management, 32(2), 187-206.

Pandit, S., Willis, Richard, and Zhou, L. (2012). Security Analysts, Cash Flow Forecasts, and Turnover. International Journal of Forecasting, 28, 874-890.

Vogus, Timothy J. (2012, forthcoming). The Relationship between Human Resource Practices and Organizational Performance: A Sensegiving and Sensemaking Perspective. Research in Personnel/Human Resource Management.

Parsley, David, (2012). Exchange Rate Pass-through in South Africa: Panel Evidence from Individual Goods and Services. Journal of Development Studies, 48(7), 832-846. Ratchford, Mark, and Barnhart, Michelle (2012, forthcoming). Development and Validation of the Technology Adoption Propensity (TAP) Index. Journal of Business Research.

Vogus, Timothy J., and Sutcliffe, Kathleen M. (2012, forthcoming). Organizational Mindfulness and Mindful Organizing: A Reconciliation and Path Forward. Academy of Management Learning & Education.

Sanbonmatsu, D. M., Mazur, Dominika, Pfeiffer, Bruce E., Kardes, Frank R., and Posavac, Steven S. (2012, forthcoming). The Less the Public Knows the Better? The Effects of Increased Knowledge on Celebrity Evaluations. Basic and Applied Social Psychology.

Vogus, Timothy J., Sutcliffe, Kathleen M., and Weick, K. E. (2012, forthcoming) Searching for Safety Culture: An Integration and Research Agenda. Academy of Management Annals. 34

Berman, H., Lerner, A., Madden, P., and Van Horn, R. Lawrence (2011). Nonprofit Health Care Market Concentration and the Public Interest. Inquiry, 48(2), 102-108.

Walther, B., and Willis, Richard (2012, forthcoming). Does Investor Sentiment Affect Sell-Side Analystsâ&#x20AC;&#x2122; Forecast Bias and Forecast Accuracy? Review of Accounting Studies.

Bollen, Nicolas P. B. (2011). The Financial Crisis and Hedge Fund Returns. Review of Derivatives Research, 14(2), 117-135.

Wang, T., Atasu, A., and Kurtulus, Mumin (2012). A Multi-Ordering Newsvendor Model with Dynamic Forecast Evolution. Manufacturing & Service Operations Management, 14(3), 472-484.

Brown, Karen A., Ettenson, Richard, and Hyer, Nancy Lea (2011). Why Every Project Needs a Brand (and How to Create One). MIT Sloan Management Review, 52(4), 61-68.

Wood, Stacy, and Hoeffler, Steve. (2012, forthcoming). Looking Innovative: Exploring the Role of Impression Management in High Tech Product Adoption and Use. Journal of Product Innovation Management.

Cahan, S., Jeter, Debra, and Naiker, V. (2011). Are All Industry Specialist Auditors the Same? Auditing: A Journal of Practice & Theory, 30(4), 191-222.

Zhao, Min, Hoeffler, Steve, and Dahl, Darren (2012, forthcoming). Imagination Difficulty and New Product Evaluation. Journal of Product Innovation Management.

Chandukala, Sandeep R., Dotson, Jeffrey P., Brazell, Jeff D., and Allenby, Greg M. (2011). Bayesian Analysis of Hierarchical Effects. Marketing Science, 30(1), 123-133.

2011 Aksoy, Lerzan, Buoye, Alexander, Cooil, Bruce, Keiningham, Timothy L., Paul, DeDe, and Volinsky, Chris (2011). Can We Talk? The Impact of Willingness to Recommend on a New-to-Market Service Brand Extension Within a Social Network. Journal of Service Research, 13(3), 355-371.

Chaney, Paul K., Faccio, Mara, and Parsley, David (2011). The Quality of Accounting Information in Politically Connected Firms. Journal of Accounting & Economics, 51(1-2), 58-76. Chen, Ying, Friedman, Ray, Yu, Enhai, and Sun, Fubin (2011). Examining the Positive and Negative Effects of Guanxi Practices: A Multi-level Analysis of Guanxi Practices and Procedural Justice Perceptions. Asia Pacific Journal of Management, 28(4), 715-735.

Aksoy, Lerzan, Cooil, Bruce, and Lurie, Nicholas H. (2011). Decision Quality Measures in Recommendation Agents Research. Journal of Interactive Marketing, 25(2), 110-122.

Cohen, Mark A., Gottlieb, Madeline, Linn, Joshua, and Richardson, Nathan (2011). Deepwater Drilling: Law, Policy, and Economics of Firm Organization and Safety. Vanderbilt Law Review, 64(6), 1853-1918.

Keiningham, Timothy L., Aksoy, Lerzan, Buoye, Alexander, and Cooil, Bruce (2011). Customer Loyalty Isn’t Enough. Grow Your Share of Wallet. Harvard Business Review, 89(10), 29-31.

Ferguson, M., and Barry, Bruce (2011). I Know What You Did: The Effects of Interpersonal Deviance on Bystanders. Journal of Occupational Health Psychology, 16, 80-94.

Kurtulus, Mumin, and Nakkas, Alper (2011). Retail Assortment Planning Under Category Captainship. Manufacturing & Service Operations Management, 13(1), 124-142.

Ferraro, Rosellina, Escalas, Jennifer Edson, and Bettman, James R. (2011). Our Possessions, Our Selves: Domains of SelfWorth and the Possession-Self Link. Journal of Consumer Psychology, 21(2), 169-177.

Kurtulus, Mumin, and Toktay, L. Beril (2011). Category Captainship vs. Retailer Category Management under Limited Retail Shelf Space. Production and Operations Management, 20(1), 47-56.

Friedman, Ray, Olekalns, M., and Oh, S. (2011). Cross-Cultural Difference in Reactions to Facework During Service Failures. Negotiation and Conflict Management Research, 4(4), 352-380.

Lapré, Michael A. (2011). Reducing Customer Dissatisfaction: How Important Is Learning to Reduce Service Failure? Production and Operations Management, 20(4), 491-501.

Goodman, P.S., Ramanujam, Ranga, Carroll, J., Edmondson, A.C., Hofmann, D., and Sutcliffe, K. (2011). Organizational Errors: Directions for Future Research. Research in Organizational Behavior, 31, 151-176.

Larivière, Bart, Aksoy, Lerzan, Cooil, Bruce, and Keiningham, Timothy (2011). Does Satisfaction Matter More if a Multichannel Customer Is Also a Multicompany Customer? Journal of Service Management, 22(1), 39-66.

Hay, D., and Jeter, Debra (2011). The Pricing of Industry Specialization by Auditors in New Zealand. Accounting and Business Research, 41(2), 171-195.

Lehman, D., Jungpil, H., Ramanujam, Ranga, and Alge, B. (2011). Dynamics of the Organizational Performance-Risk Relationship within a Performance Period: The Moderating Role of Deadline Proximity. Organization Science, 22(6), 1613-1630.

Thompson, D.N., Hofmann, L.A., Sereika, S.M., Lorenz, H.L., Wolf, G.A., Burns, H.K., Minnier, T.E., and Ramanujam, Ranga (2011). A Relational Leadership Perspective on Unit-Level Safety Climate. Journal of Nursing Administration, 41(11), 479-487.

Lewis, Craig M., and Verwijmeren, Patrick (2011). Convertible Security Design and Contract Innovation. Journal of Corporate Finance, 17(4), 809-831. McCann, Brian T., and Folta, T.B. (2011). Performance Differentials Within Geographic Clusters. Journal of Business Venturing, 26 (1), 104-123.

Werden, Gregory J., and Froeb, Luke M. (2011). Choosing Among Tools for Assessing Unilateral Merger Effects. European Competition Journal, 7(2), 155-178.

Piquero, Nicole Leeper, Cohen, Mark A., and Piquero, Alex R. (2011) How Much Is the Public Willing to Pay to Be Protected from Identity Theft? Justice Quarterly, 28(3), 437-459.

Werden, Gregory J., Froeb, Luke M., and Shor, Mikhael (2011). Behavioral Antitrust and Merger Control. Journal of Institutional and Theoretical Economics, 167(1), 126-142.

Ramanujam, Ranga, and Goodman, P.S. (2011). The Challenge of Collective Learning from Event Analysis. Safety Science, 49(1), 83-89.

Zhao, Min, Hoeffler, Steve, and Zauberman, Gal (2011). Mental Simulation and Product Evaluation: The Affective and Cognitive Dimensions of Process Versus Outcome Simulation. Journal of Marketing Research, 48(5), 827-839.

Sagi, Jacob S., and Whaley, Robert E. (2011). Trading Relative Performance with Alpha Indexes. Financial Analysts Journal, 67(6), 77-93. Sanbonmatsu, David M., Vanous, Sam, Hook, Christine, Posavac, Steven S., and Kardes, Frank R. (2011). Whither the Alternatives: Determinants and Consequences of Selective Versus Comparative Judgmental Processing. Thinking and Reasoning, 17 (Nov.), 367-386. Stoll, Hans, and Whaley, Robert E. (2011). Commodity Index Investing: Speculation or Diversification? Journal of Alternative Investments, 14(1), 50-60.

RECENT

AWARDS Bruce Cooil: 2011 Disruptive Innovation Award, Next Generation Marketing Research (with Keiningham, Aksoy, Buoye)

Michael LaprĂŠ: 2011 Stan Hardy Award for Best Paper Published in Operations Management/2011 Management Science Meritorious Service Award

Jennifer Escalas: 2010-2011, Journal of Consumer Psychology Outstanding Reviewer Award

Robert Whaley: 2011 Judge for Standard & Poorâ&#x20AC;&#x2122;s SPIVA Research Paper Award

Alexei Ovtchinnikov: 2011, Outstanding Paper Award, Mid-Atlantic Research Conference

Brian McCann: 2011 Journal of Business Venturing Outstanding Reviewer Award

tm 39

NEW FACULTY 2012-2013 Yasin Alan

Assistant Professor of Operations Management Professor Yasin Alan joined the Operations Management group at Owen in 2012 after completing his Ph.D. at Cornell University’s Johnson School of Management. Alan’s research interests lie at the intersection of operations management and corporate finance, conducting theoretical research on the relationship between operational decisions and financial considerations such as capital structure, growth and bankruptcy risk. Alan also performs empirical research to link operations to stock performance and financial distress.

Jesse A. Blocher

Assistant Professor of Finance Professor Jesse A. Blocher joined the Finance group at Owen in 2012 after completing his Ph.D. at The University of North Carolina’s Kenan-Flagler Business School. His study “Contagious Collateral: A Network Analysis of Interconnected Intermediaries” (2011) won the Financial Research Association’s Michael J. Barclay Award for best solo-authored paper by a young scholar. Another paper, “The Long and the Short of It: Evidence of Year-End Price Manipulation by Short Sellers” (2011), won the BNP Paribas Hedge Fund Center at Singapore Management University research award.

Tae-Youn Park

Assistant Professor of Management Professor Tae-Youn Park joined the Organization Studies group at Owen in 2012 after completing his Ph.D. at the University of Minnesota’s Carlson School of Management. His research interests include the individual and organizational consequences of compensation, and voluntary and involuntary turnover. His work has been accepted for publication in outlets including the Academy of Management Journal, the Journal of Applied Psychology and the Strategic Management Journal. He is also the recipient of the 2011 Doctoral Dissertation Fellowship and the 2009 winner of the Excellence in Teaching Award, both from the University of Minnesota. 40

RESEARCH FACULTY 2012-2013 ACCOUNTING

Richard Willis

Anne Marie and Thomas B. Walker, Jr., Associate Professor of Accounting Areas of expertise: Security analysts, firm disclosure, earnings forecasts Ph.D. University of Chicago

Germain Bรถer

Professor of Accounting | Director of the Owen Entrepreneurship Center Areas of expertise: Startup financing, entrepreneurship Ph.D. Louisiana State University

FINANCE

Paul K. Chaney

Clifford A. Ball

E. Bronson Ingram Professor in Accounting Areas of expertise: Financial accounting and statement analysis, auditor quality Ph.D. Indiana University

Professor of Finance and Statistics | Faculty Director of the Ph.D. Program Areas of expertise: Equities, bonds, options and future contracts Ph.D. University of New Mexico

Karl Hackenbrack

Kathryn Barraclough

Associate Professor of Accounting | Faculty Director of the MAcc Program | Associate Dean of Evaluation and Program Development Areas of expertise: Accounting industry service lines, earnings management, corporate disclosure Ph.D. Ohio State University

Program Director for Master of Finance | Lecturer of Finance Areas of expertise: Financial modeling, bond markets, derivatives Ph.D. Australian National

Jesse A. Blocher

Debra C. Jeter

Assistant Professor of Finance Areas of expertise: Exchange-traded funds, securities lending Ph.D. University of North Carolina

Associate Professor of Accounting Areas of expertise: Earnings management and quality, audit opinions Ph.D. Vanderbilt University

Nicolas P.B. Bollen

E. Bronson Ingram Research Professor in Finance Areas of expertise: Hedge fund and mutual fund performance, option valuation Ph.D. Duke University 41

William G. Christie

Hans R. Stoll

Frances Hampton Currey Professor of Management in Finance | Professor of Law Areas of expertise: Financial markets, corporate finance Ph.D. University of Chicago

Craig M. Lewis

Robert E. Whaley

Valere Blair Potter Professor of Management (Finance) | Co-Director of the Financial Markets Research Center Areas of expertise: Derivatives, financial markets, options, futures, market volatility Ph.D. University of Toronto

Alexei V. Ovtchinnikov

Assistant Professor of Finance Areas of expertise: Corporate political contributions, stock return predictability Ph.D. Purdue University

HEALTH CARE*

Bruce Cooil

The Dean Samuel B. and Evelyn R. Richmond Professor of Management Areas of expertise: Statistical modeling, decision analysis, forecasting Ph.D. University of Pennsylvania

Miguel Palacios

Assistant Professor of Finance Areas of expertise: Human capital and asset pricing, labor economics, education financing Ph.D. University of California, Berkeley

R. Lawrence Van Horn

Associate Professor of Management (Economics) | Executive Director of Health Affairs | Director of Sustainable Health Care Finance, Vanderbilt University Medical Center Areas of expertise: Health care management and economics Ph.D. University of Pennsylvania

Jacob S. Sagi

Vanderbilt Financial Markets Research Center Associate Professor of Finance Areas of expertise: Asset pricing, decision theory Ph.D. (Physics) University of British Columbia Ph.D. (Financial Economics) University of British Columbia

* Faculty members from other disciplines also contribute to Vanderbiltâ&#x20AC;&#x2122;s body of scholarly research in health care management.

MARKETING

Mark Ratchford

Assistant Professor of Marketing Areas of expertise: Marketing channels, consumer behavior Ph.D. University of Colorado

Jeffrey P. Dotson

Assistant Professor of Marketing Areas of expertise: Customer satisfaction, marketing research Ph.D. Ohio State University

OPERATIONS MANAGEMENT

Jennifer Escalas

Yasin Alan

Associate Professor of Marketing Areas of expertise: Narrative processing in advertising, branding, consumer research Ph.D. Duke University

Assistant Professor of Operations Management Areas of expertise: Retails operations management, demand forecasting Ph.D. Cornell University

Steve Hoeffler

Joseph D. Blackburn

Associate Professor of Marketing Areas of expertise: New product marketing, brand management, preference development Ph.D. Duke University

James A. Speyer Professor of Production Management Emeritus Areas of expertise: Time-based competition, supply chain management, streamlining manufacturing Ph.D. Stanford University

Dawn Iacobucci

E. Bronson Ingram Professor of Management in Marketing Areas of expertise: Social networks, customer satisfaction, service quality Ph.D. University of Illinois at UrbanaChampaign

Nancy Lea Hyer

Steven S. Posavac

Mumin Kurtulus

Associate Professor of Operations Management | Associate Dean of Academic Programs Areas of expertise: Lean production, project management Ph.D. Indiana University

E. Bronson Ingram Professor in Marketing Areas of expertise: Consumer decision cycles, consumer choice Ph.D. University of Utah

Assistant Professor of Operations Management Areas of expertise: Supply chain management, retail planning and strategy Ph.D. INSEAD

Michael A. LaprĂŠ

Ray Friedman

E. Bronson Ingram Associate Professor in Operations Management Areas of expertise: Organizational performance and improvement Ph.D. INSEAD

Brownlee O. Currey Professor of Management | Associate Dean of Faculty and Research Areas of expertise: Negotiation, workplace satisfaction, cross-cultural management and mediation Ph.D. University of Chicago

Larry J. LeBlanc

Tae-Youn Park

Professor of Operations Management Areas of expertise: Spreadsheet optimization, network design Ph.D. Northwestern University

Assistant Professor of Management Areas of expertise: HR management, organizational behavior Ph.D. University of Minnesota

Gary D. Scudder

Ranga Ramanujam

Justin Potter Professor of Operations Management | Faculty Director of International Programs Areas of expertise: Business strategy and operations management Ph.D. Stanford University

Associate Professor of Management Areas of expertise: Organizational safety and reliability, hospital errors Ph.D. Carnegie Mellon University

Bart Victor

ORGANIZATION STUDIES

Cal Turner Professor of Moral Leadership Areas of expertise: Corporate social ethics, developing economies Ph.D. University of North Carolina

Bruce Barry

Brownlee O. Currey, Jr., Professor of Management | Professor of Sociology Areas of expertise: Workplace speech rights, corporate ethics Ph.D. University of North Carolina

Timothy Vogus

Assistant Professor of Management Areas of expertise: Safety culture in health care, mindful organization, high-reliability organizations Ph.D. University of Michigan

Richard L. Daft

Brownlee O. Currey, Jr. Professor of Management Areas of expertise: Executive leadership, change management Ph.D. University of Chicago

Strategy and Economics

David C. Parsley

E. Bronson Ingram Professor in Economics and Finance Areas of expertise: International exchange rates, global macroeconomics, monetary policy Ph.D. University of California at Berkeley

Mark A. Cohen

DEAN

James W. Bradford

J. Dewey Daane

Dean of the Owen Graduate School of Management | Ralph Owen Professor of Management | Chairman of the Graduate Management Admissions Council (GMAC) Areas of expertise: Graduate management education, mergers and acquisitions, global business strategy J.D. Vanderbilt University

The Frank K. Houston Professor of Finance, Emeritus | Senior Advisor to the Financial Markets Research Center Areas of expertise: Monetary policy, international finance D.P.A. Harvard University

Luke M. Froeb

William C. Oehmig Associate Professor in Free Enterprise and Entrepreneurship Areas of expertise: Regulations governing competition, mergers and acquisitions Ph.D. University of Wisconsin

Salvatore T. March

David K. Wilson Professor of Management Areas of expertise: System development and database design Ph.D. Cornell University

Brian T. McCann

Assistant Professor of Strategic Management Areas of expertise: Economic clusters, entrepreneurship, managerial economics Ph.D. Purdue University 45

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