Schulich Spotlight on Research 2014

Global Reach. Innovative Programs. Diverse Perspectives.

Schulich

Consumer Culture, Corporate Finance, Corporate Social Responsibility, Emerging Economies, Entrepreneurial Studies, Financial Engineering, Organization Strategy, Performance Measures, Public Policy, Strategic Management, Supply Chain Management, Organizational Accounting, Asset Pricing, Branding, Business and Sustainability, Business Ethics, International Business, Globalization, Real Estate Development, Health Care Management

Spotlight on Research 2014

The trajectory of research taking place at Schulich is definitely on the rise. This is evidenced by our increasing success in securing external funding, our impressive research scores in prestigious business school ranking surveys and our large number of invited presentations and visiting appointments at other top business schools worldwide.

Global Reach. Innovative Programs. Diverse Perspectives.

Contents

Faculty News & Research

3

2 Welcome 4 New Schulich Faculty 8 Newly Funded Projects 1 0 Schulich Fellowship in Research Achievement 12 List of Endowed Chairs

Features

18

14 Big Data: Taking the Business World by Storm 16 Douglas Cumming – Ontario Research Chair 18 Launch of The Centre for Global Enterprise 20 Markus Gielser – Re-envisioning Marketing

New & Forthcoming Publications 24 Books 27 Journal Articles

23

20

Welcome The Schulich School of Business continues to accelerate in its commitment to research excellence across all functional and program areas and through thriving interdisciplinary initiatives within Schulich and beyond. Fundamental to our success in advancing knowledge and understanding in business has been the continued recruitment of researchers of the highest distinction and calibre. The immense strengths of the Schulich faculty have moved our School into the forefront of leading-edge knowledge development, dissemination and business and community applications.

While we continue our dedication to fostering a supportive research environment for our scholars at all stages of their careers, it is the outstanding quality of the scholars themselves that provides the foundation for our research excellence. Together, our faculty have generated research that contributes to improved economic and business prosperity, public policy, community and international development, business ethics and sustainability.

The intellectual leadership of the Schulich School of Business spans expertise in multiple issues that are central to the social and economic welfare of our global and local society. Our accounting area is a source of active scholarship on the social role of accounting, ranging from critical perspectives on the relationship of accounting to poverty to accounting and the social and political implications of corruption. The vibrancy of these research streams speaks to the public interest aspects of governance in ways that dramatically reveal many of the erroneous and accepted assumptions we make about the role of accounting in public policy and societal welfare.

Simultaneously, the topic of business ethics spans disciplinary boundaries within the School, bestowing on Schulich one of the most outstanding levels of knowledge development on the topic of business ethics in the world today.

The international focus of our researchers also speaks to the leadership our School has demonstrated for numerous years in operating at the forefront of research activities with global implications. Work by scholars including Professors Anoop Madhok, Preet Aulakh, Justin Tan, Burkard Eberlein and Irene Henriques, among many others, has engaged crucial topics on transnational business governance, the role of multinationals in emerging economies, sustainability and global competitiveness and international inter-firm governance. The School’s international focus is its most distinctive characteristic and the research component of international business is at the forefront of this 21st century mandate and vision of the School.

2 Schulich School of Business

The vibrancy of the accounting area’s research is also indicative of a broader basis of leadership across all faculty on topics that speak directly to the social welfare of our society within a management context. Across numerous areas, Schulich scholars have contributed immensely to the issue of corporate social responsibility. This body of work speaks directly to the changing role of the corporation in today’s business environment as a multi-focused actor with responsibilities that recognize the importance of both citizenship behavior and competitive advantage. Professor Andrew Crane’s recent path-breaking article on human exploitation within a management context and Professor Dirk Matten’s recent work on the relationship between corporate social responsibility and governance has redirected thinking in this area. Our school boasts a critical mass of outstanding scholars, including Professors Michael Valente, Cameron Graham and Bryan Husted, whose interests locate the challenges of business and management in developing countries and speak rigorously and poignantly about the impact of alternative management and governance approaches on poverty and the means by which poverty alleviation can play a central role in motivating both human and economic development.

Above all, the Schulich School of Business is known for research that is highly innovative and forward-thinking. The groundbreaking exploration of community culture, social media and consumer identity among our marketing scholars exemplifies the capacity of Schulich’s scholars to shape the domain of a business discipline in ways that fundamentally alter our understanding of its social and business context. Work on sustainability within a business context also constitutes one of many highly innovative and forward-thinking bodies of research within the School. Not only are our leading scholars engaged deeply with the fundamental issues of sustainability; these contributions are mirrored in our continued top rankings in business publications such as Corporate Knights, which assess the leadership of

schools in addressing environmental sustainability issues. Moreover, top-calibre scholars including Professors Eileen Fischer, Moren Lévesque, Douglas Cumming and Charlene Zietsma epitomize the forward-thinking approach to scholarship on entrepreneurship. Within Organization Studies, the combined work of outstanding researchers, including Professors Chris Bell, Kevin Tasa and Mary Waller, have pushed the envelope of theory development on negotiation, justice and team processes. Similarly, the finance area has moved the scholarly conversation surrounding taxation and tax policy forward through multiple methods, while the operations management and information systems area are at the leading edge of scholarship on worker safety, supply chain management and operations research.

Our research is a dynamic source of innovative knowledge creation that resonates with the increasing complexities of management in a global context. Given the excellence of our researchers, we are well positioned to continue to take the lead in knowledge creation and implementation that contributes meaningfully to the prosperity of business, society and the natural environment.

Christine Oliver Associate Dean, Research Professor and Henry J. Knowles Chair in Organizational Strategy Schulich School of Business

Joanne Pereira Research Officer The Office of the Associate Dean, Research Schulich School of Business Email: research@schulich.yorku.ca

Consumer Culture, Corporate Finance, Corporate Social Responsibility, Emerging Economies, Entrepreneurial Studies, Financial Engineering, Organization Strategy, Performance Measures, Public Policy, Strategic Management, Supply Chain Management, Organizational Accounting, Asset Pricing, Branding, Business and Sustainability, Business Ethics, International Business, Globalization, Real Estate Development, Health Care Management

Faculty News & Research

New Schulich Faculty

Geoffrey Kistruck Associate Professor & Ron Binns Chair in Entrepreneurship

Research Keywords • Social Entrepreneurship • Innovation in Base-of-the-Pyramid Environments • Structuring Market-Based Solutions to Poverty Alleviation • Multi-Method Field Experiments

Geoff Kistruck is Associate Professor and Ron Binns Chair in Entrepreneurship at the Schulich School of Business. He earned his doctorate at the Richard Ivey School of Business, Western University, and has held previous faculty appointments at Miami University and The Ohio State University. Geoff’s primary research interests involve social entrepreneurship and innovation, principally within the context of poverty alleviation efforts in base-of-the-pyramid markets.

His research projects are often action-oriented in nature, involving the design and field testing of theoretically based solutions to current challenges faced by development-focused organizations such as the World Bank, CARE and Technoserve.

Geoff’s work has been published in journals such as the Academy of Management Journal, Journal of Business Venturing, Entrepreneurship Theory & Practice, Journal of Management Studies, Journal of Management and Strategic Entrepreneurship Journal, and he currently sits on the editorial boards of the Academy of Management Journal, Entrepreneurship Theory & Practice and Journal of Management. His research has won the Rowan University Best Paper in Social Entrepreneurship Award at the Academy of Management, the Satter Best Paper Award at the 7th Annual NYU-Stern Conference on Social Entrepreneurship and the Best Dissertation Awards for the International Management division and the Public and Nonprofit Division of the Academy of Management. Prior to entering academe, Geoff served in a number of managerial positions within the venture capital and financial services industry.

Research Projects Geoff is the director of the newly formed Social Impact Research Lab (SIRlab), which works directly with development-focused organizations to improve the implementation of their poverty solutions. More specifically, SIRlab draws upon a diverse range of management theories to design and test potential solutions to their present-day challenges using a multi-stage approach that consists of initial on-the-ground observation, subsequent interviews with multiple stakeholders and field experimentation.

Currently, Geoff is involved in several projects using this action-research approach. For example, he is working with an organization that constructs schools within rural Sri Lankan communities. As a means of instilling a stronger sense of ownership

4 Schulich School of Business

and mitigating construction costs, the organization requires communities to pledge upfront a certain value of materials and labour towards the building of the school. However, once construction has begun, many communities lose their motivation to deliver on this commitment, causing the organization to struggle to make up the shortfall. After conducting a series of interviews and drawing upon social interdependence theory, a field experiment was designed in which communities were paired and randomly assigned to either a ‘competition’ condition or a ‘cooperation’ condition. These treatment conditions reflect two contested perspectives that group motivation to achieve tasks can best be improved by: a) instilling a stronger sense of rivalry between members (competition); or b) establishing a sense of psychological interdependence (cooperation).

Geoff is the director of the newly formed Social Impact Research Lab (SIRlab), which works directly with developmentfocused organizations to improve the implementation of their poverty solutions.

Another current research project involves a development organization that is seeking to improve the dairy value chain in rural Bangladesh.

Specifically, the organization has introduced two intervention mechanisms – Digital Fat Testing (DFT) technology and Participatory Performance Tracking (PPT) evaluations – to decrease information asymmetry for rural producers in order to increase their incomes. While the implementation of these interventions has resulted in a significant increase in both the average volume and quality of milk produced by the farmers, it is less evident whether or not transparency at the individual level has helped foster improved group cohesion, which is critical for the ongoing sustainability of the initiative.

Thus, Geoff is in the process of designing a field experiment to examine the efficacy of alternative means of providing feedback to ensure that both individual-level and group-level social and economic objectives of the project are met. ◆

Zhepeng (Lionel) Li is an Assistant Professor of Operations Management and Information Systems at the Schulich School of Business. Lionel received his PhD in Operations and Information Systems from the University of Utah with a minor in Computer Science. Prior to his PhD study in the United States, Lionel attended the University of Science and Technology of China, and graduated with honors.

Research Projects

Zhepeng (Lionel) Li Assistant Professor, Operations Management and Information Systems

Research Keywords • • • •

Business Analytics Social Network Analytics Data Mining/Machine Learning Data Security

Lionel is broadly interested in solving business problems using machine-learning methods.

Representative works include link recommendation, which suggests links to connect currently unlinked users, and adoption behavior in social network settings. Link recommendation is a key functionality offered by major online social networks. Salient examples of link recommendation include the “People You May Know” feature on Facebook and LinkedIn, as well as the “You May Know” prompting on Google+. An online social network has two main stakeholders: users (e.g., Facebook users) who use the network to socialize with other users, and an operator (e.g., Facebook) that establishes and operates the network for its own benefit (e.g., revenue). Existing linkrecommendation methods suggest links that are likely to be established by users but overlook the benefit a recommended link could bring to an operator. To address this gap, we operationalize such benefit as the utility of recommending a link and formulate a new research problem: utility-based link recommendation problem.

Lionel is broadly interested in solving business problems using machine-learning methods.

with top recommendation probabilities. Given that linkage likelihood is latent (unobserved) and continuous, the principal methodological obstacle overcome by our method is how to learn a Bayesian network with a continuous latent factor.

Using data obtained from a major U.S. online social network, we manage to demonstrate the superior performance of our method over prevalent link recommendation methods from representative prior research.

The second work is a previous study on adoption behavior in social network settings.

In a social network, adoption probability refers to the probability that a social entity will adopt a product, service or opinion in the foreseeable future. Such probabilities are central to fundamental issues in social network analysis, including the influence maximization problem.

In practice, adoption probabilities have significant implications for applications ranging from viral marketing to political campaigns; yet, predicting adoption probabilities has not received sufficient research attention. Building on relevant social network theories, we identify and operationalize key factors that affect adoption decisions: social influence, structural equivalence, entity similarity, and confounding factors. We then develop the locally-weighted expectation-maximization method for Naïve Bayesian learning to predict adoption probabilities on the basis of these factors. The principal challenge addressed in this study is how to predict adoption probabilities in the presence of confounding factors that are generally unobserved. Using data from two large-scale social networks, we demonstrate the effectiveness of the proposed method.

The empirical results also suggest that cascade methods primarily using social influence to predict adoption probabilities seem to offer limited predictive power, and that confounding factors are critical to adoption probability predictions. ◆

We then propose a novel utility-based link recommendation method to model the dependency relationship between value, cost, linkage likelihood and utility-based link recommendation decision. A Bayesian network is therefore used to predict the recommendation probability via learning, and it recommends links

Spotlight on Research 2014 5

New Schulich Faculty cont’d

Kiridaran (Giri) Kanagaretnam Professor of Accounting

Research Keywords • • • • • • •

Accounting – Auditing Accounting – Financial Accounting – Management Corporate Governance Cross-Cultural Management Executive Compensation Financial Services

Kiridaran (Giri) Kanagaretnam is a Professor of Accounting at the Schulich School of Business.

Giri’s previous and ongoing research has focused on bank financial reporting, corporate governance, executive compensation, and trust and reciprocity within organizations. His papers have been published in several journals, including The Accounting Review, Contemporary Accounting Research, Journal of International Business Studies, Journal of Accounting and Public Policy, Journal of Business Ethics, Journal of Banking and Finance, Journal of Economic Psychology, Journal of Business Finance & Accounting, Journal of Business Research, Review of Quantitative Finance and Accounting and Managerial and Decision Economics.

Giri has published a large body of work in bank financial reporting and risk-taking and has high visibility and a well-established track record in this area. This is an important and fruitful area of research for number of reasons. First, the banking industry is central to national and international economies, and their accounting practices (particularly the management of their reported earnings) are interesting and important.

Second, studying bank specific accruals, namely loan loss provisions (which is a primary method for managing bank earnings) and its estimation, has become an important policy issue. Finally, banking provides an ideal sector to study different incentives for earnings management because it does not suffer from some of the data and measurement problems that confront other approaches.

In addition, Giri has published research in corporate governance, including stock options grants and the quality of auditing, and experimental work relating to trust, two other areas of great interest in accounting and finance.

Since financial accounting and reporting are a primary means of ensuring good corporate governance, this has been an important area of research, especially in the last few years, and has attracted a lot of attention.

6 Schulich School of Business

Giri has published a large body of work in bank financial reporting and risk-taking and has high visibility and a well-established track record in this area.

Research Projects Giri’s current research examines the effects of formal and informal institutions on financial reporting quality, risk-taking and corporate tax avoidance in a cross-country setting. For example, one of his recent co-authored papers studies how differences in trust across countries relate to corporate tax avoidance. Giri and his co-authors predict that in societies with higher levels of trust, managers will refrain from actions that may betray the trust that society has placed in them with an expectation that they pay a fair share of corporate taxes. Therefore, the authors expect societal trust to be negatively associated with tax avoidance. Consistent with this prediction, the co-authors find strong evidence that societal trust is negatively associated with corporate tax avoidance by firms, even after controlling for other determinants such as home country tax system characteristics. Giri and his co-authors also explore the effects of three country-level institutional characteristics – level of investor protection, disclosure requirement, and tax enforcement – on the relation between societal trust and tax avoidance. They predict and find that the effects of trust on tax avoidance are more pronounced when these institutions are weaker. ◆

Ambrus Kecskés is an Assistant Professor in Finance at the Schulich School of Business.

He earned a B.Com degree in 2003 and a PhD in 2008 from the University of Toronto. He then worked at Virginia Tech for five years, and returned to Toronto, joining the faculty at the Schulich School of Business in 2013. He teaches corporate finance to undergraduate and doctoral students.

Ambrus Kecskés Assistant Professor of Finance

Ambrus’s research has been published in the Journal of Finance (twice), The Accounting Review and the Journal of Financial and Quantitative Analysis. It has also received significant coverage by media, including The Wall Street Journal.

His numerous awards include a research excellence award from Virginia Tech and two best paper awards from conferences in 2013.

Research Projects Research Keywords • Corporate Finance

Ambrus’s research expertise is corporate finance, or, broadly speaking, the interaction of corporate executives and money managers.

In his early work, he found that separating the stock exchange listing and equity issuance decisions allows firms going public to reduce their financing costs and to improve their ability to raise financing in better market conditions.

He followed up this study with another that estimated the relative importance of economic fundamentals compared to investor sentiment in determining when firms go public.

Ambrus’s research expertise is corporate finance, or, broadly speaking, the interaction of corporate executives and money managers.

The recent financial crisis led Ambrus to two additional themes in his research. For the first theme, he began to study how long-term investors, such as Warren Buffett, could influence

the managers of firms to make investment, financing, and payout decisions that would maximize their long-term profitability. His earliest work in this area found that during times of temporarily low stock prices, long-term investors nudge firms toward more investment and equity financing and less payouts.

In his closely related current work, Ambrus finds that long-term investors help to align the interests of managers and investors, which in turn allows firms to hold more cash, in case they cannot raise financing externally, and to use this cash more profitably. In his latest work on long-term investors, he finds that firms with longer investor horizons invest more in stakeholder capital and this, importantly, is value enhancing for their shareholders.

A second theme of Ambrus’s research is the impact of sell side equity research analysts on the firms for which they provide research coverage. His earliest work found that when analysts disappear because the brokers for which they work close or merge, investors become less informed about the firms that these analysts used to cover. The consequences for firms is that their cost of capital increases, thus they are obliged to invest less, and use less external and more internal financing.

In more recent and related work, Ambrus finds that the information produced by analysts affects the cost of the debt of the firms that these analysts cover as well as their default and bankruptcy outcomes. In other work, he finds that analysts push the firms that they cover to make corporate decisions that are in line with the preferences or biases of these analysts.

In his final current work on analysts, he finds that the investment recommendations issued by analysts have a greater impact on stock prices when they are also accompanied by earnings estimates and that investors can profitably exploit the stock price drift that results. ◆

Spotlight on Research 2014 7

Newly Funded Projects Schulich researchers continue to successfully secure external funding from Canada’s Federal Tri-council agencies. The Tri-council agencies are the major source of funds for research and scholarship within Canadian academic institutions. Schulich faculty members primarily receive funding from The Social Sciences and Humanities Research Council (SSHRC) and The Natural Sciences and Engineering Research Council (NSERC).

Social Sciences and Humanities Research Council (SSHRC) Luxury Brand Consumption in India: A Culture in Transition Principal Investigator: Russell W. Belk Co-Investigator: Annamma Joy (UBC, Okanagan)

India is second only to China in its rapid economic growth and its concomitant embrace of luxury brands. According to 2011 projections from The Hindustan Times Mint Luxury Conference, the Indian luxury market will be worth an astonishing $30 billion USD by 2015 (Media Sarkar, 2011). Such rapidly emerging growth has inevitably engendered an enormous cultural transformation within India, with major foreign brands taking centre stage in the country’s collective consumer desires. The goal of our research is to examine the aspirations of India’s rapidly growing middle- and upper-class consumers, and how they perceive the implied narratives of status, style, and identity itself inherent in luxury brand consumption. Through observational study, interviews, and discourse analysis, our ethnographic study will focus on how Indian consumers incorporate “otherness” through luxury fashion, and on how their collective and individual sense of self is constructed and reinvented through luxury brands.

Syndicate Loans, Loan Sales, and Accounting Discretion Principal Investigator: Nadia Massoud

As the financial intermediation industry (commercial banks, investment banks, etc.) has come under increasing scrutiny following the recent financial crisis, one of the most heated public debates has been about the deterioration in the quality of loans. Concerns have been particularly raised about how financial 8 Schulich School of Business

intermediaries perceive and manage the credit risk associated with their loan portfolios.

These concerns are compounded by the recent explosive growth in the loan sale markets.

These issues and these new trends raise very important finance and accounting questions, including how excessive usage of both bank and firm managers’ accounting discretion, along with the new wave of using loan sales to transfer the credit risk of loans to outside parties, are responsible for the deteriorating quality of loans.

This research program proposes to address this question. A particular focus of the research will be on the link between loan contracting and sales, the corporate governance of borrowing firms, and the accounting behavior of managers of borrowing firms, especially managers that abuse accounting discretion (which includes boosting reported earnings via loan-loss reserves, abnormal accrual usage, smoothing of earnings via accruals, the tendency to avoid negative earnings surprises, cash-flow management, as well as loan loss reserve manipulated by banks).

Insight development SSHRC Grant

Hybrid Organizations in Digital Markets: Building Brand Strength and Organizational Legitimacy Principal Investigator: Eileen Fischer Co-Investigator: R. Reuber

The purpose of this grant is to investigate how companies such as Twitter, which operate in digital markets where their technologies are inherently malleable and frequently changing, can create strong brand- and organizationallevel identities among diverse stakeholders.

We plan to focus our attention on new digital market contexts to understand the practices that enable innovative entrants to build legitimacy at the organization level while simultaneously building a powerful brand.

Organizational scholars have long studied how new firms acquire legitimacy with stakeholders, but have not considered constraints in this

process with respect to brand-building among end users. Marketing scholars have long-studied how firms can build powerful and sustainable product brands, but have paid little attention to the particular challenges facing new firms that are still striving to gain legitimacy. We plan to draw on both bodies of research, and focus on deriving insights from a detailed single case to sharpen gaps in existing theory and generate new constructs and theoretical insights.

Insight development SSHRC Grant

Does Management Earnings Guidance Benefit Shareholders?

Principal Investigator: Ming Dong

Many companies provide a preview of their earnings before the scheduled earnings announcement date. Most of such preannouncements are bad news earnings surprises to the market, which lead to negative market reactions.

Therefore, why firms voluntarily provide earnings guidance seems to be a puzzle. This research aims to empirically test whether loss aversion helps to explain why firms provide earnings guidance, and whether management earnings guidance benefits stock performance, especially in the case of bad news earnings guidance. For firms with comparable earnings surprises, I will test whether firms that provide earnings guidance ultimately outperform firms that do not pre-announce earnings, and whether the effect of guidance is stronger among firms with uncertain and hard-to-predict earnings patterns such as firms with volatile stock prices and technology firms that invest heavily in R&D. The current literature on management guidance focuses mainly on the accounting aspects such as disclosure quality and analyst forecast accuracy, but the fundamental questions of why firms voluntarily provide earnings guidance and whether earnings guidance benefits shareholders are yet to be answered. I seek to fill the gap by linking management voluntary disclosure to investor psychology.

SSHRC Connections Grant

CBERN Winter Research Meeting and Webinar Series Principal Investigator: Wesley Cragg

The overall goal of this connection project is to promote cross-disciplinary and cross-sectoral dialogue on current research in business and economic ethics in Canada. The specific objectives are to: • Support research that incorporates and works to address the critical questions of stakeholders who have an interest in the issues under consideration by academics • Make the role of business in producing and discussing business ethics research visible and valuable • Facilitate critical engagement on business ethics issues from people working outside academia • Develop highly qualified expertise in the field of corporate/business and economic ethics, who can work in multi-disciplinary and multi-sector environments • Highlight the importance of extractive industry impacts on business ethics and corporate social responsibility practice, and the benefits of cross-disciplinary and cross-sector research on this topic • Build on the expertise of existing networks to mobilize and engage professionals on ethics issues

Other External Grants Institute for New Eco nomic Thinking (INET), New York – Research Grant

Use of E-Views for Macroeconomic Simulation Principal Investigator: John Smithin

The project will restate, rehabilitate (even reinvent) the fundamental principles of monetary macroeconomics, using advanced numerical (computer) simulation techniques. The results of existing projects in the field, to date, have not been user-friendly, due to the size of the models used, theoretical underpinnings, software, mathematical methods (continuous time versus discrete time) or issues of documentation.

These problems can be resolved using the SOLVE application in E-Views to simulate a small macroeconomic model in closed and open economy versions. The closed economy version explores fundamental issues in monetary theory and solves for time paths of growth, inflation, the aggregate profit mark-up, average after-tax real wages and the real prime interest rate.

The open economy variant is orientated to practical policy analysis and also solves for the real exchange rate and foreign debt position.

Multi-stage techniques can replicate the behavior

of real world historical cases. The empirical method is “abduction” (rather than induction or deduction) and is not reliant on conventional statistical probability theory.

Canadian Academic Accounting Association – Research Grant

The Impact of Management Control Systems Across Three Sectors Principal Investigator: Linda Thorne Co-Investigators: K. Fiolleau, and T. Libby

Traditional management control systems have been developed in for-profit organizations, and increasingly have been applied to other organizational sectors, non-profit (NFP) and public enterprises, with little consideration or regard for the appropriateness of their application. Our project proposes to investigate the effectiveness of management control systems across the for-profit, NFP and public sectors.

The first step in our proposed project involves in-depth interviews with key managers of NFP and public sector organizations to better understand what is working well and not so well in practice. The second step, based on the results of the interviews, is to develop an informative large scale online survey of managers with authority to enact management control systems across the three sectors. We will analyze this data to understand the similarities and differences in effective and ineffective control structures across the three sectors. This understanding will allow us to expand our practical and theoretical understanding of the mechanisms and appropriateness of effective control systems.

MITACS of Canada

Research on Commercial Mortgage Backed Securities

Financial Service Applications Principal Investigator: Melanie Cao

This project is partnered with Dominion Bond Rating Service Ltd. (DBRS) as well. There are two objectives: 1) to create a Web subscriptions services to allow DBRS’ clients to gain access to its research and ratings through its website; and 2) to create a new service called RatingsNow, which provides data feed for its DBRS debt ratings.

Network for Studies on Pensions and Aging (NETSPAR), Netherlands – Research Grant

The Impact of Management Control Systems Across Three Sectors Principal Investigator: Moshe Milevsky

The specific issues being investigated will be: 1. Given a choice between a tontine and annuity, what are the conditions under which a lifecycle utility maximizer would select one over the other?

How does health status affect this choice?

2. What is the structure of the tontine payout function that maximizes the utility to the individual? Does longevity risk aversion and subjective discount rates affect the optimal payout function?

3. Is it possible to correlate theoretical (model) factors that affect the decision, to the characteristics of the wealthy individuals who participated in the British tontine of 1693?

4. Is there a justification for individuals to hold a mixture of tontines (that share longevity risk fully) and conventional (expensive) life annuities in the optimal product allocation?

5. Finally, can one argue (convincingly) that tontines should be re-introduced to help mitigate the concern over aggregate longevity risk and the risk profile of the insurance company?

Principal Investigator: Melanie Cao

This project is partnered with Dominion Bond Rating Service Ltd. (DBRS), a privately owned Canadian company that provides timely credit rating opinions for a broad range of financial institutions, corporate entities, government bodies and various structured finance products worldwide. In addition, DBRS provides Commercial Mortgage-Backed Securities (CMBS) investors and stakeholders with detailed surveillance reports, in-depth rating reports, industry studies, and DBRS commentaries.

There are two objectives of this project.

The first one is to create a new CMBS market index. To do so, we will examine the relationship between loss severity and demographic statistics for Europe (Germany, UK, France, and Spain), the US and Canada, and identify new factors that can be incorporated into the existing CMBS rating model, which will also help create a new CMBS market index. The second objective is to provide an interactive mobile application to CMBS market stakeholders.

Network Centre of Excellence LOI Grant

Proposed Network: Canadian Business Ethics Research Network Principal Investigator: Wesley Cragg

This project will address the ethical challenges faced by Canadian companies, business leaders and their stakeholders in today’s global economy through research and the transfer of new knowledge beyond the academy to industry and the policy community. The proposed NCE has developed out of a long-term collaboration between York University and our CBERN project partners, with a demonstrated track record in research and knowledge-transfer activities.

In 2006, CBERN was launched with a $2.1-million SSHRC cluster grant with the goal of networking a rich but fragmented national pool of research talent. CBERN’s evolution through the proposed NCE will create economic efficiencies and social benefit to the Canadian landscape through its research program. ◆

Spotlight on Research 2014 9

Schulich Fellowship in Research Achievement 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 a 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.

Stan Xiao Li Associate Professor of Strategic Management/Policy

Mark J. Kamstra Associate Professor of Finance

10 Schulich School of Business

One of my recent studies examines status.

High-status economic actors enjoy lower costs of acquiring inputs of comparable quality as compared to their low-status counterparts.

Customers and competitors pay more attention to the products and behaviours of high-status actors. Thus status is viewed as a distinct performance goal and an end in itself.

Newcomers into the network provoke a type of significant disruptions for the status hierarchies. People often move from one professional network to another driven by the desire to change careers or to immigrate and companies arrive at new networks when they enter new markets. These actions change status hierarchies because the newcomers can vie for the same status positions as the incumbents. To examine these issues I attempt to combine status theory with the theory of social categorization. These two theories examine different aspects of markets’ social structure. Status theory examines how markets are hierarchically stratified depending upon

the perceptions of market participants about the differences in the underlying quality of economic actors. The categorization theory examines how markets are organized based on social categories that reflect the actors’ skills.

As a result of their category membership, market participants can be considered as specialists or generalists. Specialists have a focused identity due to the concentration of their activities within a narrow set of categories, while generalists have a diffused identity due to the spread of their activities across multiple categories.

My theoretical model predicts that both a) newcomers’ high status in an old network and b) newcomers’ specialist typecasting in that network, represent distinctive liabilities when it comes to attaining status in a new network. Higher status incumbents, whose collaboration is essential for the others’ status attainment, are more likely to associate with low status generalist newcomers than with the low status generalist incumbents.

My research, supported by the Schulich Fellowship, builds on and combines insights from my work on fundamental valuation and my work on behavioural finance. My work on behavioural finance documents economically large and robust seasonal patterns in risky and safe asset returns that appear to be related to seasonal affective disorder (SAD). SAD is a pervasive mood disorder that impacts many people in the fall and winter and is perhaps a factor increasing the likelihood of market-wide crashes in the fall.

Seasonal variation in mood (depression) leads to variation in risk aversion and this leads to market-wide return movements. While I have found a great deal of supportive evidence from psychological and financial market analysis, this new work supported by Schulich considers price levels, rather than returns. The SAD hypothesis implies a specific observable effect in prices in the fall (lower prices observed simultaneous with

the onset of SAD) but not in the remaining seasons. Previous tests, being tied to returns rather than prices, are unable to resolve these timing implications in the data. By refining the price-based techniques I have developed for estimating fundamental valuation (that is, switching the research focus from returns to price levels), I am able to estimate the value of an index imposing constant risk aversion throughout the year. By employing rational fundamental valuation techniques that focus on prices instead of returns, this research provides a novel approach to testing for the presence of behavioral effects in market prices.

The implications extend well beyond testing SAD effects, encompassing many other behavioral phenomena that have implications for asset prices, such as those related to sentiment, misattribution, investor attention, and many others.

Mary Waller Professor of Organization Studies

Moshe A. Milevs ky Associate Professor of Finance

Cameron Graham Associate Professor of Accounting

Since 1929, Ontario Mine Rescue has trained and prepared teams of volunteers across the province of Ontario to act as mine rescue teams.

Mine rescue teams respond to emergencies in surface and underground mines – including fires, floods, and collapses – and rescue affected personnel. Team captains direct their teams in the mines, while communicating remotely with a briefing officer stationed elsewhere who provides map directions and information from the mining organization. In this study, we partnered with Ontario Mine Rescue to collect data over a three-year period from mine rescue teams as they worked during complex simulated crises at annual provincial team competitions. Using small digital recorders attached to team members’ helmets, we recorded all verbal communication during the simulations. After transcribing and

coding this communication, we analyzed the data using a pattern recognition algorithm, finding that those captains who exhibited more dynamic boundary spanning – that is, switching more often between gathering information from the external briefing officer and focusing on intrateam processes – had higher performing teams.

Additionally, team leaders who engaged in more participative decision-making on both sides of the team boundary had higher performing teams, but only when they coupled the participation with directive leadership immediately once decisions were made. Future research will focus on the ability of briefing officers to create shared mental models of complex situations and communicate these models to captains, as well as on the effectiveness of various team debriefing methodologies once simulations have ended.

My area of research (and some expertise) is in the overlap of financial economic theory and actuarial & insurance products. This field is often called FinSurance, and over the last decade I have focused my attention (with various co-authors) on how FinSurance products are used by individuals to help manage the various risks they face in their personal financial lives.

More recently I have developed a keen interest in the history of this area, and in particular the FinSurance products that were available and used by individuals in the late 17th century – the dawn of financial markets. This historical analysis is a relatively new field and endeavour for me and takes time to develop. So, I spent my Schulich Research Fellowship (SRF) gaining knowledge and proficiency in the historical arena. In particular, over the course of the SRF

(during the Fall 2013), I completed two research papers (under review at academic journals), presented a preliminary paper on the topic to the Society of Actuaries and starting working on a book manuscript. The book is tentatively called: TONTINES: Why the Future Annuity Must Resemble Its Past, and will be completed and then published by Cambridge University Press sometime in 2015. For those who are unfamiliar with these products, Tontines are similar to fixed-income bonds and were issued by governments in the late 17th and early 18th century to finance their national debt, before bonds were ever used. More interestingly, they were purchased by individuals to help them protect against longevity risk – which is the risk of living too long!

Contingent financing mechanisms tied to measured performance targets are transforming nonprofit poverty alleviation programs. At the same time, for-profit corporations and the finance sector are encroaching on traditional nonprofit areas, seeking to monetize the social benefits of poverty alleviation. In particular, the UK finance sector has taken an intense interest in homelessness programs, intending to earn a profit on funding them. Finance firms have begun to develop complex funding schemes called “social impact bonds” to attract private investment into the social sector.

One of the studies undertaken during my Schulich Research Fellowship examines the implementation of these instruments. Under such arrangements, the government eventually pays the investors a premium on their investment, but only if the funded services attain pre-negotiated, measured outcomes. The success of this new

financing initiative will depend on the ability of private finance to increase the incentives for innovation within the charitable sector, and the ability of the charitable sector to demonstrate their performance through accounting measures.

My co-authors and I examine how accounting measurements are linked to these private-sector financial instruments. We seek to understand how transformations in the way social programs are funded are redrawing the boundaries of the public, private and nonprofit sectors. Our results will interest public policymakers seeking to reduce the cost and improve the accountability of social programs, corporate social responsibility officers and charitable foundations looking to multiply the impact of their social sector budgets, and of course, service providers hoping to adapt their funding models to ever-changing and increasingly technical requirements for financial accountability. ◆ Spotlight on Research 2014 11

List of Endowed Chairs Ann Brown Chair of Organization Studies (Established in 2010) Charlene Zietsma BA (Wilfrid Laurier); MBA (Simon Fraser); PhD (University of British Columbia) Associate Professor of Organization Studies

Anne & Max Tanenbaum Chair in Entrepreneurship and Family Enterprise (Established in 1999) Eileen Fischer BA & MASc (Waterloo); PhD (Queen’s) Professor of Marketing Director of Entrepreneurial Studies Director, PhD Program

Bob Finlayson Chair in International Finance (Established in 2013) Kee-Hong Bae BS & MS (Korea); PhD (Ohio State) Professor of Finance Area Coordinator, Finance

Certified General Accountants of Ontario Chair in International Entrepreneurship (Established in 2011) Moren Lévesque BA & MA (Laval University); PhD (University of British Columbia) Professor of Operations Management and Information Systems

Chair in Business History (Established in 2003) Matthias Kipping MA (Sorbonne, France); MPA (Harvard); Dipl. (EHESS, France); DPhil (München, Germany) Professor of Policy/Strategy

CIBC Professorship in Financial Services (Established in 1994) Gordon S. Roberts BA (Oberlin College); MA & PhD (Boston College) Professor of Finance

CIT Chair in Financial Services (Established in 1998) James Darroc h BA & MA & PhD (Toronto); MBA & PhD (York) Associate Professor of Policy, Area Coordinator, Policy/Strategy, Director, Financial Services Program

CTV Chair in Broadcast Management (Established in 2002) Douglas Barrett BA Hons (York); MSc (Syracuse); LLB (Dalhousie) Visiting Scholar in Broadcast Management

Erivan K. Haub Chair in Business and Sustainability (Established in 1993) Bryan Husted BA & MBA & JD (Brigham Young); PhD (California, Berkeley) Professor of Policy/Strategy

12 Schulich School of Business

Export Development Canada Professorship in International Business (Established in 2013)

Newmont Mining Chair in Business Strategy (Established in 2003)

Lorna Wright

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

BA (Wilfrid Laurier); MA (Essex, UK); MM (Thunderbird); PhD (UWO) Associate Professor of Organization Studies and International Business Director, Centre for Global Enterprise

George R. Gardiner Professorship in Business Ethics (Established in 1992) Andrew Crane BSc (Warwick, UK); PhD (Nottingham, UK) Professor of Policy/Strategy Director, Centre of Excellence in Responsible Business

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

Justin Tan

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

Ontario Research Chair in Economics & Cross Cultural Studies: Public Policy and Enterprise Competitiveness (Established in 2005) Douglas Cumming BCom Hons (McGill); MA (Queen’s); JD & PhD (Toronto); CFA Professor of Finance and Entrepreneurship

Wade D. Cook BSc (Mt. Allison); MSc (Queen’s); PhD (Dalhousie) Professor of Operations Management & Information Systems Associate Dean, Research Chair, Operations Management & Information Systems Area

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) Dirk Matten Dipl.Kfm. (Essen, Germany), Dr.rer.pol. & Dr.habil. (Düsseldorf, Germany) Professor of Policy/Strategy

Inmet Chair in Global Mining Management (Established in 2013) Richard Ross BCom (Toronto), CPA Executive in Residence, Schulich School of Business Former Chairman and Chief Executive Officer, Inmet Mining Corporation

Jarislowsky Dimma Mooney Chair in Corporate Governance (Joint appointment with Osgoode Hall Law School) (Established in 2007) Edward J. Waitzer LLB & LLM (Toronto) Professor of Policy/Strategy

Kraft Foods Canada Chair in Marketing (Established in 2004) (Formerly Nabisco founded in 1985) Russell Belk BS & PhD (Minnesota) Professor of Marketing

Pierre Lassonde Chair in International Business (Established in 1997) Preet Aulakh BSc & MA (Punjab, India); PhD (Texas-Austin) Professor of Policy/Strategy and International Business

Ron Binns Chair in Entrepreneurship (Established in 2013) Geoffrey Kistruck BA (Western); MBA (McMaster); PhD (Western) Associate Professor of Policy/Strategy

Royal Bank Professorship in Nonprofit Management & Leadership (Established in 1997) Brenda Gainer BA Hons (Alberta); MA (Carleton); MBA (Maine); PhD (York) Associate Professor of Marketing Director, Nonprofit Management and Leadership Program

Scotiabank Professorship in International Business (Established in 1998) Eleanor Westney BA & MA (Toronto); MA & PhD (Princeton) Professor of Organization Studies

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

Consumer Culture, Corporate Finance, Corporate Social Responsibility, Emerging Economies, Entrepreneurial Studies, Financial Engineering, Organization Strategy, Performance Measures, Public Policy, Strategic Management, Supply Chain Management, Organizational Accounting, Asset Pricing, Branding, Business and Sustainability, Business Ethics, International Business, Globalization, Real Estate Development, Health Care Management

Features

Big Data: Taking the Business World by Storm

“Business analytics is unquestionably one of the biggest and most promising productivity tools of the last decade,” says Schulich Dean Dezsö J. Horváth. “It’s literally re-shaping the way we do business.”

When Hertz, the world’s largest car rental company, wanted to improve its customer service, it turned to business analytics to help it wade through a sea of customer comments. With the help of “Big Data”, the company created a customized analytics system that is now feeding it strategic insights into the hearts and minds of their customers and providing them with a competitive edge.

It’s no wonder why Harvard Business Review recently called Big Data the next big revolution in business management.

To help meet the growing demand for Big Data professionals, the Schulich School of Business launched one of the Canada’s first Master of Business Analytics degree programs in September 2012. It’s an intensive, 12-month program that embeds 14 Schulich School of Business

students inside business operations during the final semester to work on real-world, real-time, data analysis projects. The program combines mathematical and statistical study with instruction in advanced computational and data analysis to ferret out the trends and patterns that are critical to strategic business decision-making. This year, the program added two new Business Analytics streams in Marketing and Supply Chain Management, and class size has more than tripled.

“Business analytics is unquestionably one of the biggest and most promising productivity tools of the last decade,” says Schulich Dean Dezsö J. Horváth. “It’s literally re-shaping the way we do business.”

Business analytics is also one of the most sought-after skill sets in the business world right now, according to Murat Kristal,

director of Schulich’s business analytics program and an Associate Professor of Operations Management & Information Systems. “The number one reason why more companies aren’t adopting business analytics is they simply can’t find the talent,” says Professor Kristal, who points to a recent McKinsey & Company report that forecasts a shortage of business analytics professionals by 2018.

Supporting Professor Kristal’s claim is the fact that all of the Program’s students from the inaugural class were snapped up by employers months before graduating. One of those students was Evan Garmaise, who came into the Program with an MBA from Stanford and a computer science degree from Princeton. Garmaise jumped at the chance to join Schulich’s world-first

The Data on Big Data The sector is growing so quickly that a McKinsey & Company report forecasts a shortage by 2018 of professionals specializing in the field

“Business analytics is literally re-shaping the way we do business”

The U.S. Bureau of Labor Statistics has forcast an increase in demand of 13-24% for statisticians, operations research analysts and management analysts by 2018

Murat Kristal, Director of Schulich’s Master of Business Analytics program, and an Associate Professor of Operations Management & Information Systems

program and is now working as a senior consultant for Deloitte after having received multiple job offers.

Businesses are not only clamouring for business analytics professionals, but also enhanced know-how regarding the implementation and execution of business analytics strategies. To meet that demand, Professor Kristal has recently published a case study together with one of his MBA students, Frances Leung, regarding a subsidiary of Caterpillar, one of the world’s largest manufacturers of construction machinery and equipment. The case study was published by the Ivey School of Business.

In addition, the Program intends to carry out groundbreaking new research. Working together with a number of PhD students, Professor Kristal is examining how firms develop a successful dynamic business analytics capability. “There is a scarcity of management research examining the development of business analytics capabilities, in large part because the field is relatively new,” he notes.

“Management surveys consistently show that most companies want to implement a business analytics strategy,” he adds.

“Business leaders know that it will give their

companies a competitive advantage. But many of them don’t know where to begin.

Part of the hesitancy or reluctance is a fear of the unknown. And part of it is the concern that adopting a business analytics approach or strategy will require large-scale organizational change.”

Says Professor Kristal: “We want to get at the nuts and bolts of how business analytics capabilities are developed at an organizational level. We want to understand the pitfalls that firms should avoid as well as the success factors they need to embrace. From a research point of view, this is new ground.”

This research will not only expand scholarly knowledge, he adds, but will also provide “highly relevant managerial insight.”

Schulich’s program, says Professor Kristal, will give graduates a critical edge in the job market, and the research the School is conducting has the potential to provide valuable insights to the growing number of companies looking to implement business analytics strategies. “Big data is not a fad or a trend. On the contrary, it’s going to continue becoming more important. The need for business analytics specialists and knowledge will be immense.” ◆

“Big data is not a fad or a trend. On the contrary, it’s going to continue becoming more important. The need for business analytics specialists and knowledge will be immense.”

Business analytics is a $12.2-billion (U.S., in 2011) productivity tool that no competitive nation can afford to ignore

The educated and intelligent use of business analytics can enhance productivity and create value

Business analytics is the fastest growing category of global IT software expenditure

97% of companies with revenue of more than $100-million are pursuing expertise in this new frontier

According to Nucleus Research, every dollar that a company invests in business analytics earns $10.66 Kristal, Murat. “Mining mountains of date is key for Canadian business.”The Globe and Mail, September 12, 2012. www.theglobeandmail.com/report-on-business/ economy/canada-competes/mining-mountains-ofdata-is-key-for-canadian-businesses/article4540604/ Big Data & Business Analytics Forum, 2014. www.questexevent.com/BigdataBusinessAnalytics Forum/2014HK/

Spotlight on Research 2014 15

Douglas Cumming – Ontario Research Chair

One of Schulich’s most prolific researchers renews his Ontario Research Chair in Economics and Public Policy for another five-year term Professor Douglas Cumming was recruited to the Schulich School of Business in 2007 after the School’s successful bid for his Ontario Research Chair. His arrival was met with immense excitement as we knew that we were gaining an exceptional and brilliant scholar with a very bright future. We were not disappointed!

Professor Cumming made great strides early in his career and has now evolved into a prolific researcher and policy expert who has gained international recognition in the fields of economics and finance.

His research deals with significant and timely finance issues. In particular, his research activities in the areas of entrepreneurship, entrepreneurial finance, venture capital, private equity, IPOs, law and finance, market surveillance and hedge funds have established Dr. Cumming as one of the leading academics in these new areas of finance research.

Since becoming Ontario Research Chair in 2007, Professor Cumming’s track record is nothing short of stellar. He has authored and edited 13 books, published 83 journal articles in peer-reviewed journals (many of which land in quality, top-tier journals),

and 23 book chapters. The Social Science Network’s “Worldwide Author Rank” ranks Professor Cumming 69th in terms of downloads, which puts him in the top 1% of the 250,000 authors ranked by SSRN. Also, he ranks 148th in the world of business authors on SSRN in terms of eigenvalue citation impact, which is a weighted measure of citations based on the importance of the citing paper and regardless of age (a ranking which favors older scholars). Professor Cumming is also a top-ranked scholar in other ranking systems such as RePEc and Google Scholar.

He has played an extremely active role not only in disseminating his own research, but also in influencing the work of others.

Professor Cumming’s reputation in the policy community is amply evidenced by the number of both public and private organizations that have engaged his services to investigate various policy-related topics. The public organizations that have engaged Professor Cumming include the Ontario Securities Commission, Industry Canada, and the Government of Australia Department of Industry, Tourism, and Resources. Various think tanks have also

Douglas Cumming (far right) at Research Day with fellow attendees.

Business 16 Schulich School of Business

called upon Professor Cumming’s expertise, including the Groupe d’Economie Mondial and the Brookings Institution.

Other organizations with a public policy mandate that have engaged Professor Cumming include the C.D. Howe Institute; the Investment Industry Regulatory Organization of Canada (IIROC); the Investment Dealers Association of Canada (IIROC’s predecessor); the Toronto Stock Exchange; the Shanghai Stock Exchange; and a number of law firms. His work has also been reported on by a number of prominent business publications, including Canadian Business, The Economist, Financial Post, National Post, The New York Times and The New Yorker.

Professor Cumming is currently working on a number of projects that pertain to entrepreneurial finance and law and finance.

For example, he has worked closely this past year with the Ontario Securities Commission and the National Crowdfunding Association of Canada on matters related to equity crowdfunding. His work represents the first ever equity crowdfunding empirical study. He has examined factors that affect the success of equity crowdfunded projects.

This work is of interest in Ontario, among other jurisdictions, since the Ontario Securities Commission has recently released a draft set of regulations that give rise to a new equity crowdfunding exemption.

In another recent paper, Professor Cumming studies the intersection of corporate governance on boards of directors and the incidence of securities fraud. Professor Cumming’s paper is the first to examine the connection between board of directors’ gender diversity and securities fraud. He finds that more genderdiverse boards are less likely to commit fraud, and the market reaction to fraud is less serious among gender-diverse boards.

This study was recently reviewed by The New York Times. The evidence supports the current call for more equal gender representation on boards of directors in many countries around the world.

Interview Q&A with Douglas Cumming

1

How do you balance your work and family life?

I married well! My wife Sofia Johan and I are true partners in every way. We share responsibilities with our kids, and carry out joint academic projects. At times I have had to regret doing work at the expense of spending more time with my two kids Sasha (who just turned 8) and Dylan (who will turn 6). For example, on Sasha’s birthday, Sofia and I hosted a conference at Schulich, and as such we only saw her very briefly on her big day. We made it up to her over the last couple of weekends.

2

Tell me about growing up in Winnipeg… do you miss it?

Winnipeg is an excellent city, particularly for growing up and raising a family. There are tons of winter sports that are readily accessible for families. For instance, hockey rinks are everywhere – it is hard to find a neighborhood where a kid cannot walk to a rink. I spent my time growing up playing hockey and speedskating. I had to pick one sport when I was 13 because it became impossible to do both. I chose speedskating because it enabled me to travel around North America.

3

What do you like to do in your free time?

In the past 8 years, 99% of my free time is with my family. We have made great friends that luckily have kids that are approximately our kids’ ages. Also, I enjoy exercising, but do not do it enough. I still try to do the odd marathon, but I’ve slowed down in recent years. My body does not seem to work as well as it did when I was 30. I’ve recently started long distance swimming in the summer… at least up to 5 miles… hopefully I will extend my distances this summer.

4

What are some of your professional and personal goals?

Professionally, I look forward to helping some of our current PhD students with their research. Likewise, each year I look

forward to working with the MBA students and getting them excited about topics in alternative investments, and law and finance. Personally, I would like to do a triathlon in the next year or two.

5

How/when did you become interested in Finance? What made you decide to intersect your work with Law?

I had great professors in my undergraduate studies in economics and finance. One of my older brothers encouraged me to go to law school, and one of my law school professors (Jeffrey MacIntosh) helped me a great deal.

Likewise, my main advisor Ralph Winter was cross-appointed in finance, economics, and law, and he was quite inspirational. I think it is great to mix institutional and legal details with the study of finance. In practice, finance and economics rarely operate without some influence from legal and institutional settings.

6

What was the funniest thing that happened to you while conducting research?

I had to live in a German old folks’ home for 3 months in 2004. I was visiting the Goethe University of Frankfurt, and a PhD student had forgotten to book a place for me in their visiting faculty apartments.

On short notice the only thing they could find was a room in the old folks’ home.

My neighbors seemed to think I was very strange. One nice lady kept trying to speak with me in German every morning on my way to work, and every day I had to tell her that I do not speak German. The visit turned out to be extremely productive in terms of generating papers, as I had next to nothing else to do during that time, and certainly could not host any parties at my place.

7

What is the proudest achievement of your professional career?

I was very proud to see my PhD students find excellent academic jobs. Dan Li started at the Faculty of Business and Economics at Hong Kong University in 2011. Feng Zhan will start at Boler School of Business at John Carroll University in Cleveland in August 2014.

I have also enjoyed the opportunity to work with the Government of Ontario in recent years on matters to do with venture capital policy, and more generally on policies to support businesses in Ontario. Similarly, I have enjoyed working with the Ontario Securities Commission and the Investment Industry Regulatory Organization of Canada.

8

Name a famous figure who inspired your research?

My dad had the greatest influence on my working life, while my mom had the greatest influence on my personal life.

My dad is the hardest working guy I’ve ever met. He just retired this year from a career as a cardiologist at the age of 85.

He has published more than I have, but I hope to catch up one day. From the earliest times I can remember, he taught me about “no pain, no gain!” This attitude should apply to both athletics and academics.

9

What is the most unusual place your research has taken you?

I was in the Sahara Desert in an Oasis… on a holiday with my wife. We were sleeping in a tent. I woke up in the middle of the night and tried to get some work done. It was so quiet that it was quite a good place to concentrate. But on the downside… my keyboard did not work well after that night (sand particles… hard to prevent them from getting everywhere!)

10

What do you find most rewarding about your profession?

Carrying out empirical work is like being a detective. I find it to be quite fascinating, particularly when you discover something that someone has not considered before.

The most rewarding part of being a professor is working with students, and helping or encouraging them to see how exciting the study of business, finance, and law really is. I truly believe that professors enjoy the luxury of working in the greatest profession. ◆

Spotlight on Research 2014 17

Launch of the Centre for Global Enterprise

Schulich’s new Centre for Global Enterprise to offer research-based support Consulting, research and teaching hub to help Canadian businesses succeed in world markets

As inaugural director of Schulich’s new Centre for Global Enterprise, Lorna Wright is on a mission to develop a research, consulting and teaching hub to help more Canadian small and medium-size businesses successfully expand into international markets.

“I’ve been working internationally for my entire career,” says Wright, who is Export Development Canada Professor of International Business at the Schulich School of Business. “One of the things that has always frustrated me is to see the number of opportunities available outside our own small market that Canadian companies weren’t taking advantage of, but that companies from other countries were.”

According to Wright, the Centre for Global Enterprise will help ensure fewer Canadian businesses miss their calling to compete in international markets.

Launched on November 21, 2013, during Global Entrepreneurship Week, the Centre for Global Enterprise’s mission is to motivate, enable and assist SMEs to build on their domestic success by taking advantage of global opportunities. The Centre will also serve as a resource centre for all Canadian companies that aspire to expand internationally.

Wright strongly feels that Canada’s continued economic prosperity depends upon small and medium-size companies participating more fully in the global 18 Schulich SchulichSchool Schoolof ofBusiness Business

economy – an ambitious goal that the Centre for Global Enterprise will help to achieve.

This is no small mandate, considering that only about 10 per cent of Canada’s 1.4 million small and medium-size businesses – defined by Industry Canada as those with fewer than 500 employees and revenues of less than $50 million – have developed significant export markets.

Since SMEs also make up 98 per cent of the nation’s businesses and employ 60 per cent of the workforce, the impact of these missed opportunities are felt by many Canadians, Wright points out.

As head of the Centre for Global Enterprise (CGE), Wright will pull together the research and teaching efforts of 24 affiliated professors at Schulich. As well, MBA student teams will be paired with SMEs to help them map out a foreign markets strategy as part of the students’ Strategic Field Studies and Global Leadership Program work for credit.

“The centre has several mandates,” Wright says. “One is to get our current generation of SMEs doing more business beyond Canada’s borders and another is to help train our next generation of

business people so they are confident exploring global opportunities.”

While other organizations exist to help SMEs, Wright says Schulich’s Centre for Global Enterprise is the only one with “a unique combination of world-leading expertise and research, a truly global reach, and an ability to link well-trained, internationally savvy students and graduates with SMEs and entrepreneurs to help them access international opportunities.”At the same time, the Centre realizes the value of partnership in today’s world and is establishing linkages with other organizations with a similar mandate.

While the Centre’s work is still in its early stages, MBA student Thomas Rochricht is excited by the opportunity to be part of a field study team working with an automotive parts manufacturer with operations in the Americas, Europe and Asia.

“Nothing can replace real-world consulting experience,” Rochricht says.

To enable students to “hit the ground running” when they graduate, the Centre will offer the new Certificate in Managing

Lorna Wright, Export Development Canada Professor of International Business at Schulich and Director, Centre for Global Enterprise

Guest speakers at the Centre for Global Enterprise launch: (left) Greg Twinney, former COO/CFO of Kobo and (centre) Alan Ballak, President of Trade Network Canada & former Trade Commissioner with Lorna Wright (right)

International Trade and Investment (CMITI) that has been made possible through support by EDC, making the business students excellent hires for SMEs preparing to go global. The Centre will also host cross-sector workshops and enterprise forums, providing hands-on coaching and training sessions for entrepreneurs.

“The centre has several mandates,” Wright says. “One is to get our current generation of SMEs

members: the Certified General Accountants of Ontario, Export Development Canada, RBC and Scotiabank, with several associated research chairs, professorships and academic positions, including the CGA Ontario Chair in International Entrepreneurship and a newly established Chair supported by Scotiabank. Schulich students will also benefit from student financial aid through the Scotiabank Global Scholars program.

Dean Dezsö J. Horváth said the Centre for Global Enterprise is a natural fit with the Schulich School of Business and York University.

Dezsö J. Horváth, Dean of the Schulich School of Business & Tanna H. Schulich Chair in Strategic Management

“Schulich has a long and successful track record in outreach activities with the global business community and in teaching and research in the fields of international business and entrepreneurship,” says Horváth. “Through the Centre for Global Enterprise, we will help spur the growth of hundreds of small to medium-sized companies – companies that will be Canada’s future global champions in the years ahead. And the Schulich School of Business will also graduate many of the business leaders who will be running those global companies.” ◆

doing more business beyond Canada’s borders and another is to help train our next generation of business people so they are confident exploring global opportunities.”

In addition, the Centre is working with EDC to help develop a National Curriculum in Integrative Trade that will be available to all Canadian universities. The National Curriculum will provide resource materials to augment various business school offerings, particularly core courses at the undergraduate level. While the CMITI is focused on students who want a career involving international activities, every student should have an understanding of international business, since these days no business will be untouched by global trade.

The work of the Centre for Global Enterprise is also supported by its founding

(left to right) Dean Horváth, Lorna Wright and Doug Brooks, CEO of CGA Ontario Spotlight on Research 2014 19

Re-envisioning Marketing: One Assemblage at a Time For Associate Marketing Professor Markus Giesler, marketing is not the art of satisfying consumers. It’s the art of assembling markets. Is this why some of the world’s most successful companies are adopting his breakthrough approach? A journey into the world of market systems.

Markus, can you let us into the evolution of your thoughts and how they are different from standard marketing?

you must assemble the market. And the latter

Hall [Kotler’s publisher] had this book website

process could be much better documented in the

link on the back of the book which in turn led

marketing lexicon.

me to Phil’s faculty profile at the Kellogg School of

Sure. In a nutshell, the common sense in marketing has revolved around this idea of creating and communicating value.

The gist of this model is that consumers have these unmet needs and what you want to do is figure out what they are and then create an offering that fills the gap. Aside from product management, the two major challenges are the identifying the need part and then the getting your message out effectively part. That’s the tale of marketing that I grew up with. This idea of satisfying consumers or, in short, consumering.

Management. And so I sent him an email and How did you come to that conclusion?

described my situation. I had of course no idea

For me, the process started in the early 2000s.

who I was talking to and he was surprised but

The war on music downloading had just broken

also open-minded and generous enough to get

out, everything was up in the air, my business

me in touch with some of his colleagues and to

was seriously affected. And so I turned to

invite me to Kellogg to dig deeper.

marketing for answers. I

bought Philip Kotler’s Marketing Management, Millennium Edition. The book was great

of course but of relatively little help in my personal

First of all, Kellogg was a fascinating place.

situation because the proposed strategies more or

Number one marketing department in the world

less relied upon a sandbox which was precisely

at the time, great diversity of orientations. On

crumbling in front of everyone’s eyes. The very

the flip side, there was also a remarkable fixation

sociological conditions necessary to do the

on the consumer in this micro sort of way.

relationships, supporting institutional frameworks,

The differences existed more on the methodological level between, say, grounded theory versus experiments. But the active

and so on, all of that was falling apart. So Prentice

category around which the departmental identity

consumering, you know, a durable music market What’s the problem with consumering?

There is definitely something to be said about this model. It’s easy to teach. The

problem that I have with consumering is about practice. Clearly, companies that

are really important to society and also the

And that’s when you developed your own approach?

with clearly defined consumer needs and behaviors, more or less coagulated price-value

formed was the consumer.

For an incoming practitioner, this was strange.

ones that I’ve been working with, that’s just not

I always thought that marketing was first and

how they go about value. Of course they

foremost about making markets. At a time when

create and communicate value to consumers

downloading was unmaking the music market

but that’s almost like the surface level to an

and the question was how to make it back into a

entirely different set of skills and strategic

market, all kinds of players would have to be

practices. Also reflecting on my own industry

rearranged, not just the consumer. But imagine

background in selling music, it’s obviously very

being in one place with some of the world’s most

different. Before you can serve the market,

highly decorated arborists and everyone is looking

20 Schulich School of Business

at the trees, to the exclusion of the proverbial

matter of network building. Apple embraced a

forest. That was the spirit at the time.

particular network building strategy, a strategy

My great colleague and friend Gary Gebhardt,

that would make people and stuff in the industry

also with a long career in marketing practice,

and larger society to perform on Apple’s rather

and I were the only two students around working

than on Limewire’s or whomever else’s behalf.

on system-level ideas. Gary spent a lot of his days at the management and organizations department to develop his firm-centric process

So the product needs the consumer more than the consumer needs the product?

model of market orientation. I, in turn, ran back

The consumer, the product, and the relationships

and forth between Kellogg and the sociology

that support them including the problem, what is

department across the street to get my head

the problem that is being addressed here, and so on.

around a market-level rather than consumerto another, other cases were added, and this

These elements do not exist independently of each other, they are co-constituted.

market systems approach gradually crystallized.

Consider another company down the road.

and elements is firmly established, it looks

Consider Genentech. The people at Genentech

like Genentech is actually making medicines

say that they make medicines that matter,

that matter.

centric model of marketing. And so one thing led

come out of the lab. In order for it to become a commercial success, Genentech’s lab must actually extend well into society. Only at the end of the story, when the durability of all actors

which is reminiscent of consumering’s emphasis on serving. However, when you actually follow them around, you realize that they are violating virtually every textbook principle of standard marketing because what they are really doing

How does the market systems approach work?

Let’s fast-forward to the year 2002 or 2003, where we can see the idea of reassembling a disintegrating music market in action.

Do you get pushback from people who defend the existence of consumer needs? I remember that this was a big deal in my marketing courses.

is making molecules matter as medicines.

In a way, this ritualistic fashion with which

First, they design molecules and test their

this is insisted upon in the MBA classroom is

durability in the lab. So that’s the molecule

proving my point about how the manager in

part. Next, comes the “matter as medicine” part,

training must in some sense be made to fit the

when that new molecule’s capacity has been

standard theory. There may also be a concern of

established, and they redefine the capacities and

having to defend marketing against ethical

interests of the medical community and the

questions such as do marketers create needs?

patients around it. Genentech’s medicine doesn’t

In the moment you adopt a

Consider Apple’s iTunes Music Store.

From a market-level rather than consumer-centric point of view, marketing is the process of making people and things act as a market. What Jobs understood is that you don’t ask about what the consumer needs or wants. Clearly, people want lots of music and ideally for free. So he rather asked what are the capacities of people and things required for people to need our store so that they could become consumers again? So think about the need here not as pre-existing sentiment in a consumer’s mind but as relational entity or a network that you must set up to function in your interest. So understanding how people get to say 99 cents per song... I need that, that is not so much a matter of market research and then communication strategy, it’s a

Markus Giesler, Associate Professor of Marketing, recently named among the ‘40 Most Outstanding B-School Profs Under 40 In The World’ by Poets&Quants, an online management education website.

Spotlight on Research 2014 21

Re-envisioning Marketing: One Assemblage at a time cont’d sociological perspective, this ethical dimension becomes much less black and white.

For starters, my findings demonstrate that this actually didn’t happen, but I like how this tale pretends that everyone and everything is ready to help diffuse the innovation. You know, not just

And that’s because there are not just producers

the consumers but also the regulators,

and consumers. There are many other groups

dermatologists, journalists, celebrities and stuff

such as scientific experts, regulators, spiritual

such as botulinum bacteria, syringes, living rooms

leaders, activists, journalists, your competitors,

and so on. Marketing’s innovation diffusion model

all trying to recruit the other players to their

comes from biology. But what biologists have long

particular causes. In view of all of these and other

understood and traditional marketing theorists

players wrestling over what has value and what doesn’t, our traditional understandings of what is true or false are significantly challenged.

On the practical level, the simple question I have is what works and what doesn’t for the situation that I’m in. And if it doesn’t work, is this because I just didn’t understand my consumer well enough or because, like Genentech or the exact opposite, say, an activist organization lobbying against genetic medicine, would I first have to intervene into society on behalf of my cause to establish one?

I mean even today, it’s such a naturally British thing for BBC storytellers to pick Handel as the musical background for British stories. Why not Elgar or Holst? The Big Ben chime is said to be based on a variation of four notes from Handel’s Messiah. It is also remarkable in this context that the soundtrack to one the most sacred British rituals, the coronation anthem, was written by a de-facto German. Although my British friends always insist that he was a British citizen at the time, which of course serves to illustrate my point of how rhetorical manoeuvres make assembled things seem perfectly natural.

And so there is a striking similarity between Handel and Elon Musk, Steve Jobs or Dietrich Mateschitz that has remained unaddressed in the MBA classroom. There should definitely be a case study on Handel.

What role does music play for you?

Music is really the most important part in my life. It’s also a great way to understand emotions.

What you learn early on as a musician is that emotions are always a fundamentally systemic concern. The room, the temperature, the light, the instruments, the voices, the audience and so on. Happiness is truly an assemblage.

And so is pride. Consider, in this context, how George Frideric Handel deviated from the standard marketing protocol in creating a society of British men and women to whom his music would be of existential significance. So Handel assembled a Britain, a sense of being British, to which his aesthetic offerings were indispensable.

22 Schulich School of Business

still grapple with is that the virus is never simply spreading and society is also not like a more or less permeable sponge.

The contagious offering is a mutating offering.

The mutation is what makes recurring cultural antibodies complicit. So

my findings speak to the strategic level of this mutation. How Allergan changed emotional branding gears to make these and other actors and ingredients act in the ways they act today. How Allergan transformed the

poison into a fountain of youth, what it took for the living room to be redefined as an acceptable injection site, how they made the media journalists report about freedom of expression and not about the frozen face, how they took the dermatologist out of the world of moulds and rashes and into the world of wellness and beauty.

Lastly, can you talk a bit about your work on Botox Cosmetic?

These and other processes have little to do with

Sure. I’ve been following the Botox market for

painful than cosmetic surgery and more effective

eight years, investigating its creation from multiple

than makeup and more with making markets by

perspectives including consumer, medical

actively nurturing the capacity of people and stuff

practitioner, media, regulator, celebrity, and the

to act on behalf of your product in ways that

people at Allergan in charge of assembling these

make its consumption completely natural. ◆

communicating that Botox is cheaper and less

and other elements.

So let’s apply the old marketing model first.

Today Botox Cosmetic is the largest, non-surgical enhancement solution in North America and a multibillion dollar business. And that’s because Allergan listened to market researchers saying that ageing Baby Boomer women were craving something that’s cheaper and less painful than cosmetic surgery but also more effective than makeup. After Allergan identified its blue ocean, they smartly communicated Botox’s benefits to said Baby Boomer women, thereby making the innovation contagious.

This interview with Markus Giesler was conducted at Nest Labs in Palo Alto, California in March 2014.

Consumer Culture, Corporate Finance, Corporate Social Responsibility, Emerging Economies, Entrepreneurial Studies, Financial Engineering, Organization Strategy, Performance Measures, Public Policy, Strategic Management, Supply Chain Management, Organizational Accounting, Asset Pricing, Branding, Business and Sustainability, Business Ethics, International Business, Globalization, Real Estate Development, Health Care Management

New & Forthcoming Publications

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.

Managing Contemporary Enterprise (Eighth Edition)

Advanced Financial Accounting (Seventh Edition)

Qualitative Consumer & Marketing Research

The Routledge Companion to Digital Consumption

Compiled by: Jean Adams

By: Thomas H. Beechy, V. Umashanker Trivedi and Kenneth E. MacAulay

By: Russell W. Belk, Eileen Fischer and Robert V. Kozinets

Edited by: Russell W. Belk and Rosa Llamas

Paperback: 240 pages Publisher: Sage Publication Date: 2013 ISBN-10: 0857027670 ISBN-13: 978-0857027672

Hardcover: 456 pages Publisher: Routledge Publication Date: 2013 ISBN10: 415679923 ISBN13: 978-0415679923

Paperback: 163 pages Publisher: York University Press, Toronto Publication date: 2013 ISBN: 2819997770104

24 Schulich School of Business 

Hardcover: 672 pages Publisher: Pearson Education Canada Publication Date: 2013 ISBN-10: 132928930 ISBN-13: 978-0132928939

Data Envelopment Analysis: Balanced Benchmarking

Social Partnerships and Responsible Business: A Research Handbook

By: Wade Cook and Joe Zhu

Edited by: May M. Seitanidi and Andrew Crane

Paperback: 312 pages Publisher: CreateSpace Independent Publishing Platform Publication Date: 2013 ISBN10: 149297479X ISBN13: 978-1492974796

Hardcover: 256 pages Publisher: London Routledge Publication Date: 2013 ISBN10: 0415678641 ISBN13: 978-0415678643

Hedge Fund Structure, Regulation, and Performance around the World

Entrepreneurship, Finance, Governance and Ethics

By: Douglas Cumming, Na Dai and Sofia A. Johan

Edited by: Robert Cressy, Douglas Cumming and Chris Mallin

Hardcover: 272 pages Publisher: Oxford University Press Publication Date: 2013 ISBN10: 0199862567 ISBN13: 978-0199862566

Hardcover: 455 pages Publisher: Springer Press Publication Date: 2013 ISBN10: 9400738668 ISBN13: 978-9400738669

Corporate Social Responsibility: Readings and Cases in a Global Context (Second Edition) Edited by: Andrew Crane, Dirk Matten, and Laura Spence Paperback: 616 pages Publisher: London Routledge Publication Date: 2013 ISBN10: 0415683254 ISBN13: 978-0415683258

Developing China’s Capital Market: Experiences and Challenges Edited by: Douglas Cumming, A. Guariglia, W. Hou and E. Lee Hardcover: 216 pages Publisher: Palgrave MacMillan Publication Date: 2013 ISBN-10: 1137341564 ISBN-13: 978-1137341563

Venture Capital and Private Equity Contracting: An International Perspective, 2nd Edition

Corporate Citizenship, Vol 14 of the series: Corporate Governance in the New Global Economy

By: Douglas J. Cumming and Sofia A. Johan

Edited by: Dirk Matten and Jeremy Moon

Hardcover: 756 pages Publisher: Elsevier Science Academic Press Publication Date: 2013 ISBN-10: 0121985814 ISBN-13: 978-0121985813

Hardcover: 832 pages Publisher: Cheltenham (Edward Elgar) Publication Date: 2013 ISBN: 978 1 84376 238 6

Spotlight on Research 2014 25

Books cont’d

Life Annuities: An Optimal Product for Retirement Income

Fundamentals of Corporate Finance (8th Canadian Edition)

By: Moshe A. Milevsky

By: Stephen Ross, Randolph Westerfield, Bradford Jordan and Gordon Roberts

Paperback: 154 pages Publisher: Research Foundation of CFA Institute Publication Date: 2013 ISBN-10: 1934667560 ISBN-13: 978-1934667569

Hardcover: 804 pages Publisher: McGraw-Hill Ryerson Higher Education Publication Date: 2013 ISBN10: 0071051600 ISBN13: 978-0071051606

Essays in the Fundamental Theory of Monetary Economics and Macroeconomics

Data Envelopment Analysis: A Handbook on Modelling Multistage and Network Structures

By: John Smithin

By: Wade D. Cook and Joe Zhu

Hardcover: 300 pages Publisher: World Scientific Publishing, Singapore Publication Date: 2013 ISBN-10: 9814289167 ISBN-13: 978-9814289160

Hardcover: 599 pages Publisher: Springer Science Publication Date: 2014 ISBN-10: 1489980679 ISBN-13: 978-1489980670

Fo rthcom i n g

Marketing Legends: Russell Belk, Volume 10: Magic and Spirituality

Developments in Chinese Entrepreneurship: Key Issues and Challenges

Edited by: R. Kozinets

By: Cumming, D.J., M. Firth, W. Hou and E. Lee

Publisher: London Sage Publication Date: Forthcoming

Publisher: Palgrave MacMillan Publication Date: Forthcoming 2014

Business Ethics – Managing Corporate Citizenship and Sustainability in the Age of Globalization, 4th Edition

Sustainable Entrepreneurship in China: Ethics, Corporate Governance, and Institutional Reforms

By: Andrew Crane and Dirk Matten

By: Cumming, D.J., M. Firth, W. Hou and E. Lee

Publisher: Oxford (Oxford University Press) Publication Date: Forthcoming 2014

Publisher: Palgrave MacMillan Publication Date: Forthcoming 2014

Legends in Consumer Behavior By: Russell W. Belk and Jagdish N. Sheth Hardcover: 3782 pages Publisher: Sage Publications Publication Date: 2014 ISBN-10: 8132113179 ISBN-13: 978-8132113171

26 Schulich School of Business

Authorities on Management: Education, Consulting, Media By: Engwall. L., Kipping, M., and Üsdiken, B. Publisher: Routledge Publication Date: Forthcoming 2015

Journal Articles Those articles that appear in the list of Financial Times of London “Top 45 Academic and Practitioner Journals in Business” are marked by an asterisk.

Adams, Jean (2013), “Blended Learning: Instructional Design Strategies for Maximizing Impact,” International Journal of E-Learning, 12(1), 317-338.

Adams, Jean (Forthcoming), “Practical Advice for Developing, Designing, and Delivering Soft Skills Programs,” The IUP Journal of Soft Skills. * Annisette, Marcia (2013) “Globalization paradox and the (un)making of identities: Immigrant Chartered Accountants of India in Canada,” Accounting, Organizations and Society, 38(1), 1-29. (with Trivedi, S.) * Aulakh, Preet (2013), “Licensee Technological Potential and Exclusive Rights in International Licensing: A Multilevel Model,” Journal of International Business Studies, 44(7), 699-718. (with Marshall S. Jiang and Sali Li) Aulakh, Preet (Forthcoming), “What Drives Overseas Acquisitions by Indian Firms? A Behavioral Risk-Taking Perspective,” Management International Review. (with Raveendra Chittoor and Sougata Ray) Aulakh, Preet (Forthcoming), “Organizational Landscapes in India,” Special Issue, Long Range Planning. (co-edited with Raveendra Chittoor) * Auster, Ellen (2013), “Navigating the Politics and Emotions of Change,” MIT Sloan Management Review, 54(4), 31-36. (with Ruebottom, T.) * Auster, Ellen (2013), “Values and Poetic Organizations: Beyond Value Fit Towards Values Through Conversation,” Journal of Business Ethics, 113(1), 39-49. (with R.E. Freeman) Auster, Ellen (Forthcoming), “Strategic Fit(ness),” Palgrave Encyclopedia of Strategic Management. (edited by D. Teece and M. Augier) * Bae, Kee-Hong (2013), “Credit Rating Initiation and Accounting Quality for Emerging Market Firms,” Journal of International Business Studies, 44, 216-234. (with Ligang Jong, Lynette Purda, and Mike Welker) * Bae, Kee-Hong (Forthcoming), “Does Increased Competition Affect Credit Ratings? A Reexamination of the Effect of Fitch’s Market Share on Credit Ratings in the Corporate Bond Market,” Journal of Financial and Quantitative Analysis. (with Jun-Koo Kang and Jin Wang) Bae, Kee-Hong (Forthcoming), “Is Firm-specific Return Variation a Measure of Information Efficiency?,” International Review of Finance. (with Jin-Mo Kim and Yang Ni) Belk, Russell (2013), “Consumer Insights for Developing Markets,” Journal of Indian Business Research, 5(1), 6-9.

Belk, Russell (2013), “Crescent Marketing Muslim geographies and Brand Islam,” Journal of Islamic Marketing, 4(1), 22-50. (with Jonathan Wilson, Gary Bamossy, Özlem Sandikci, Hermawan Kartajaya, Rana Sobh, Jonathan Liu, and Linda Scott)

* Belk, Russell (2013), “The Extended Self in a Digital World,” Journal of Consumer Research, 40(3), 477-500.

Belk, Russell (Forthcoming), “The Labors of the Odysseans and the Legacy of the Odyssey,” Journal of Historical Research in Marketing.

Belk, Russell (2013), “Visual and projective methods in Asian research,” Qualitative Market Research: An International Journal, 16(1), 94-107.

Belk, Russell (Forthcoming), “Sharing versus Pseudo-Sharing in Web 2.0,” The Anthropologist, 4(2)

* Belk, Russell (2013), “No Need to Give Up Your Self-Interest: A Harmonization Process in Vietnamese Wedding Consumption,” Journal of Consumer Research, 40 (October), 518-538.

Belk, Russell (Forthcoming), “Digital Consumption and the Extended Self,” Journal of Marketing Management.

Belk, Russell (2013), “Qualitative versus Quantitative Research in Marketing,” Revista de Negocios, 18(1), 5-9, doi 10.7867. (with Jeff Everett and Abu Rahaman) Belk, Russell (2013), “Co-Creation of Performancescapes,” Journal of Consumer Behaviour, 49-59. (with Tumbat, G.) * Belk, Russell (2014), “The Extended Self Unbound,” Journal of Marketing Theory and Practice, 22 (2), 133-134.

Belk, Russell (Forthcoming), “Anti-consumption and Society,” Journal of Macromarketing.

Belk, Russell (Forthcoming), “Arab Hospitality and Multiculturalism,” Marketing Theory.

Belk, Russell (Forthcoming), “Collaborating in Visual Research,” International Journal of Business Anthropology.

Belk, Russell (Forthcoming), “Revisiting the Extended Self in a Digital World,” Journal of Marketing Theory and Practice.

Belk, Russell (Forthcoming), “The Digital Extended Self,” Journal of Business Research.

Belk, Russell (Forthcoming), “YouTube on the Couch: A Critique of the Psychoanalytic Approach to Film Analysis,” Marketing Theory.

Belk, Russell (Forthcoming), “The Technologically Extended Body,” ICA. Belk, Russell (Forthcoming), “Modest Seductiveness: Reconciling Modesty and Vanity by Reverse Assimilation and Double Resistance,” Journal of Consumer Behavior. (with Rana Sobh) Belk, Russell (Forthcoming), “Setting the Conditions for Going Global: Dubai’s Transformation and the Emirati Women,” Journal of Marketing Management. (with Hélène Cherrier) Belk, Russell (Forthcoming), “Videography in Marketing Research: Mixing Art and Science,” Journal of Arts Marketing. (with Christine Petr and Alain Decrop) Belk, Russell (Forthcoming), “The Art of Using Ethnography,” International Journal of Research in Marketing.

Belk, Russell (Forthcoming), “Mimicry and Modernity in the Middle East: Fashion Invisibility and Young Women of the Arab Gulf,” Consumption, Markets and Culture. (with Rana Sobh)

Bell, Christopher (2013), “Organizational justice and behavioural ethics: new perspectives on workplace fairness,” Human Relations, 66(7), 1-20. (with Crawshaw, J., Cropanzano, R., & Nadisic, T.) Bell, Christopher (2013), “Psychometric evaluation of the Financial Threat Scale (FTS) in the context of the Great Recession,” Journal of Economic Psychology, 36, 1-10. (with Marjanovic, Z., Greenglass, E.R., & Fiksenbaum, L.) Bell, Christopher (2013), “Goals in negotiation revisited: The impact of goal setting and implicit negotiation beliefs,” Negotiation and Conflict Management Research, 6(2), 114-132. (with Tasa, K., & Celani, A.) Bell, Christopher (2014), “Envy and counterproductive work behaviors: Is more justice always good?,” Journal of Organizational Behavior, 35(1), 128-144. (with Khan, A.K., and Quratulain, S.) * Biehl, Markus (Forthcoming), “Is safe production an oxymoron? Exploring how firms manage safety and operations,” Production and Operations Management. (with Mark Pagell, David Johnston, Anthony Veltri, and Robert Klassen) Bonsu, Samuel (2013), “Peer Network Position and Shopping Behavior among Adolescents,” Journal of Retailing and Consumer Services, 20(1), 87-93.

Bonsu, Samuel (Forthcoming), “Knowing Wisdom, Madness and Folly: Russell Belk’s Contribution to Globalism and Consumption,” Legends in Marketing – In Honor of Russell Belk, 6. * Cao, Melanie (2013), “Optimal CEO Compensation with Search: Theory and Empirical Evidence,” Journal of Finance, 68(5), 2001-2058. (with Rong Wang) Chung, Janne (2013), “The Auditors’ Approach to Subsequent Events: Insights From the Academic Literature,” Auditing: A Journal of Practice and Theory, 32(1), 167-207. (with C. Cullinan, M. Frank, J. Long, J. Mueller, and D. O’Reilly) * Cook, Wade (2013), “Data Envelopment Analysis with Non-Homogeneous Decision Making Units,” Operations Research, 61(3), 666-676. (with R. Imanirad, J. Harrison, P. Rouse and J. Zhu) Cook, Wade (2013), “Data Envelopment Analysis: The Research Frontier,” OMEGA, 41(1), 1-2. (with L. Seiford and J. Zhu)

Spotlight on Research 2014 27

Journal Articles cont’d Those articles that appear in the list of Financial Times of London “Top 45 Academic and Practitioner Journals in Business” are marked by an asterisk.

Cook, Wade (2013), “Network DEA Pitfalls: Divisional Efficiency and Frontier Projection,” European Journal of Operational Research, 226, 507-515. (with Y. Chen, C. Kao and J. Zhu)

Cumming, Douglas (2013), “Executive Integrity Audit Opinion and Fraud in Chinese Listed Firms,” Emerging Markets Review, 15, 72-91. (with Chen, J.,W. Hou, and E. Lee)

Cumming, Douglas (Forthcoming), “Corporate Defaults, Workouts and the Rise of the Distressed Asset Investment Industry,” Business History Review. (with G. Fleming)

Cook, Wade (2013), “Partial Input to Output Impacts in DEA: Production Considerations and Resource Sharing Among Business Sub-Units,” Naval Research Logistics, 60(3), 190-207. (with R. Imanirad and J. Zhu)

Cumming, Douglas (2013), “Legality and the Spread of Voluntary Investor Protection,” Revue Finance, 34(3). (with G. Imad’Eddine, and A. Schwienbacher)

Cumming, Douglas (Forthcoming), “Do Markets Anticipate Capital Structure Decisions? Feedback Effects in Equity Liquidity,” Journal of Corporate Finance. (with Andres, C., T. Karabiber, and D. Schweizer)

Cook, Wade (2014), “Data Envelopment Analysis: Prior to choosing a model,” OMEGA, 44, 1-4. (with K. Tone and J. Zhu) Cook, Wade (2014), “Competitiveness Among Higher Education Institutions: A Two-Stage Cobb-Douglas Model for Efficiency Measurement of Schools of Business,” Journal of Centrum Cathedra: The Business and Economics Research Journal, 7(1), 210-220. (with S. Aviles Sacoto, and D. Güemes-Castorena) Cook, Wade (2014), “Fixed Cost and Resource Allocation Based on DEA Cross Efficiency,” European Journal of Operational Research, 235(1), 206-214. (with J. Du, L. Liang and J. Zhu) Cook, Wade (2014), “DEA Cobb-Douglas Frontier and Cross Efficiency,” Journal of the Operational Research Society, 65, 265-268. (with J. Zhu) * Crane, Andrew (2013), “Modern slavery as a management practice: exploring the conditions and capabilities for human exploitation,” Academy of Management Review, 38(1), 49-69. * Crane, Andrew (2014), “Contesting the value of the shared value concept,” California Management Review, 56(2), 130-153. (with Palazzo, G., Spence, L.J. and Matten, D.) Crane, Andrew (Forthcoming), “Exploring tourists’ accounts of responsible tourism,” Annals of Tourism Research. (with Caruana, R., Glozer, S., and McCabe, S.) * Crane, Andrew (Forthcoming), “Enhancing the impact of cross-sector partnerships,” Journal of Business Ethics. (with Brammer, S., Seitanidi, M.M. and van Tulder, R. (eds)) Cumming, Douglas (2013), “Debt Investments in Private Firms: Legal Institutions and Investment Performance in 25 Countries,” Journal of Fixed Income, 23(1), 102-123. (with G. Fleming) Cumming, Douglas (2013), “Debt Investments in Private Firms: Legal Institutions and Investment Performance in 25 Countries,” Journal of Banking and Finance, 37(5), 1508-1523.

Cumming, Douglas (2013), “Demand Driven Securities Regulation: Evidence from Crowdfunding,” Venture Capital: An International Journal of Entrepreneurial Finance, 15, 361-379. (with S.A. Johan)

28 Schulich School of Business

Cumming, Douglas (2013), “Listing Standards and Fraud,” Managerial and Decision Economics, 34, 451-470. (with S. Johan) Cumming, Douglas (2013), “Private Equity Benchmarks and Portfolio Optimization,” Journal of Banking and Finance, 37, 3515-3528. (with L.H. Haß, and D. Schweizer) Cumming, Douglas (2013), “Private Equity Performance under Extreme Regulation,” Journal of Banking and Finance, 37(5), 1508–1523. (with S. Zambelli) Cumming, Douglas (2013), “Public Policy, Entrepreneurship, and Venture Capital in the United States,” Journal of Corporate Finance, 23, 345-367. (with D. Li) Cumming, Douglas (2013), “Technology Parks and Entrepreneurial Outcomes around the World,” International Journal of Managerial Finance, 9(4), 279-293. (with S. Johan) Cumming, Douglas (2013), “The Impact of Hedge Fund Regulation: An International Perspective,” World Financial Review (May-June), 17-20. (with N. Dai, and S. Johan) Cumming, Douglas (2013), “The Impact of Law and Corruption on Venture Capital and Private Equity Fees and Returns,” World Financial Review (September-October), 65-68. (with G. Fleming, S. Johan and D. Najar) * Cumming, Douglas (2013), “Why do Entrepreneurs Switch Lead Venture Capitalists,” Entrepreneurship Theory and Practice, 37, 999-1017. (with N. Dai) Cumming, Douglas (2014), “Developing China’s Capital Market,” European Journal of Finance, conditionally accepted. (with A. Guariglia, W. Hou and E. Lee) Cumming, Douglas (2014), “Global Perspectives on Entrepreneurship: Public and Corporate Governance,” Corporate Governance: An International Review, 22, 73-76. (with R. Chakrabarti) Cumming, Douglas (2014), “The Impact of Entrepreneurship: Comparing International Datasets,” Corporate Governance: An International Review, 22, 162-178. (with S.A. Johan, and M. Zhang) *Cumming, Douglas (Forthcoming), “Business Ethics in China,” Journal of Business Ethics, conditionally accepted. (with W. Hou, and E. Lee)

* Cumming, Douglas (Forthcoming), “Does the External Monitoring Effect of Analysts Deter Corporate Fraud in China?,” Journal of Business Ethics. (with Chen, J., W. Hou, and E. Lee) Cumming, Douglas (Forthcoming), “Experiences and Challenges in the Development of the Chinese Capital Market,” European Journal of Finance. (with N. Dai) Cumming, Douglas (Forthcoming), “Exploring Entrepreneurial Activity and Small Business Issues in the Chinese Economy,” International Small Business Journal. (with A. Guariglia, W. Hou and E. Lee) Cumming, Douglas (Forthcoming), “Home-Country Governance and Cross-Listing in the US,” European Journal of Finance. (with W. Hou, and E. Wu) Cumming, Douglas (Forthcoming), “Measuring the Effect of Bankruptcy Laws on Entrepreneurship Across Countries,” Venture Capital: An International Journal of Entrepreneurial Finance. (with S.A. Johan, and M. Zhang) Cumming, Douglas (Forthcoming), “Media Coverage and the Foreign Share Discount in China,” European Journal of Finance. (with R. Dixon, W. Hou, and E. Lee) Cumming, Douglas (Forthcoming), “Public Economics Gone Wild: Lessons from Venture Capital,” International Review of Financial Analysis.

Cumming, Douglas (Forthcoming), “Strategic Asset Allocation and the Role of Alternative Investments,” European Financial Management. (with Lars Helge Haß, and D. Schweizer) * Cumming, Douglas (Forthcoming), “The Role of Agents in Private Entrepreneurial Finance,” Entrepreneurship Theory and Practice. (with J.A. Pandes and M.J. Robinson) Cumming, Douglas (Forthcoming), “Trade Size around the World,” European Journal of Finance, conditionally accepted. (with Aitken, M., and F. Zhan) Cumming, Douglas (Forthcoming), “Valuation of restricted shares by conflicting shareholders in the Split Share Structure Reform,” European Journal of Finance. (with S.A. Johan) Cumming, Douglas (Forthcoming), “Venture’s Economic Impact in Australia,” Journal of Technology Transfer. (with S.A. Johan)

Those articles that appear in the list of Financial Times of London “Top 45 Academic and Practitioner Journals in Business” are marked by an asterisk.

Darke, Peter (2014), “Targeting Miss Daisy: Using Age and Gender to Target Unethical Sales Tactics,” Marketing Letters, 25(1), 67-75. (with Cowart, K.O.) * Darke, Peter (Forthcoming), “I’d Like to Be That Attractive, But At Least I’m Smart: How Exposure to Ideal Advertising Models Motivates Improved Decision-Making,” Journal of Consumer Psychology. (with Sobol, K.) Darroch, James (Forthcoming), “Regulation as a source of global competitive advantage: The case of the Canadian life insurance industry,” [in Japanese], Kyoto University Economic Review. * Deutsch, Yuval (2013), “Compensating outside directors with stock: The impact on non-primary stakeholders,” Journal of Business Ethics, 116, 67-85. (with Valente, M.) * Deutsch, Yuval (2013), “The Trouble With Stock Compensation,” MIT Sloan Management Review, 54(4), 19-20. (with Valente, M.) Eberlein, Burkard (2014), “Transnational Business Governance Interactions: Conceptualization and Framework for Analysis,” Regulation & Governance, Special Issue, 8(1), 1-21. (with K. Abbott, J. Black, E. Meidinger, S. Wood)

Farjoun, Moshe (Forthcoming), “Changing to remain the same: ‘Dynamic Conservatism’ and Selznick’s Institutional Pragmatism,” Research in the Sociology of Organizations. (with Ansell, C., and Boin, A.)

Husted, Bryan (2013), “Spillover effects of voluntary environmental programs on greenhouse gas emissions: Lessons from Mexico,” Journal of Policy Analysis and Management, 32(2), 296-322. (with Henriques, Irene, and Ivan Montiel)

Fischer, Eileen (2013), “Positioning Person Brands in Established Organizational Fields,” Journal of the Academy of Marketing Science, 41(3), 373-387. (with M. Parmentier, and R. Reuber)

Husted, Bryan (2013), “Global environmental and social strategy,” Global Strategy Journal, 3: 195-197.

* Fischer, Eileen (2013), “Frustrated Fatshionistas: An Institutional Theory Perspective on Consumer Quests for Greater Choice in Mainstream Markets,” Journal of Consumer Research, 39(6), 1234-1257. (with D. Scaraboto) Fischer, Eileen (Forthcoming), “Frustrated Fatshionistas: An Institutional Theory Perspective on Consumer Quests for Greater Choice in Mainstream Markets,” International Perspectives of Marketing Theory. (eds M. Tadajewski and R. Cluley) * Fischer, Eileen (Forthcoming), “Online Entrepreneurial Communication: Mitigating Uncertainty and Increasing Differentiation Via Twitter,” Journal of Business Venturing. (with A. Rebecca Reuber)

Eberlein, Burkard (Forthcoming), “Regulation in the EU,” Journal of European Public Policy, Virtual Special Issue.

Giesler, Markus (2013), “Discursivity, Difference, and Disruption: Genealogical Reflections on the CCT Heteroglossia,” Marketing Theory, 13 (June), 149-174. (with Thompson, Craig, Eric Arnould)

* Everett, Jeffrey (2013), “Accounting and the Networks of Corruption,” Accounting, Organizations and Society, 38(6-7), 505-524. (with Neu, D., Rahaman, AS., and Martinez, D.)

Graham, Cameron (2013), “Teaching accounting as a language,” Critical Perspectives on Accounting, 24, 120-126.

* Everett, Jeffrey (2013), “Internal Auditing and Corruption within Government: The Case of the Canadian Sponsorship Program,” Contemporary Accounting Research, 30(3), 1223-1250. (with Neu, D., and Rahaman, AS.)

Henriques, Irene (2013), “Second Generation Biofuels and Bioinvasions: An evaluation of invasive risks and policy responses in Canada and the United States,” Renewable & Sustainable Energy Reviews, 27, 30-42. (with A. L. Smith, N. Klenk, S. Wood, N. Hewitt, N. Yan and D. R. Bazely)

* Everett, Jeffrey (Forthcoming), “Accounting and Sweatshops: Enabling Coordination and Control in Low-Price Apparel Production Chains,” Contemporary Accounting Research. (with Neu, D., and Rahaman, AS.)

Henriques, Irene (2013), “Environmental Management Practices and Performance in Canada,” Canadian Public Policy, 39(s2), 157-175. (with P. Sadorsky)

Everett, Jeffrey (Forthcoming), “On Hypocrisy, the Phronemos, and Kitsch: A reply to our commentators,” Critical Perspectives on Accounting. (with Tremblay, MS.)

Henriques, Irene (2013), “Spillover effects of voluntary environmental programs on greenhouse gas emissions: Lessons from Mexico,” Journal of Policy Analysis and Management, 32(2), 296-322. (with Husted, B.W. & Montiel, I.)

Everett, Jeffrey (Forthcoming), “Accounting for Suffering: Calculative Practices in the Field of Disaster Relief,” Critical Perspectives on Accounting. (with Sargiacomo, M., and Ianni, L.)

Holzinger, Ingo (2013), “Seeing through smoke and mirrors: A Critical Analysis of Marketing Corporate Social Responsibility,” Journal of Business Research, 66(10), 1915-1921. (with Prasad, A.)

Everett, Jeffrey (Forthcoming), “Ethics in Internal Audit: Moral Will and Moral Skill in a Heteronomous Field,” Critical Perspectives on Accounting. (with Tremblay, MS.)

Hsu, Sylvia (Forthcoming), “Accounting Performance and Capacity Investment Decisions: Evidence from California Hospitals,” Decision Sciences Journal. (with Bai, Ge, and Ranjani Krishnan)

Everett, Jeffrey (Forthcoming), “Trust, Morality, and the Privatization of Water Services in Developing Countries,” Business and Society Review. (with Rahaman, AS., and Neu, D.)

Husted, Bryan (2014), “An exploratory study of environmental attitudes and willingness to pay for environmental certification in Mexico,” Journal of Business Research., 67(5): 891-899. (with Russo, Michael V., Basurto, Carlos E., and Tilleman, Suzanne E.) Husted, Bryan (Forthcoming), “Value creation through social strategy,” Business & Society. (with David B. Allen, and Ned Kock) Johnston, David (2013), “Understanding safety in the context of business operations: an exploratory study using case studies,” Safety Science, 55, 119-134. (with Anthony Veltri, Mark Pagell, and Ben Amik) * Johnston, David (2013), “Is safe production an oxymoron? Exploring how firms manage safety and operations,” Production and Operations Management, online. (with Mark Pagell, Anthony Veltri, Robert Klassen and Markus Biehl) Johnston, David (2013), “When does lean hurt?

An exploration of lean practices and worker health and safety outcomes,” International Journal of Production Research, 51(11), 3300-3320. (with Annachiara Longoni, Mark Pagell, and Anthony Veltri) * Johnston, David (2014), “Towards a Structural View of Co-opetition in Supply Networks”, Journal of Operations Management, 32(5), 254-267. (with Surya D. Pathak and Zhaohui Wu) Joshi, Ashwin (2013), “Corporate Ecological Responsiveness: Antecedent Effects of Institutional Pressure and Top Management Commitment and Their Impact on Organizational Performance,” Business Strategy and the Environment, 22(2), 73-91. (with Cowell, Scott R.) Kamstra, Mark (2013), “Effects of Daylight-Saving Time Changes on Stock Market Returns and Stock Market Volatility: Rebuttal,” Psychological Reports, 112, Page 1-11. (with Lisa A. Kramer, and Maurice D. Levi) Kamstra, Mark (Forthcoming), “Loan Resales Asset Selection and Borrowing Cost,” Review of Finance, conditionally accepted. (with Gordon S. Roberts and Pei Shao) Kamstra, Mark (Forthcoming), “Seasonally Varying Preferences: Theoretical Foundations for an Empirical Regularity,” Review of Asset Pricing Studies. (with Lisa A. Kramer, Maurice D. Levi, and Tan Wang) Kamstra, Mark (Forthcoming), “Seasonal Variation in Treasury Returns,” Critical Finance Review. (with Lisa A. Kramer, and Maurice D. Levi.)

Spotlight on Research 2014 29

Journal Articles cont’d Those articles that appear in the list of Financial Times of London “Top 45 Academic and Practitioner Journals in Business” are marked by an asterisk.

Kanagaretnam, Kiridaran (2013), “Impact of FDICIA Internal Controls on Bank Risk Taking,” Journal of Banking and Finance, 37, 614-624. (with Jin, J.Y., G. J. Lobo, and R. Mathieu)

Kipping, Matthias (Forthcoming), “History in Organization and Management Theory: More than meets the eye,” The Academy of Management Annals. (with Behlül Üsdiken)

Kanagaretnam, Kiridaran (2013), “Unintended Consequences of Increased Asset threshold for FDICIA Internal Controls: Evidence from U.S. Private Banks,” Journal of Banking and Finance, 37, 4879-4892. (with Jin, J.Y., and G. J. Lobo)

Kipping, Matthias (Forthcoming), “The Managerialization of Banking: From Roadmap to Reality,” Management & Organizational History. (with Gerarda Westerhuis)

Kanagaretnam, Kiridaran (2013), “Relationship between Board Independence and Firm Performance Post- Sarbanes Oxley,” Corporate Ownership and Control. (with G.J. Lobo and D. Whalen)

* Kistruck, Geoffrey (2013), “Mitigating PrincipalAgent Problems in Base-of-the-Pyramid Markets: An Identity Spillover Perspective,” Academy of Management Journal, 56, 659-682. (with Sutter, C., Lount, R., & Smith, B.)

Kanagaretnam, Kiridaran (2014), “Effects of International Institutional Factors on Earnings Quality of Banks,” Journal of Banking and Finance, 39, 87-106. (with C.Y. Lim and G.J. Lobo)

* Kistruck, Geoffrey (2013), “Social Intermediation in Base-of-the Pyramid Markets,” Journal of Management Studies, 50(1), 31-66. (with Beamish, P., Qureshi, I., & Sutter, C.)

* Kanagaretnam, Kiridaran (Forthcoming), “Influence of National Culture on Accounting Conservatism and Risk Taking in the Banking Industry,” The Accounting Review. (with C.Y. Lim and G.J. Lobo)

* Kistruck, Geoffrey (2013), “Entrepreneurs’ Responses to Semi-Formal Illegitimate Institutional Arrangements,” Journal of Business Venturing, 28(6), 743-758. (with Sutter, C., Webb, J., & Bailey, A.)

Kanagaretnam, Kiridaran (Forthcoming), “Transparency and Empowerment in an Investment Environment,” Journal of Business Research. (with S. Mestelman, S.M.K. Nainar and M. Shehata)

Kistruck, Geoffrey (Forthcoming), “Adaptations to Knowledge Templates in Base-ofthe-Pyramid Markets: The Role of Social Interaction,” Strategic Entrepreneurship Journal. (with Sutter, C., & Morris, S.)

* Kecskés, Ambrus (2013), “Are short sellers informed? Evidence from the bond market,” Accounting Review, 88, 611-639. (with Sattar Mansi, and Andrew Zhang) * Kecskés, Ambrus (2013), “The real effects of financial shocks: Evidence from exogenous changes in analyst coverage,” Journal of Finance, 68, 1383-1416. (with Derrien, François) * Kecskés, Ambrus (Forthcoming), “Investor horizons and corporate policies,” Journal of Financial and Quantitative Analysis. (with Derrien, François, and David Thesmar) Kim, Henry (Forthcoming), “Of Carbon (footprints) and Water (coolers): An exploratory study of virtual worlds for B2B E-Commerce,” Journal of Theoretical and Applied Electronic Commerce Research. (with Lyons, Kelly) * Kipping, Matthias (2013), “Alternative Pathways of Change in Professional Service Firms: The Case of Management Consulting,” Journal of Management Studies, 50(5), 777-807. (with Ian Kirkpatrick) Kipping, Matthias (2013), “Management Consulting: Dynamics Debates and Directions,” International Journal of Strategic Communication, 7(2), 84-98. (with Lars Engwall) Kipping, Matthias (2013), “Regulation as a source of global competitive advantage: The case of the Canadian life insurance industry,” [in Japanese], Kyoto University Economic Review., 187(3), 21-43. (with James Darroch)

30 Schulich School of Business

* Kistruck, Geoffrey (Forthcoming), “The impact of moral intensity and desire for control on scaling decisions in social entrepreneurship,” Journal of Business Ethics. (with Smith, B., & Cannatelli, B.) Kistruck, Geoffrey (Forthcoming), “Connecting Poverty to Purchase in Informal Markets,” Strategic Entrepreneurship Journal. (with London, T., Esper, H., & Grogan-Kaylor, A.) Kozinets, Robert (Forthcoming), “Rise, Cultural Eyes, Rise: Culturalize!,” Journal of the Italian Marketing Association.

Lévesque, Moren (2013), “How Late Should Johnny-Come-Lately Come?,” Long Range Planning, 46(4-5), 369-386. (with Minniti, M. and D.A. Shepherd) * Lévesque, Moren (2013), “The Role of Operations Management across the Entrepreneurial Value Chain,” Production and Operations Management, 22(6), 1321-1335. (with Joglekar, N.) * Lévesque, Moren (Forthcoming), “Trustworthiness: A Critical Ingredient for Entrepreneurs Seeking Investors,” Entrepreneurship Theory and Practice. (with Maxwell, A.) * Lévesque, Moren (Forthcoming), “Towards a Theory of Entrepreneurial Rents: A Simulation of the Market Process,” Strategic Management Journal. (with Keyhani, M., and Madhok, A.)

* Li, X, Stan (2014), “Editors’ Introduction: Relational Pluralism Within and Between Organizations,” Academy of Management Journal. (with Gulati, Ranjay, Kilduff, Martin, Shipilov, Andrew and Tsai, Wenpin) * Li, X, Stan (Forthcoming), “A staged model of geographic concentration: Wine production in Ontario 1865-1974,” Strategic Management Journal. (with Liang, Wang, & Madhok, Anoop) * Li, Z, Zhepeng (Lionel) (2013), “Predicting Adoption Probabilities in Social Networks,” Information Systems Research, 24(1), 128-145. (with Xiao Fang, Paul Jen-Hwa Hu, and Weiyu Tsai) * Madhok, Anoop (Forthcoming), “Agglomeration and clustering over the industry life cycle: Towards a dynamic model of geographic concentration,” Strategic Management Journal, 35. (with L. Wang and S. Li) Madhok, Anoop (Forthcoming), “The evolution of strategic management research: Recent trends and new directions,” Business Research Quarterly, 17(2). (with L. Guerras and M. Angeles Montoro-Sanchez) * Madhok, Anoop (Forthcoming), “Towards a Theory of Entrepreneurial Rents: A Simulation of the Market Process,” Strategic Management Journal, 35. (with Keyhani, M., and Lévesque, M.) Massoud, Nadia (2013), “The Impact of Wealth on Credit Card Mistakes,” Journal of Financial Stability, 9(1), 26-37. (with Saunders and Scholnick) * Massoud, Nadia (Forthcoming), “The Impact of Fraudulent False Information on Equity Values,” Journal of Business Ethics. (with Ullah and Scholnick) Matten, Dirk (2013), “Impakt Consulting: Corporate Social Responsibility in Junior Mining Companies,” Impakt Consulting White Paper Series.

Matten, Dirk (2014), “The business firm as a political actor: A new theory of the firm for a globalized world,” Business & Society, 53(2), 143-156. (with A.G. Scherer, G. Palazzo) * Matten, Dirk (2014), “Contesting the value of “Creating Shared Value,” California Management Review, 56(2), 130-149. (with A. Crane, G. Palazzo, L.J. Spence) * Matten, Dirk (2014), “A reply to ‘A response to Andrew Crane et al.’s article by Michael E. Porter and Mark R. Kramer’,” California Management Review, 56(2), 151-153. (with A. Crane, G. Palazzo, L.J. Spence) Mawani, Amin (2013), “Awareness and Use of the Children’s Fitness Tax Credit,” Canadian Tax Journal, 61(3), 599-632. (with Fisher KL, von Tigerstrom B, Larre T, Cameron C, Chad KE, Reeder B, Tremblay MS) McMillan, Charles (2013), “Trade Bridges Across the Pacific: Towards a Canada Japan EPA,” CCCJ The Canadian, 13, 1-6. (with Sadaki Numata)

Those articles that appear in the list of Financial Times of London “Top 45 Academic and Practitioner Journals in Business” are marked by an asterisk.

McMillan, Charles (2013), “Aggressive Predator or Passive Investor: Multinationals in the Mining Industry – A Case Study in an Emerging Country,” Transnational Corporations Review, 5(1), 50-75. (with Eric Baxter) McMillan, Charles (2013), “What Causes International Variations in Hospital Length of Stay: a Comparative Analysis for Two Conditions of inpatients in Japanese and Canadian Hospitals,” Health Services Management Research, 60, 1-9. (with Jim Tiessen, Ken Kato, and Hirofumi Kambara) * McMillan, Charles (Forthcoming), “From Simple to Complex to Catastrophic Failure: Towards a Theory of Organizational Failure,” Academy of Management Review. (with Jeff Overall) McMillan, Charles (Forthcoming), “Playing it Safe – Wicked Problems and the MBA Curriculum,” Academy of Management Learning and Education, 26. (with Jeff Overall) Milevsky, Moshe (2014), “Optimal Initiation of a GLWB in a Variable Annuity: No Arbitrage Approach,” Journal of Risk and Insurance: Mathametics and Economics. (with T.S. Salisbury and H. Huang)

Pan, Yigang (2014), “Host-country Headquarters of U.S. Firms in China: An Empirical Study,” Journal of International Management. (with Lefa Teng, Mingyang Yu, Xiongwen Lu, and Dan Huang)

Shum, Pauline (2013), “The Performance of Leveraged and Inverse ETFs During Volatile Times,” Managerial Finance (Special Issue on ETFs), 39(5), 476-508. (with Jisok Kang)

Prisman, Eliezer (2013), “Valuing Historical Land Claims and Its Loss of Use,” Journal of Real Estate Literature, 21(2), 315-325. (with Fred Lazar)

Sirsi, Ajay (2013), “Postal Organizations Need to Become Market Driven,” Union Postale.

Prisman, Eliezer (2013), “Arbitrage Violations and Implied Valuations: The Option Market,” European Journal of Finance, 19(3-14), 298-327. (with Ioulia Ioffe) Prisman, Eliezer (2014), “Intraoperative Risk Management of Hyperparathyroidism: modelling and testing the evolution of parathyroid hormone’s evolution as a mean reverting stochastic processes,” Operations Research for Health Care, 3, 7-14. (with Eitan Prisman and J. Freeman) Roberts, Gordon (2013), “Gresham’s Law in Corporate Finance,” Journal of Financial Perspectives, 1(2), 11-16.

Roberts, Gordon (Forthcoming), “Loan Resales Asset Selection and Borrowing Cost,” Review of Finance. (with Mark Kamstra and Pei Shao)

Milevsky, Moshe (Forthcoming), “Valuation and Hedging of the Ruin-Contingent Life Annuity,” Journal of Risk and Insurance. (with H. Huang and T. Salisbury)

Roberts, Gordon (Forthcoming), “Funding Advantage and Market Discipline in the Canadian Banking Sector,” Journal of Banking and Finance. (with Mehdi Beyhaghi and Christopher D’Sousa)

Milevsky, Moshe (Forthcoming), “Can Collars Reduce Retirement Sequencing Risk? Analysis of Portfolio Longevity Extension Overlays (LEO),” Journal of Retirement Planning. (with S. Posner)

Rosin, Hazel (Forthcoming), “Intention to Leave Scale, Reasons for Leaving Scale, Job Demands Scale, Met Expectations Scale,” PsycTESTS Database – American Psychological Association. (with Korabik, K.)

Morgan, Gareth (2013), “Commentary on Educational Technology in Organization Science,” Educational Technology, 49-50.

Sadorsky, Perry (2013), “Environmental Management Practices and Performance in Canada,” Canadian Public Policy, 39(2), 157-175. (with Henriques, I.)

* Neu, Dean (Forthcoming), “Accounting and Sweatshops: Enabling Coordination and Control in Low-Price Apparel Production Chains,” Contemporary Accounting Research.

Sadorsky, Perry (2013), “Do urbanization and industrialization affect energy intensity in developing countries?,” Energy Economics, 37, 52-59.

* Neu, Dean (Forthcoming), “Internal Auditing and Corruption within Government: The Case of the Canadian Sponsorship Program,” Contemporary Accounting Research. (with Husted, B.W. & Montiel, I) * Neu, Dean (Forthcoming), “Accounting and networks of Corruption,” Accounting, Organizations and Society. (with Jeff Everett, Abu Rahaman, & Daniel Martinez) Nevo, Dorit (Forthcoming), “The knowledge demands of expertise seekers in two different contexts: knowledge allocation versus knowledge retrieval,” Decision Support Systems, conditionally accepted. (with Izak Benbasat, and Yair Wand) * Oliver, Christine (Forthcoming), “Oligopolist Industry Identity and Firms’ Responses to Institutional Pressures,” Organization Studies. (with Dhalla, Rumina)

Sadorsky, Perry (2014), “Modeling Volatility And Conditional Correlations Between Socially Responsible Investments, Gold And Oil,” Economic Modeling, 38, 609-18.

Sadorsky, Perry (2014), “Carbon Price Volatility and Financial Risk Management,” Journal of Energy Markets, 7(1), 1-19.

Sadorsky, Perry (2014), “The Effect Of Urbanization On CO2 Emissions In Emerging Economies,” Energy Economics, 41, 147-153.

Sadorsky, Perry (Forthcoming), “The Effect Of Urbanization and Industrialization on Energy Use in Emerging Economies: Implications for Sustainable Development,” American Journal of Economics & Sociology.

Sadorsky, Perry (Forthcoming), “Modeling Volatility And Correlations Between Emerging Market Stock Prices And The Prices Of Copper, Oil And Wheat,” Energy Economics.

Smithin, John (2013), “Keynes’s theories of money and banking in the Treatise and General Theory,” Review of Keynesian Economics, 1(2), 242-256.

Smithin, John (2013), “A re-habilitation of the theory of effective demand from chapter 3 of Keynes’s General Theory (1936),” International Journal of Political Economy, 42(1), 6-24.

Tan, Justin (2013), “Corporate Social Responsibility and Performance: A Strategic Management Perspective,” Management Journal, 9(6), 831-838. (with Sui, W. & Zhang, H.) Tan, Justin (2013), “Network Characteristics and Firm Performance: An Examination of the Relationships in the Context of a Cluster,” Journal of Small Business Management, 51(1), 1-22. (with Li, W. & Veliyath, R.) * Tan, Justin (2013), “To be different, or to be the same? An exploratory study of isomorphism in the cluster,” Journal of Business Venturing, 28(1), 83-97. (with Shao, Y. & Li, W.) * Tan, Justin (Forthcoming), “From Voids to Sophistication: Institutional Environment and MNC CSR Crisis in Emerging Markets,” Journal of Business Ethics. (with Zhao, M. & Park, S.) * Tan, Justin (Forthcoming), “Network Closure or Structural Hole? The Conditioning Effects of Network-Level Social Capital on Innovation Performance,” Entrepreneurship Theory and Practice. (with Zhang, H. & Wang, L.) * Tan, Justin (Forthcoming), “Donate Money, But Whose Money? Empirical Evidence about Ultimate Control Rights, Agency Problems and Corporate Philanthropy in China,” Journal of Business Ethics. (with Tang, Y.) Tan, Justin (Forthcoming), “Minding the Gender Gap: Social Networks and Internet Correlates of Business Performance among Chinese Canadian Entrepreneurs,” American Behavioral Scientists. (with Chen, W.) Tan, Justin (Forthcoming), “Alliance network and firm innovation performance: A multilevel analytic framework,” Management World. (with Zhang, H.) Tasa, Kevin (2013), “Goals in negotiation revisited: The impact of goal setting and implicit negotiation beliefs,” Negotiation and Conflict Management Research, 6, 102-120. (with Celani, A., & Bell, C.) Thorne, Linda (2013), “A Qualitative Examination of Auditors’ Differing Ethical Characterizations across the Phases of the Audit,” Research on Professional Responsibility and Ethics in Accounting, 17, 97-138. (with Chow, C., Massey, D., and Wu, A.)

Spotlight on Research 2014 31

Journal Articles cont’d Those articles that appear in the list of Financial Times of London “Top 45 Academic and Practitioner Journals in Business” are marked by an asterisk

Thorne, Linda (2013), “The Evolution of CSR Reporting: A Longitudinal Study of Canadian Firms,” Research on Professional Responsibility and Ethics in Accounting, 17, 79-96. (with Mahoney, L.)

Waller, Mary (In Press), “Exploring the role of crisis management teams in crisis management education,” Academy of Management Learning & Education. (with Lei, Z., & Pratten, R.)

Yeomans, Julian (2014), “A Stochastic NatureInspired Approach for Modelling-to-GenerateAlternatives,” Journal of Applied Operational Research, 6(1), 30-38. (with R. Imanirad, X-S. Yang)

Thorne, Linda (2013), “A Research Note on Standalone Corporate Social Responsibility Reports: Signalling or Greenwashing,” Critical Perspectives on Accounting, 24, 350-359. (with Mahoney, L., Cecil, L., and LaGore, W.)

Westney, Eleanor (2013), “Evolutionary perspectives on the internationalization of R&D in Japanese multinational corporations,” Asian Business & Management, 12(1), 115-141. (with K. Asakawa)

Thorne, Linda (Forthcoming), “Motivations for Issuing Standalone CSR Reports: A Survey of Canadian Firms,” Accounting, Auditing and Accountability Journal. (with Mahoney, L., and Manetti, G.)

Westney, Eleanor (2013), “Internationalization in Japan’s service industries,” Asia Pacific Journal of Management, 30(4), 1155-1168. (with K. Asakawa, K. Ito, and E.L. Rose)

Yeomans, Julian (Forthcoming), “Environmental Decision-Making Under Uncertainty Using a Biologically-Inspired Simulation-Optimization Algorithm for Generating Alternative Perspectives,” International Journal of Business Innovation and Research. (with R. Imanirad, X-S. Yang)

* Thorne, Linda (Forthcoming), “Introduction to Special Issue on Tone at the Top,” Journal of Business Ethics. (with Gunz, S.) Tian, Yisong (2013), “Ironing out the Kinks in Executive Compensation: Linking Incentive Pay to Average Stock Prices,” Journal of Banking and Finance, 37(2), 415-432. * Trivedi, V. (2013), “Globalization paradox and the (un)making of identities: Immigrant Chartered Accountants of India in Canada,” Accounting, Organizations and Society, 38(1), 1-29. (with Annisette, M.) * Valente, Michael (2013), “Compensating outside directors with stock: The impact on non-primary stakeholders,” Journal of Business Ethics, 116(1), 67-85. (with Deutsch, Y.) * Valente, Michael (2013), “The Trouble With Stock Compensation,” MIT Sloan Management Review, 54(4), 19-20. (with Deutsch, Y.)

Wright, Lorna (Forthcoming), “Designing Curriculum for Real World International Business Needs,” Journal for the Teaching of International Business. (with Wolf, Bernard) Wright, Lorna (Forthcoming), “International Undergraduate Students’ Motivation for Studying Abroad: A Qualitative Investigation,” Journal for Adolescent Research. (with Chavoshi, Saeid, Maxine Wintre) Yeomans, Julian (2013), “Generating Alternatives Using Simulation-Optimization Combined with Niching Operators to Address Unmodelled Objectives in a Waste Management Facility Expansion Planning Case,” International Journal of Operations Research & Information Systems, 4(2), 50-68. (with Y. Gunalay) Yeomans, Julian (2013), “Modelling-toGenerate-Alternatives Via the Firefly Algorithm,” Journal of Applied Operational Research, 5(1), 14-21. (with R. Imanirad, X-S. Yang)

Yeomans, Julian (Forthcoming), “Municipal Waste Management Optimization Using A Firefly Algorithm-Driven Simulation-Optimization Approach,” International Journal of Process Management and Benchmarking. (with X-S. Yang) Zietsma, Charlene (2013), “Is there room for ethical leadership in today’s business environment?,” International Journal of Ethical Leadership, 2. * Zietsma, Charlene (2013), “Activists and Incumbents Tying for Change: The interplay of agency culture and networks in field evolution,” Academy of Management Journal, 56(2), 358-386. (with Van Wijk, J. Stam, W., Elfring, T., & den Hond, F.) * Zietsma, Charlene (2014), “Revolution of the Middle-class Housewives: Identity work as a process for embedded change,” Organization Studies, 35, 423-450. (with Leung, A. & Peredo, A.M.) * Zietsma, Charlene (Forthcoming), “I need time!

Exploring pathways to compliance under institutional complexity,” Academy of Management Journal. (with Raaijmakers, A.G.M., Vermeulen, P.A.M., and Meeus, M.T.H.) Zimmerman, Brenda (2013), “Front-Line Ownership: Generating a Cure Mindset for Patient Safety,” Healthcare Papers, 13(1), 6-22. (with Michael Gardam, Paige Reason, Liz Rykert, Leah Gitterman, Jennifer Christian)

Waitzer, Edward (2013), “The Public Fiduciary – Emerging Themes in Canadian Fiduciary Law for Pension Trustees,” Canadian Bar Review, 91(1). (with Douglas Sarro)

Yeomans, Julian (2013), “A Biologically-Inspired Metaheuristic Procedure for Modelling-to-GenerateAlternatives,” International Journal of Engineering Research and Applications, 3(2), 1677-1686. (with R. Imanirad, X-S. Yang)

Waitzer, Edward (2013), “The Public Fiduciary – Emerging Themes in the Law,” Rotman International Journal of Pension Management, 2. (with Douglas Sarro)

Yeomans, Julian (2013), “The Relevance of OR/MS Instruction within the Business School Curriculum – Revisited,” Lecture Notes in Management Science, 5.

Zimmerman, Brenda (2013), “The Authors Respond,” Healthcare Papers, 13(1), 73-77. (with Michael Gradam,Paige Reason, Liz Rykert, Leah Gitterman, Jennifer Christian)

Yeomans, Julian (2013), “A Stochastic BiologicallyInspired Metaheuristic for Modelling-to-GenerateAlternatives,” Lecture Notes in Management Science, 5, 1-9. (with R. Imanirad, X-S. Yang)

Zwick, Detlev (2013), “Utopias of the Ethical Economy, Ephemera: theory & politics in organization,” Ephemera: theory & politics in organization, 13(2), 393-405.

Yeomans, Julian (2013), “Stochastic Modelling to Generate Alternatives Using the Firefly Algorithm: A Simulation-Optimization Approach,” Journal on Computing, 3(1), 23-28. (with R. Imanirad, X-S. Yang)

Zwick, Detlev (2014), “My Iranian Road Trip – Comments and Reflections on Videographic Interpretations of Iran’s Political Economy and Marketing System,” Journal of Macromarketing, 34(1), 87-94. (with Shultz II, C. J., Peterson, M., Atik, D.)

Waitzer, Edward (Forthcoming), “Cambridge Handbook of Institutional Investment and Fiduciary Duty,” Cambridge University Press. (co-edited with James Hawley, Andreas Hoepner, Keith Johnson and Joakim Sandberg) Waller, Mary (2013), “Interdisciplinary conversations and chocolate consumption,” Small Group Research, 44, 199-204.

Waller, Mary (2013), “Beyond 12 Angry Men: Thin-Slicing Film to Illustrate Group Dynamics,” Small Group Research, 44, 446-465. (with Sohrab, G., & Ma. B.K.) Waller, Mary (2013), “Mental model updating and team adaptation,” Small Group Research, 44, 127-158. (with Uitdewilligen, S., & Pitariu, A.)

32 Schulich School of Business

Yeomans, Julian (2013), “A Concurrent Modelling to Generate Alternatives Approach Using the Firefly Algorithm,” International Journal of Decision Support System Technology, 5(2), 33-45. (with R. Imanirad, X-S. Yang)

* Zwick, Detlev (Forthcoming), “The Field of Business Sustainability and the Death Drive: A Radical Intervention,” Journal of Business Ethics. (with Bradshaw, A.) ◆

research and have achieved recognition for business education and scholarship on the international stage.

Learn more at: research.schulich.yorku.ca

Global Reach. Innovative Programs. Diverse Perspectives.

Photography: Joncarlo Lista, Gilberto Prioste Design: bhandariplater.com Printed in Canada

Schulich researchers are conducting top-calibre

research.schulich.yorku.ca

Contact us Schulich School of Business Seymour Schulich Building York University 4700 Keele Street Toronto, Ontario Canada M3J 1P3 Tel.: (416) 736-2100 ext. 21089 Fax: (416) 736-5762 E-mail: research@schulich.yorku.ca

Global Reach. Innovative Programs. Diverse Perspectives.