Spotlight on Research 2018 by Schulich School of Business

SPOTLIGHT ON

RESEARCH Schulich School of Business I 2018

A GLOBAL LEADER IN RESEARCH EXCELLENCE Into the Future: Schulich’s Interdisciplinary Approach to Artificial Intelligence Weathering the Perfect Storm of Disruptive Innovation Russell Belk Elected to the Royal Society of Canada Schulich Centres of Excellence – Innovative & Transformative

EDITION

A NEW HOME FOR SCHULICHâ&#x20AC;&#x2122;S RESEARCH ENTERPRISE AND INNOVATION Schulich faculty members continue to demonstrate leadership in various fields of management research and have increased international visibility and relevance to audiences within and outside academia. Our researchers are also at the forefront of demonstrating expertise in emerging and innovative topics.

Contents 2 Welcome Message 4 The Rob and Cheryl McEwen Graduate Study & Research Building is All About the Future

Features 8 Into the Future: Schulichâ&#x20AC;&#x2122;s Interdisciplinary Approach to Artificial Intelligence 1 2 Weathering the Perfect Storm of Disruptive Innovation 16 Russell Belk Elected to the Royal Society of Canada Centres of Excellence 2 0 Demonstrating Leadership in Responsible Business Teaching and Research 26 Brookfield Centre in Real Estate and Infrastructure 30 The Centre for Global Enterprise 3 4 Business Analytics: One of Schulichâ&#x20AC;&#x2122;s Future Centres of Excellence

Faculty News & Research 39 Schulich Business History Chair Wins Prestigious Humboldt Research Award 4 2 Schulich Professor Wins Research Prize for Paper on Sustainable Real Estate Investment 4 3 New Schulich Faculty 45 New Full Professors 47 List of Endowed Chairs and Professorships 49 Newly Funded Research Projects 57 Schulich Fellowship in Research Achievement

Media, Books and Journals 63 In the Media 67 Books 70 Journal Articles

A Welcome Message from the Office of the Associate Dean, Research

Welcome to the 2018 Spotlight on Research Report of the Schulich School of Business TH

EDITION

It is with great pride and a thorough sense of achievement that we present the 2018 Spotlight on Research Report of the Schulich School of Business.

Through this Report, we offer a glimpse of Schulich’s faculty research to our stakeholders, which include our students, other academics globally, worldwide alumni community, granting agencies, and our generous donors. After all, one of the features that makes a school of business perform at a consistently high level over many decades is the quality of its researchers. Over the past five decades, scholars at Schulich have transformed the way management educators understand core issues in management. We invite you to peruse this Report to learn more about the fascinating research work taking place at the School. First and foremost, it is worth stressing that with this year’s edition, the Research Office proudly presents the 10 th edition of this report. While the first edition in 2008 was a fairly modest 20-page document, we are really excited to showcase our research stories in an 76-page report! This is not only

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indicative of the enormous research productivity of our faculty members here at Schulich, but also speaks to the growing visibility and impact of research conducted at our School. We are now able to share a number of stories, successes and projects that delve into the fascinating research journeys of Schulich’s faculty members. Over the past decade alone, Schulich faculty members have produced almost 1,400 journal articles and 115 books. While the quantity has impressively increased, now roughly a third of all journal articles by Schulich faculty is published in the elite group of journals which the Financial Times uses for its ranking of top business schools. Equally impressive is the remarkable international reach of the School: over 80% of the research output is produced together with researchers at other international universities. Schulich faculty members, in recent years, have been honoured with 82 visiting professor (or scholar) appointments at universities in 26 countries.

In this Report, we are introducing a new feature designed to share more systematically the presence of Schulich faculty in national and global media, be these newspaper, TV, radio, or increasingly social media and online publications. It is quite impressive to see that the work conducted here is both of excellent quality academically, and also meets a broad public interest, addressing urgent demands for knowledge in business, politics and society in general. Furthermore, we continue to demonstrate our longstanding leadership in areas such as international business, entrepreneurship, consumer research and responsible business. It is the incessant curiosity of Schulich’s researchers that has broadened our grasp of, and leadership in, new areas and fields such as artificial intelligence, blockchain technologies, social media, and real estate and infrastructure. As the many funding successes in this Report show, our track record with

Research Day poster gallery.

attracting external funding and grant money has never been better. For instance, in the last three years alone, we increased our success rate by 25% with one of the most prestigious funding agencies in Canada, the Social Sciences and Humanities Research Council (SSHRC). Our School’s evolution as a research intensive business school has reached a new trajectory. Thus it is only befitting, that very soon during this academic year, our School’s research and graduate scholarly work will finally receive its own dedicated new physical home in the Rob and Cheryl McEwen Graduate Study & Research Building.

The new building will host all our Centres of Excellence and provide a focused environment to move our research activities to an even higher level. We are all excited and cannot wait to partake in this new quantum leap happening at the School. Last but not least, it is time for a change of research leadership as Dirk Matten, after three years, is going on sabbatical. It is with great excitement that Dean Horváth has appointed Professor Preet Aulakh, the Pierre Lassonde Chair in International Business, as the incoming Associate Dean, Research. The School wishes Preet a successful tenure and cannot wait

to be part of a new episode in the fascinating research journey ahead. The 2018 edition of the Schulich Spotlight on Research Report is a testament to a School that has academic excellence in research and real-world relevance at its core. We hope you enjoy reading about our research work as much as we enjoy sharing it with you. And most of all, we would be happy to hear from you. As always, we welcome any feedback, suggestions or comments you may have, which you can email to: research@schulich.yorku.ca.

D R . D I R K M AT T E N

J OA N N E P E R E I R A

Associate Dean, Research; Professor of Strategic Management / Policy; Hewlett Packard-Chair in Corporate Social Responsibility; Schulich School of Business, York University

Research Officer Office of the Associate Dean, Research Schulich School of Business, York University

Spotlight on Research 2018 3

The Rob and Cheryl McEwen Graduate Study & Research Building is

ALL ABOUT THE FUTURE

DE CE MB ER 2017

SE PT EM BE R 2016 AU GU ST 2017

MAR CH 2018

JU NE 2018

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AU GU ST 2018

“We are thrilled and so proud to have this opportunity to support the Schulich School of Business’ new Graduate Study & Research Building. As long-time members of the Schulich alumni community, we appreciate the transformational developments that have taken place at Schulich and that have helped it earn recognition as one of the world’s leading business schools.” ROB AND CHERYL M c EWEN

At a special event in September 2017 announcing the lead donation to the Graduate Study & Research Building project, Dean Horváth announced a generous gift from Rob and Cheryl McEwen that will allow the School to pursue its vision of becoming one of the world’s top research schools. The Dean further explained that because of Rob and Cheryl’s transformational gift, one of the largest in the School’s history, the School will be able to put in place a number of building blocks for Schulich’s future success and ensure that it remains at the forefront of management education, globally. It’s always fascinating to think about how the future can shape our School. Without a doubt, this is an exciting

time at the Schulich School of Business. This period in the evolution of our School invites reflection on how far we have come and how far we are destined to go as a leader in management education and research. Now into our 53rd year, part of the foundation for Schulich’s bold future in research, innovation and discovery is being laid with the completion of the Rob and Cheryl McEwen Graduate Study & Research Building. Designed by the award-winning international company, Baird Sampson Neuert Architects, the 6,225 squaremetre structure, opening in Fall 2018, stands as one of the most environmentally sustainable and socially responsible buildings in North America. Some of the distinctive design and sustainability features include a solar chimney that

will drive natural ventilation in the warmer months and heated air in the colder months; the use of Thermally Active Building System design (TABS); a green roof, and use of materials that will optimize the building’s energy efficiency and performance. As described by Professor James McKellar, “The new building represents cutting-edge sustainability – aiming to go beyond LEED Gold to make a major statement in terms of doing things very differently.” Among its inventory of unique spaces of varying geometry, the building offers instructional and presentation spaces for learning, interaction, teamwork, and collaboration, including one 90-seat and two 60-seat flat-floor classrooms with flexible furniture, 10 breakout rooms and four seminar rooms. The building

BUILDING FEATURES

Graduate lounge Quiet study rooms Wellness suite Student café Research labs, seminar and breakout rooms

6,225 m2 Square-metre structure opening in Fall 2018

1700 m2 Square-metres of triple glazed Low-E energy efficient glazing with bird friendly visual markers, providing natural daylighting in all regularly occupied areas

Extensive green roofs Rainwater recapture systems Low-energy design strategy High-comfort environment 67.4% reduction in Greenhouse Gas Emissions (compared to the Model National Energy Code of Canada)

Collaboration lounge Media production centre Bridge reception lounge Outdoor landscaped courtyard Digital wayfinding system

27m Metre-high solar chimney to maximize natural ventilation and the use of renewable energy

Spotlight on Research 2018 5

The Rob and Cheryl McEwen Graduate Study & Research Building is All About the Future (cont’d)

“ The impact of Leading Change will be found in the community and scholarly exchange that will be facilitated. The Rob and Cheryl McEwen Graduate Study & Research Building will become a vital location for professors, students, partners and visiting scholars to work together on complex issues.” DIRK MATTEN Associate Dean, Research, Schulich School of Business

will also mark a shift away from a traditional departmental structure and will support new organizations within the School that are interdisciplinary, research-driven and represent new academic programs. It will house four Centres of Excellence in areas of management education where Schulich is a global leader, as well as provide a new home for Schulich’s Research Office. “The impact of the Leading Change campaign will be found in the community and scholarly exchange that will be facilitated. The Rob and Cheryl McEwen

Graduate Study & Research Building will become a vital location for professors, students, partners and visiting scholars to work together on complex issues,” stated Professor Dirk Matten, Associate Dean, Research, Schulich School of Business. At Schulich, we nurture next generation business leaders to push discoveries forward, tackle global challenges and improve the world we live in. At Schulich, new stories will unfold, remarkable discoveries will continue, exceptional innovations will come to light, and path-breaking collaborations will go on.

Celebrating and exploring the future Rob and Cheryl McEwen Graduate Study & Research Building.

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The Rob and Cheryl McEwen Graduate Study & Research Building is all about the future. When the School celebrates its 103rd anniversary in 2068, the Rob and Cheryl McEwen Graduate Study & Research Building will play a very important role. The Building is home to the Schulich Time Capsule, which will be permanently sealed in the fall of 2018. The Capsule, holding submissions from alumni around the world, current students, faculty, staff and friends, tells the story of what life, success, innovation and celebration were like on campus and in the community in 2018.*

FEATURES

Spotlight on Research 2018 7

INTO THE FUTURE: SCHULICH’S INTERDISCIPLINARY APPROACH TO ARTIFICIAL INTELLIGENCE Artificial Intelligence permeates Schulich’s research agenda

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The robots are coming to Schulich’s research labs and classrooms this fall as faculty and students continue to explore the emerging frontiers of Artificial Intelligence (AI) and machine learning, placing Schulich on a path to becoming a world leader in this rapidly developing field.

In the new two-part elective course, Artificial Intelligence in Business, students in the School’s Master of Business Analytics Program will be using a robotics kit to build a self-learning robot or machine that can develop evolutionary systems through trial-anderror. Students will also learn from case studies in the business applications of AI within the health care, entertainment and gamification sectors, as well as the business applications of drones and conversational systems. In addition, Schulich’s new Deloitte Cognitive Analytics and Visualization Lab will have a new home on the second floor of the Rob and Cheryl McEwen Graduate Study & Research Building. The Lab will also be active in the AI space through research, case studies and white papers. Students in Schulich’s Master of Business Analytics (MBAN) Program will learn to employ AI

techniques in their client consultation projects under the supervision of Murat Kristal, Associate Professor of Operations Management and Information Systems and Director of the MBAN Program. A high-security website, where client data will be stored, has been constructed for the Lab at dschulichlab.ai.

artificial intelligence processes within its research and client consultation work, directly in line with emerging trends and with priorities set out in York University’s Strategic Research Plan”, says Scientific Director, Professor Theo Noseworthy, Canada Research Chair in Entrepreneurial Innovation and the Public Good.

“Schulich is in a position to be a real powerhouse in the development of Artificial Intelligence and Business Analytics research and consulting advice, as well as in the development and training of new talent to drive this escalating global industry,” says Professor Kristal. “There is much more to come in this exciting field through the research we do at the Schulich School of Business and through the graduate programs we offer.”

“While traditional Artificial Intelligence research falls mainly within the research area of Operations Management and Information Systems, it is a prime example of an emerging trend that has captured the imagination of researchers across a variety of disciplines at Schulich,” says Professor Dirk Matten, Associate Dean, Research, and Hewlett-Packard Chair in Corporate Social Responsibility.

“Schulich’s NOESIS Innovation, Design & Consumption Laboratory is also incorporating machine-learning and

“Important research is being done at Schulich into the coding principles and algorithms of machine learning and artificial intelligence, but equally

“ Important research is being done at Schulich into the coding principles and algorithms of machine learning and artificial intelligence, but equally important are the many studies that are examining the social and organizational implications of a world that is turning toward mass automation at a disarmingly fast pace.” DIRK MATTEN Associate Dean, Research, and Hewlett-Packard Chair in Corporate Social Responsibility

Spotlight on Research 2018 9

Into the Future: Schulich’s Interdisciplinary Approach to Artificial Intelligence (cont’d)

Schulich faculty are in a position to be a powerhouse in the development of Artificial Intelligence. MURAT KRI STAL Associate Professor of Operations Management and Information Systems; Director, Master of Business Analytics Program

H E N RY K IM Associate Professor of Operations Management and Information Systems; Co-Director, Schulich’s BlockchainLab

MAREK LASKOWSKI Co-Director, Schulich’s BlockchainLab

THEODORE N O S E WO RT H Y Associate Professor of Marketing; Scientific Director, NOESIS Lab

D IRK MATTEN Associate Dean, Research; HewlettPackard Chair in Corporate Social Responsibility

ADAM D I A M AN T Assistant Professor of Operations Management and Information Systems

LIONEL LI Assistant Professor of Operations Management and Information Systems

M A RK U S G I E S L ER Associate Professor of Marketing

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important are the many studies that are examining the social and organizational implications of a world that is turning toward mass automation at a disarmingly fast pace,” says Professor Matten, who has co-authored an article in Business & Society that touches on the ethical implications of AI and other technological developments. “These technology changes will have a tremendous impact on every aspect of our lives and there is much that this research can do to help lead the way in the business applications of the new technology.” In Marketing, Professor Noseworthy’s NOESIS Innovation, Design & Consumption Laboratory team is set to become among the first in North America to apply computer vision AI algorithms to product development, with plans to acquire visual and linguistic algorithms, and retool the lab to produce 3D printed prototypes. He is transitioning his NOESIS team towards integrating experimental design with machine learning and AI, with computer programmers, psychology faculty, professional marketers, and graduate students interested in these areas. “We will fill a major gap in the research by advancing machine learning from a generative platform, which facilitates prototype development, to an intuitive platform that implicitly understands consumers and ultimately predicts how the market will respond to product innovations,” says Professor Noseworthy. “This is particularly important in new venture applications, where forecasting responses to novel innovations in unfamiliar conditions offers more value than rendering prototypes. Our work has the potential to offer new tactical tools that Canadian entrepreneurs and investors can use to assess market sentiment towards a new product, using a process that takes minutes at a fraction of the cost of traditional tools.” Integrating machine learning with product development is a relatively new advancement, allowing industry to apply algorithms designed to work the same way as evolution – running billions of iterations to optimize performance.

For example, a machine learning algorithm has been used to develop a superior model of drone that mimics the pelvis of a flying squirrel. An algorithm has also been used to develop a honeycomb frame that outperformed all current engineering practices when given the locations of stress fractures on the chassis of a race car. These are exciting developments for industry. The NOESIS team recently developed an intuitive software interface for public use and is preparing a tutorial on how to use this software to access “big data” and decompose it with artificial intelligence. Two of the team’s papers on the use of the software and visual AI algorithms to predict the diffusion of innovation are under review with top journals. Other NOESIS projects propose to use AI to explore microlending and entrepreneurial creativity in developing countries; the limit of sexual content as a means of promoting new products; and to test whether an AI algorithm can predict design preference and optimize the trade-off between aesthetic form and functionality. Noseworthy hopes to bring in more doctoral students and a post-doctoral role funded by the provincial Ministry of Research, Innovation and Science’s Early Researcher Award. Lionel Li, Assistant Professor of Operations Management and Information Systems, who will be an alternate professor teaching the new MBAN AI courses, is also doing some leading research on the applied side of inventing machine learning methods. He has recently published papers on link recommendations, in which he examines how popular social media sites, such as LinkedIn, Amazon, and Facebook, attempt to predict their users’ behaviour in creating social links in order to build a more efficient networking platform. Professor Li’s recent paper, “A Survey of Link Recommendation for Social Networks: Methods, Theoretical Foundations, and Future Research Directions”, published in the February 2018 issue of the journal ACM Transactions on Management Information Systems (TMIS), provides

a comprehensive review of the literature on link recommendations in social networks, examining methods, theories and future directions for research. Launched only four years ago, this relatively new journal is already receiving good traction and is recognized as one of the top-tier technical journals. Adam Diamant, Assistant Professor of Operations Management and Information Systems, is conducting AI and optimization research (funded by the Natural Science and Engineering Research Council) from a health perspective. In particular, Professor

Diamant’s research analyzes health care systems and determines how technology and operational structure affects practitioner utilization, wait times, and access to treatment. For example, in a recent study on multi-assessment health care programs, his team demonstrated that more sophisticated scheduling techniques can reduce appointment delays, decrease wait times, improve the utilization of the program’s health care practitioners, and reward patients who are committed to their treatment. The results of this study was published in Production and Operation and

Management (2018), a top academic journal in the prestigious Financial Times of London’s listing of journals in business and management. Henry Kim, Associate Professor of Operations Management and Information Systems, along with Dr. Marek Laskowski, are the Co-Directors of Schulich’s BlockchainLab, which is investigating research questions that have real-life management and entrepreneurial applications of blockchains, a technology protocol that is being used to more rapidly advance artificial intelligence.*

EDUCATING ALEXA: MARKETING AND INNOVATION CLASSES ALSO INTRODUCING AI CONCEPTS

Both a student and a teacher in Professor Markus Giesler’s Customer Experience Design course, Alexa is not shy about speaking up in class. The voice-controlled personal assistant service spawned by Amazon Echo is one more example of how Artificial Intelligence has begun to permeate the curriculum, research, lexicon and imaginations of students, faculty and staff at Schulich. This fall, Giesler, Associate Professor of Marketing, will be using Alexa as part of his popular Customer Experience Design class as his MBA students consider how to market AI-based technologies without challenging consumers’ decision-making capacity. “Consumers don’t want Alexa to tell them what they should be eating, to decide what house temperature is optimal or to lock them out of their house à la ‘Hal9000’,” Professor Giesler says.

“In my research lab, the Big Design Lab, I work with technology companies to determine how they can avoid AI technology that perpetuates problematic physical or socio-economic ideals and inequalities… We also study the influence of these technologies systematically over time. This matters because AI constantly changes how we work, eat, sleep, problem solve; and ultimately, AI changes who we are through how we choose to live our lives. Such contextualized and longitudinal insight is extremely hard to find today and is in high demand among companies, policy-makers and consumers.” Giesler also spoke on the AI consumption and empathy research being done in his Big Design Lab at the 2018 AI/GI/CRV Conference, a collaborative conference featuring experts in Artificial Intelligence, Graphics Interface, and Computer and Robot Vision held at York University earlier this year.

In Kelly Parke’s Creativity and Innovation class, 47 MBA students, many of them engineers, were asked to come up with ways that AI might be used to solve problems or improve their educational experience. A few of the students’ imaginative proposals to improve upon the MBA program experience have been shared with the School’s administrative team. One student suggested using AI to monitor in real time the amount and quality of individual input and participation in group work, in order to more equitably assign credit where credit is due. “Such a feature could be advertised by a business school to attract more top students with assurances of more accurate credit for group work,” says Parke. Another suggested using Watson-powered AI and VR simulation to curate a personalized career exploration program by evaluating a user’s likes, dislikes, skills and personality, and matching them to employers. Spotlight on Research 2018 11

WEATHERING THE PERFECT STORM OF DISRUPTIVE INNOVATION Schulich researchers help the financial industry adapt to disruptive technologies and the blockchain revolution

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As the financial services industry undergoes a radical transformation, researchers at Schulich are busier than ever examining the implications of disruptive technologies that are challenging the big banks’ traditional monopoly.

It is not only financial institutions and consumers who are disconcerted by the speed of these technological changes and the alternative finance methods they have led to as a result. More importantly, regulatory and enforcement agencies have also been left in the dust by entrepreneurial finance, often referred to as FinTech, which is the development of digital technologies to support financial services, including the growing cryptocurrency movement enabled by the development of blockchain technologies. Era of FinTech Disruptions Much of this disruption has been captured in Stumbling Giants: Transforming Canada’s Banks for the Information Age, co-authored by Professor James Darroch, Associate Professor of Strategic Management / Policy, CIT Chair in Financial Services and Director of Schulich’s

Financial Services Program, and Patricia Meredith. Winner of the 2018 Donner Book Prize, Stumbling Giants recommends Canadian banks adopt greater inclusivity, responsible governance and technological foresight in order not to lose their industry footing during the FinTech era. Described by the jury that awarded the $50,000 prize as “a policy manifesto, developing a compelling case for the need for fundamental change from the branch-focused business model of current Canadian banking, to a model that conforms to the habits of the mobile-app era,” the book argues that Canadian banks are ignoring the FinTech disruptions at their peril.

the financial crisis, Professor Darroch says that outlook needs to change as disruptive new technologies attract away banks’ traditional customer base. “The issue is, stability comes at a price: and I think that’s innovation,” he says. “You basically find your model being compromised by a thousand cuts rather than a direct competitor.” The book argues that banks will be pressured by investors to expand into more “information-based” products and services; that the federal government should do more to encourage competition in available forms of payments; and that financing regulations need to be clarified.

Although it may have been understandable for the Canadian financial system to choose stability over innovation during

Deborah Donner, left, Governor of the Donner Canadian Foundation, with winners Professor James Darroch and Patricia Meredith, and foundation chair Ken Whyte on stage after the 2017-18 Donner Prize was announced on May 15 in Toronto. Photograph courtesy of Will Pemulis / The Donner Prize

Spotlight on Research 2018 13

Weathering the Perfect Storm of Disruptive Innovation (cont’d)

King William’s Tontine by Moshe Milevsky Recipient of the 2017 Kulp-Wright Book Award The Kulp-Wright Award is presented annually by ARIA – the premier association of researchers in insurance – to the book considered to be the most influential, published during the prior year on the subjects of risk management and insurance. The award has been granted annually since 1944 and Professor Milevsky joins a prestigious list of prior winners.

Innovative Financial Products Finance Professor Moshe Milevsky, who studies the intersection of wealth management, financial mathematics and insurance, has been reaching back into the past for inspiration for the development of innovative financial products. His recent book, King William’s Tontine: Why the Retirement Annuity of the Future Should Resemble its Past, examines one of the earliest examples of sharing longevity risk in the 17th century and how it might be applied today as a form of pooling insurance against retirement savings running out in one’s lifetime. Professor Milevsky subsequently published a prequel to King William’s Tontine, titled The Day the King Defaulted: Lessons from the Stop of the Exchequer in 1672, wherein he

analyzes a little-known 16th century financial crisis, and its relevance to the modern era. King William’s Tontine received the 2017 Kulp-Wright Book Award, which is presented annually by the American Risk and Insurance Association, the premier association of researchers in insurance. “This honour shows that tontine thinking, in the design of personal risk management products, is a concept with a high likelihood of catching-on in both academia and industry,” says Professor Milevsky. “It also proves that there are valuable lessons to be learned from 17th century financial and insurance history, even in the rapidly changing 21st century.” He has also been named by the magazine Investment Advisor as one of the 35 most

influential people in the U.S. financial advisory business during the last 35 years. Building on Professor Milevsky’s interest, his research on retirement income has led him to investigate the economic and financial impact of using one’s biological age, as opposed to chronological age, for retirement and pension policy. This work will be featured in his upcoming book, The Retirement of Age: Why Pension Policy Should be based on Biology and not on Chronology. Digital Transformation of Investment Research Pauline Shum Nolan, Professor of Finance, wanted to share her 20 years of investment research with the broader wealth management community.

“ This honour shows that tontine thinking, in the design of personal risk management products, is a concept with a high likelihood of catching-on in both academia and industry. It also proves that there are valuable lessons to be learned from 17th century financial and insurance history, even in the rapidly changing 21st century.” MOSHE MILEVSKY Professor of Finance

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MOSHE MILEVSKY

PAULINE SHUM NOLAN

HENRY KIM

Professor of Finance

Associate Professor of Operations Management and Information Systems; Co-Director, BlockchainLab

Instead of writing a textbook with Excel models – like a professor would in the “old” days – she led the development of a cloud-based solution, Wealthscope. As regulators around the world push for transparency in a traditionally opaque industry, Wealthscope delivers by leveraging web technology and machine learning to open the black box of wealth management for all stakeholders. The data from Wealthscope will provide valuable research insights into how individuals of all ages and wealth levels invest across accounts at multiple institutions. Wealthscope aims to diverge from the “one size fits all” mentality, valuing meaningful engagement with clients, and providing decision latitude for customization

and a wide range of functionalities for portfolio management and financial planning. Professor Shum’s vision is for Wealthscope to play a critical role in the digital transformation of the industry. The Blockchain Revolution Henry Kim, Associate Professor of Operations Management and Information Systems, and Dr. Marek Lasksowski, are Co-Directors of Schulich’s BlockchainLab, which is investigating research questions that have real-life management and entrepreneurial applications of distributed or decentralized databases that maintain a continuously growing list of data records secured from tampering and revision. “This cryptographic technology offers a way for people who do not know or

trust each other to create a record of who owns what, and that will compel the assent of everyone concerned,” says Professor Kim. “Originally developed to underpin the bitcoin cryptocurrency network, blockchain technologies are disrupting the financial services sector because they allow the creation of a low-cost tamper-proof consolidated audit trail capable of handling a high velocity of transactions.” Professor Kim also shared his research on blockchain technology, which has given rise to bitcoin and other cryptocurrencies and Initial Coin Offerings, with Schulich alumni attending CONNECT ’18, Schulich’s annual alumni forum.*

“ Originally developed to underpin the bitcoin cryptocurrency network, blockchain technologies are disrupting the financial services sector because they allow the creation of a low-cost tamperproof consolidated audit trail capable of handling a high velocity of transactions.” HENRY KIM Associate Professor of Operations Management and Information Systems; Co-Director, BlockchainLab

Spotlight on Research 2018 15

RUSSELL BELK ELECTED TO THE ROYAL SOCIETY OF CANADA Professor Belk is the Father of Qualitative Marketing Research

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Russell Belk, Professor and Kraft Foods Canada Chair in Marketing, and York University Distinguished Research Professor, was named a Fellow of the Royal Society of Canada in September 2017. In announcing Professor Belk’s election as a Fellow in the Division of Social Sciences, the Royal Society of Canada described him as a “world leader” in his field as well as one of the founders of Consumer Culture Theory.

The Royal Society of Canada is the country’s most senior and distinguished council of scholars, and this award reflects Professor Russell Belk’s stature as a leader in his field. “Russell Belk’s selection as a Fellow of the Royal Society of Canada reflects a truly brilliant and productive career,” said Dean Dezsö J. Horváth. “Professor Belk is an outstanding scholar and the Schulich community is proud of his achievement.” Widely considered by academics around the world to be “the father of qualitative marketing research”, Professor Belk was presented with the Schulich School of Business’ inaugural Dean’s Research Impact Award in January 2013. He was also awarded the honorary title of Distinguished Research Professor at York University in 2014, in recognition

of his outstanding contributions to the University through research. “Russ Belk was a central figure in defining the field of consumer behaviour, and he has continued to play an extremely active role in reinventing the area throughout his career,” said Peter Darke, Area Coordinator of Marketing at Schulich. “He has very much set the standard for achievement in consumer research. His research record is simply astounding, and generations of academics have benefited, and will continue to benefit, from his work. As a colleague and mentor, Russ is always willing to lend a hand and is very generous with his time.” Jagdish Sheth, Kellstadt Professor of Marketing at Emory University, who had recruited Professor Belk to the

University of Illinois four decades ago, said that “Belk is the Wayne Gretzky of academic scholars” for his ability to identify future areas of research. Professor Belk’s research has also been global in nature and has been conducted in more than 30 different countries. Søren Askegaard, Professor of Consumption Studies at the University of Southern Denmark, commended Belk on the international scope of his research on consumer behaviour, noting that “consumer culture is not an exclusively American phenomenon”. Professor Belk’s illustrious career spans over 40 years of the highest standards of authoritative contributions to academia, particularly in the area of Consumer Culture Research. His original research on possessions and the extended

“ Russell Belk’s selection as a Fellow of the Royal Society of Canada reflects a truly brilliant and productive career. Professor Belk is an outstanding scholar and the Schulich community is proud of his achievement.” DEZSÖ J. HOR VÁTH, CM Dean & Tanna H. Schulich Chair in Strategic Management, Schulich School of Business

Spotlight on Research 2018 17

About the Royal Society of Canada The fellowship of the Royal Society of Canada comprises distinguished men and women from all branches of learning who have made remarkable contributions in the arts, the humanities and the sciences, as well as in Canadian public life. The Society consists of over 2,000 Canadian scholars, artists, and scientists, who have been peer-elected as the best in their field.

self, materialism, gift giving, digital consumption and other related areas have led to a paradigm shift in the fields of economic psychology, consumer behaviour, applied anthropology, sociology of consumption and marketing science. His lifelong contributions to these topics have shed immeasurable new light and brought a radically new

understanding about what it means to behave as human beings in our contemporary global marketplace culture. No other scholar worldwide has contributed more to our understanding of this topic. Professor Belk has been a pioneer in the field of consumer research in many ways.

Russ Belk was a central figure in defining the field of consumer behaviour, and he has continued to play an extremely active role in reinventing the area throughout his career. He has very much set the standard for achievement in consumer research. His research record is simply astounding, and generations of academics have benefited, and will continue to benefit, from his work. As a colleague and mentor, Russ is always willing to lend a hand and is very generous with his time. PETER DARKE Area Coordinator of Marketing, Professor of Marketing, Schulich School of Business

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In 1985 he recruited nearly two dozen colleagues to participate in a summer-long coast-to-coast qualitative research project titled the Consumer Behaviour Odyssey. The project resulted in the initiation of the field of qualitative consumer research, which is now institutionalized in the yearly meetings and publications of the Consumer Culture Theory Consortium. The group has approximately 3,600 Facebook followers and alternates its yearly meetings between North America and Europe. He also initiated the first Consumer Culture Theory Conference in 2006 and the first Association for Consumer Research Film Festival in 2001. Both continue today. While only the most recent 12 years of his 40-year career have been spent in Canada, this time has been particularly productive and has seen his recognition steadily grow. This is illustrated by the fact that more than 45% of his publications appeared while he has been in Canada. Belkâ&#x20AC;&#x2122;s publication record is exceptional. He has published more than 40 articles in top-tier and globally renowned peerreviewed journals â&#x20AC;&#x201C; an achievement that is almost unprecedented within the field of management. He is among the

Professor Russell Belk – a world leader in his field

48,000+

While only the most recent 12 years of his 40-year career have been spent in Canada, 45% of his publications have appeared during his time here.

As of May 2018, Belk has received over 48,000 citation recordings according to Google Scholar, placing him among the most cited Canadian business school academics.

Belk is currently serving on the editorial and advisory boards of 36 journals and book series.

30+

9,405

Belk’s research has also been global in nature and has been conducted in more than 30 different countries.

Belk’s publication record is exceptional. He has 42 articles published in top-tier journals rated by the Association of Business Schools.

In the Web of Science Core Collection index, not counting self-citations, Belk’s work has been cited 9,405 times in 6,570 different articles.

most published scholars (31 articles) in the Journal of Consumer Research, the foremost journal in the discipline. The exceptionally high quality and quantity of his publications are also reflected in his h-index, an author-level metric that reflects both the productivity and citation impact of the publications of a scholar. Professor Belk’s life-time h-index stands at 86, which puts him in the top echelon of contemporary scholars situated in business schools.

testament to his international reputation and breadth of research coverage. Over his career, he has been awarded significant research funding from both the private and public sectors in several countries, including Canada, the US, Japan, Australia, Qatar and Hong Kong. His most recent projects with the Social Sciences and Humanities Research Council of Canada have garnered more than $300,000 in research funding.

As of May 2018, Professor Belk has received over 48,000 citation recordings according to Google Scholar, placing him among the most cited Canadian business school academics. In the Web of Science Core Collection index, not counting self-citations, his work has been cited 9,405 times in 6,570 different articles. This impressive level of scholarship compares favourably with the most elite group of scholars in the world. Professor Belk has authored or edited 48 books. Among these, he edited Research in Consumer Behavior, a successful ongoing research series that drew submissions from a global set of scholars in business, economics, anthropology and sociology. This is a

Morris Holbrook, Dillard Professor Emeritus of Marketing at Columbia University, summed up Professor Belk’s devotion to research, saying that “even as he approaches an age at which many people would start to think about retirement, his energy and productivity appear to have increased”. This is evident in the fact that Professor Belk is currently serving on the editorial and advisory boards of 36 journals and book series. He continues to travel extensively in delivering research presentations, making 52 professional trips since January 2016 to Australia, New Zealand, USA, Chile, Peru, Brazil, UK, Hungary, France, Norway, Austria, Germany, Denmark, Japan, India, China, Turkey and Malaysia. Clearly, his career continues to flourish with no signs of slowing down.*

Professor Belk has authored or edited 48 books. Among these, he edited Research in Consumer Behavior, a successful ongoing research series that drew submissions from a global set of scholars in business, economics, anthropology and sociology.

Spotlight Spotlight on on Research Research 2018 2018 19 19

DEMONSTRATING LEADERSHIP IN RESPONSIBLE BUSINESS TEACHING AND RESEARCH The Centre of Excellence in Responsible Business is a global leader in creating and disseminating new knowledge about the social, ethical, environmental and political responsibilities of business

20 Schulich School of Businessâ&#x20AC;&#x192;

On October 21, 2009, the Aspen Institute – a think tank based in Washington, DC – announced that it had ranked the Schulich School of Business number one in the world in a survey that measured how well business schools were preparing their students to manage the environmental, social and ethical complexities of modern day business. It was the first time that a Canadian school had ever been ranked #1 in the world in a global survey of management education.

Four months later, riding the wave of global recognition that came with the ranking results, Schulich announced the establishment of its first Centre of Excellence – dedicated to Responsible Business. The Centre of Excellence in Responsible Business (COERB) was officially launched at the inaugural Thomas J. Bata Lecture Series on Responsible Capitalism held in early 2010 and featured guest speaker Ratan Tata (Hon LLD ’14). Since then, COERB has become a global leader in creating and disseminating new knowledge about the social, ethical, environmental and political responsibilities of business.

The first was the establishment of the George R. Gardiner Program in Business Ethics in 1991, followed the year after by the creation of the Erivan K. Haub Program in Business and the Environment. Both programs were among the first of their kind in North America. The two programs became key building blocks in transforming Schulich into a world leader in the field of Responsible Business. In 2003, Schulich established the Hewlett-Packard Chair in Corporate Social Responsibility with a $2-million endowment from the high-tech multinational. The Chair announcement was made by former Hewlett-Packard Chairman and CEO Carly Fiorina, who told a crowd of approximately 1,200 people that “this Chair represents our profound belief that many of the great ideas for

Milestones There were a number of milestone events along the way that led to the development of the Centre of Excellence.

the next generation of corporate social responsibility will come from within the four walls of this School.” Setting the Bar for Responsible Business Today, the Centre is one of the world’s largest and most influential academic centres dedicated to triple-bottom-line thinking, drawing on the expertise and research of more than 40 Schulich faculty members. When the Aspen Institute ranked Schulich number one in the world in Responsible Business, the think tank cited the “extraordinary number of courses available to [Schulich] students that contain environmental, social and ethical content as well as… the number of relevant scholarly articles being published by the School’s faculty members.” Similarly, when Corporate Knights – the world’s

Dr. Wesley Cragg

Dr. Nigel Roome

1992

Erivan K. Haub, owner of the Tengelmann Group, endowed North America’s first Chair in Business and the Environment at Schulich. Dr. Wesley Cragg becomes the inaugural George R. Gardiner Professor in Business Ethics.

1993

Dr. Nigel Roome is appointed as the first Chair and Director of the Erivan K. Haub Program in Business and the Environment.

1994

Specialization in Business and the Environment created within the MBA Program.

1999

Dr. David Wheeler

Program name is changed to Erivan K. Haub Program in Business and Sustainability. Dr. David Wheeler is appointed as the second Chair and Director of the Haub Program. The Sustainable Enterprise Academy (SEA) is created with funding support from AMEC, Dofasco, DuPont Canada, Petro-Canada, and the Suncor Energy Foundation. Spotlight on Research 2018 21

Demonstrating Leadership in Responsible Business Teaching and Research (cont’d)

“ Our academic expertise is not confined to a few areas, but is broad-based and cross-disciplinary, with Schulich professors from different backgrounds teaming up to produce research that sheds new light on how to understand and better manage a number of longstanding business challenges that relate to sustainability, business ethics and corporate social responsibility.” DEAN DEZSÖ J. HOR VÁTH, CM

largest circulation magazine devoted to responsible business – recently ranked Schulich number one globally in its annual survey of MBA programs, the publication noted that Schulich “continues to be a worldwide leader in sustainability, with strong curriculum integration, a base of relevant research institutes and centres, and widespread faculty support.” Schulich Dean, Dezsö J. Horváth, credits that widespread support for much of the Centre’s success: “Our academic expertise is not confined to a few areas, but is broad-based and cross-disciplinary, with Schulich professors from different backgrounds teaming up to produce research that sheds new light on how to understand and better manage a number of longstanding business challenges that relate to sustainability, business ethics and corporate social responsibility.”

Re-Imagining Capitalism The School’s thought leadership in Responsible Business was evident in 2016, when Schulich collaborated with global consultancy McKinsey & Company to produce and publish Re-Imagining Capitalism, a series of essays that reflect on the need for organizations to move toward a more equitable and sustainable corporate and social model. COERB had an important role in the production of the book, with numerous contributors. Professor Dirk Matten, Hewlett-Packard Canada Chair in Corporate Social Responsibility at Schulich and co-author of two of the chapters, has taken part in every panel discussion held since the book’s publication, including sessions in Toronto, Davos, London and Mumbai. According to him, the panels engage people “in a dialogue about how to build on some of the powerful approaches

business leaders have proposed to help guide the world toward a more sustainable and inclusive model of capitalism. Adds Matten, “Climate change, an inadequate global water supply, income inequality, displaced refugees – these and many other issues are all linked to the way the global economy is organized and any solutions will require the involvement of business leaders.” The past academic year was filled with a number of significant events and announcements at COERB. Robert Phillips was named the newly appointed George R. Gardiner Professor in Business Ethics. Phillips is the former David Meade White, Jr. Chair in Business and Professor of Management at the Robins School of Business at the University of Richmond. He is also a Senior Fellow at the Olsson Center for Applied Ethics, Darden School

Dr. Dirk Matten Dr. Bryan Husted Dr. Andrew Crane

2001

A Graduate Diploma in Business and the Environment is established for MBA and MES students (to be completed concurrently with their degrees) at York University.

22 Schulich School of Business

2003

Engaging Tomorrow’s Business Leaders – Schulich School of Business wins national award for Outstanding Leadership in Teaching Corporate Social Responsibility (Canadian Centre for Philanthropy).

2007

Prof. Edward Waitzer

Dr. Bryan Husted becomes the third faculty member to hold the Erivan K. Haub Chair in Business and Sustainability.

Professor Edward Waitzer is appointed the Jarislowsky Dimma Mooney Chair in Corporate Governance.

Dr. Dirk Matten becomes the first Hewlett-Packard Chair in Corporate Social Responsibility.

Dr. Andrew Crane is appointed as the second George R. Gardiner Professor in Business Ethics.

CBERN – Canadian Centre for Business Ethics Research Network – established.

of Business, and Master Teacher in Ethics at The Wheatley Institution at Brigham Young University. He is the Special Issues Editor at the Journal of Business Ethics and is past president of the Society for Business Ethics. His research interests include stakeholder theory, historic corporate responsibility and ethics in network organizations. A Legacy of Excellence In October 2017, Schulich also celebrated its 25-year legacy as one of the first business schools in North America to develop environmentally responsible leaders through the Erivan K. Haub Program in Business & Sustainability. The program was made possible through a $1.5 million gift from Erivan and Helga Haub, the environmentallyconscious owners of the European-based Tengelmann Group. According to Dean Horváth, “The Haub endowment was a watershed moment for our School. The focus on business and sustainability at an early stage in Schulich’s history became a signature element of our DNA. The Haub program also served as the catalyst for our expansion into related areas such as business ethics, corporate social responsibility and corporate governance.”

The Erivan K. Haub Chair in Business and Sustainability is currently held by Charles H. Cho, Professor of Accounting and current Director of the Centre of Excellence in Responsible Business, whose research interests include social and environmental accounting. Professor Cho’s expertise in sustainability accounting has resulted in new publications and new course offerings, including a course titled Sustainability Accounting & Accountability. Professor Cho is also serving as guest editor for a Special Issue of Sustainability Accounting, Management and Policy Journal (SAMPJ) focused on sustainability accounting practice in North America.

paper in the prestigious Emerald Citations of Excellence for 2017.

Research Initiatives The Centre has also expanded into another new area focused on the interface of ethics and social responsibility with Big Data and the Internet. This has resulted in a number of publications and conference contributions led by Professor Dirk Matten, the Hewlett-Packard Chair in Corporate Social Responsibility and past Director of the Centre of Excellence in Responsible Business. His paper, “Contesting the value of ‘creating shared value’”, published in California Management Review in 2014, was selected as a winning

The Centre held a successful incubator research session in November with 25 faculty members and PhD students (from Schulich and elsewhere) intended to share current research and generate ideas for future research initiatives. The session included a discussion about research in the business and society field and included a workshop on CSR from the disciplinary perspective of geography, presented by Associate Professor Uwafiokun Idemudia from the Department of Social Science at York University’s Faculty of Liberal Arts and Professional Studies.

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Additionally, the Centre is home to the academic journal Business & Society, published by SAGE. The journal is edited by Irene Henriques, Professor of Economics & Sustainability at Schulich, together with former Schulich professors Andrew Crane, Director of the Centre for Business, Organizations and Society at the University of Bath School of Management, and Bryan Husted, Professor of Management at EGADE Business School. The journal reached a record impact factor in 2017 of 3.3, placing Business & Society at the top of all journals in the field of responsible business.

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aspenCBE.org

2009

The Aspen Institute ranks the Schulich School of Business number one in the world, in a survey that measures how well business schools are preparing their students to manage the environmental, social and ethical complexities of modern day business.

2010

2012

Schulich hosts the inaugural Thomas J. Bata Lecture Series on Responsible Capitalism.

The undergraduate specialization in Responsible Business is created for BBA and iBBA students.

The Centre of Excellence in Responsible Business (COERB) is formed.

Schulich and McKinsey host a global forum on responsible business “Capitalism for the Long Term”.

2015

Schulich Faculty members, Professors Irene Henriques, Dirk Matten, Andrew Crane and Bryan Husted become the co-editors of the Business & Society journal, a leading, peer-reviewed outlet for scholarly work dealing specifically with the intersection of business and society.

Spotlight on Research 2018 23

Demonstrating Leadership in Responsible Business Teaching and Research (cont’d)

“ Dr. Cragg’s work was pioneering at a time when business schools had historically embraced shareholder primacy and a purely economic view of the firm. The introduction of ethical considerations was initially met with substantial resistance, but he persevered, establishing himself as one of the world’s leading authorities in the field of business ethics.” DEAN DEZSÖ J. HOR VÁTH, CM

Remembering Professor Cragg 2017 also brought some sadness to the Schulich community on the passing of Professor Wesley Cragg in September. A Rhodes Scholar and philosopher, Professor Cragg joined Schulich in 1992 with a mandate to develop a business ethics component for Schulich’s MBA program and, eventually, the School’s under-graduate programs as well. As a result of his pioneering efforts, Schulich is today one of the few business schools in the world where both graduate and undergraduate students are required to study business ethics. In the ensuing decades, he established himself as a leading authority in the field of business ethics.

He was the founding Chair and President of Transparency International Canada Inc., and spearheaded a successful campaign to have the Canadian government pass legislation that criminalized the bribery of foreign officials. He also founded the Canadian Business Ethics Research Network (CBERN), which promoted business ethics initiatives and research in Canada by encouraging networking and dialogue across the private, government, NGO and academic sectors. In addition, he was a vocal advocate inside Canada for the adoption of debt forgiveness policies for developing countries, a key figure in the ratification of the landmark OECD Anti-Bribery convention governing foreign public officials, and

he worked closely with the Naskapi nation in Quebec where CBERN worked with the Naskapi to ensure that they benefited from mining on their traditional territorial land while avoiding the negative impacts caused by previous mining activity undertaken by the Iron Ore Company of Canada. The School paid tribute to Professor Cragg with a special memorial event in January of this year.* To find out more about the projects Professor Cragg was working on, visit: www.cbern.ca/naskapi www.listeningtotheland.org/ projectdescription

Dr. Charles Cho (front row, second from left) Dr. Robert Phillips Dr. Dirk Matten

2016

Launch of Re-Imagining Capitalism, a series of essays produced and published in collaboration with McKinsey & Company.

24 Schulich School of Business

2017

Dr. Charles Cho is appointed as the fourth Erivan K. Haub Chair in Business and Sustainability. 25th Anniversary Celebration of Schulich’s Erivan K. Haub Program in Business and Sustainability.

2018

Dr. Robert Phillips is appointed as the third George R. Gardiner Professor in Business Ethics.

Dr. Dirk Matten named among Asset Compliance’s Top 100 Corporate Social Responsibility Influence Leaders, the only academic to make the list.

CELEBRATING 25 YEARS OF TEACHING AND RESEARCH IN RESPONSIBLE BUSINESS AND SUSTAINABILITY

CELEBRATING

25 YEARS

Schulich’s Erivan K. Haub Program in Business and Sustainability celebrated its 25th Anniversary on October 13 th, 2017. The milestone event, which looked back on a quarter century of excellence and innovation, featured keynote speaker Richard Welford, Chairman of CSR Asia, as well as special guest Christian Haub, President & Chairman, Emil Capital Partners LLC, and his wife Liliane. The late philanthropist Erivan Haub was one of Schulich’s earliest benefactors and strongest supporters. Prior to the anniversary celebration, he and his wife Helga reflected on their donation and its impact in a letter to Dean Horváth. The following is an excerpt from that letter: “ Today we are thrilled to look back at the incredible success this program has become and how the business school has integrated the program into its Centre of Excellence in Responsible Business. We could not have chosen a better university and business school to partner with in this effort and we could not have dreamed about the tremendous importance and fabulous reputation this program has gained not only in Canada and North America but around the world. We are more than proud of the legacy you have created in our name.” ERIVAN K. AND HELGA HAUB

Spotlight on Research 2018 25

BROOKFIELD CENTRE IN REAL ESTATE AND INFRASTRUCTURE The hub of real estate and infrastructure industry outreach, alumni engagement, research, teaching excellence and experiential learning at Schulich

26 Schulich School of Businessâ&#x20AC;&#x192;

The Brookfield Centre in Real Estate and Infrastructure has established a global leadership role for the School in the expanding and evolving fields of real estate and infrastructure, and the increasingly important intersections between them. First announced in 2016 and made possible by a generous $4 million donation from Timothy R. Price (Hon. LLD ’09) and his wife, Frances Price, together with the Brookfield Partners Foundation, the Brookfield Centre is well positioned to become a globally renowned and sought-after real estate and infrastructure education and applied research hub at Schulich.

The goal of the Brookfield Centre is to achieve international status as a recognized Centre of Excellence in real estate and infrastructure education, experiential learning and thought leadership. Real estate and infrastructure have taken on a new importance as building blocks in today’s global economy, with increasing recognition that successful and sustainable cities are the ecosystems for business formation, innovation, and economic growth. This dynamic coincides with the growing importance of “real assets” in both institutional and individual asset portfolios that is transforming real estate and infrastructure investment strategies and driving increased demand for highly qualified, creative professionals that understand both industries as well as the connections between them. “The Brookfield Centre in Real Estate and Infrastructure provides Schulich students with rewarding career opportunities in

the growing real estate and infrastructure sector and generates cutting-edge research that will help shape the strategies and policies adopted by business, government and non-profit sector leaders around the world,” said Schulich Dean Dezsö J. Horváth. Timothy R. Price, Hon. LLD ’09, Chairman of Brookfield Funds, says he has been pleased to help support the Brookfield Centre. “It’s a very exciting mission that the School is on to develop future leaders, to expand the research to cover this very broad area and to realize the potential within the School to create a global Centre of Excellence in Real Estate and Infrastructure,” says Price. Schulich has a strong and innovative tradition in real estate and infrastructure education and industry engagement. Led and nurtured over the past two decades by James McKellar, Professor of Real Estate and Infrastructure, and Andre Kuzmicki, recently retired but

still connected former Executive Director, along with a strong contingent of sessional instructors, Schulich’s MBA Program in Real Estate and Infrastructure is well established, highly regarded by industry and connected to a sizeable, engaged global alumni network. Originally focused only on real estate, the School was well ahead of the curve in introducing infrastructure to the curriculum, seeing a need to provide graduates for the burgeoning infrastructure industry in Canada, and also the natural connection and fit within urban environments and hence real estate. Building on the foundation created by Professor McKellar and supportive industry professionals, the infrastructure education experience and thought leadership at Schulich have benefited significantly from the addition of Assistant Professor Sherena Hussain, MBA/ JD ’12, PhD candidate, an emerging

Dean Dezsö J. Horváth with Timothy R. Price, Frances Price and Mamdouh Shoukri at the Brookfield Centre announcement in 2016.

Spotlight on Research 2018 27

Brookfield Centre in Real Estate and Infrastructure (cont’d)

leader in infrastructure financing and global business model innovation. Her research explores infrastructure capital structures, public-private partnerships, and emerging business models at the nexus of infrastructure, real estate and innovation. A recipient of the Hennick Medal for Academic Excellence and an accomplished legal professional, Professor Hussain has won awards in the areas of tax, contract, commercial/corporate, real estate, trust and estate law. Professor Hussain utilizes a range of leading experiential learning models that bring industry into the classroom to teach courses in infrastructure delivery models, structuring development transactions, and financing large-scale infrastructure. The Brookfield Centre represents the evolution of the program in Real Estate and Infrastructure and provides the resources to take the academic programs, industry outreach and research to the next level – a process that is well underway and set to ramp up with a new identity, energy and physical location inside Schulich’s new Rob and Cheryl McEwen Graduate Study & Research Building, together with the School’s other Centres of Excellence. After launching a new 12-month Master of Real Estate and Infrastructure Program (MREI), the first of its kind in the world alongside the School’s successful MBA specialization, and simultaneously hiring Avis Devine, Associate Professor of Real Estate and Infrastructure, in 2017, the

Brookfield Centre welcomed its second MREI cohort and continued to strengthen its faculty group and leadership, adding Jim Clayton, Professor and the inaugural Timothy R. Price Chair in Real Estate and Infrastructure earlier this year. The winner of the 2017 Nick Tyrell Research Prize in Real Estate Investment, Professor Devine’s research focuses on Sustainable and Energy Efficient Real Estate, Commercial Real Estate, Multifamily Housing, and Emerging Markets. Professor Clayton rejoined the academic world, and returned to Canada, after more than a decade in the global institutional real estate investment management arena, most recently as Head of Real Estate Investment Strategy and Analytics at Barings, where he was also an Adjunct Professor of Real Estate at the University of Connecticut. With a unique combination of four full time faculty, all with significant industry experience and diverse yet complementary research and teaching foci and industry connections, the Brookfield Centre is well positioned to enhance one of its key pillars of applied research and thought leadership. Professor Devine was recently awarded a grant from the LawrenceBerkeley National Laboratory (in conjunction with the U.S. Environmental Protection Agency) and the Real Estate Research Institute (RERI) to advance the study of environmentally certified commercial real estate. Professor Devine is working closely with a major North American real estate investment manager

on the project. Professor Clayton and a third external coauthor are also part of the research team on this project. Professor Clayton has been invited to be part of the editorial board of the special Real Estate issue of The Journal of Portfolio Management, sponsored by the Pension Real Estate Association (PREA) to be published in the fall of 2019. He is also at work updating and revising the graduate level textbook, Commercial Real Estate Analysis & Investments (3rd edition), Oncourse Learning, 2014, along with coauthors David Geltner (MIT), Norm Miller (San Diego) and Piet Eichholtz (Maastricht). A new textbook, co-authored by Professors McKellar and Hussain, The Business of Infrastructure, will be published in early 2019. Professor Hussain has co-authored an article, “Rethinking the Role of Private Capital in Infrastructure PPPs,” in Public Management Review, and is cited for her work with the World Economic Forum, UITP, and numerous national media outlets. The Brookfield Centre’s faculty have been widely quoted and featured in The Globe and Mail, The Financial Post and other media about Toronto’s viability as a possible site for the next Amazon headquarters and other real estate and infrastructure issues. Along with research, sector-related programming, teaching excellence and experiential learning, industry outreach

The Brookfield Centre’s Full Time Real Estate and Infrastructure Faculty

J I M C L AY T ON Professor and Timothy R. Price Chair in Real Estate and Infrastructure; Director, Brookfield Centre in Real Estate and Infrastructure

28 Schulich School of Business

AVI S DEVI NE Associate Professor of Real Estate and Infrastructure

S H E RE NA H U S S AIN Assistant Professor of Real Estate and Infrastructure

J AM E S McK E LLAR Professor of Real Estate and Infrastructure

Top row: The Brookfield MREI Launch event from June 2016. Bottom row: 2018 Developers’ Den Winners – Schulich MREI candidates.

and alumni engagement is a key focus of the Brookfield Centre. For example, distinguished alumna Janice Fukakusa (MBA ’79, Hon LLD ’16), a member of the Dean’s Advisory Council and the Chair of the new Canada Infrastructure Bank, recently spoke at CONNECT’18: The Schulich Alumni Forum where she shared her insights on Canada’s future in infrastructure. The 12th annual Schulich Real Estate and Infrastructure Perspectives Lecture, co-hosted by the Schulich Real Property Alumni Association (SRPAA), saw more than 300 students, alumni, faculty, staff and industry professionals networking and listening to keynote speaker Jon Love, Founder and CEO of KingSett Capital. Jon shared lessons acquired throughout his career journey – from his time as President and CEO of Oxford Properties to the founding, growth and evolution of KingSett Capital, a major private equity real estate player in Canada. In March, more than 80 alumni attended Schulich’s eighth annual Developers’ Den international case competition, won by a team of Schulich MREI students competing against 12 teams from schools around North America. Started in 2011, Developers’ Den is Canada’s longest running and most

prestigious real estate case competition. This year’s competition was presented by Altus Group and co-hosted by Schulich’s Brookfield Centre in Real Estate and Infrastructure and the Schulich Real Property Alumni Association. Final round judges included Geoff Grayhurst, MBA ’91, President, Dorsay Development Corporation; Mauro Pambianchi, Chief Development Officer, SmartCentres REIT; Toni Rossi, President, Real Estate, Infrastructure Ontario; Fred Waks, President and CEO, Trinity Development Group; and Alan Vihant, Executive Vice President, Great Gulf Homes. A highlight of the year for the Brookfield Centre, one that recognizes the uniqueness and relevance of its program offerings and their impact on industry, was the invitation to join an important global infrastructure initiative. In June, as G7 leaders gathered to meet in Quebec, the Brookfield Centre was announced as the inaugural education partner for the G7 Investor Global Initiatives project, in collaboration with the Government of Canada and leading institutional investors, including Ontario Teachers’ Pension Plan (Ontario Teachers’) and Caisse de dépôt et placement du Québec (CDPQ).

The G7 program will bring senior public sector infrastructure managers from emerging markets to Schulich for a three-month intensive business program, followed by an internship in the infrastructure unit of a participating global investor. Fellows will also receive training on the Sustainable Infrastructure Foundation’s leading SOURCE platform for infrastructure project development. The first cohort of 16 Fellows will start their studies at the Brookfield Centre in the summer of 2019, and the class size is expected to grow to more than 30 in future years. “Schulich’s Infrastructure program is global and collaborative in outlook so that the first Fellows will learn not only from their professors, but also from each other, returning to their countries of origin equipped with the expertise and international network they need to successfully achieve their infrastructure goals, as set out by the G7,” says Professor McKellar. “The Brookfield Centre is proud to play a role in addressing the challenges of city building and improving the quality of environment for people across the globe.” * Spotlight on Research 2018 29

THE CENTRE FOR GLOBAL ENTERPRISE Providing research, thought leadership, networks, and events to enable Canadian small-and-medium enterprises to succeed globally

30 Schulich School of Businessâ&#x20AC;&#x192;

Now in its fifth year, Schulich’s Centre for Global Enterprise (CGE) is hitting its stride with several new networking, coaching and business initiatives designed to enable Canadian small- and medium-size businesses (SMEs) to succeed in global markets. Since its launch in 2013, with the support of its founding members – Royal Bank of Canada, Export Development Canada (EDC), Scotiabank and Chartered Professional Accountants of Ontario, the CGE has delivered analysis, programs, events, business opportunities and networking initiatives, and collated and curated information sources on its website to that end. The Centre has an active external outreach program which connects SMEs with the resources, programs and students that will assist them to successfully engage with international markets. Some examples are highlighted below. The Global Business Access Network (GBAN) proof-of-concept stage was showcased over an 8-month period to SMEs from various lines of business by organizations such as the Ontario Ministry of Economic Development and Growth, and Innovation York. GBAN client companies made requests which ranged from dealing with business cultural issues with a software distributor in Germany, to specific information regarding regulatory approval procedures, and national health insurance test reimbursement rates for cardiac monitoring equipment in Australia.

The CGE has also successfully helped place Schulich students in internships or contract positions in various organizations, including private companies such as Inertia Engineering; government agencies such as the Ontario Ministry of International Trade, and the Ontario Ministry of Health; and NGOs such as CanadianItalian Chamber of Commerce in Ontario. The CGE has developed and maintains relations with Canadian government agencies and think tanks concerned with international trade and SMEs. For example, through its Executive Director, Professor Lorna Wright, it has provided input into Canada’s trade policy through invited submissions to the federal government, and to the Ontario government as a member of an advisory committee to the Minister of International Trade. Professor Wright is also a member of the International Economic Policy Committee of C.D. Howe Institute, a renowned think tank. As well, the CGE has partnered with like-minded organizations such as the Centre for International Governance innovation (CIGI) and Asia Pacific Foundation for programs directed at SMEs and/or students. The CGE continues to develop relationships with foreign governments’ commercial

and investment representatives in Canada, as well as bilateral business councils. These are relationships that can potentially be valuable to both the Schulich and wider Canadian business communities with regards to resources and information. A few illustrations of such relationships are: Korean Trade-Investment Promotion Agency (KOTRA), the Japan External Trade Organization (JETRO), the Australian Trade and Investment Commission (Austrade), the various Consulate Generals in Toronto (e.g., Brazil, Japan), the Canada-China Business Council (CCBC), and the Hong Kong Canada Business Association (HKCBA). In addition to these activities, the CGE facilitates the dissemination of research conducted by the faculty associates at Schulich and its affiliated endowed chair holders. According to Dr. Lorna Wright, who also holds the EDC Professorship in International Business, “At the CGE, we try to translate research that gives insight into best practices relevant to Canadian SMEs wanting to go global into a format and language accessible to the SME community. Our Schulich base provides valuable resources in the way of scholarship and we would like to help our SME partners access this knowledge.”

CGE’s mission is: Support the current generation of Canadian entrepreneurs and SMEs to achieve global success; Develop the next generation of global entrepreneurs and SMEs; and Provide thought leadership in the areas of globalization and international value chains.

Spotlight on Research 2018 31

The Centre for Global Enterprise (cont’d)

Endowed Research Chairs Affiliated with the Centre for Global Enterprise The CGE’s contributions to research are anchored around the research programs of two of its affiliated chairholders, Professor Moren Lévesque, CPA Ontario Chair in International Entrepreneurship, and Professor Anoop Madhok, Scotiabank Professorship in International Business.

MOREN LÉVESQUE Professor of Operations Management and Information Systems; CPA Ontario Chair in International Entrepreneurship

Professor Moren Lévesque’s research uses mathematical and computational modeling to understand the decisionmaking of entrepreneurs and their stakeholders, and to clarify the impact of these decisions on entrepreneurial activity. Increases in new business formation resulting from such activity is a global phenomenon, with these insurgences and their growth involving individuals of all ages. Her research also offers insights on the relationship between a country’s demographics, level of entrepreneurial activity and its economic growth. Another global phenomenon she investigates involves digitization and, more specifically, investment crowdfunding, a rising financing tool for entrepreneurs across the world. Professor Lévesque research characterizes investor compensation under various models, including offer of equity, interest payments, and discount-on-futureshare-price, which are emerging in the investment crowdfunding space. Her work suggests that investment crowdfunding challenges traditional notions of how key factors influence investor compensation. Her recent research interest further lies with the rise of digital platforms, which also represents a fertile area for unearthing what can drive the growth of new enterprises. Digital platforms are the support of

32 Schulich School of Business

transactions at numerous firms worldwide and involve various decision-makers (e.g., platform providers, customers/users, and content developers/complementors) and decisions (e.g., their entries and exits) worth scholarly examination. Her work also considers franchising as a form of global expansion for new enterprises. She focuses on knowledgeintensive industries, which differs from the standard fast-food and low-tech service industries, to refine the more popular belief that firms should favour expansion via franchised units when their business routines require adaptation, but they should favour expansion via company-owned units when these routines can readily be replicated. From conducting her research with international collaborators spanning a variety of professional and ethnical backgrounds, Professor Lévesque acknowledges that her research would not have evolved as it has, neither would it have been as impactful, without these collaborations.

ANOOP M ADH OK Professor of Strategic Management / Policy; Scotiabank Professorship in International Business

Professor Anoop Madhok, a globally recognized scholar for his research on strategic alliances, is using his expertise to study how young entrepreneurial firms can leverage their resources with established firms to forge enduring alliances and achieve global success. His research suggests that the large established firms typically manage a portfolio of alliances

simultaneously. Thus for startups, the main challenge is to attract and sustain the large partner’s attention since established firms typically have limited managerial attention to allocate across their various startuppartners. This essential asymmetry results in a competition for the corporation’s attention amongst startups concurrently engaged in alliances with that corporation. In the research conducted by Professor Madhok and his team, they address the issue of attention dynamics within collaborative settings and, specifically, how such dynamics shape how corporation-startup partnerships unfold over time. In doing so, they explore (i) how entrepreneurial startups differ in terms of attention (given by and) received from the established firm; (ii) how they differ in terms of action on their part in attracting such attention; and (iii) the impact of such attention dynamics on how the partnership unfolds. The research team collected data on one established global firm (within a specific technology domain) and a select number of startups – both North America and Europe-based – with whom they had ties to get a deeper and more refined understanding of how relative and changing attention levels affect the evolution of the partnership. Of the six startups they studied, three had failed outcomes despite an initially promising start, whereas the three others had relatively successful outcomes despite a slow start. Based on these case studies, the research provides specific recommendations for young entrepreneurial firms about effectively managing their alliance relationships in order to achieve their growth objectives.*

Some Outreach Activities of the Centre for Global Enterprise RBC-Schulich Enterprise Forums The CGE’s annual RBC-Schulich Enterprise Forum, Success Without Borders, is designed to foster national learning networks among entrepreneurs and SME managers, and between these enterprise leaders and the policymaking and business research communities. This past year’s theme “Connecting Opportunity to Expertise” was devoted to finding new ways to connect Canadian entrepreneurs and SMEs with the expertise and capabilities they need to support their global ambitions. The event was attended by representatives of SME owners, larger companies, government organizations, NGOs, and academic institutions.

Canada-Japan Futures Forum The CGE partnered with the Centre for International Governance and Innovation (CIGI) for an event fostering entrepreneurship and innovation partnerships between the two countries. Speakers were drawn from both Canada and Japan and included Jim Balsillie, co-founder of Blackberry, and Nobuyuki Akimoto, EVP, NTT Docomo Ventures. Recommendations from the forum formed the basis of a report that highlighted two primary sectors where Japanese and Canadian SMEs could collaborate for mutual benefit – clean technology and health technologies, and made suggestions for where academic research could better serve entrepreneurs.

ASEAN Financial Services Opportunities Roundtable Last year, the CGE and the University of Calgary’s School of Public Policy teamed up to co-host the ASEAN Financial Services Opportunities Roundtable, to discuss timely opportunities for Canadian businesses wishing to expand into financial services markets throughout Southeast Asia. More than 50 international trade and financial services professionals from Canada, Indonesia, Malaysia, the Philippines and Thailand gathered before keynote speaker Dr. Supachai Panitchpakdi, former Director General of the World Trade Organization (WTO) and former Secretary General of UNCTAD, as he shared experiences and knowledge about risks and opportunities in the Southeast Asian markets. The event made headway toward improving government policy surrounding Canada’s opportunities in the financial sector in the region.

Winter Olympic Network The CGE is also helping to coordinate and support the virtual Winter Olympic Network of organizations to assist Canadian SMEs by identifying and taking advantage of opportunities in the lead-up to the 2022 Winter Olympics in Beijing. The CGE has partnered with members of the Schulich Chinese Alumni Network (SCAN) in providing coaches and leveraging existing networks in the Chinese market. Schulich’s South-East Asian Business Association, a student club, is also being considered as a possible resource to help Canadian SMEs better understand markets overseas.

RBC-SCHULICH ENTERPRISE FORUM III

ASEAN FINANCIAL SERVICES OPPORTUNITIES ROUNDTABLE

(L to R) Roshan Mohan, Ontario Ministry of International Trade; Dana Fox, Waterloo Institute for Smarter Government; Dr. Lorna Wright, CGE; Greg Grice, Royal Bank of Canada; Mark Patterson, Magnet; Adam Froman, Delvinia; Douglas Kennedy, CGE.

(L to R) Jean-Sébastien Rioux, U of Calgary; Marie-Louise Hannan, Canada’s Ambassador to ASEAN; Dr. Mari Pangestu , U of Indonesia, former Minister of Trade; Dr. Lorna Wright, CGE; Dr. Supachai, former DG of WTO.

Spotlight on Research 2018 33

BUSINESS ANALYTICS: ONE OF SCHULICH’S FUTURE CENTRES OF EXCELLENCE With the increasing importance of analytics, Schulich’s MBAN Program trains the talent to analyze and provide insights on big data for organizations

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In October 2012, the cover of Harvard Business Review boldly proclaimed that Big Data was the next big revolution reshaping business management. The business journal even went so far as to say that the “sexiest job of the 21st century” was going to be the data scientist.

If business analytics is the next frontier, the Schulich School of Business is well ahead of the curve. The School had already launched one of the world’s firstever professional management degrees in Business Analytics in June 2012. Schulich’s Master of Business Analytics (MBAN) degree program was established to keep the School on the leading edge of business, while also developing professional managers for one of the fastest-growing industries in the world. The industry is experiencing double-digit annual growth and is expected to surpass $200 billion in annual worldwide revenues by 2020, according to IDC, a leading provider of market intelligence for the IT market. Schulich’s intensive, 12-month Masters program combines mathematical and statistical study with instruction in advanced computational and data analysis to ferret out the data that drives decisionmaking in business.

Industry demand for business analytics expertise has been strong from day one. Students from the inaugural class were all snapped up by blue-chip corporations within the first few months after the globally-accredited program launched, and most students in the Program continue to receive multiple job offers long before graduating from companies and organizations such as RBC, Accenture, PwC, Telus, TD, Bell, Labatt, CIBC, and Statistics Canada. Fueling the MBAN Program’s early growth was a partnership with SAS, the world leader in business analytics software and services. The firm’s Canadian subsidiary donated stateof-the-art data analysis software that allowed MBAN students to efficiently consolidate data from disparate sources and analyze it for use in datadriven decision-making, including statistical analysis, forecasting, econometrics, optimization, scheduling

and simulation, quality improvement and seamless data integration. According to Murat Kristal, Program Director of Schulich’s Master of Business Analytics Program and an Associate Professor of Operations Management & Information Systems, companies are capturing vast amounts of data, but they need more highly-trained professionals to analyze and identify patterns and trends in order to create value for their customers and shareholders. The Program continues to grow year over year. Last year’s class had 50. This year’s class, which began in May 2018, has 52 students – the largest class to date. The Program has forged a number of research alliances. It recently joined forces with Baker McKenzie LLP, one of the world’s largest global law firms, in establishing the Whitespace Legal Collaboration Lab. The research initiative includes academics from the University

Our Students The Lab’s students come from diverse backgrounds, exploring the cutting edge of analytics together.

41% 62%

3+ Years’ Work Experience Undergrad GPA of ‘A’ or above

52 680

Class Size Average GMAT Score

51 /49

Gender Ratio (%)

Spotlight on Research 2018 35

Deloitte Cognitive Analytics and Visualization Lab announcement in October 2017.

of Toronto’s iSchool and the University of Waterloo’s Problem Lab, as well as business and technology professionals from IBM Canada. The Lab will focus on addressing challenges “at the intersection of business, law and technology” and the delivery of legal services in the future. In October of last year, Schulich announced a groundbreaking partnership with Deloitte, a global leader in business analytics, to establish the SchulichDeloitte Cognitive Analytics and Visualization Lab. The innovative Lab will be housed in the School’s future Centre of Excellence in Business Analytics and will provide a focal point for industry outreach, collaboration, research and experiential education in Advanced Analytics. “Schulich is excited to work with Deloitte’s pioneering data analytics

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team to prepare future business leaders to visually interpret and communicate insights generated by Big Data collections,” says Professor Kristal. “Business analytics and data visualization are a potential game changer for every industry.” The approximately 800 square-foot lab will support teaching and research goals, as well as explore advances in predictive analytics, natural language processing, machine learning, analytics design and visualization, and data-based storytelling. It will be equipped with cognitive, machine learning, data analytics and visualization technologies. The Lab’s researchers are at the leading edge of deep learning and machine learning, including areas such as neural networks, probabilistic models, statistical theory and natural language processing. The

Lab will be the home for the new Deloitte Data Scientist, who will be involved in research initiatives in Analytics and Artificial Intelligence. The Lab will also house the new Analytics Consulting Project (ACP). The ACP is the first program of its kind in Canada – a hands-on experiential learning program that will link students with real-world organizations and will use real client data to provide actionable insights and solutions to the organization. Working in teams of three or four over the course of eight months, the MBAN students will be paired with industry partners and spend the final two terms of the Program using the Schulich-Deloitte Cognitive Analytics and Data Visualization Lab’s proprietary platform and capabilities. Faculty advisors will provide consultation and guidance

Business Analytics: One of Schulich’s Future Centres of Excellence (cont’d)

throughout the project. Working as analytics consultants and collaborating closely with their clients, the students will perform data cleansing, verification and quantitative analysis, and unearth business insights using advanced analytics methods. The final solution report will be done using data visualization tools to deliver a clear and at-a-glance synopsis of the findings and recommendations. “The Lab brings the challenges faced by real companies into our classroom, and our students and faculty advisors will help unlock insights and deliver tangible outcomes,” says Gina Pagiamtzis, Strategic Partnerships and Industry Liaison for the MBAN program. Companies and organizations will pay a sponsorship fee to achieve three goals. First, to support our current students working on the project; second, to enable us to establish a self-funded Innovation Lab; and third, to establish future bursaries and scholarships. In return, organizations that take part in the Analytics Consulting Project will gain access to a pool of highly qualified analytics talent for future recruiting, as well as access to Schulich’s high-calibre faculty advisors. Once the project is complete, organizations will receive customized solutions for their analytical challenges following advanced in-depth analysis and research on the part of Schulich students and faculty members. The Lab website (dschulichlab.ai/ how-it-works) will eventually feature research case studies and white papers that will come out of Lab and students’ consulting projects. Schulich believes the Deloitte Cognitive Analytics and Visualization Lab will not only foster advances in the visualization and interpretation of Big Data but will play an important role in developing the next generation of business analytics talent and become a centrepiece of the School’s future Centre of Excellence in Business Analytics.*

For more info on the Schulich-Deloitte Lab visit: dschulichlab.ai/how-it-works

Digital rendering of the new Deloitte Cognitive Analytics and Visualization Lab.

Schulich is excited to work with Deloitte’s pioneering data analytics team to prepare future business leaders to visually interpret and communicate insights generated by Big Data collections. Business analytics and data visualization are a potential game changer for every industry. MURAT KRISTAL Associate Professor of Operations Management and Information Systems and Director of the Master of Business Analytics (MBAN) Program

Spotlight on Research 2018 37

FACULTY NEWS & RESEARCH

38 Schulich School of Businessâ&#x20AC;&#x192;

Schulich Business History Chair Wins Prestigious Humboldt Research Award Matthias Kipping, Professor and Richard E. Waugh Chair in Business History at the Schulich School of Business, received a prestigious research award from the Alexander von Humboldt Foundation in Germany.

Over the years, 14 other York University scholars across a variety of disciplines have received a Humboldt Research Award. “I feel very honoured to receive this Humboldt Research Award and to be able to infuse an historical consciousness into other management disciplines,” says Matthias Kipping. He intends to fulfill his Humboldt-funded research stay at Freie Universität Berlin in 2019 during a sabbatical break from his role as Academic Director of the Kellogg-Schulich Executive MBA program. Professor Matthias Kipping became Schulich’s inaugural Chair in Business History in 2005 after an international search. He has degrees from the Sorbonne, Harvard’s Kennedy School of Government, and the École des Hautes Études en Sciences Sociales in Paris, and has received his doctorate from the Ludwig-Maximilians-Universität in

Munich. He held previous appointments at the University of Reading in the UK and Universitat Pompeu Fabra in Barcelona, Spain. Since assuming the Chair in January 2006, Matthias has greatly expanded the teaching of business history at the School as well as its international research profile, namely in terms of history’s broader contribution to the study of management – efforts recognized by the recent Humboldt Award. Matthias is the author of numerous books on the role of business and management, including Defining Management: Business Schools, Consultants, Media, 2016, co-authored with Lars Engwall and Behlül Üsdiken, and the forthcoming History in Management Research: From Margin to Mainstream, co-authored with Üsdiken. Matthias is also co-editor, with Dean Dezsö J. Horváth and

ABOUT THE HUMBOLDT FOUNDATION AND RESEARCH AWARD The Alexander von Humboldt Foundation is a German organization that promotes science, cross-disciplinary research and intercultural understanding. The Foundation is mostly financed by the German government, with some financial assistance from the European Union and various German and international organizations. The Humboldt Research Award is presented globally to up to 100 leading academics each year. The €60,000 prize, is intended to cover living costs during a six- to 12-month research stay in Germany and to promote cross-disciplinary research and collaboration between German academics and leading scholars around the world. Nominations for the awards are made by scholars working at German universities.

Dominic Barton (Hon LLD ’12) of McKinsey & Company, of Re-Imagining Capitalism, a book of essays published by Oxford University Press. He has written – and presented – in English, French, German and Spanish, and his work has also been translated into Italian, Russian, Mandarin, and Japanese. In terms of promoting cross-disciplinary research collaboration, Matthias has co-organized workshops and sessions at major conferences where business historians and management scholars presented their work and could dialogue, including those by the Academy of Management, the European Group for Organizational Studies, the Business History Conference, and the European Business History Association. Deeply engaged in outreach activities, Matthias has written op-eds drawing important lessons from history for today,

The Foundation maintains a network of

28,000+ Humboldtians from all disciplines in more than

140 55

countries worldwide – including

Nobel Prize winners.

Spotlight on Research 2018 39

Schulich Business History Chair Wins Prestigious Humboldt Research Award (cont’d)

published in The Globe and Mail, Forbes.com and other media outlets. He has worked on select projects for the Schulich Executive Education Centre, combining his deep knowledge of strategy and history. And, together with Dean Horváth and Dominic Barton, he has been taking the important message of the Re-Imagining Capitalism book to global audiences in Davos, Switzerland, London, England, Mumbai and Hyderabad, India, Beijing, China, and, planned for November 2018, São Paulo, Brazil. At a recent meeting of Schulich alumni from the Greater China Region in Shenzhen, Matthias delivered a TED-style presentation, which highlighted three reasons why all managers need history: (i) to deal with often hidden legacies in organizations and global business; (ii) to use as a powerful resource in the interaction with customers and other stakeholders; and (iii) to recognize – and, ideally, anticipate – repeat patterns driven by fundamental characteristics of human behaviour.

Business History at Schulich Business history has a long tradition at Schulich as part of Dean Dezsö J. Horváth’s path-breaking strategy to broaden the perspective/outlook of future managers, which includes establishing the George R. Gardiner Professorship in Business Ethics, the Erivan K. Haub Chair in Business and Sustainability and the Hewlett-Packard Chair in Corporate Social Responsibility. Business history was introduced as a first-year core course in the School’s BBA curriculum and represented in its Faculty since the early 1990s. The course was first taught by Robert Cuff, who was cross appointed as a professor with York’s history department. Professor Cuff had close relations with the Harvard Business School, which had been the first to create an endowed chair in Business History in the 1920s. After Cuff’s untimely death in 2001, Dean Horváth decided to create a Chair, which was established in 2003 with generous support from the Schulich Foundation. In 2016, the Chair was named in honour of Richard E. Waugh following a generous gift from the Waugh Family Foundation to the Leading Change Campaign.

Professor Kipping’s Contribution Under his guidance, the long-standing BBA business history course was reshaped to show students the crucial role of history to understand – and navigate – the organizations we work in and the world we live in. He also developed an advanced undergraduate course, “Creating Global Capitalism”, and an MBA course, “Managing Globally: Past, Present, Future”. These courses are now taught by sessional lecturers, many of whom are also research-active and contributing to Schulich’s reputation in business history. Several of these lecturers have been nominated for (and awarded) the Seymour Schulich Prize for Teaching Excellence. Matthias was the 1st place winner of this award for his MBA teaching in 2013 and was also elected by the Kellogg-Schulich EMBA class of 2012 as the best Schulich professor. He currently focuses his efforts on familiarizing MBA students with the power of the historical perspective as part of the “Skills for Leadership” core course; and in his role as Academic Director of the Kellogg-Schulich Executive MBA program since 2015, where he teaches a shortened version of the “Managing Globally” course.*

Together with Dean Horváth and Dominic Barton, Matthias Kipping has been taking the important message of the Re-Imagining Capitalism book to global audiences at the World Economic Forum in Davos, Switzerland, London, England, Mumbai and Hyderabad, India, Beijing, China, and, planned for November 2018, São Paulo, Brazil. At a recent meeting of Schulich alumni from the Greater China Region in Shenzhen, Matthias delivered a TED-style presentation.

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The Re-Imagining Capitalism book has travelled to audiences across the globe

TORONTO – OCTOBER 2016

DAVOS – JANUARY 2017

LONDON – MARCH 2017

TORONTO – JULY 2017

MUMBAI– NOVEMBER 2017

HYDERABAD – NOVEMBER 2017

SHENZHEN – MAY 2018

BEIJING – MAY 2018

SÃO PAULO – NOVEMBER 2018

Spotlight on Research 2018 41

Schulich Professor Wins Research Prize for Paper on Sustainable Real Estate Investment Last October, Dr. Avis Devine of the Brookfield Centre for Real Estate and Infrastructure, along with her co-author Dr. Erkan Yonder, was awarded the 2017 Nick Tyrrell Research Prize in Real Estate Investment for their paper, “Decomposing the Value Effects of Sustainable Real Estate Investment: International Evidence.” The research considers the effects of environmentally-sensitive investments on the value and performance of listed real estate firms, comparing countries with and without mandatory environmental reporting on investment properties. “This paper develops earlier work, which was sponsored by a grant from the European Public Real Estate Association (EPRA). While evidence exists that real estate investment trusts (REITs) with a sustainable component to their portfolio outperform the competition, no research has shown how – through what channels – those sustainable properties are impacting firm value and performance,” says Avis. “I often use the example of having a very fit next door neighbor, and observing that they have a treadmill in their living room. One might think ‘I’ll buy a treadmill and put it in my living room, and then I’ll be fit too,’ but we all know that’s not how it works. Owning and

operating environmentally-sensitive real estate faces a similar hurdle. A firm can’t expect to just buy properties with a green building certification and reap financial benefits. Firms need to understand how these benefits arise – is it higher rents, lower expenses, decreased risk? If we don’t understand the manner in which green buildings reap financial benefits, it’s more difficult to replicate that outcome.” The authors decomposed asset and firm-level activities to identify how the sustainable assets are impacting both asset and firm-level cash flows, and do so in two countries with highly differentiated environmental reporting requirements. In the US, a country without required reporting, findings indicate that REITs with a more sustainable portfolio experience higher rental income, higher operating expenses, and lower interest expenses, increasing cash flows available for distribution to shareholders. These firms also attract

ABOUT THE NICK TYRRELL RESEARCH PRIZE The Prize is in memory of the work and industry contribution of Nick Tyrrell, who passed away in 2010. Nick Tyrrell was Head of Research and Strategy and a Managing Director in J.P. Morgan Asset Management’s European real estate division. His research work was characterised by a combination of academic rigour and practical relevance. The Prize is funded by the Nick Tyrrell Memorial Fund, which is supported by the three sponsoring organizations: the European Association for Investors in Non-Listed Real Estate Vehicles (INREV), the Investment Property Forum (IPF), and the Society for Property Researchers (SPR). This is the first time the prize has been awarded to a non-European academic team.

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higher premiums to NAV (net asset value), carry lower systematic risk, and are subject to less uninformed trading. The researchers find less nuanced results for real estate investment firms in the UK, which face mandatory environmental reporting. Their findings suggest that environmental reporting requirements may facilitate improvements in the environmental performance of properties and enhance transparency. Currently, the researchers are digging deeper into the different benefit streams of environmentally-sensitive investment, to further strengthen the analysis. Later this year they will be extending the international analysis to include Canada and Australia, providing a look at other country reporting requirement scenarios. This will create a continuum of the relationship between environmental reporting requirements and the financial impact of green building investment.*

New Schulich Faculty Jim Clayton

JIM CLAYTON Professor and Timothy R. Price Chair in Real Estate and Infrastructure; Director, Brookfield Centre in Real Estate and Infrastructure

Research Keywords • Real Estate Cycles, Capital Flows and Pricing • Real Estate Investment Risk Measurement and Management • Private versus Public Market Investment Dynamics • Real Estate as Part of the Broader Real Asset Portfolio

Jim Clayton is the Timothy R. Price Chair in Real Estate and Infrastructure and Director of the Brookfield Centre in Real Estate and Infrastructure at the Schulich School of Business. Prior to joining York University, Jim was Head of Real Estate Investment Strategy and Analytics at Barings, a U.S.-based global multi-asset investment management firm that is part of the Mass Mutual Financial Group. Prior to joining Cornerstone Real Estate Advisers, which later became part of Barings, in 2008, he spent two years as the Director of Research at the Pension Real Estate Association (PREA). And before that, Jim held faculty positions at the University of Cincinnati and Saint Mary’s University in Halifax. Impressively, Jim is a co-editor of the bi-annual special issue of The Journal of Portfolio Management devoted to real estate; a Fellow and former President of the Real Estate Research Institute (RERI); a Fellow of the Weimer School of Advanced Studies in Real Estate and Land Economics, and a past recipient of a Homer-Hoyt Institute post-doctoral fellowship. Jim has a PhD from the University of British Columbia, an MA from the University of Western Ontario, and an Honours BA from Queen’s University. Research Projects Jim’s research has largely focused on the interconnected topics of real estate price cycles, capital flows, liquidity, performance measurement and risk-return dynamics. Two particular foci have been the timevarying relationship between private (property assets) and public (shares of listed real estate companies) market pricing of real estate in both the short and long-run; as well as the link between property pricing, risk-adjusted returns and financial leverage (debt financing) and the implications for investors, lenders and policy makers/regulators over the property cycle. Post Great Financial Crisis (GFC), his paper, “Debt Matters: Leverage, Liquidity & Property Valuation,” received the best paper award for the Journal of Real Estate Portfolio Management in 2009. Companion pieces (with co-author Liang

Peng of Penn State) extended this work, empirically validating the link between mortgage fund flows and property price cycles, and also provided a behaviouralbased explanation missed in traditional finance models. These articles appeared in the Journal of Real Estate Finance and Economics and The Journal of Portfolio Management. Subsequent invitations from industry publications led to “Financial Leverage and Risk: Property-Level and Market-wide (Systemic) Perspectives,” published in 2011, in The Institutional Real Estate Letter and a co-authored piece drawing an analogy between the commercial real estate finance system and an ecosystem in “Coral Reefs, Sharks, Commercial Mortgage Backed Securities (CMBS) and the Law of Unintended Consequences,” in the investment management industry magazine Dialogues in 2016. Jim’s current interests are also focused on the implications of major structural shifts and accelerations, such as those related to demographic trends, technology, globalization and socially responsible investment, and the evolving real estate investment environment, one that is seeing a reconsideration of the definition of real estate and a blurring of the lines between real estate, infrastructure and other “real assets”. His 2017 co-authored article, “The Expansion of Real Estate,” in The Journal of Portfolio Management introduces readers to the latest real estate special issue and outlines the key shifts and evolving trends and implications for real estate investment strategy, asset management and portfolio construction. He recently began a new project, along with Brookfield Centre colleague, Professor Avis Devine, and another co-author, working with a major North American real estate investment management firm’s data, to study the “Impact of Environmental Interventions on Commercial Real Estate Operations. ”The research aims to fill a void in the existing literature on the impact of environmentally-sensitive Corporate Real Estate on property operating costs at both the building and portfolio level and should be well received in both the academic and industry sectors.* Spotlight on Research 2018 43

New Schulich Faculty Robert Phillips

ROBERT PHILLIPS Professor of Strategic Management / Policy and George R. Gardiner Professor in Business Ethics

Research Keywords • Stakeholders • Network Ethics • Value Chain Responsibility • Theory of the Firm • Historical Corporate Responsibility

Robert Phillips has been appointed the new George R. Gardiner Professor in Business Ethics and Professor of Strategic Management / Policy. Robert brings more than 20 years of academic experience since earning his PhD from the University of Virginia’s Darden Graduate School of Business Administration. Prior to joining Schulich, he was the David Meade White, Jr. Chair at the University of Richmond and has taught at the Cheung Kong Graduate School of Business (Shanghai), University of San Diego, The Wharton School, and Georgetown University. He was also the 2017 Gourlay Professor of Ethics in Business at Trinity College, University of Melbourne. He has held leadership positions with the Academy of Management, the Strategic Management Society, the International Association for Business and Society and is past President of the Society for Business Ethics. He is also a Senior Fellow at the Olsson Center for Applied Ethics at the Darden School. Research Projects Robert has earned a scholarly reputation largely from his work on stakeholder theory. His 2003 book, Stakeholder Theory and Organizational Ethics, laid out the essential importance of ethics and moral theory in managing business organizations and went on to defend considerations of fairness and reciprocity as vital to business success. More recently, together with co-author Doug Bosse, he has extended his work on fairness and reciprocity to consider the role of “bounded self-interest” in business. Scholars, students, and practicing managers have been led to believe that businesspeople are more self-interested than the general public – at least in their business activities. Robert argues that this has led critics to swing too far in the other direction, by unrealistically imploring managers to be more altruistic. Relying on well-established findings from psychology, Robert elaborates a middle ground. He argues that managers often do act self-interestedly, but that this self-

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interest is limited, “bounded” by norms of fairness and reciprocity. Though cynics may suggest otherwise, studies indicate that psychologically healthy individuals care deeply about fairness and reciprocity – so much so that we regularly perceive businesspeople to be acting “irrationally”. Because business people are still people: they 1) will tend to put in extra effort when treated better than expected; 2) will exact revenge or shirk – even at cost to themselves – when they believe they have been treated unfairly; and 3) may even react negatively – again, at personal cost – to others’ being mistreated. Robert argues that nuanced awareness of norms of fairness and reciprocity will help lead to a more accurate understanding of theories such as agency theory – and make managers more effective. The next big question Robert hopes to a shine light on relates to our evolving understanding of the boundaries of organizations in the 21st century. Two intensifying trends drive this interest. The first is the increasing awareness of the benefits and dangers of group identity and membership. Being part of a group carries both psychological (“in-group bias”) and moral implications (people are responsible to – and for – members of their own groups to a greater degree than nonmembers). However, the business world is witnessing ever increasing levels of ambiguity about organizational boundaries, generating greater ambiguity about these psychological and moral implications. The second important trend is the increase in outsourcing, independent contract workers, the gig economy, and virtual and networked organizations. We are even seeing companies held responsible for the actions of prior management teams and prior iterations of their companies in the long-ago past. The actions of Volkswagen and IBM during the Second World War and the troubled histories of some university honourees and benefactors call into question the boundaries of time, as well as space. Robert hopes to better understand how contemporary managers understand – and should understand – managerial responsibilities during this age of blurring boundaries.*

New Full Professors Schulich faculty members are leading scholars from the world’s best universities. Their award-winning research is recognized globally. Three members of Schulich’s faculty have recently been advanced in position from Associate Professor to Professor.

Burkard Eberlein Burkard Eberlein is a Professor of Strategic Management / Policy at the Schulich School of Business and a member of the Graduate Faculty of Political Science. He has established a global reputation as a regulatory governance scholar and his work has been very well-cited in several academic fields.

BURKARD EBE RLEIN Professor of Strategic Management / Policy

Research Keywords • Public Policy • International Governance • Government Relations • Sustainability • Corporate Social Responsibility

Burkard’s current research lies at the intersection of public policy, business, and global governance and revolves around improving the social and environmental conditions of global production. The focus is on transnational regulatory arrangements to govern global business conduct along complex value chains. A key question is: to which extent are these hybrid arrangements, which bring together governments, firms, and civil society organizations, effective and legitimate regulatory avenues to improving business practices? More broadly, Burkard is keen to advance the study of the relationship between business and politics. Previously, Burkard has made major contributions to comparative public policy and EU studies, for example as co-editor of the first book comparing Canadian and German energy policies, and by pioneering the study of transnational regulatory networks as a novel form of EU governance. Trained as a political scientist, Burkard has always been drawn to crossdisciplinary, boundary-spanning research. For example, he has collaborated with accounting colleagues to study the

process of setting global standards for corporate reporting, and with legal scholars to investigate the interaction between traditional state law and regulation and new forms of non-state business regulation. Various agencies have supported his research: The Social Sciences and Humanities Research Council (SSHRC) of Canada, the EU, the German Research Foundation, and the Hague Institute for the Internationalisation of Law (Netherlands), have all funded Burkard’s work. More recently, Burkard has been co-leading a major network grant, funded by the SSHRC, on transnational business governance interactions. He has held a visiting scholar position at the Hertie School of Governance in Berlin, a top global public policy school, as well as a visiting research professorship at the University of Konstanz in Germany. Since first joining York as a visiting professor from Germany in 2003, Burkard has taught in the Schulich PhD, MBA, and BBA programs, as well as in German and European Studies, and Political Science at York. Beyond academia, Burkard’s work has attracted broad media interest, including The New York Times, The Globe and Mail, CTV and TVO. He also contributes to public life by serving as Senior Advisor on the Advisory Panel of the Auditor General of Ontario.*

Spotlight on Research 2018 45

New Full Professors Theodore Peridis Theo Peridis is a Professor of Strategic Management / Policy and International Business and serves as Director of the Global Leadership Program and Academic Director of Schulich’s MBA and EMBA programs in India. Theo’s research spans a range of topics encompassing strategic management, mergers and acquisitions, corporate governance and entrepreneurship.

THEODORE PERIDIS Professor of Strategic Management / Policy

Research Keywords • • • •

Strategic Management Mergers and Acquisitions Corporate Governance Entrepreneurship

While originally trained as an economist and pursuing work focused on understanding industry structures and competitive analyses, over the years Theo’s research has increasingly shifted toward the cognitive and behavioral aspects of managerial decisions and the role of individuals in the leadership of large and small enterprises. Questions such as ethical dilemmas in corporate governance and the human aspects of integrating acquisitions have attracted his research interests. Theo’s research activity has been funded by a range of agencies and institutes including the Social Sciences and Humanities Research Council (SSHRC) of Canada, the Kahanoff Foundation, the Claridge Israel Fund, the Ontario Centres of Excellence, the Fulbright Foundation, and the Advancement in Management Research Institute. In parallel with his research, Theo has published numerous business cases and a very successful textbook in strategic management (currently in the 5th edition) and has worked with many companies around the globe as an advisor on a range of strategic management issues, especially on structuring acquisitions and alliances. Companies he has worked with range from major corporations such as American Express, Bombardier, Deutsche Bank, DuPont, General Electric, Nasco,

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Nestle, Ontario Hydro, Rogers Communications, SAP and UBS to small high-tech firms such as Microbix, Metalink, and Photovac. He has also participated in government advisory committees, subcommittees, and boards on industrial policy and competitiveness in health, technology and innovation. Theo’s commentary has appeared in a broad range of media outlets such as Bloomberg, The Globe and Mail, CBC, Radio Canada, TV Ontario, Global Television, Rogers Cable, RoBTV, Prime Business, OneTV, The Toronto Star, Globus (Israel’s leading business daily), Alpha (Austria’s business daily), and Express (Greece’s business weekly). Theo has held visiting professorships at the International Institute of Management Development (IMD) in Lausanne, Switzerland, at Athens Laboratory in Business Administration in Athens, Greece, as well as a research fellowship at AIM Research, UK; he is also a Fellow of the Eastern Academy of Management. At Schulich, over the years, Theo developed a series of innovative programs such as the Aboriginal Economic Development project, the York Consulting Group, the Global Leadership program and the T-Hub Innovation Initiative. Beyond Schulich, Theo has taught in Europe, North America, Asia, and the Middle East; he was named “Best in Class” by Canadian Business magazine and voted “Professor of the Year” by the Joint Kellogg-Schulich EMBA program. He received a B.Sc. in Economics from the University of Athens, an M.A. in Management Science from the University of Kent, an M.Phil. in Management and a Ph.D. in Strategy from Stern, New York University.*

List of Endowed Chairs and Professorships

Chair Pending

CIT Chair in Financial Services (Established in 1998)

Ann Brown Chair of Organization Studies (Established in 2010)

JAMES DARROCH BA, MA & PhD (Toronto); MBA & PhD (York University) Associate Professor of Strategic Management / Policy

Anne & Max Tanenbaum Chair in Entrepreneurship & Family Enterprise (Established in 1999)

Erivan K. Haub Chair in Business and Sustainability (Established in 1993) CHARLES H. CHO

EI LEEN FISCHER

BSc, MSc & PhD (University of Central Florida) Professor of Accounting

BA & MASc (Waterloo); PhD (Queen’s) Professor of Marketing

Export Development Canada Professorship in International Business (Established in 2011)

Bell Media Professorship in Media Management (Established in 2003)

LORNA WRIGHT

TRINA McQUEEN, O.C.

BA (Wilfrid Laurier); MA (Essex, UK); MIM (Thunderbird); PhD (Western) Associate Professor of Organization Studies and International Business

BJ (Carleton); Hon LLD (Mount St. Vincent, Carleton, Waterloo) Adjunct Professor of Broadcast Management

George R. Gardiner Professorship in Business Ethics (Established in 1992)

Bob Finlayson Chair in International Finance (Established in 2011)

ROBERT PHILLIPS

KEE-HONG BAE

BSBA (Appalachian State University); MBA (University of South Carolina); PhD (University of Virginia) Professor of Strategic Management / Policy

BS & MS (Korea); PhD (Ohio State) Professor of Finance

Canada Research Chair in Entrepreneurial Innovation and the Public Good (Established in 2014) THEODORE J. NOSEWORTHY MBA, MSc (University of Guelph); PhD (Western University) Associate Professor of Marketing Scientific Director of the NOESIS: Innovation, Design, and Consumption Laboratory

CPA Ontario Chair in International Entrepreneurship (Established in 2011) MOREN LÉVESQUE BSc & MSc (Laval University); PhD (University of British Columbia) Professor of Operations Management and Information Systems

Chair Pending

Gordon Charlton Shaw Professorship in Management Science (Established in 2003)

Henry J. Knowles Chair in Organizational Strategy (Established in 2002) CHRISTINE OLIVER BA (Queen’s); MBA & PhD (Toronto) Professor of Organization Studies

Hewlett-Packard Canada Chair in Corporate Social Responsibility (Established in 2003) Chair Pending

CIBC Professorship in Financial Services (Established in 1994)

DIRK MATTEN Dipl.-Kfm. (Essen, Germany), Dr.rer.pol. & Dr.habil. (Düsseldorf, Germany) Professor of Strategic Management / Policy

Spotlight on Research 2018 47

List of Endowed Chairs and Professorships

Inmet Chair in Global Mining Management (Established in 2013)

Ron Binns Chair in Entrepreneurship (Established in 2010)

RICHARD ROSS

GEOFFREY KISTRUCK

BCom (Toronto), CPA Director, Global Mining Management

BA (Western); MBA (McMaster); PhD (Western) Associate Professor of Entrepreneurial Studies

Jarislowsky-Dimma-Mooney Chair in Corporate Governance (Joint appointment with Osgoode Hall Law School. Established in 2006)

Royal Bank Professorship in Nonprofit Management & Leadership (Established in 1997)

EDWARD J. WAITZER LLB & LLM (Toronto) Professor of Strategic Management / Policy

BA Hons (Alberta); MA (Carleton); MBA (Maine); PhD (York University) Associate Professor of Marketing

Kraft Foods Canada Chair in Marketing (Established in 2004) (Formerly Nabisco, founded in 1985)

Scotiabank Professorship in International Business (Established in 1998)

RUSSELL BELK

ANOOP MADHOK

BS & PhD (Minnesota) Professor of Marketing University Distinguished Research Professor (York University)

BRENDA GAINER

BCom (Calcutta, India); MBA (Cincinnati); MA (Johns Hopkins); PhD (McGill) Professor of Strategic Management / Policy

Newmont Mining Chair in Business Strategy (Established in 2003)

Scotiabank Chair in International Finance (Established in 2013)

JUSTIN TAN

LILIAN NG

BBA (Tianjin, China); MA (Kansas); PhD (Virginia Tech) Professor of Strategic Management / Policy

BBA (National University of Singapore); MBA (Binghamton, NY); PhD (Pennsylvania) Professor of Finance

Nigel Martin Chair in Finance (Established in 1996) ELIEZER Z. PRISMAN BA (Hebrew, Israel); MSc & DSc (Technion, Israel) Professor of Finance

Pierre Lassonde Chair in International Business (Established in 1997) PREET S. AULAKH BSc & MA (Panjab, India); PhD (Texas-Austin) Professor of Strategic Management / Policy and International Business

Richard E. Waugh Chair in Business History (Established in 2003; Re-named in 2016) MATTHIAS KIPPING MA (Paris-Sorbonne, France); MPA (Harvard University, USA); D.E.A. (EHESS, France); Dr. phil. (University of Munich, Germany) Professor of Strategic Management / Policy

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Timothy R. Price Chair in Real Estate & Infrastructure (Established in 2016) JIM CLAYTON BA Honours (Queen’s University); MA (Western University); PhD (University of British Columbia) Professor of Real Estate and Infrastructure

Tanna H. Schulich Chair in Strategic Management (Established in 1996) DEZSÖ J. HOR VÁTH, CM Electrical Eng (Malmö, Sweden); MBA & PhD (Umeå, Sweden) Dean, Schulich School of Business Professor of Strategic Management / Policy

Newly Funded Research Projects Schulich researchers continue to successfully secure funding from Canadaâ&#x20AC;&#x2122;s Multi-agency Research Funding Collaboration, the major source of research and scholarship funding for Canadian universities. Schulich researchers predominantly receive funding from the Social Sciences and Humanities Research Council (SSHRC) and the Natural Sciences and Engineering Research Council (NSERC).

Natural Sciences and Engineering Research Council of Canada (NSERC) â&#x20AC;&#x201C; 2017

N S E R C D I S C OV E RY G R A N T

Data-centric Decision Supports for Large-scale Social Network Management Principal Investigator: Zhepeng (Lionel) Li

ZHEPENG (L IO N E L ) L I Assistant Professor of Operations Management and Information Systems

Lionel Liâ&#x20AC;&#x2122;s research is featured by applying and reinventing Artificial Intelligence (AI) methods to address business problems, such as intelligent recommendations, targeted marketing, and FinTech. Lately, he has moved into exploring quantum machine learning and its applications to optimization, prediction, detection, and personalization problems. Lionel has been serving as a Principal Investigator for an NSERC Discovery Grant on data-centric large-scale social network management and has received the INFORMS Design Science Award for Business AI studies in social network analytics. Growing opportunities in digital information lead to changes in decision-making. Managers are embracing approaches that are unprecedented in their central focus on data. Data-based decision making provides cutting-edge analytical tools at many levels that create opportunities to re-invent managerial machinery. Despite the bright future, a big hurdle lies in how quickly effective decisionmaking can adapt to incoming Big Data when decision space and data sources are both at a massive scale. Given acceptable efficacy, scalability arises as a more challenging issue that warrants promising research efforts. This gap warrants extensive study on business AI methods. On the one hand, the performance of traditional techniques that seek for a theoretical optimum deteriorates severely as the problem dimensionality scales up and data size increases; on the other hand, more and more business decision problems are facing heterogeneous units at a much finer granularity, which lead to prohibitive decision space and a large scale of associated data. For example, decisionmaking for personalization, recommendation, and target marketing tasks are easily dealing with millions of interdependent individuals and/or items, at which scale traditional optimization techniques are often bounded intractable. To address this discrepancy, novel data-centric approaches (i.e., machine learning techniques) are favoured due to their generalizability and efficiency in excessive decision scenarios, such as large-scale networks. The project has significant applications within the academic, business, and government sectors. For research considerations, data-centric optimizations, in addition to their decision process-driven counterparts, provide flexible approximation to decision making on a massive scale. With the proliferation of social media and the internet of things, business and government services now have access to the interactions among humans, organizations, and even items as a network. This study would apply to problems, such as financial market analysis, fraud detection, linkage forecasting, and strategic network building, which address relevant business interests, including target marketing, personalization, and recommendations. The findings of the research stream would further contribute to related areas, such as pharmaceutical/genetic studies and computational sociology.*

Spotlight on Research 2018 49

Newly Funded Research Projects (cont’d)

Natural Sciences and Engineering Research Council of Canada (NSERC) – 2017 (cont’d)

N S E R C D I S C OV E RY G R A N T

Dynamic Group Scheduling: Theory and Applications Principal Investigator: Adam Diamant Adam Diamant’s research introduces a mathematical framework for modeling large-scale systems where a decision-maker must repeatedly assign tasks, with different work requirements, to a collection of workers. The difficulty lies in the effect these tasks have on the worker, i.e., the whole is not equal to the sum of the effects of each task. Practical-sized problems are too large to be solved exactly and thus, it is customary to focus on suboptimal decision-making policies that consider the sum of the individual effects each task has on the worker. In many instances, this results in decisions that are far from optimal. One such example lies in the field of health care, where patients arriving over time must be assigned to a collection of home care workers. Adam developed an optimal scheduling framework that incorporates many industry-specific factors, including a patient’s health requirement, the time per visit, the expected number of visits they will need, and consistency in personnel. In particular, the methodology considers the daily travel time of a home care worker, which is highly sensitive to the panel of patients they are currently serving, the set of new patients that are assigned, and patients they may be assigned in the future.*

A D A M DIA MA N T Assistant Professor of Operations Management and Information Systems

Social Sciences and Humanities Research Council (SSHRC) – 2017

SSHRC INSIGHT DEVELOPMENT GR ANT

Does A Strong Corporate Culture Create Shareholder Value? Principal Investigator: Ming Dong

MING DONG Associate Professor of Finance

Corporate culture is widely recognized as a source of value by corporate leaders. A recent survey indicates that over 90% of executives believe that improving their firm’s culture will increase firm value. However, there is only scant academic literature that examines the effect of corporate culture on firm value, mainly because corporate culture is intangible and difficult to quantify. This research aims to address the challenge in measuring corporate culture and empirically test whether a strong corporate culture creates shareholder value. Ming Dong plans to use a novel measure of corporate culture, focusing on one aspect: flexibility. He will collect job reviews, posted by current and former employees, from a publicly available career intelligence website. He will perform textual analysis on these reviews and compute the frequency of words that are associated with flexibility. Aggregating the review-level frequencies by firms, Ming will obtain a time-varying measure of the corporate flexibility culture for each firm. He will measure firm value creation by stock returns and empirically confirm the theorized positive relation between a strong corporate culture and firm value. He will then assess whether the benefits of flexibility are particularly strong in uncertain economic environments.*

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Social Sciences and Humanities Research Council (SSHRC) – 2017 (cont’d)

SSHRC INSIGHT DEVELOPMENT GR ANT

Demographics and Innovation Principal Investigator: Ambrus Kecskés

AMB R U S K E C S K É S Associate Professor of Finance

Younger labour forces produce more innovation. Ambrus Kecskés establishes this using the native-born labour force projected, based on local historical births in the U.S. Ambrus uses three successive levels of analysis – commuting zones, firms, and inventors – to eliminate or examine effects such as firm and inventor life cycles. He also finds that innovation activities reflect the innovative characteristics of younger labour forces, and firms in younger labour markets have higher valuations. His results indicate that younger people as a group – inventors interacting with non-inventors – produce more innovation through the labour supply channel rather than through a financing supply or consumer demand channel. This study offers ready policy prescriptions for the demographic challenges confronting most countries in the world today. The study finds that not only do younger labour forces produce more innovation, they also create more wealth. The findings provide support for at least three types of public policies that can counter the effects of an aging population: improving the education and training of the native-born population; encouraging young and skilled immigration; and incentivizing domestic population growth.* SSHRC INSIGHT DEVELOPMENT GR ANT

Short Interest and Investment Principal Investigator: Yelena Larkin

Y E L E N A L AR K IN Assistant Professor of Finance

This project evaluates the role of sophisticated investors, such as short sellers, in corporate investment decisions. Although short-selling is considered controversial, the scope of its activity in the United States has quadrupled over the past 30 years, and various countries around the world have passed regulations permitting short-selling as part of trading activity on their local stock exchanges. The main hypothesis of this project is that the presence of sophisticated investors such as short sellers can benefit the firm and lead to more efficient investment decisions. Existing literature provides ample evidence on how short-selling activity is related to stock prices. Yet, little is known on whether short sellers play a role in shaping the real activity of firms, in particular corporate investments. This project is one of the first ones in the literature to examine this link. The benefits of short-selling activity stem from the premise that short sellers possess information regarding the firm’s future. As a result, an increase in short-seller activity can potentially indicate a negative view of investors on the company’s prospects that might induce managers to take a corrective action and reduce investment.* SSHRC INSIGHT GR ANT

Construal of Trust and Suspicion in Marketing Contexts Principal Investigator: Peter Darke

P E T E R DAR K E Professor of Marketing

The birth of online retail was heralded as leveling the playing field for small and large businesses, as well as for providing consumers with access to more sellers, better information, and lower prices. However, the current reality is quite different in that the online channel is dominated by big brands, most of which also have a substantial bricks-and-mortar presence. Moreover, consumers are often willing to pay substantial premiums to brand name retailers online, even when smaller online sellers offer identical products for less. Why is reality so different from what was anticipated? While many factors are likely involved, one central explanation is almost certainly that consumers are highly suspicious when making online purchases, and seek the comfort of larger, better-established firms as a result. The funded research identifies the role of psychological distance in consumer judgments of trust and distrust during online marketing interactions and identifies a number of theory-based marketing strategies that can be used to suppress, avoid, or even reverse the negative effects psychological distance can have on trust, without the need to build a chain of local physical stores or a trusted brand image.* Spotlight on Research 2018 51

Newly Funded Research Projects (cont’d)

Social Sciences and Humanities Research Council (SSHRC) – 2017 (cont’d)

SSHRC INSIGHT GR ANT

Openacity: Artificial Intelligence, Corporate Accountability and Public Understanding Principal Investigator: Dirk Matten

D I R K MAT T E N Professor of Strategic Management / Policy; Hewlett-Packard Chair in Corporate Social Responsibility

Dirk Matten and his team’s proposed research will show how corporations and their networks are currently shaping, and proposing to account for, society’s understanding of Artificial Intelligence’s (AI’s) perilous possibilities. On a theoretical level, they develop the “openacity framework” that will help quickly and rigorously explicate the manner in which AI interfaces can be more or less open and characterized by more or less opacity (hence they coined this term “openacity”). Their empirical objective is to explain the importance of the policies and practices of corporations and associated networks with key interests in open-source AI. The pilot study that Dirk and his team have conducted as part of this proposal’s development suggests that they will include the corporations and associate networks on AI as part of their empirical investigation. The final objective of the proposed research is a function of theoretical and empirical objectives complementing each other. It relates to the continuing need for a fuller understanding of the political and social importance of corporations. Whereas much of the literature conceives of the political and social importance of corporate policies and practices reactively – e.g., as responses to legitimacy crises, as responses to state-centric governance failures – Dirk and his team aim to show that corporations are also of much more proactive social and political importance. In short, they aim to show how corporations are playing an active role in creating the norms and values that will potentially play a key role in the future development of AI.* SSHRC INSIGHT GR ANT

National Pensions, Investment Policies, and Financial Markets: Evidence from Canada and around the World Principal Investigator: Lilian Ng

L I L I A N NG Professor of Finance; Scotiabank Chair in International Finance

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Lilian Ng’s proposed research will provide a comprehensive comparison of the investment policies of national pension reserve funds (NPRF) between Canada and 20 developed and developing countries. The investment objectives and investment policies of national pension funds differ vastly across countries. For example, Spain, Belgium, and the U.S. can only invest their NPRFs in fixed income securities (typically government bonds); Japan and many European countries invest in both fixed income securities and equities; and Canada, Australia, and New Zealand allocate a substantial portion of assets to private equity funds and hedge funds. Based on the aggregate asset allocation data, Lillian then examines the asset allocation decisions of NPRFs across different asset types (i.e., equities, fixed income securities, and alternative investments), and between domestic and foreign markets and studies the underlying economic and financial factors driving their differences. Finally, Lillian will study whether the investment practices of these funds have any valuation effects at the asset class level and at the individual security level. Specifically, she will test whether and how investment activities of NPRFs affect the important properties of financial markets, such as price efficiency, liquidity, and volatility.*

Social Sciences and Humanities Research Council (SSHRC) – 2017 (cont’d)

SSHRC INSIGHT GR ANT

How Extreme Product Incongruity Leads Consumers to Affirm Other Consumption-Relevant Knowledge Structures Principal Investigator: Theodore Noseworthy

T HE O D O R E NOS E WORTH Y Associate Professor of Marketing; Canada Research Chair in Entrepreneurial Innovation and the Public Good

To date, scholars and practitioners in the area of product design and innovation have focused extensively on the likelihood of consumers adopting radical product innovations. However, a distinct body of research suggests there may be more to the story. It seems that people strive to maintain existing beliefs. An interesting finding from this literature is that when a belief is sufficiently threatened, people will compensate by affirming other established beliefs, even in unrelated domains. For example, one study found that reading an incoherent story can lead people to more strongly affirm their cultural identity. In the proposed research, Theodore Noseworthy will investigate the analogous notion that new products that challenge existing beliefs can cause people to affirm their cultural identity via nationalistic preference, morality via “green” consumerism, and even social standing via conspicuous brand signaling. Should the findings manifest as expected, they would have significant implications for researchers and firms engaging in product design and innovation. First and foremost, the results would demonstrate that radical innovation can cause consumers to affirm other beliefs that may have direct and immediate implications for the firm.*

Social Sciences and Humanities Research Council (SSHRC) – 2018

SSHRC INSIGHT DEVELOPMENT GR ANT

The Changing Global Landscape of Management Consulting: Exploring the Rise of India Principal Investigator: Matthias Kipping

MAT T H IAS K IP P IN G Professor of Strategic Management / Policy; Richard E. Waugh Chair in Business History

Over the past century, management consultants have come to define “best practices” and their application. They also became favourite employers of graduates everywhere. Since its inception, the industry has been dominated by firms of Western, namely US, origin. But over the last two decades its centre of gravity has gradually been shifting to India, where firms such as Accenture, Cognizant, Deloitte or Canada’s CGI are now employing tens, even hundreds of thousands of consultants. At the same time, Indian consulting firms led by Infosys, Tata Consultancy Services (TCS) and Wipro are now offering an increasing range of services on a global scale. This project examines the recent and ongoing rise of India as a global hub for management consulting activities by systematically examining: (i) the factors and actors behind these developments, (ii) the strategies of Western and Indian firms in leveraging their presence in India, and (iii) the organization of operations and life worlds of consultants there. Research takes place both in Canada and in India and draws on a wide range of approaches and sources, including interviews, a questionnaire survey, and an analysis of social media postings.*

Spotlight on Research 2018 53

Newly Funded Research Projects (cont’d)

Social Sciences and Humanities Research Council (SSHRC) – 2018 (cont’d)

SSHRC INSIGHT GR ANT

Indigenous Social Entrepreneurship: A Co-generated Approach Principal Investigator: Irene Henriques

I R E N E H E NR IQ U E S Professor of Economics & Sustainability

Irene Henriques’s cross-Canada research team seeks to build an aspirational Indigenous social entrepreneurship framework. Their framework is based on the co-generation and co-creation of knowledge and experiences whereby the Indigenous world view of cooperation, community, sustainability, sense of place and a generational perspective, and the entrepreneurial Western perspective are synthesized so as to derive a more complete and inclusive understanding of entrepreneurial processes. Such a new perspective requires all stakeholders to the entrepreneurial activity, including Indigenous communities, Indigenous social entrepreneurs, the financial and business sector, governments and non-governmental agencies to share experiences and co-generate/co-create an entrepreneurship framework. They seek to incorporate these values, and lay bare tensions between private and collective rights, the needs of the individual and those of the community and economic valuation and Indigenous valuation, so as to inform not only Indigenous entrepreneurship but non-Indigenous entrepreneurship as well. The interest in her team’s research will be significant, spanning a wide range of topics and activities of Indigenous communities, Elders, youth, governments, policy makers, financial institutions, individual entrepreneurial practitioners and academics.* SSHRC INSIGHT GR ANT

Reshaping Entrepreneurship as a Tool for Poverty Alleviation Principal Investigator: Geoffrey Kistruck

GEOFFREY KISTRUCK Associate Professor of Entrepreneurial Studies; Ron Binns Chair in Entrepreneurship

Entrepreneurship is increasingly heralded as fundamental to alleviating poverty, and many development organizations have undertaken large scale and costly entrepreneurial training initiatives. While these efforts have had some success, the resulting entrepreneurial activity has been largely imitative rather than innovative – activities that replicate existing businesses in their communities, rather than identify “new means/ends relationships”. The objective of this research is to collaborate with the Tanzanian Social Action Fund (TASAF) and the University of Dar es Salaam Business School (UDBS) to design and test modifications to TASAF’s entrepreneurial training programs. More specifically, Geoffrey plans to conduct three longitudinal field experiments designed to foster greater innovation at each stage of the entrepreneurship process: opportunity identification (seeing innovative opportunities), opportunity exploitation (acting on innovative opportunities), and growth (increasing the scope or scale of innovative opportunities). From a theoretical perspective, his goal is to explore how characteristics that are most salient within the chosen setting alter current explanations of causal relationships in the field of entrepreneurship more broadly. From a practical perspective, not only will the project directly impact TASAF’s targeted beneficiaries across 25 different regions in Tanzania, but potentially millions more throughout Africa and around the world who receive entrepreneurship training from similar organizations.* SSHRC INSIGHT GRANT

The Effect of Technology on Auditors’ Professional Judgement Principal Investigator: Linda Thorne

LINDA THORNE Professor of Accounting

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Perhaps the most significant factor rapidly changing the way professional accountants perform their work is the increased reliance of the accounting profession on technology. Credible media reports suggest that by 2030, 40% to 90% of all accounting functions will be replaced by technology. Most of the evidence points to the benefits of increasing reliance on technology, as this facilitates long-distance communication and standardizes work procedures, thereby increasing decision accuracy and lowering the costs of doing business. There are, however, potential drawbacks associated with technology use that threaten the quality of auditors’ professional judgement. For instance, excessive reliance on technology can have detrimental impacts on staff training and development. Similarly, applying standardized decision protocols that may not apply to unique or new decision contexts mitigates their benefits. Most alarmingly, excessive reliance on technology may result in professional accountants’ abdication of responsibility which, in turn, undermines their ethical obligation to the public. With these factors in mind, Linda Thorne’s research team aims to understand how to best ensure accountants’ professional judgement adheres to high ethical standards in a technically advanced world.

Other External Grants

CANADA SECURITIES INSTITUTE RESEARCH FOUNDATION

Interest Rates, Monetary Policy and Economic Policy Uncertainty, and Banks’ Financial Reporting Quality Principal Investigator: Kiridaran Kanagaretnam

K IR ID A R A N K A N A G A R E T NAM Professor of Accounting

In this research project, Kiridaran Kanagaretnam explores some explanations for historically low interest rates and their impact on banks’ operating and financial performance. Kiridaran starts by examining factors that affect interest rates. In particular, there is scarce evidence relating policy uncertainty to interest rates. Indeed, economic and monetary policies have become very discretionary and unpredictable since the year 2000, a period that coincides with historically low interest rates. Given this, he explores whether and how economic policy uncertainty and monetary policy uncertainty is associated with low interest rates. Next, he studies the implications of interest rates for cross-sectional differences in banks’ operating and financial reporting behaviours. More specifically, he will study how interest rates influence bank income composition. He will then examine whether interest rates affect bank-funding structure (e.g., retail deposits versus wholesale funds). Kiridaran will also investigate if low interest rates induce higher bank risk-taking behaviours. Finally, he will explore whether and how interest rates influence banks’ financial reporting quality.* ONTARIO CENTRE OF EXCELLENCE

Blockchain-Enabled Smart Energy Micro-Grids for Transactive Energy Marketplaces Principal Investigator: Henry Kim

H E NRY K IM Associate Professor of Operations Management and Information Systems

Aggressive climate change goals have forced the energy industry to look for solutions that will restructure the current power system into one that is more resilient, sustainable, and efficient. Transactional energy marketplaces represent a relatively new concept that seeks to address these needs. In a transactional marketplace, energy producers are directly linked to energy consumers, meaning that a central authority no longer needs to facilitate their local transactions. So, excess renewable energy such as wind or solar produced by one building, can be directly bought by a neighbouring building. Schulich’s BlockchainLab, along with Hero Engineering and the Toronto and Region Conservation Authority (TRCA), are collaborating on research toward an innovative solution that enables a decentralized transactive energy exchange system built using blockchain technologies – an online distributed ledger mechanism that underpins networks like the Bitcoin network where transfer of value can be facilitated peer-to-peer without a central intermediary. Not only does this type of decentralized approach increase energy efficiency, but it also incentivizes an energy market participant to consume and produce local renewable energy. Henry’s research on Blockchain technologies has also earned funding for two other projects: • Applying Deep Neural Networks for Blockchain Interoperability I (Ontario Centre of Excellence) • Applying Deep Neural Networks for Blockchain Interoperability II (National Research Council Industrial Research Assistance Program).*

Spotlight on Research 2018 55

Newly Funded Research Projects (cont’d)

Other External Grants (cont’d)

REAL ESTATE RESEARCH INSTITUTE AND LAWRENCE BERKELEY NATIONAL LABORATORY

Beyond Environmental Building Certification: The Impact of Environmental Interventions on Commercial Real Estate Operations Principal Investigator: Avis Devine

AV I S DE V INE Associate Professor of Real Estate and Infrastructure

Important questions, such as those surrounding environmental sustainability, can encourage collaboration amongst government, industry, and academia – and this project is doing just that. As real estate is both the largest user of natural resources and creator of greenhouse gas emissions, the focus on “greening” real estate has become a key research area. Existing studies frequently examine the impact of green building certification programs on commercial real estate revenues, but revenues are only one piece of the puzzle. This study provides a unique perspective by investigating how sustainable and energy efficient-focused interventions impact building operations, and their financial impact. Using a proprietary database of U.S. and Canadian commercial real estate, Avis’ research team investigates the impact of both green building certification and environmentally-related capital expenditures (“hard interventions”) on operating performance, but also environmental engagement (education, encouragement) with both property managers and tenants (“soft interventions”). These engagement activities seek to modify building user and management behaviour, and the researchers test for connections between changes in behaviour and expense line items that have real impacts on both the environmental and financial bottom lines.* C HINESE NATIONAL SCIENCE FOUNDATION

Disruptive Technological Innovation: Mechanisms and Evolutionary Path Principal Investigator: Justin Tan

J U S T I N TA N Professor of Strategic Management / Policy; Newmont Mining Chair in Business Strategy

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The Major Research Grant from the Chinese National Science Foundation is the most competitive and prestigious research award in China. This grant, titled “Disruptive Technological Innovation: Mechanisms and Evolutionary Path”, awarded to Justin Tan, will support a research team at Tianjin University, led by Justin, who holds a courtesy Visiting Professorship there. The research will draw from different theoretical perspectives and utilize a multiple methods design, including field study, modeling and computer simulation, to study the innovation trajectories in several technology intensive industries, such as the high-speed train, telecommunication, pharmaceutical, and artificial intelligence sectors. Of particular significance to vital Canadian economic interests, the research will also examine how the Montreal-based Bombardier competed for strategic presence in China.*

Schulich Fellowship in Research Achievement – 2017 The Schulich Fellowship in Research Achievement is awarded annually to a small number of Faculty members at the Schulich School of Business. These fellowships provide release time from teaching, as well as funds to support research. The intention of these awards is to free up research time, and thus enhance the holder’s research productivity.

David Johnston Each day medical practitioners must safely deliver effective care to a diverse and growing public. Changing demographics, such as an aging population, medical technology and budget constraints trickle down to impact treatment decisions for individual patients. Diverging from David’s previous empirical research in industrial health and safety and supply chain management, this Fellowship has helped him build a collaborative network of researchers and medical practitioners required for this research. His three projects of focus are: DAVID JOHNSTON Professor of Operations Management and Information Systems

1) How do surgeons schedule elective surgery and how do they decide which patients to operate on and when? Based on an exploratory study at a large Canadian teaching hospital, significant differences based on the surgeon’s

Henry Kim

HENRY KIM Associate Professor of Operations Management and Information Systems; Co-Director, BlockchainLab

Henry Kim is the Co-Director of the BlockchainLab at the Schulich School of Business. A blockchain is a distributed or decentralized database that maintains a continuously growing list of data records secured from tampering and revision. This cryptographic technology offers a way for people who do not know or trust each other to create a record of who owns what that will compel the assent of everyone concerned. Working with the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT), as well as the US Federal Government’s National Institute of Standards and Technology’s (NIST) Blockchain in Manufacturing and Supply Chain Working Group, Henry’s research is investigating how the blockchain can be used to more effectively track flows of: goods across international borders,

experience and feedback in performing surgeries led to differences in decisionmaking. This study has implications for the standardization on best practice in scheduling hospital resources. 2) The importance of minimizing the incidents of complications during surgery and its effects on the health-care system. Preliminary results suggest that complications are disruptive and when they occur they have effects that impact subsequent surgeries for other patients. 3) Examining patient safety in healthcare systems around the world, in particular, the risks to the patient’s health presented by the healthcare system itself versus the patient’s medical condition or lifestyle. The research focus is on enabling managers in hospitals and policy makers to be more knowledgeable in the use of these analytics to lead improvement.*

blueprints and 3D drawings between supply chain partners, and ingredients along a supply chain to ensure food safety. His paper, titled “Towards an OntologyBased Blockchain Design for Supply Chain Provenance,” is a pioneering academic piece in the area of supply chain and blockchain. Working with the Toronto and Region Conservation Authority (TRCA), his research is investigating how the blockchain can be used as a secure ledger to book-keep energy credits and transfers for electricity micro-grids in the “neighbourhood of the future.” Working with Nuco, a blockchain startup and one of Canada’s true success stories in blockchain innovation, Henry’s research is investigating how to facilitate interoperability across different blockchains. As one of the leading blockchain scholars in Canada, he has advised on the Government of Canada’s White Paper on Blockchain and Distributed Ledgers.* Spotlight on Research 2018 57

Schulich Fellowship in Research Achievement – 2017 Moshe A. Milevsky

MOSHE A. MILEVS KY Professor of Finance

Against a backdrop of increasing human longevity, low interest rates and concerns over the sustainability of public pensions, there is a growing body of medical evidence suggesting that an individual’s true age can be measured more accurately using biomarkers of aging, including something called telomere length, which is the protective ends of chromosomes. Furthermore, this biological age can diverge by as much as 10 to 15 years from chronological age as measured by calendar years. Practically speaking, a 65-year-old retiree or pensioner might be considered as young as 50 or as old as 80 when measured in terms of forward-looking mortality and longevity rates. And, while the technology to accurately estimate biological age is still being refined – and biomarkers of aging other than telomeres might emerge triumphant – this new science does raise the possibility that consumers will soon have access to a “new age”. This would be a number – perhaps on an iPhone or other wearable

Linda Thorne

LINDA THORNE Professor of Accounting

58 Schulich School of Business

Linda Thorne has been involved in several projects with various research teams, all focusing on accounting ethics and the ethics of accountants, primarily from a behavioural perspective. First, she worked with a team from the University of Waterloo Centre of Accounting Ethics and the Journal of Business Ethics to compile the results of a symposium investigating the effect of the Sarbanes Oxley Act (Sox), 15 years after its adoption, on the ethical actions and behaviours of auditors and managers. Surprisingly, the findings presented at the symposium reveal that Sox has resulted in a more positive ethical climate in organizations due to an increase in financial transparency and stronger internal controls. Secondly, Linda’s research team has spent substantial effort investigating the influence of President Trump’s non-disclosure of his tax returns on taxpayers’ compliance. They find that taxpayers’ compliance is a function of whether or not they voted for President Trump in the recent US election. Most interestingly, they discover anti-role modelling in taxpayers that did NOT vote for

piece of clothing – that is obviously more relevant to wealth management and retirement planning than chronological age. In fact, it’s not inconceivable that chronological age will take a back seat to biological age in the public discourse around pension policy. On a societal level, it might be optimal to subordinate retirement policy to biological age instead of chronological age. In other words, as an alternative to extending or increasing pension eligibility ages – which has its own political problems and fears of redistribution – perhaps everyone should be allowed to retire and draw their pension at the biological age of 65. Might it be perceived as more equitable? In this research project Moshe investigates the economic and financial impact of using your biological age – versus chronological age – for retirement and pension policy. Moshe is also preparing a book manuscript summarizing the work, titled: The Retirement of Age: Why Pension Policy Should be based on Biology and not Chronology, to be published by Palgrave Macmillan in early 2019.*

President Trump, as they became more likely to pay tax. In contrast, for those that supported President Trump, there was no influence of his leadership on tax compliance. Another interesting team project attempts to understand the role of Dual Class Share Structures on firms’ Corporate Social Responsibility (CSR) investments. Their results reveal, perhaps not surprisingly, that CSR scores were lower for firms with dual class structures. This result suggests that CSR investment is primarily due to external pressure, regardless of the extensive research demonstrating the positive investment returns resulting from CSR. Finally, Linda is particularly proud of the publication of The Routledge Companion to Behavioural Accounting Research, which she co-edited with Dr. Theresa Libby. This volume provides a compilation of existing approaches used by behavioural accounting researchers for experienced and budding researchers. The volume includes 32 chapters providing an overview of the theories, methodologies and data collection techniques relied upon, and is currently being developed by Behavioural Accounting Researchers.*

Schulich Fellowship in Research Achievement – 2018 Christopher Bell

CHRISTOPHER BELL Associate Professor of Organization Studies

Chris Bell’s research project is related to envy and performance, in particular how we might maintain the envying person’s high levels of performance. Envy is typically associated with antisocial behaviours aimed at pulling down an envied high performer or undermining the team or organization. Although we often think poorly of envious people, envy actually tends to be stronger in a person the closer his or her performance is to the high performer’s. A silver medalist is more envious than the bronze medalist because he or she looks up the podium and thinks, “That could (should!) be me”, whereas the bronze medalist looks down at everyone not on the podium and thinks, “That could have been me!” Although we want to protect the high performer we also don’t want to lose the positive contributions of the envying person. Chris’ research questions are, 1) “How does envy affect performance?” and, 2) “Can we intervene in the development of envy to maintain performance and prevent negative, counterproductive behaviours?”

Adam Diamant

ADAM DIAMA NT Assistant Professor of Operations Management and Information Systems

Adam Diamant’s research analyzes the scheduling practices of a medical clinic that serves a heterogeneous patient population; they must schedule patients to multiple assessments that are completed during several outpatient appointments. New patients have a unique medical history and have completed a detailed, clinic-specific referral form. With this information, clinic staff classify them prior to undergoing a single assessment. This classification allows physicians to set up a customized-care plan, i.e., a sequence of assessments tailored to the clinical and psychosocial needs of each individual. However, this classification is imperfect as patients may not progress through the set of assessment as predicted or may become ineligible to proceed with their care. In this setting, the clinic wishes to maximize throughput, which represents the number of patients that complete all assessments. However, they also want to ensure that scarce health resources (e.g., practitioners, diagnostic imaging machines) are fully utilized. The uncertainty

Recent research has distinguished between two forms of envy. Benign envy resembles admiration and motivates the person to improve on performance, using the high performer as a role model. Malicious envy is closer to the more traditional conception of envy and is characterized by antisocial and destructive behaviour. What distinguishes benign and malicious envy phenomenologically is how painfully inferior the envying person feels as a result of social comparison. The closer a person believes he or she is to achieving the same rewards and recognition as the comparative high performer, the stronger the feelings of loss and self-recrimination. In his research in Canada and China, Chris found that malicious envy has a corrosive effect on motivating, positive images of the future self, for example an undergraduate’s image as a successful business professional following graduation. Benign envy, on the other hand, has a positive, supportive effect on future self images. His ongoing research will clarify how envy, through future self images, affects strategies and tactics for self-improvement following upward social comparisons.*

inherent in outpatient health care operations (i.e., no-shows, cancellations, ineligibility, rescheduling) makes achieving this objective difficult. As a result, Adam investigates scheduling strategies that aid in this challenge. Specifically, he determines how to assign referred patients to customized-care plans, so that patients receive timely medical attention early in their care while also providing operational benefits to the clinic. Although the problem setting is quite general, the study is motivated by the Bariatric Surgery Program, a multiassessment outpatient health program in Toronto, Ontario, with ongoing issues related to no-shows, cancellations, attrition rates and poor resource utilization. Adam’s scheduling framework proposes strategies to maximize resource utilization while also evaluating the effectiveness of various patient-centered care plans. Managerial recommendations are obtained by solving a simple optimization model that can be used by clinic staff. Its effectiveness is demonstrated by comparing it to current practice and to the latest in deep reinforcement learning techniques.*

Spotlight on Research 2018 59

Schulich Fellowship in Research Achievement – 2018 Irene Henriques

IRENE HENRIQUES Professor of Economics & Sustainability

Today social media has the potential to make all stakeholders powerful. Have stakeholders gained greater influence over firm behaviour in the digital age? Taking a cognitive perspective, the effects of the digital age on when and how stakeholders seek to influence firms, as well how they shape the outcomes of these influence efforts will be examined. Although social media has made it easier for stakeholders to broadcast their views on any given issue, the accompanying change in quantities and qualities of information have limited stakeholder influence. Even secondary stakeholders now have the power to engage mass audiences, but the likelihood of success of any given stakeholder’s effort to alter firm behaviour has decreased amidst the torrent of information flows. The objective is to derive a revised perspective that acknowledges the context in which stakeholder influence efforts occur and its effects on firm behaviour in the digital age.

Kiridaran Kanagaretnam

KIRIDARAN KANAGARETNAM Professor of Accounting

60 Schulich School of Business

Kiridaran Kanagaretnam plans to study the role of informal, formal and governance factors and their relative importance for financial decisions. There is literature documenting that institutions matter for corporate decisions. Although prior empirical studies in accounting and finance have mainly focused on the implications of formal institutions such as investor protection, law enforcement, regulations, and governance structures for corporate decisions, recent research documents that informal institutions such as culture, trust and religiosity also matter. However, prior studies have not examined the relative importance of these different types of institutions for corporate decisions. The objective of this new research program is to: 1) develop theory/ predictions on the relative importance of different types of institutions for a given context; 2) develop research methodologies to test these predictions; and 3) apply the insights to study two

Irene seeks to understand the cognitive aspects related to managing, using, responding, and framing stakeholder information in the digital age. Prior research tended to focus on capacities and processes to make sense of information but in the digital age, where two-way communication is the norm, important elements of sensegiving and sensemaking need to be explored and tested. Appropriate sensegiving or framing requires firms to have the ability to define the relevant actors, shape their interests, choose the arena of conflict, sort information, and influence the assets that matter. The success of social movements in gaining adherents largely depends on the framing capabilities of these movements. An assessment of how, when, and why such framing contests are won or lost on social media and the ability of firms to counter or dampen such influence over incipient movements/influence efforts, is needed. Irene intends to test this revised perspective by following and measuring the outcome of firm-specific twitterstorms to determine whether the firm and industry change their behaviours.*

contemporary issues – excessive risktaking and corporate tax evasion. Williamson’s (2000) synthesis proposes a multi-level framework to study the economics of institutions, where a higher level imposes constraints on the succeeding level. Motivated by these observations, Kiridaran argues that informal institutions which are rooted in implicit social norms are primary factors constraining value-destroying actions such as excessive risk-taking and tax evasion. In societies with high informal institutions, managers most likely avoid breaking the implicit social contract. Following the prior literature, he argues that formal institutions and governance structures also matter for financial decisions. However, previous research also documents that interested parties can capture these institutions. Therefore, Kiridaran reasons that institutional capture by interested parties can render formal, and governance factors less effective. He predicts that formal and governance factors will be secondary to informal structures in curtailing excessive risk-taking and corporate tax evasion.*

Zhepeng (Lionel) Li

ZHEPENG (LIO NEL) LI Assistant Professor of Operations Management and Information Systems

Lionel Liâ&#x20AC;&#x2122;s research focuses on devising machine learning solutions for modern business problems. Specifically, he is working on forecasting user relations and predicting offline business visiting patterns from online activities. User or customer interactions can be well-captured by social network models. An online social network, such as Facebook and LinkedIn, consists of nodes (e.g., Facebook users) and links between nodes that represent relationships (e.g., friendships) between users. Such networks are highly dynamic, and have tremendous social and economic impacts. A fundamental scientific problem is how to predict the probability that a potential link that has not been established by now will be established in future, namely the link prediction problem. Next, a question arises: can we leverage the information about the online relations and offline activities of users to predict future business hotspots? Answering this

Perry Sadorsky

PERRY SADORSKY Associate Professor of Economics

Concerns about climate change, energy security issues, recent developments in clean energy technological innovation, fossil fuel divestment and corporate social responsibility are powerful forces driving investment in clean energy. Clean energy, broadly defined as energy having almost zero pollution, is expected to account for three quarters of the $10 trillion in new global investment in electricity generation to 2040. By some estimates, clean energy along with biotechnology, artificial intelligence and information technology (the so called BEAT economy) are expected to be some of the fastestgrowing industries in the coming decades. This research investigates the motivations and approaches to investing in clean energy and the implications of doing so, and has two main parts. The first part looks at reasons for investing in clean energy. A comparison and contrast between these motivations and the likely outcome of these motivations on the financing of the clean energy sector is analyzed.

question has important implications in practice. Identifying popular social foci is valuable to location-based services and social advertising activities, for such knowledge offers critical insights to leveraging customer behaviours and market mobilization. Access to emerging social foci warrants decision supports in a variety of operational tasks for the purposes of demand estimation, inventory management, and quality assurance. Lionelâ&#x20AC;&#x2122;s team has identified the key factors that determine the offline visiting patterns from online interactivities and how to predict the popularity of each social focus on the basis of these factors. Realistic data for experiments are collected from location-based services such as Square and Google. Evaluation results, show the outperformance of the proposed approach against state-of-art benchmarks ranges. The proposed model and approach apply to predicting the popularity of not only physical business places but also virtual entities, such as web stores, online services, political opinions, etc.*

The second part of the research seeks to answer the question: do clean energy stocks enhance portfolio risk-adjusted returns? Adding an entire industry sector to an investment portfolio will have implications for risk and return tradeoffs because it increases diversification. Adding clean energy equities may either decrease or increase risk-adjusted returns. There could also be little difference in riskadjusted return between a portfolio with clean energy equities and one without. This research has several important implications: 1) understanding why and how investors invest in clean energy will have implications for the short-term and long-term financing of the clean energy sector; 2) if the economic value of switching to an alternative portfolio that includes clean energy equities is positive net of trading costs then this verifies that investing in clean energy equities can be justified. If not, there may be other reasons for investing in clean energy equities. The results from this research will be of interest to individual and institutional investors and those seeking financing for clean energy businesses and projects.* Spotlight on Research 2018 61

MEDIA, BOOKS AND JOURNALS

1356

1/3

and 381 in the list

articles published in the

of Financial Times journals

list of Financial Times

since 2008

journals in 2017

406

since 2011, including

since 2011, more than

Best Paper, Best Editor,

20% in the list of

Best Reviewer, and

Financial Times journals

Journal publications

Academic honours

Almost one-third of

Journal editor positions

various book awards

83%

115

Books published since 2008

Percentage of articles published in collaboration with international researchers (2017-18)

TOP 6

Financial Times listed journals

Visiting professor/ scholar appointments in 26 countries since 2011

62 Schulich School of Business

we publish in (2008 – present): • Journal of Business Ethics • Journal of Consumer Research • Journal of International Business Studies • Journal of Business Venturing • Accounting, Organizations and Society • Organization Science

In the Media In addition to regularly publishing their research in traditional academic outlets, Schulich faculty members contribute to mainstream media outlets as leading experts in their fields. This section showcases op-eds written by Schulich faculty members, media coverage of their groundbreaking research, and trending news features that contain substantial coverage of their views as industry experts. OP-EDS Avis Devine, Associate Professor of Real Estate and Infrastructure, contributed an op-ed, “Buildings key to Canada’s clean energy future,” featured in the Natural Resources Policy Briefing issue, The Hill Times, December 13, 2017.

“Canadian real estate, including both residential and commercial, accounts for more than 40 percent of total energy consumption. Given this sizeable usage and emission footprint for the built world, the sector should be an area of focus for Canadian governments as they try to stem energy usage.”

Matthias Kipping, Richard E. Waugh Chair in Business History and Professor of Strategic Management / Policy, contributed an op-ed, “The Demise of the ‘Middle Kingdom’: How a Refresher in Chinese History Might Help U.S. Government,” featured in Forbes.com, March 8, 2017.

“The history of China in the 19th century clearly shows that building walls and keeping out foreigners combined with an economically dominant, self-perpetuating and remote ruling class as well as a nation’s belief in its own superiority is not a recipe for greatness.”

Moshe Milevsky, Professor of Finance, contributed an op-ed, “The 350-year anniversary of drama in Europe’s bond market is a Brexit warning from the ages,” featured in the National Post, April 4, 2017. Moshe’s book King William’s Tontine received the 2017 Kulp-Wright Book Award, which is presented annually by the American Risk and Insurance Association, the premier association of researchers in insurance.

“For those who assume the British would never do anything to harm credit markets, it might be worth remembering what was done in the 1670s.”

Yelena Larkin, Assistant Professor of Finance, co-authored an op-ed, “Today’s less-competitive markets would anger Teddy Roosevelt,” with Gustavo Grullon and Roni Michaely, featured in The Hill, March 16, 2017.

“Over the last two decades, firms in industries that became more concentrated possess, not only a larger number of patents, but also the most valuable ones.”

James Darroch, Associate Professor of Strategic Management/Policy, and his co-author, Patricia Meredith, had this op-ed, “The forces of change are trumping banks and regulators,” published in The Globe and Mail on May 16, 2018, the day it was announced they’d won the Donner Prize for their book, Stumbling Giants. The Donner Prize is Canada’s most prestigious economics/public policy scholarship award.

“Instead of wasting time revising the Bank Act to preserve the status quo, our policy makers should focus on legislation to ensure access to infrastructure and data for innovative new entrants.”

Markus Giesler, Associate Professor of Marketing, had his op-ed, which is based on his research, “The Nostalgia for Socialism in the age of consumerism,” published in The Conversation Canada, May 24, 2018. Markus is also a regular contributor to the Huffington Post on customer experience design.

“For every socialism-inspired critique of Germany that has emerged since reunification, marketers have also created a nostalgic fantasy that captures its emotional essence but ignores its political significance.”

Spotlight on Research 2018 63

In the Media James McKellar, Professor of Real Estate and Infrastructure, contributed an op-ed, “Outdated low density bylaws insulate the wealthy, exclude the rest,” featured in the Toronto Star on March 31, 2017.

“Ridiculously low densities, perpetuated by outdated zoning bylaws, are squeezing out the middle class, whose housing options are increasingly limited to the distant suburbs, and segregating the urban elite.”

Lorna Wright, Associate Professor of International Business and Organization Studies, and Export Development Canada Professor in International Business, co-authored an op-ed, “Cultivate the brand Canada Cool,” published in the Asian Pacific Post on January 24, 2017.

“Canada already has the advantage of being widely regarded throughout the Asia Pacific as an honest and reliable partner with high-quality products and well-governed businesses. Let’s build on that reputation with an emboldened brand built on a foundation of new technology, world-class innovation and collaboration.”

Charles McMillan, Professor of Strategic Management / Policy and International Business, contributed an op-ed, “It’s time for smart policies for smart IT spending,” featured in The Hill Times on February 20, 2017.

“Despite high service costs, Canada is slipping in the global race to adopt new technologies.”

Edward Waitzer, Professor of Strategic Management/Policy and Jarislowsky Dimma Mooney Chair in Corporate Governance, authored an op-ed, “Financial services should be an essential force for good,” published in The Globe and Mail on August 1, 2017.

“Few resent the wealth accumulation of Bill Gates or Steve Jobs because so many directly enjoy the benefits of their innovations. The same is not true for financiers.” Theodore Peridis, Professor of Strategic Management / Policy and Director, India MBA and Executive MBA Programs, had his op-ed, “What can Indian B-Schools Learn from Global Experiences?” published in the Business Education section of Businessworld, on January 3, 2018.

“Today’s managers must navigate those unchartered waters and guide their firms through the challenges and opportunities presented by the global markets where Indian firms compete.”

Gregory Saxton, Assistant Professor of Accounting, co-authored an op-ed, “Social Media Capital for Nonprofits: How to Accumulate It, Convert It, and Spend It,” published in The Nonprofit Quarterly on May 17, 2018.

“The homeless person becomes a commodity – so if that person were to go and show up at the door of another charitable organization, they would get the cash flow. They become a valuable resource.”

“Because the accumulation of social media capital requires a reciprocal relationship with their publics, it is critical for nonprofits to more clearly understand how the accumulation and mobilization of social media-based resources occur over time and how essentially interactive the entire endeavor is.”

64 Schulich School of Business

FEATURES

Cameron Graham, Professor of Accounting, had his research on the dark side of Social Impact Bonds featured in The Globe and Mail’s Business School Research column on July 5, 2017. His research is at the centre of a new documentary, “The Invisible Heart,” which has received a lot of attention around the world in recent weeks, including in The Guardian. Cameron was an expert guest at the panel discussion of the film’s Toronto premiere in May.

FEATURES

(CONT’D)

Russell Belk, Professor and Kraft Foods Canada Chair in Marketing, had his paper, “Collective Narcissism, Anti-Globalism, Brexit, Trump, and the Chinese Juggernaut,” featured in The Globe and Mail’s Business School Research column on May 3, 2018.

“As a symbol of the nation, what better way to signal strength and superiority than through conspicuous symbols of economic success?”

Dirk Matten, Professor of Strategic Management / Policy and Hewlett-Packard Chair in Corporate Social Responsibility, appeared on the CBC Radio’s The Current with host Nora Young in the segment, “Corporate CEOs push back on Trump’s policies,” on February 3, 2017.

“There is an interesting trade off between what the responsibility of business is and what the responsibility of government is. And we see business stepping into that more social role every time governments retreat.”

Douglas Cumming, Professor of Finance and Entrepreneurship, and Ontario Research Chair in Economics and Public Policy, had his paper, “Disentangling Crowdfunding from Fraudfunding,” featured in Reuters on March 9, 2017.

“A Facebook presence reduces the likelihood of commission of a fraud by over 50 percent. Each additional link to other social media pages on the Internet reduces the probability of commission of a fraud by over 30 percent.”

Mark Kamstra, Professor of Finance, had his paper, “Winter blues: A SAD stock market cycle,” featured in the Financial Post on August 4, 2017.

“Research shows that weather-related psychological states, such as seasonal affective disorder (SAD), can cause heightened risk aversion by investors.”

Dezsö J. Horváth, CM, Dean and Tanna H. Schulich Chair in Strategic Management, was featured in the article “Dezsö Horváth: master of business adaptation,” in Times Higher Education on February 23, 2018. Amin Mawani, Associate Professor of Accounting and Program Director of the Health Industry Management Program, appeared on TVO’s The Agenda with host Steve Paiken in the segment, “Does Taxation Have to be Taxing?” on January 23, 2018.

“Finance graduates, marketing graduates, accounting graduates – all have to understand that ethics, integrity and environmental, social and political issues matter.”

“Every time you impose lower taxes, if you go around and do something like set up a corporation, hire an accountant or lawyer, all those are dead weight costs to society.”

EXPERT COMMENTARY

Ambrus Kecskés, Associate Professor of Finance, was quoted in the article, “Are women wired for investing success?” published in The Globe and Mail on January 1, 2018.

“Investors should not expect initial public offerings to be wildly overpriced or hedge funds to be traded like baseball cards just because men are in charge.”

Spotlight on Research 2018 65

In the Media EXPERT COMMENTARY (CONT’D) Henry Kim, Associate Professor of Operations Management and Information Systems, and Director of York Ontology Driven Analytics Laboratory, was quoted in the article, “Artificial intelligence takes on white-collar duties,” published in The Globe and Mail on June 5, 2017.

“When AI analyzes collective knowledge from medical journals without bias and this is accessible, then the doctor knowing more may not be as much of an advantage. Creativity, empathy, flexibility, common sense and thinking on your feet become more important.”

Ela Veresiu, Assistant Professor of Marketing, was quoted in the article, “Canada 150 marketing campaigns a balancing act between tasteful and tacky,” published by CBC News on July 1, 2017.

“If a brand’s Canada 150 campaign is perceived as inauthentic, then they will be ridiculed online, and there’s a potential for consumer backlash.”

Pauline Shum Nolan, Professor of Finance, was quoted in the article, “Robo-advisers take aim at high-net-worth clients,” published in The Globe and Mail on January 22, 2017.

Anoop Madhok, Professor of Strategic Management / Policy and Scotiabank Professorship in International Business, was quoted in the article, “Trump is the elephant in the room at NAFTA talks,” published in CBC News on August 22, 2017.

“Trying to lure older, higher-net-worth investors is a smart strategy for robo-advisers today. Millennials are a great market, but they don’t have that much money, yet.”

“When you say ‘Where is it made?’ – if it goes between the U.S. and Canada 10 times and then to Mexico and back to the U.S., it gets messed up.” Marcia Annisette, Associate Professor of Accounting and Executive Director, Student Services & International Relations, was quoted in the article, “What MBA programs must do to stay relevant,” published in the Business Education column in The Globe and Mail on January 19, 2018.

Alan Middleton, Assistant Professor of Marketing and Executive Director, Schulich Executive Education Centre, was quoted in the article, “Nut controversy casts shadow over McDonald’s launch of all-day breakfast in Canada,” published in the Financial Post section of National Post on January 26, 2017.

“We no longer live in an era where we will be an accountant or doctor for life. It is about constituting yourself as an enterprise.”

“They should have responded more aggressively. You need to say right away, ‘we care, we do understand, we will make it clearer about what we are going to do about it’.” Fred Lazar, Associate Professor of Economics, was quoted in the article, “Planning to fly with an ultra low-cost carrier? Canadians shouldn’t expect too much,” published by Global News on April 21, 2017.

“Ultra low-cost carriers are catering to the price-conscious traveller that doesn’t care about advanced seat assignment and can do everything online.”

66 Schulich School of Business

Books The Research Office takes pride in presenting the accomplishments of our faculty members in the form of books and journal articles. Schulich researchers are conducting top-calibre research and have achieved recognition for business education and scholarship on the international stage.

Review of Marketing Research: Volume 14: Qualitative Consumer Research

Contemporary Consumer Culture Theory

Edited by: Russell W. Belk

Edited by: John F. Sherry and Eileen M. Fischer

Hardcover: 270 pages Publisher: Emerald Publication Date: 2017 ISBN-10: 1787144925 ISBN-13: 978-1787144927

Hardcover: 318 pages Publisher: Routledge Publication Date: 2017 ISBN-10: 1138680567 ISBN-13: 978-1138680562

The Oxford Handbook of Sovereign Wealth Funds

The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672

Edited by: Douglas J. Cumming, G. Wood, I. Filatotchev, and J. Reinecke

By: Moshe A. Milevsky

Hardcover: 568 pages Publisher: Oxford University Press Publication Date: 2017 ISBN-10: 0198754809 ISBN-13: 978-0198754800

Paperback: 218 pages Publisher: Palgrave Macmillan Publication Date: 2017 ISBN-10: 3319599860 ISBN-13: 978-3319599861

Stumbling Giants: Transforming Canadaâ&#x20AC;&#x2122;s Banks for the Information Age

SAGE Handbook of Organizational Institutionalism (2nd Edition)

By: Patricia Meredith and James L. Darroch

Edited by: Royston Greenwood, Christine Oliver, Thomas B. Lawrence, and Renate E. Meyer

Hardcover: 256 pages Publisher: University of Toronto Press Publication Date: 2017 ISBN-10: 1442649518 ISBN-13: 978-1442649514

Hardcover: 928 pages Publisher: Sage Publications Ltd Publication Date: 2017 ISBN-10: 1412961963 ISBN-13: 978-1412961967

Spotlight on Research 2018 67

Books

Lecture Notes in Fixed Income Fundamentals By: Eliezer Z. Prisman Hardcover: 268 pages Publisher: World Scientific Publishing Publication Date: 2017 ISBN-10: 9813149752 ISBN-13: 978-9813149755

Edited by: Samantha Cross, Cecilia Ruvalcaba, Alladi Venkatesh, and Russell W. Belk Hardcover: 232 pages Publisher: Emerald Publication Date: 2018 ISBN-10: 1787439070 ISBN-13: 978-1787439078

Canadian Organizational Behaviour (10th Edition)

Research Handbook of Finance and Sustainability

By: Steven McShane, Kevin Tasa, and Sandra Steen

Edited by: S. Boubaker, Douglas J. Cumming, and D.K. Nguyen

Paperback: 536 pages Publisher: McGraw-Hill Ryerson Publication Date: 2017 ISBN-10: 1259271307 ISBN-13: 978-1259271304

Essentials of Negotiation (3rd Canadian Edition) By: Roy Lewicki, David Saunders, Bruce Barry, and Kevin Tasa Paperback: 294 pages Publisher: McGraw-Hill Ryerson Publication Date: 2017 ISBN-10: 1259087638 ISBN-13: 978-1259087639

68 Schulich School of Businessâ&#x20AC;&#x192;

Consumer Culture Theory: Research in Consumer Behavior, Vol. 19

Hardcover: 640 pages Publisher: Edward Elgar Publication Date: 2018 ISBN-10: 1786432625 ISBN-13: 978-1786432629

Research Handbook of Investing in the Triple Bottom Line: Finance, Society and the Environment Edited by: S. Boubaker, Douglas J. Cumming, and D.K. Nguyen Hardcover: 424 pages Publisher: Edward Elgar Publication Date: 2018 ISBN-10: 1786439999 ISBN-13: 978-1786439994

Dualities, Dialectics, and Paradoxes in Organizational Life Edited by: Wendy Smith, Moshe Farjoun, Ann Langley, and Haridimos Tsoukas Hardcover: 240 pages Publisher: Oxford University Press Publication Date: 2018 ISBN-10: 0198827431 ISBN-13: 978-0198827436

F O RT H C O M IN G

Asian Connections: Linking Mobilities of Capital and Labour Edited by: Preet S. Aulakh and Philip Kelly Publisher: Cambridge University Press

Consumer Culture Theory: Research in Consumer Behavior, Vol. 20

Strategic Management: Creating Competitive Advantages (5th Edition) By: Gregory Dess, Gerry McNamara, Alan Eisner, Theodore Peridis and David Weitzner Paperback: 448 pages Publisher: McGraw-Hill Ryerson Publication Date: 2018 ISBN-10: 1259275841 ISBN-13: 978-1259275845

Publisher: Emerald

By: Sherena Hussain and James McKellar

Consumption: A Key Business Idea

Publisher: Routledge

By: Russell W. Belk

History in Management Research: From Margin to Mainstream

Publisher: Routledge

Handbook on the Sharing Economy

By: Matthias Kipping and BehlĂźl Ă&#x153;sdiken

Edited by: Russell W. Belk, Giana Eckhardt, and Fleura Bardhi

Publisher: Routledge

Edited by: Yuko Minowa and Russell W. Belk Publisher: Routledge

Hardcover: 520 pages Publisher: Routledge Publication Date: 2018 ISBN-10: 1138890669 ISBN-13: 978-1138890664

Publisher: Edward Elgar

The Business of Infrastructure

Romantic Gift Giving

Edited by: Theresa Libby and Linda Thorne

Edited by: S. Wood, R. Schmidt, K.W. Abbott, Burkard Eberlein, and E. Meidinger

Edited by: Domen Bajde, Dannie Kjeldgaard, and Russell W. Belk

Publisher: Edward Elgar

The Routledge Companion to Behavioural Accounting Research

Transnational Business Governance Interactions: Enhancing Regulatory Capacity, Ratcheting Up Standards, and Empowering Marginalized Actors

Crowdfunding: Cases and Statistics By: Douglas J. Cumming and Sofia Johan Publisher: Elsevier Science Academic Press

The Oxford Handbook of IPOs Edited by: Douglas J. Cumming and Sofia Johan Publisher: Oxford University Press

Selling Management Ideas Globally: The Role of Business Schools, Management Consultants and Business Media By: Lars Engwall and Matthias Kipping Publisher: Palgrave Macmillan

The Oxford Handbook of Industry Dynamics Edited by: Matthias Kipping and Takafumi Kurosawa Publisher: Oxford University Press

Segmentation Simplified: A Strategic Approach to B2B Segmentation By: Ajay Sirsi Publisher: Createspace

Spotlight on Research 2018 69

Journal Articles Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

One of the features that makes a school of business perform at a consistently high level over many decades is the quality of its researchers. Over the past five decades, scholars at Schulich have transformed the way management educators understand core issues in many areas and have published numerous journal articles. Annisette, Marcia (2017), “Accounting Values, Controversies and Compromises in Tests of Worth,” Research in the Sociology of Organizations, 52, 209-239. (with G. Vesty and T. Anslem) Annisette, Marcia (2017), “Critical Accounting Research in Hyper-Racial Times,” Critical Perspectives on Accounting, 43, 5-19. (with A. Prasad) * Annisette, Marcia (2017), “Discourse of the Professions: The Making, Normalizing and Taming of Ontario’s ‘Foreign-Trained’ Accountant,” Accounting, Organizations and Society, 60, 37-61. Annisette, Marcia (2017), “Editorial: After 25 Years, How Should We Proceed?” Critical Perspectives on Accounting, 43, 1-4. (with C. Cooper and Y. Gendron) Annisette, Marcia (2018), “Editorial: The Question of Research Diversity in ‘Top’ Accounting Journals,” Critical Perspectives on Accounting, 51, 1-3. (with C. Cooper and Y. Gendron) * Aulakh, Preet (2017), “Locus of Uncertainty and the Relationship between Contractual and Relational Governance in Cross-Border Interfirm Relationships,” Journal of Management, 43(3), 771-803. (with M. Abdi) * Aulakh, Preet (Forthcoming), “Internationalization and Performance: Degree, Duration and Scale of Operations,” Journal of International Business Studies. (with M. Abdi) Aulakh, Preet (Forthcoming), “Microfoundations of Firm Internationalization: The Owner CEO Effect,” Global Strategy Journal. (with R. Chittoor and S. Ray) * Aulakh, Preet (Forthcoming), “State Capitalism and Performance Persistence of Business Group Affiliated Firms: A Comparative Study of China and India,” Journal of International Business Studies. (with H. Hu and L. Cui) * Auster, Ellen (2018), “Reflexive Dis/embedding: Personal Narratives, Empowerment and the Emotional Dynamics of Interstitial Events” Organization Studies, 39(4), 467-490. (with T. Ruebottom)

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Auster, Ellen (Forthcoming), “Not Only Volkswagen: Organizations and the Need to Bridge the Values Gap,” China Europe Business. (with R.E. Freeman and C.J. Manno)

Belk, Russell (2018), “Morphing Anthropomorphism: An Update,” Journal of Global Scholars of Marketing Science, 28(3), 239-247. (with M. Kniazeva)

Bae, Kee-Hong (Forthcoming), “Do Credit Rating Agencies Inflate Their Ratings? A Review,” Journal of Financial Transformation.

Belk, Russell (2018), “Strategies of the Extended Self: The Role of Possessions in Transpeople’s Conflicted Selves,” Journal of Business Research, 88, 102-110. (with A. Ruvio)

Belk, Russell (2017), “Ad Hoc Japonisme: How National Identity Rhetorics work in Japanese Advertising,” Consumption, Markets and Culture, 20(4), 329-349. (with Y. Minowa) Belk, Russell (2017), “Collective Narcissism, Anti-Globalism, Brexit, Trump, and the Chinese Juggernaut,” Markets, Globalization and Development Review, 2(3), 1-8. Belk, Russell (2017), “Connoisseurship Consumption Community and its Dynamics,” Revista Brasileira de Gestão de Negócios (Journal of Business Management in Portuguese), 19(63), 48-64. (with R. Quintão and E. Brito) Belk, Russell (2017), “Cultural Resonance of Global Brands in Brazilian Social Movements,” International Marketing Review, 34(4), 480-497. (with M. Suarez) Belk, Russell (2017), “Qualitative Advertising Research in a Digital Age,” Journal of Advertising, 46(1), 36-47. Belk, Russell (2017), “Russ Belk, Autobiographical Reflections,” Journal of Historical Research in Marketing, 9(2), 191-202. Belk, Russell (2017), “Sharing without Caring,” Cambridge Journal of Regions, Economy, and Society, 10(2), 249-261. Belk, Russell (2017), “The Kafka Quagmire for the Poor in India,” Journal of Marketing Management, 33(17-18), 1559-1569. (with T. Ghoshal) Belk, Russell (2017), “The Taste Transformation Ritual in the Specialty Coffee Market,” Revista de Administração de Empreses, 57(5), 483-494. (with R. Quintão) Belk, Russell (2018), “Consumer Behaviour and the Toilet: Research on Expulsive and Retentive Personalities,” Journal of Consumer Behaviour, 17(3), 280-289. (with C. Rizzo and G. Pino)

Belk, Russell (2018), “Thin-slicing Tremé as a Subjective Sashay: Heretical Pilgrimages to St. Augustine Catholic Church,” Consumption Markets and Culture, 21(3), 215-238. (with N. Mitchell, T. Eagar, K.D. Thomas, and R. Wijland) Belk, Russell (Forthcoming), “Consumer Resilience and Subservience in Technology Consumption by the Poor,” Consumption, Markets and Culture. (with A. Bhattacharyya) Belk, Russell (Forthcoming), “Emotion and Consumption: Toward a New Understanding of Cultural Collisions between Hong Kong and PRC Luxury Consumers,” Journal of Consumer Culture. (with A. Joy, J. Wang, and J.F. Sherry) Belk, Russell (Forthcoming), “Envisioning Consumers: How Videography can Contribute to Marketing Knowledge,” Journal of Marketing Management. (with M. Caldwell, T. Devinney, G. Eckhardt, P. Henry, and E. Plakoyiannaki) Belk, Russell (Forthcoming), “Gifts and Nationalism in Wartime Japan,” Journal of Macromarketing. (with Y. Minowa) Belk, Russell (Forthcoming), “Machines and Artificial Intelligence,” Journal of Marketing Behavior. Belk, Russell (Forthcoming), “Materializing Digital Collecting: An Extended View of Digital Materiality,” Marketing Theory. (with R. Mardon) * Belk, Russell (Forthcoming), “Reworking My Body, Reshaping My Place: The Production of Embodied Heterotopias through Tattooing,” Journal of Consumer Research. (with D. Roux) * Bell, Chris (2017), “Effects of Implicit Negotiation Beliefs and Moral Disengagement on Negotiator Attitudes and Deceptive Behaviour,” Journal of Business Ethics, 142(1), 169-183. (with K. Tasa)

Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk. Bell, Chris (2017), “Prosocial Thinkers and the Social Transmission of Justice,” European Journal of Social Psychology, 47(4), 429-442. (with G. Shteynberg, M.J. Gelfand, L. Imai, and D.M. Mayer) Bell, Chris (2017), “The Two Faces of Envy: Perceived Opportunity to Perform as a Moderator of Envy Manifestation,” Personnel Review, 46(3), 490-511. (with A.K. Khan and S. Quratulain) * Biehl, Markus (Forthcoming), “Investment in Environmental Process Improvement,” Production and Operations Management. (with W. Xiao, C. Gaimon, and R. Subramanian) Cao, Melanie (Forthcoming), “Why Don’t Firms Reward their CEOs with Relative Compensation,” International Journal of Advanced Research in Business. Cho, Charles (2017), “Corporate Social Responsibility Disclosure: Perspectives from Sell-Side and Buy-Side Analysts,” Sustainability Accounting, Management and Policy Journal, 8(1), 2-19. (with J. Krasodomska) Cho, Charles (2017), “Disclosure Strategies and Investor Reactions to Downsizing Announcements: A Legitimacy Perspective,” Journal of Accounting and Public Policy, 36(3), 239-257. (with E. Nègre, M.A. Verdier, and D.M. Patten) Cho, Charles (2017), “Eye-Tracking Experiments in Social and Environmental Accounting Research,” Social and Environmental Accountability Journal, 37(3), 155-173. (with A.M. Hageman and T. Jérôme) * Cho, Charles (2017), “Professors on the Board: Do They Contribute to Society outside the Classroom?” Journal of Business Ethics, 141(2), 393-409. (with J-H, Jung, B. Kwak, J. Lee, and C-Y Yoo) Cho, Charles (2018), “Current Trends within Social and Environmental Accounting Research: A Literature Review,” Accounting Perspectives, 17(2), 207-239. (with J. Chung) Cho, Charles (2018), “Discursive Struggles between Bidding and Target Companies: An Analysis of Press Releases Issued during Hostile Takeover Bids,” M@n@gement, 21(2), 803-833. (with E. Nègre and M-A. Verdier) * Cho, Charles (2018), “Reference Points for Measuring Social Performance: Case Study of a Social Business Venture,” Journal of Business Venturing, 33(5), 660-678. (with K. André and M. Laine) * Cho, Charles (Forthcoming), “Disclosure Responses to a Corruption Scandal: The Case of Siemens AG,” Journal of Business Ethics. (with R. Blanc, M.C. Branco, and J. Sopt)

Cho, Charles (Forthcoming), “Does the Level of Assurance Statement on Environmental Disclosure Affect Investor Assessment? An Experimental Study,” Sustainability Accounting, Management and Policy Journal. (with G. Rivière-Giordano and S. Giordano-Spring) * Cho, Charles (Forthcoming), “The Frontstage and Backstage of Corporate Sustainability Reporting: Evidence from the Arctic National Wildlife Refuge Bill,” Journal of Business Ethics. (with M. Laine, R.W. Roberts, and M. Rodrigue) * Chung, Janne (2017), “The Effect of Cognitive Moral Development on Honesty in Managerial Reporting,” Journal of Business Ethics, 145(3), 563-575. (with S. Hsu) Cook, Wade (2017), “Bounded and Discrete Data and Likert Scales in Data Envelopment Analysis: Application to Regional Energy Efficiency in China,” Annals of Operations Research, 255(1-2), 347-366. (with J. Zhu and J. Du) Cook, Wade (2017), “Efficiency Measurement of Multistage Processes: Context Dependent Numbers of Stages,” Asia Pacific Journal of Operations Research, 34(6). (with C. Guo, W.H. Li, Z. Li, L. Liang, and J. Zhu). Cook, Wade (2017), “Evaluation of Ecological Systems and the Recycling of Undesirable Outputs: An Efficiency Study of Regions in China,” Socio Economic Planning Sciences, 60, 77-86. (with W.H. Li, Z. Li, and L. Liang) Cook, Wade (2017), “Measuring Efficiency with Products, By-Products and Parent-Offspring Relations: A Conditional Two-Stage DEA Model,” OMEGA, 68, 95-104. (with W.H. Li and L. Liang) Cook, Wade (2017), “Modeling Efficiency in the Presence of Multiple Partial Input to Output Processes,” Annals of Operations Research, 250(1), 235-248. (with W.H. Li, L. Liang, S. Aviles-Sacoto, R. Imanirad, and J. Zhu) Cook, Wade (2017), “Setting Goals for Economic Activities in Mexico,” INFOR, 55(3), 161-187. (with S. Aviles, D. Güemes-Castorena, and A. Villarreal-Gonzalez) Cook, Wade (2017), “Units Invariant DEA when Weight Restrictions are Present: Ecological Performance of US Electricity Industry,” Annals of Operations Research, 255(1-2), 323-346. (with J. Zhu, and J. Du) Cook, Wade (2017), “Within Group Common Benchmarking in DEA,” European Journal of Operational Research, 256(3), 901-910. (with J. L. Ruiz, I. Sirvent, and J. Zhu)

Cook, Wade (2018), “DEA as a Tool for Auditing: Application to Chinese Manufacturing Industry with Parallel Network Structures,” Annals of Operations Research, 263(1-2), 247-269. (with Y. Gong, J. Zhu, and Y. Chen) Cook, Wade (2018), “Two-Stage Network DEA: Who is the Leader?” OMEGA, 74, 15-19. (with H. Lee, C. Chen, and J. Zhu) Cook, Wade (Forthcoming), “Goal-Adjusted Benchmarking for Performance Evaluation in Pay-for-Performance Incentive Plans” OMEGA. (with N. Ramón, J.L. Ruiz, I. Sirvent, and J. Zhu) Cumming, Douglas (2017), “A Drop in an Empty Pond: Canadian Public Policy towards Venture Capital,” Journal of Industrial and Business Economics, 44(1), 103-117. (with S. Johan and J.G. MacIntosh) Cumming, Douglas (2017), “Chinese Capital Markets: Institutional Reforms and Growing Global Links,” European Journal of Finance, 23(7-9), 573-580. (with A. Guariglia, W. Hou, and E. Lee) Cumming, Douglas (2017), “Crowdfunding Cleantech,” Energy Economics, 65, 292-303. (with G. Leboeuf and A. Schwienbacher) Cumming, Douglas (2017), “De-Segmenting Research in Entrepreneurial Finance,” Venture Capital: An International Journal of Entrepreneurial Finance, 19, 17-27. (with S. Vismara) Cumming, Douglas (2017), “Due Diligence and Investee Performance,” European Financial Management, 23, 211-253. (with S. Zambelli) * Cumming, Douglas (2017), “Entrepreneurial Litigation and Venture Capital Finance,” Journal of Financial and Quantitative Analysis, 52(5), 2217-2250. (with B. Haslem and A. Knill) Cumming, Douglas (2017), “Government and Independent Venture Capital Investments in Europe: A Firm-Level Performance Analysis,” Journal of Corporate Finance, 42, 439-459. (with L. Grilli and S. Murtinu) Cumming, Douglas (2017), “Information Systems, Agency Problems, and Fraud,” Information Systems Frontiers, 19, 421-424. (with S. Johan and D. Schweizer) Cumming, Douglas (2017), “International Perspectives on Venture Capital and Bank Finance for Entrepreneurial Firms,” Journal of Industrial and Business Economics, 44, 3-22. (with J. Block, and S. Vismara) * Cumming, Douglas (2017), “Law, Finance, and the International Mobility of Corporate Governance,” Journal of International Business Studies, 48(2), 123-147. (with I. Filatoctchev, A. Knill, D. Reeb, and L. Senbet)

Spotlight on Research 2018 71

Journal Articles Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

* Cumming, Douglas (2017), “The Problems with and Promise of Entrepreneurial Finance,” Strategic Entrepreneurship Journal, 11(3), 357-370. (with S. Johan)

Cumming, Douglas (Forthcoming), “The Value of Home Country Governance for Cross-Listed Stocks,” European Journal of Finance. (with W. Hou and E. Wu)

Cumming, Douglas (2018), “Developments in Financial Institutions, Governance, Agency Costs, and Misconduct,” Journal of International Financial Markets, Institutions and Money, 54, 1-14. (with S. Johan and R. Peter)

Cumming, Douglas (Forthcoming), “Trade Size, High Frequency Trading, and Co-Location around the World,” European Journal of Finance. (with M. Aitken. and F. Zhan)

Cumming, Douglas (2018), “New Players in Entrepreneurial Finance and Why They are There,” Small Business Economics, 50(2), 239-250. (with J.H. Block, M. Colombo, and S. Vismara) Cumming, Douglas (2018), “Same Rules, Different Enforcement: Market Abuse in Europe,” Journal of International Financial Markets, Institutions and Money, 54, 130-151. (with A. Groh and S. Johan) Cumming, Douglas (2018), “Shadow Banking in Asia: Foreign versus Domestic Lending to Real Estate Projects,” Emerging Markets Review, 35, 137-147. (with G. Fleming and F. Liu) * Cumming, Douglas (Forthcoming), “Angel Investors around the World,” Journal of International Business Studies. (with M. Zhang) Cumming, Douglas (Forthcoming), “Do Markets Anticipate Changes in Risk after Major Corporate Events? Evidence from SEOs,” Journal of Financial Management, Markets and Institutions. (with L. Johanning, U. Ordu, and D. Schweizer) Cumming, Douglas (Forthcoming), “Dodd Franking the Hedge Funds,” Journal of Banking and Finance. (with N. Dai and S. Johan)

Cumming, Douglas (Forthcoming), “Venture Capital versus Technology Parks in the Entrepreneurial Ecosystem,” Small Business Economics. (with Y. Zhang) Darke, Peter (Forthcoming), “Promouvoir les Comportements Pro-environnementaux Grâce à l’Hypocrisie Induite,” Recherche et Applications en Marketing. (with P. Odou and D. Voisin) * Diamant, Adam (2018), “Dynamic Patient Scheduling for Multi-Appointment Health Care Programs,” Production and Operations Management, 27(1), 58-79. (with J. Milner and F. Quereshy) Diamant, Adam (2018), “Inventory Management of Reusable Surgical Supplies,” Health Care Management Science, 21(3), 439459. (with J. Milner, F. Quereshy, and B. Xu) Dong, Ming (Forthcoming), “Why Do Firms Issue Convertible Bonds?” Critical Finance Review. (with M. Dutordoir and C. Veld) Everett, Jeffery (2017), “Ethics in the Eye of the Beholder: A Pluralist View of Fair-Trade,” Business and Professional Ethics Journal, 36(1), 1-40. (with D. Neu and A.S. Rahaman)

Cumming, Douglas (Forthcoming), “Exchange Trading Rules, Governance, and the Trading Location of Cross-Listed Stocks,” European Journal of Finance. (with W. Hou and E. Wu.)

* Everett, Jeffery (Forthcoming), “We Have Never Been Secular: Religious Identities, Duties, and Ethics in Audit Practice,” Journal of Business Ethics. (with C. Friesen, D. Neu, and A.S. Rahaman)

Cumming, Douglas (Forthcoming), “New Investor Categories, Agility and HRM: The Case of Sovereign Wealth Funds,” Human Resource Management Review. (with G. Wood, I. Filatotchev, and J. Reinecke)

Farjoun, Moshe (2017), “Architectural Leadership: The Neglected Core of Organizational Leadership,” European Management Review, 14(3), 247-264. (with E. Kollenscher, E. Dov, and B. Ronen)

Cumming, Douglas (Forthcoming), “Pre-Going Private Ownership around the World,” British Journal of Management. (with R. Peter, A. Sannajust, and M. Tarsalewska)

Farjoun, Moshe (2018), “Strategy and Dialectics: Steps towards a Common Journey,” Strategic Organization, Forthcoming.

Cumming, Douglas (Forthcoming), “Public Policy towards Entrepreneurial Finance: Spillovers and the Scale-up Gap,” Oxford Review of Economic Policy. (with S. Johan) Cumming, Douglas (Forthcoming), “Strategic Distortions in Analyst Target Prices in the Presence of Short-Term Institutional Investors,” Accounting and Business Research. (with P. Bilinski, L.H. Hass, K. Stathopoulos, and M. Walker)

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* Fischer, Eileen (2017), “Editorial: Making Sense from (Apparent) Senselessness: The JCR Lens,” Journal of Consumer Research, 44(4), 719-723. (with D.W. Dahl, G.V. Johar, and V.G. Morwitz) Fischer, Eileen (2017), “Editorial: Market System Dynamics,” Marketing Theory, 17(1), 3-8. (with M. Giesler)

Fischer, Eileen (2017), “The Construction of Qualitative Research Articles: A Conversation with Eileen Fischer,” Consumption, Markets and Culture, 20(4), 297-305. (with B. Figueiredo and A. Gopaldas) Fischer, Eileen (2017), “Why Papers are Rejected and How to Get Yours Accepted: Advice on the Construction of Interpretive Consumer Research Articles” Qualitative Market Research: An International Journal, 20(1), 60-67. (with A. Gopaldas and D. Scaraboto) * Fischer, Eileen (Forthcoming), “Spoils from the Spoiled: Strategies for Entering Stigmatized Markets,” Journal of Management Studies. (with A. Slade Shantz and M. Lévesque) Giesler, Markus (2017), “Editorial: Market System Dynamics,” Marketing Theory, 17(1), 3-8. (with E. Fischer) * Giesler, Markus (2018), “Creating a Consumable Past: How Memory Making Shapes Marketization,” Journal of Consumer Research, 44(6), 1325-1342. (with K.H. Brunk and B. Hartmann) * Giesler, Markus (Forthcoming), “Beyond Acculturation: Multiculturalism and the Institutional Shaping of an Ethnic Consumer Subject,” Journal of Consumer Research. (with E. Veresiu) * Graham, Cameron (2018), “Microaccountability and Biopolitics: Microfinance in a Sri Lankan Village,” Accounting, Organizations and Society. (with C. Alawattage and D. Wickramasinghe) Graham, Cameron (2018), “The Winding Road to Fair Value Accounting in China: A Social Movement Perspective,” Accounting, Auditing and Accountability Journal, 31(4), 1257-1285. (with S. Peng and K. Bewley) Graham, Cameron (Forthcoming), “Rich Man, Poor Man, Beggar Man, Thief: Accounting and the Stigma of Poverty,” Critical Perspectives on Accounting. (with C. Grisard) Henriques, Irene (2017), “Measuring Corporate Social Responsibility and Impact: Enhancing Quantitative Research Design and Methods in Business and Society Research,” Business & Society, 56(6), 787-795. (with A. Crane, D. Matten, and B. Husted) Henriques, Irene (2017), “Stimulating a Canadian Narrative for Climate Action,” FACETS, 2(1), 131-149. (with C, Potvin, D. Sharma, I. Creed, S. Aitken, F. Anctil, E. Bennett, F. Berkes, S. Bernstein, N. Bleau, A. Bourque, et al.) Henriques, Irene (2017), “Twelve Tips for Getting Published in Business & Society,” Business & Society, 56(1), 3-10. (with A. Crane, D. Matten, and B. Husted)

Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

Henriques, Irene (2018), “Building Resilience: A Self-Sustainable Community Approach to the Triple Bottom Line,” Journal of Cleaner Production, 173, 186-196. (with E. Aguiñaga, C. Scheel, and A. Scheel) Henriques, Irene (2018), “Can Bitcoin Replace Gold in an Investment Portfolio?” Journal of Risk and Financial Management, 11(3), 1-19. (with P. Sadorsky) Henriques, Irene (2018), “Governing the Void between Stakeholder Management and Sustainability,” Advances in Strategic Management, 38, 121-143. (with M. Barnett and B.W. Husted) Henriques, Irene (2018), “Quants & Poets: Advancing Methods and Methodologies in Business & Society Research,” Business & Society, 57(1), 3-25. (with A. Crane and B. Husted)

Johan, Sofia (2017), “Information Systems, Agency Problems, and Fraud,” Information Systems Frontiers, 19, 421-424. (with D. Cumming and D. Schweizer) * Johan, Sofia (2017), “The Problems with and Promise of Entrepreneurial Finance,” Strategic Entrepreneurship Journal, 11(3), 357-370. (with D. Cumming) Johan, Sofia (2018), “Developments in Financial Institutions, Governance, Agency Costs, and Misconduct,” Journal of International Financial Markets, Institutions and Money, 54, 1-14. (with D. Cumming and R. Peter) Johan, Sofia (2018), “Is the Crowd Sensitive to Distance? – How Investment Decisions Differ by Investor Type,” Small Business Economics. (with C. Guenther and D. Schweizer)

Henriques, Irene (2018), “What Makes a Good Contribution? Introducing the Business & Society Best Paper Award,” Business & Society. (with A. Crane, F. de Bakker and B. W. Husted)

Johan, Sofia (2018), “Same Rules, Different Enforcement: Market Abuse in Europe,” Journal of International Financial Markets, Institutions and Money, 54, 130-151. (with D. Cumming and A. Groh)

Henriques, Irene (In Press), “Investor Implications of Divesting from Fossil Fuels,” Global Finance Journal. (with P. Sadorsky)

Johan, Sofia (Forthcoming), “Dodd Franking the Hedge Funds,” Journal of Banking and Finance. (with N. Dai and D. Cumming)

Henriques, Irene (In Press), The Rise and Stall of Stakeholder Influence: How the Digital Age Limits Social Control,” Academy of Management Perspectives. (with M. Barnett and B. W. Husted)

Johan, Sofia (Forthcoming), “Public Policy towards Entrepreneurial Finance: Spillovers and the Scale-up Gap,” Oxford Review of Economic Policy. (with D. Cumming)

Hsu, Sylvia (2017), “Longer Periods of Hospice Service Associated with Lower End-of-Life Spending in Regions with High Expenditures,” Health Affairs, 36(2), 328-336. (with S. Wang, S. Huag, P.R. Soulas, and C.P. Gross)

Johnston, David (2017), “Measuring Firms’ Imitation Activity.” R&D Management, 47(4), 522533. (with A. Doha, M. Pagell, and M. Swink)

* Hsu, Sylvia (2017), “The Effect of Cognitive Moral Development on Honesty in Managerial Reporting,” Journal of Business Ethics, 145(3), 563-575. (with J. Chung) Hsu, Sylvia (Forthcoming), “Regional Practice Patterns and Racial/Ethnic Differences in Intensity of End-of-Life Care,” Health Services Research. (with S-Y. Wang, S. Huag, K.C. Doan, C.P. Gross, and X. Ma)

Johnston, David (2018), “Joint Management Systems for Operations and Safety: A RoutineBased Perspective,” Journal of Cleaner Production, 194, 635-344. (with A. Shevchenko, M. Pagell, A.Veltri and L. Robson) Johnston, David (2018), “Power-based Behaviors in Supply Chains and their Effects on Relational Satisfaction: A Fresh Perspective and Directions for Research.” European Management Journal, 36(2), 278-287. (with I. Gölgeci and W.H. Murphy)

Kanagaretnam, Kiridaran (2017), “Effects of Informal Institutions on the Relationship between Accounting Measures of Risk and Bank Distress,” Journal of International Accounting Research, 16(2), 37-66. (with J. Lee, C.Y. Lim, and G.J. Lobo) Kanagaretnam, Kiridaran (2017), “Social Capital and Bank Stability,” Journal of Financial Stability, 32, 99-114. (with J.Y. Jin, G.J. Lobo, and R. Mathieu) Kanagaretnam, Kiridaran (2018), “Banks’ Funding Structure and Earnings Quality,” International Review of Financial Analysis, 59, 163-178. (with J.Y. Jin and Y. Liu) * Kanagaretnam, Kiridaran (2018), “CrossCountry Evidence on the Role of Independent Media in Constraining Corporate Tax Aggressiveness,” Journal of Business Ethics, 150(3), 879-902. (with J. Lee, C.Y. Lim, and G.J. Lobo) Kanagaretnam, Kiridaran (2018), “Discretion in Loan Loss Allowance, Risk Taking and Earnings Management,” Accounting & Finance, 58(1), 171-193 (with J.Y. Jin and G.J. Lobo) * Kanagaretnam, Kiridaran (Forthcoming), “Cross-Country Evidence on the Relation between Societal Trust and Risk-Taking by Banks,” Journal of Financial and Quantitative Analysis. (with G.J. Lobo, C. Wang, and D. Whalen) * Kanagaretnam, Kiridaran (Forthcoming), “Linking Societal Trust and CEO Compensation,” Journal of Business Ethics. (with R. Khokar and A. Mawani) * Kanagaretnam, Kiridaran (Forthcoming), “Societal Trust and Corporate Tax Avoidance,” Review of Accounting Studies. (with J. Lee, C.Y. Lim, and G.J. Lobo) Kanagaretnam, Kiridaran (Forthcoming), “Testing the Efficacy of Replacing the Incurred Credit Loss Model with the Expected Credit Loss Model,” European Accounting Review. (with M. Gomaa, S. Mestleman, and M. Shehata) Kanagaretnam, Kiridaran (Forthcoming), “The Influence of Accounting Enforcement on Earnings Quality of Banks: Implications of Bank Regulation and the Global Financial Crisis,” Journal of Accounting and Public Policy. (with L. Dal Maso, G.J. Lobo, and S. Terzani)

Hsu, Sylvia (Forthcoming), “Target Setting and Ratcheting: A Case Study of Ontario Hospitals’ Quality Improvement Plans,” Canadian Journal of Administrative Sciences. (with Y.Chan)

Johnston, David (2018), “The Imitator’s Dilemma: Why Imitators Should Break out of Imitation,” Journal of Product Innovation Management, 35(4), 543-564. (with A. Doha, M. Pagell, and M. Swink)

Hussain, Sherena (2018), “Rethinking the Role of Private Capital in Infrastructure PPPs,” Public Management Review, 20(8), 1122-1144. (with M. Siemiatycki)

* Joshi, Ashwin (2017), “OEM Implementation of Supplier Developed Component Innovations: The Role of Supplier Actions,” Journal of the Academy of Marketing Science, 45(4), 548-568.

* Kecskés, Ambrus (2017), “Do Earnings Estimates Add Value to Sell-Side Analysts’ Investment Recommendations?” Management Science, 63(6), 1855-1871. (with R. Michaely and K. Womack)

Johan, Sofia (2017), “A Drop in an Empty Pond? Canadian Public Policy towards Venture Capital,” Journal of Industrial and Business Economics, 44(1), 103-117. (with D. Cumming and J.G. MacIntosh)

* Kamstra, Mark (2017), “Seasonal Asset Allocation: Evidence from Mutual Fund Flows,” Journal of Financial and Quantitative Analysis, 52(1), 71-109. (with L.A. Kramer, M.D. Levi, and R. Wermers)

Kecskés, Ambrus (2018), “Do Long-term Investors Improve Corporate Decision Making?” Journal of Corporate Finance, 50, 424-452. (with J. Harford and S. Mansi)

Spotlight on Research 2018 73

Journal Articles Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

Kecskés, Ambrus (Forthcoming), “Does Corporate Social Responsibility Create Shareholder Value? The Importance of Long-term Investors,” Journal of Banking & Finance. (with P-A. Nguyen and S. Mansi)

Lévesque, Moren (2018), “Competitive Interplay of Production Decisions: Rivalry Between Established and Startup Firms,” IEEE Transactions on Engineering Management, 65(1), 85-98. (with X. Zhao and J. Bian)

Kim, Henry (2017), “Online Serendipity: The Case for Curated Recommender Systems,” Business Horizons, 60(5), 613-620. (with B. Chiasi, M. Spear, M. Laskowski, and L. Jiye)

Lévesque, Moren (Forthcoming), “Distributing Startup Equity: A Theoretical Foundation for an Emerging Practice,” Journal of Small Business Management. (with M. Narayanan)

* Lyons, Brent (2017), “Toward a ‘Sunlit Path’: Stigma Identity Management as a Source of Localized Social Change Through Interaction,” Academy of Management Review, 42, 618-636. (with S. Pek and J.L. Wessel)

Kim, Henry (2018), “Towards an Ontology-Driven Blockchain Design for Supply Chain Provenance,” Intelligent Systems in Accounting, Finance and Management, 25(1), 18-27. (with M. Laskowski)

* Lévesque, Moren (Forthcoming), “How Angel Know-how Shapes Ownership Sharing in Stage-based Contracts,” Entrepreneurship Theory and Practice. (with S. Erzurumlu, N. Joglekar, and F. Tanrisever)

* Lyons, Brent (2018), “To Say or Not to Say: Different Strategies of Acknowledging a Visible Disability,” Journal of Management, 44(5), 1980-2007. (with L. Martinez, E. Ruggs, M. Hebl, A.M. Ryan, K. Bachman, and A. Roebuck)

Kim, Henry (2018), “Understanding a Revolutionary and Flawed Grand Experiment in Blockchain: The DAO Attack,” Journal of Cases on Information Technology. (with M. Mehar, C. Shier, A. Giambattista, E. Gong, G. Fletcher, and M. Laskowski) * Kistruck, Geoffrey (2017), “Transitioning Entrepreneurs from Informal to Formal Markets,” Journal of Business Venturing, 32(4), 420-442. (with C. Sutter, J. Webb, D. Ketchen, and D. Ireland) * Kistruck, Geoffrey (2018), “The Opportunity not Taken: Entrepreneurship as an Occupational Identity in Contexts of Poverty,” Journal of Business Venturing, 33(4), 416-437. (with A.S. Shantz and C. Zietsma) Kristal, Murat (2017), “Towards a Classification of Supply Chain Relationships: A Routine Based Perspective,” Supply Chain Management: An International Journal, 22(4), 341-374. (with M.U. Ahmed, M. Pagell, and T.F. Gattiker) Kristal, Murat (2018), “Modeling the Impacts of Uncertain Carbon Tax Policy on Maritime Fleet Mix Strategy and Carbon Mitigation,” Transport, 33(3), 707-717. (with M. Zhu and M. Chen) * Larkin, Yelena (2017), “Do Investors Value Dividend-Smoothing Stocks Differently?” Management Science, 63(12), 4114-4136. (with M.T. Leary and R. Michaely) Larkin, Yelena (2018), “The Fading of Investment-Cash Flow Sensitivity and Global Development,” Journal of Corporate Finance, 50, 294-322. (with L. Ng and J. Zhu) Larkin, Yelena (Forthcoming), “Does Noninformative Text Affect Investor Behavior?” Financial Management. (with A.G. Anderson) Lazar, Fred (2018), “Valuing Historical Claims of Loss of Use of Land with Sparse Data,” Journal of Business Valuation and Economic Loss Analysis, 13(1), 1-8. (with E. Prisman) Lévesque, Moren (2017), “Managing New Technology Using Malleable Profit Functions,” IEEE Transactions on Engineering Management, 64(2), 120-133. (with R. Arend and M. Minniti) 74 Schulich School of Business

Lévesque, Moren (Forthcoming), “Resource, Routine, Reputation or Regulation Shortages: Can Data- and Analytics-driven Capabilities Inform Tech Entrepreneur Decisions?” IEEE Transactions on Engineering Management. (with N. Joglekar) * Lévesque, Moren (Forthcoming), “Spoils from the Spoiled: Strategies for Entering Stigmatized Markets,” Journal of Management Studies. (with A. Slade Shantz and E. Fischer) Li, Zhepeng (Lionel) (2017), “Efficiency Measurement of Multistage Processes: Context Dependent Numbers of Stages,” Asia Pacific Journal of Operations Research, 34(6). (with W. Cook, C. Guo, W.H. Li, L. Liang, and J. Zhu). Li, Zhepeng (Lionel) (2017), “Evaluation of Ecological Systems and the Recycling of Undesirable Outputs: An Efficiency Study of Regions in China,” Socio Economic Planning Sciences, 60, 77-86. (with W. Cook, W.H. Li, and L. Liang) * Li, Zhepeng (Lionel) (2017), “Utility-Based Link Recommendation for Online Social Networks,” Management Science, 63(6), 1938-1952. (with X. Fang, X. Bai, and O.R. Liu Sheng) Li, Zhepeng (Lionel) (2018), “A Survey of Link Recommendation for Social Networks: Methods, Theoretical Foundations, and Future Research Directions,” ACM Transactions on Management Information Systems, 9(1), 1-26. (with X. Fang and O.R. Liu Sheng)

Lyons, Brent (2017), “Stigma Identity Concealment in Hybrid Organizational Cultures,” Journal of Social Issues, 73, 255-272. (with C. Zatzick, T. Thompson, and G. Bushe)

Madhok, Anoop (2017), “Co-Parenting through Subsidiaries: A Model of Value Creation in the Multinational Firm,” Global Strategy Journal, Published Online. (with J. Pla-Berber and C. Pilar) * Madhok, Anoop (2017), “Resource Ambidexterity through Alliance Portfolios and Firm Performance,” Strategic Management Journal, 38(2), 384-394. (with U. Wassmer and S. Li) Matten, Dirk (2017), “Measuring Corporate Social Responsibility and Impact: Enhancing Quantitative Research Design and Methods in Business and Society Research,” Business & Society, 56(6), 787-795. (with A. Crane, I. Henriques, and B. Husted) Matten, Dirk (2017), “Twelve Tips for Getting Published in Business & Society,” Business & Society, 56(1), 3-10. (with A. Crane, I. Henriques, and B. Husted) * Matten, Dirk (Forthcoming), “Business Groups and Corporate Responsibility for the Public Good,” Journal of Business Ethics. (with M. Ararat and A.M. Colpan) Matten, Dirk (Forthcoming), “The Governance of Digital Technology, Big Data, and the Internet: New Roles and Responsibilities for Business,” Business & Society. (with M. Flyverbom and R. Deibert) * Mawani, Amin (Forthcoming), “Linking Societal Trust and CEO Compensation,” Journal of Business Ethics. (with R. Khokar and K. Kanagaretnam)

* Lyons, Brent (2017), “Disclosing a Disability: Do Strategy Type and Onset Controllability Make a Difference?” Journal of Applied Psychology, 102, 1375-1383. (with S. Volpone, J. Wessel, and N. Alonso)

McMillan, Charles (2017), “Asset Resource Strategies – An Integrated Framework to Orchestrate Long Term Competitive Advantage,” International Journal of Strategic Management, 17(2), 75-96.

* Lyons, Brent (2017), “Managing a Perilous Stigma: Ex-Offenders Use of Reparative Impression Management Tactics in Hiring Contexts,” Journal of Applied Psychology, 102, 1271-1285. (with A.A. Ali and A.M. Ryan)

McMillan, Charles (2017), “Models of Organizational Failure,” Academy of Management Perspectives, 31(4), 271-287. (with J. Overall) McMillan, Charles (2018), “Strategic Capacities in Universities and the Role of Business Schools as Institution Builders,” Problems and Perspectives in Management, 16(1), 186-198. (with G. Carton and J. Overall)

Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk.

McMillan, Charles (In Press), “Asset Positioning Strategies: Orchestrating Corporate Resources and Activities to Create Value,” European Management Review.

* Oliver, Christine (2017), “Beyond Differentiation and Integration: The Challenges of Managing Internal Complexity in Federations,” Organization Studies, 38(8), 1013-1037. (with M. Toubiana)

McMillan, Charles (In Press), “The Sports Merchants: Living on the Edge – A Case Study of FIFA and the Beautiful Game,” Organizational Studies.

* Oliver, Christine (Forthcoming), “Meta-Organization Formation and Sustainability in Sub-Saharan Africa,” Organization Science. (with M. Valente)

* Milevsky, Moshe (2017), “Optimal Purchasing of Deferred Income Annuities When Payout Yields are Mean-Reverting,” Review of Finance, 21(1), 327-361. (with H. Huang and V.R. Young)

Pan, Yigang (2017), “Strategic Motives, Institutional Environments, and Firm’s FDI Ownership,” Multinational Business Review, 25(4), 307-327.

Milevsky, Moshe (2017), “Retirement Spending and Biological Age,” Journal of Economic Dynamics and Control, 84, 58-76. (with H. Huang and T. Salisbury)

Pan, Yigang (2017), “The Performance of MNE Subsidiaries in China: Does It Matter to Be Close to the Political or Business Hub?” Journal of International Management, 23(3), 292-305. (with L. Teng and D. Huang)

Neu, Dean (2017), “Ethics in the Eye of the Beholder: A Pluralist View of Fair-Trade,” Business and Professional Ethics Journal, 36(1), 1-40. (with J. Everett and A.S. Rahaman)

Phillips, Robert (Forthcoming), “Tensions in Stakeholder Theory,” Business & Society. (with R.E. Freeman and R. Sisodia)

* Neu, Dean (Forthcoming), “We Have Never Been Secular: Religious Identities, Duties, and Ethics in Audit Practice,” Journal of Business Ethics. (with C. Friesen, J. Everett, and A.S. Rahaman)

Prisman, Eliezer (2018), “Valuing Historical Claims of Loss of Use of Land with Sparse Data,” Journal of Business Valuation and Economic Loss Analysis, 13(1), 1-8. (with F. Lazar)

Ng, Lilian (2017), “Dividend Informativeness and Agency Problems: A Cross-Country Analysis,” Journal of Corporate Finance, 42, 267-286. (with W. He, N. Zaiats, and B. Zhang)

* Qu, Sandy (2017), “Popularizing a Management Accounting Idea: The Case of the Balanced Scorecard,” Contemporary Accounting Research, 34(2), 991-1025. (with D.J. Cooper and M. Ezzamel)

Ng, Lilian (2018), “The Fading of InvestmentCash Flow Sensitivity and Global Development” Journal of Corporate Finance, 50, 294-322. (with Y. Larkin and J. Zhu) * Noseworthy, Theodore (2017), “How Inferred Contagion Biases Dispositional Judgments of Others,” Journal of Consumer Psychology, 27(2), 195-206. (with S.T. Hingston and J.F. McManus) * Noseworthy, Theodore (2017), “Isolated Environmental Cues and Product Efficacy Penalties: The Colour Green and Eco-labels,” Journal of Business Ethics, 143(1), 159-177. (with E. Pancer and L. McShane) * Noseworthy, Theodore (2018), “When Two Wrongs Make a Right: Using Conjunctive Enablers to Enhance Evaluations for Extremely Incongruent New Products,” Journal of Consumer Research, 44(6), 1379-1396. (with K.B. Murray, and F. Di Muro) * Noseworthy, Theodore (Forthcoming), “Supersize My Chances: Promotional Lotteries Impact Product Size Choices,” Journal of Consumer Psychology. (with N. Taylor and E. Pancer) * Noseworthy, Theodore (Forthcoming), “Why Consumers Don’t See the Benefits of Genetically Modified Foods, and What Marketers Can Do about it,” Journal of Marketing. (with S. Hingston)

Rice, Marshall David (Forthcoming), “Privacy in Doubt: An Empirical Investigation of Canadians’ Knowledge of Corporate Data Collection and Usage Practices,” Canadian Journal of Administrative Sciences. (with K. Bogdanov) Sadorsky, Perry (2017), “How Much Does Increasing the Share of Non-Fossil Fuels in Electricity Generation Reduce Carbon Dioxide Emissions?” Applied Energy, 197, 212-221. (with B. Liddle) Sadorsky, Perry (2018), “Can Bitcoin Replace Gold in an Investment Portfolio?” Journal of Risk and Financial Management, 11(3), 1-19. (with I. Henriques) Sadorsky, Perry (2018), “Convergence of Energy Productivity across Indian States and Territories,” Energy Economics, 74, 427-440. (with M. Bhattacharya, J.N. Inekwe, and A. Saha) Sadorsky, Perry (2018), “How Strong is the Casual Relationship between Globalization and Energy Consumption in Developed Economies? A Country-Specific Time-Series and Panel Analysis,” Applied Economics, 50(13), 1479-1494. (with M. Shahbaz, S.J.H Shahzad, and M.K. Mahalik) Sadorsky, Perry (2018), “Optimal Hedge Ratios for Clean Energy Equities,” Economic Modelling, 72, 278-295. (with W. Ahmad and A. Sharma)

Sadorsky, Perry (2018), “The Impact of Oil-Market Shocks on Stock Returns in Major Oil-Exporting Countries,” Journal of International Money and Finance, 86, 264-280. (with S.A. Basher and A.A. Haug) Sadorsky, Perry (In Press), “Investor Implications of Divesting from Fossil Fuels,” Global Finance Journal. (with I. Henriques) Saxton, Gregory (2018), “Speaking and Being Heard: How Nonprofit Advocacy Organizations Gain Attention on Social Media,” Nonprofit & Voluntary Sector Quarterly, 47(1), 5-26. (with C. Guo) * Saxton, Gregory (In Press), “Do CSR Messages Resonate? Examining Public Reactions to Firms’ CSR Efforts on Social Media,” Journal of Business Ethics. (with L. Gomez, Z. Ngoh, Y. Lin, and S. Dietrich) Saxton, Gregory (In Press), “Utilizing Effective Social Media Message Design to Prompt Audience Engagement: An Examination of Organ Procurement Organizations’ Facebook Messages,” Health Communication. (with J. Covert, A. Anker, A. O’Mally, and T. Feeley) Saxton, Gregory (Forthcoming), “Does Stakeholder Engagement Pay Off on Social Media? A Social Capital Perspective,” Nonprofit & Voluntary Sector Quarterly. (with W. Xu) * Saxton, Gregory (Forthcoming), “The Relationship between Sarbanes-Oxley Policies and Donor Advisories in Nonprofit Organizations,” Journal of Business Ethics. (with D.G. Neely) Shum, Pauline (2018), “Relative Liquidity, Fund Flows and Short-Term Demand: Evidence from Exchange-Traded Funds,” The Financial Review, 53(1), 87-115. (with M.S. Broman) * Tan, Justin (2017), “Far from the Tree? Do Private Entrepreneurs Agglomerate around Public Sector Incumbents During Economic Transition?” Organization Science, 28(1), 113-132. (with D. Tan) Tan, Justin (2018), “How Chinese Companies Deal with a Legitimacy Imbalance when Acquiring Firms from Developed Economies,” Journal of World Business, 53(5), 752-767. (with H. Zhang, M.N. Young, and W. Sun) Tan, Justin (2018), “Post Entry Diversification in a Shifting Institutional Environment: How Strategy Patterns Differ for De Novo and Corporate Spin-off Ventures,” Journal of Small Business Management, 56(S1), 281-296. (with X. Xie and H. Neill) Tan, Justin (2018), “The Impacts of Spatial Positioning on Regional New Venture Creation and Firm Mortality over the Industry Life Cycle,” Journal of Business Research, 86, 41-52. (with L. Wang and W. Li)

Spotlight on Research 2018 75

Journal Articles Those articles that appear in the list of Financial Times of London, “Top 50 Academic and Practitioner Journals in Business”, are marked by an asterisk. Tan, Justin (Forthcoming), “Dancing with Wolves: How Disadvantaged Firms Fare in Asymmetric Alliances in China,” Journal of Asia-Pacific Business. (with W. Li)

Tsang, Albert (2017), “Corporate Lobbying, Visibility and Accounting Conservatism,” Journal of Business Finance and Accounting, 44(5-6), 527-557. (with X. Kong and S. Radhakrishnan)

Tan, Justin (Forthcoming), “Modeling and Analyzing the Evolution Mechanism of Industrial Innovation Network,” Journal of Management Science. (with H. Zhang, and R. Lin)

* Tsang, Albert (2017), “Management Forecast and Cost of Equity Capital: International Evidence,” Review of Accounting Studies, 22(2), 791-838. (with Y. Cao, L. Myers, and G. Yang)

Tan, Justin (Forthcoming), “Network Structure, Partner Features and Performance: Evidence from Venture Capital Syndicates,” Academy of Management Proceedings. (with L. Zhang and J. Zhang)

Tsang, Albert (2018), “Audited Financial Reporting and Voluntary Disclosure: International Evidence on Management Earnings Forecasts,” International Journal of Auditing, 22(2), 249-267. (with X. Kong, R. Liu, and Z. San)

* Tan, Justin (Forthcoming), “Social Structure of Regional Entrepreneurship: De Novo Entrants and Collective Action through Business Associations,” Entrepreneurship Theory and Practice. (with L. Wang)

* Tsang, Albert (Forthcoming), “Corporate Social Responsibility Report Narratives and Analyst Forecasts Accuracy,” Journal of Business Ethics. (with V. Muslu, S. Mutlu, and S. Radhakrishnan)

* Tasa, Kevin (2017), “Effects of Implicit Negotiation Beliefs and Moral Disengagement on Negotiator Attitudes and Deceptive Behaviour,” Journal of Business Ethics, 142(1), 169-183.(with C. Bell) Tasa, Kevin (2018), “Bridging Racial Divides: Social Constructionist (vs. Essentialist) Beliefs Facilitate Interracial Trust,” Journal of Experimental Social Psychology, 74, 121-134. (with F.Y.H. Kung, M.M. Chao, D. Yao, W.L. Adair, and J.H. Fu) * Thorne, Linda (2017), “A Comparison of Canadian and U.S. CSR Strategic Alliances, CSR Reporting, and CSR Performance: Insights into Implicit–Explicit CSR,” Journal of Business Ethics, 143(1), 85-98. (with L. Mahoney, K. Gregor, and S. Convery) * Thorne, Linda (2017), “Discussion of ‘A Theoretical Framework of Professional Accountants’ Identity Formation and Directions for Future Research,’” Journal of Business Ethics, 142(2), 239-240. * Thorne, Linda (2017), “Introduction to Thematic Symposium on Accounting Professionalism,” Journal of Business Ethics, 142(2), 199-201 (with S. Gunz) Thorne, Linda (Forthcoming), “Dysfunctional Behavior in Organizations: Insights from the Management Control Literature,” Auditing: A Journal of Practice and Theory. (with K. Fiolleau and T. Libby) * Thorne, Linda (Forthcoming), “The Effect of Interactional Fairness and Detection on Taxpayers’ Compliance Intentions,” Journal of Business Ethics. (with J. Farrar and S. Kaplan) Tian, Yisong (2017), “Managerial Gaming of Stock and Option Grants,” Financial Markets, Institutions, and Instruments, 26(3), 127-152.

76 Schulich School of Business

* Tsang, Albert (Forthcoming), “Professional Accountancy Organizations and Stock Market Development,” Journal of Business Ethics. (with H. Huang and X. Kong) * Valente, Michael (Forthcoming), “Meta-Organization Formation and Sustainability in Sub-Saharan Africa,” Organization Science. (with C. Oliver) Veresiu, Ela (2017), “Introducing a Spatial Perspective to Analyze Marketing Dynamics,” Marketing Theory, 17(1), 9-29. (with R.B. Castilhos and P. Dolbec) * Veresiu, Ela (Forthcoming), “Beyond Acculturation: Multiculturalism and the Institutional Shaping of an Ethnic Consumer Subject,” Journal of Consumer Research. (with M. Giesler) Veresiu, Ela (Forthcoming), “Spatial Consumer Acculturation: Poor Immigrants’ Responses to State-Sponsored Structural Conditions,” Consumption, Markets and Culture. Wright, Lorna (2017), “A Developmental Sequence Model to University Adjustment of International Undergraduate Students (DSMUA),” Journal of International Students, 7(3), 703-727. (with S. Chavoshi, M. Wintre, and S. Dentakos) Wright, Lorna (2017), “Acculturation Motivation in International Student Adjustment and Permanent Residency Intentions: A MixedMethods Approach,” Journal of Emerging Adulthood, 5(1), 27-41. (with S. Chavoshi, S. Dentakos, and M. Wintre) Yeomans, Julian Scott (2017), “A Computational Algorithm for Creating Alternatives to Optimal Solutions,” Transactions on Machine Learning and Artificial Intelligence, 5(5), 58-68.

Yeomans, Julian Scott (2017), “A Metaheuristic Procedure for Calculating Optimal Osmotic Dehydration Parameters: A Case Study of Mushrooms,” Transactions on Machine Learning and Artificial Intelligence, 5(6), 1-10) Yeomans, Julian Scott (2017), “An Evolutionary Firefly Algorithm, Goal Programming Optimization Approach for Setting the Osmotic Dehydration Parameters of Papaya,” Journal of Software Engineering and Applications, 10(2), 128-142. (with T. Cao) Yeomans, Julian Scott (2017), “Simultaneous Computing of Sets of Maximally Different Alternatives to Optimal Solutions,” International Journal of Engineering Research and Applications, 7(9), 21-28. Yeomans, Julian Scott (2018), “Comparison of the Multicriteria Decision-Making Methods for Equity Portfolio Selection: The U.S. Evidence,” European Journal of Operational Research, 265(2), 655-672. (with E. Pätäri, V. Karell, and P. Luukka) Yeomans, Julian Scott (Forthcoming), “The Dirty Dozen of Valuation Ratios: Is One Better than Another?” Journal of Investment Management. (with E. Pätäri, V. Karell, and P. Luukka) * Zwick, Detlev (Forthcoming), “Activism and Abdication on the Inside: The Effect of Everyday Practice on Corporate Responsibility,” Journal of Business Ethics. (with M. Carrington and B. Neville)

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