For almost two decades, the California Public Employees’ Retirement System (CalPERS), the nation’s largest public pension fund with more than $207 billion in assets, has been active in pursuing corporate reforms. CalPERS is generally credited as a founder of shareholder activism stemming from its heightened proxy voting activity at companies in the mid-1980s.
The 2006 Moskowitz Prize for Socially Responsible Investing has been awarded to Professor Brad Barber, director of the UC Davis Center for Investor Welfare and Corporate Responsibility, for his study that explores the motivation and impact of institutional activism by reviewing the stocks on CalPERs Focus List from 1992-2005.
This paper by Associate Professor Joseph Chen and co-author Andrew Ang of Columbia Business School shows that a conditional one-factor model can account for the spread in the average returns of portfolios sorted by book-to-market ratios over the longrun from 1926 to 2001.
Implementing Sponsored Search in Web Search Engines: Computational Evaluation of Alternative Mechanisms
INFORMS Journal on Computing, 2007
The practice of sponsored search advertising—where advertisers pay a fee to appear alongside particular Web search results—is now one of the largest and fastest growing source of revenue for Web search engines. In this paper, Professor Hemant Bhargava and co-authors Juan Feng of the University of Florida and David M. Pennock of Yahoo, Inc. model and compare several mechanisms for allocating sponsored slots, including stylized versions of those used by Overture and Google, the two biggest brokers of sponsored search.
World Wide Web technologies have transformed the design, development, implementation and deployment of decision support systems. This article by Professor Hemant Bhargava and co-authors Daniel Power of the University of Northern Iowa and Daewon Sun of the University of Notre Dame reviews and summarizes recent technology developments, current usage of Web-based DSS, and trends in the deployment of such systems.
Is the Aggregate Investor Reluctant to Realise Losses? Evidence from Taiwan
European Financial Management, June 2007
In this study, Professor Brad Barber and co-authors Terrance Odean from U.C. Berkeley, and Yi-Tsung Lee and Yu-Jane Liu from National Chengchi University ask whether the typical investor and the aggregate investor exhibit a bias known as the disposition effect, which is the tendency to sell investments that are held for a profit at a faster rate than investments held for a loss.
Associate Professor Robert Yetman presented the findings of his survey of wine industry workers in the Napa Valley at the Napa Valley Grape Growers Association’s “Ahead of the Curve” conference on April 19. The conference, the first of its kind, attracted vineyard owners, managers and area winemakers.
In her recently published book, The Online Customer: New Data Mining and Marketing Approaches, Assistant Professor Catherine Yang details how data mining and marketing approaches can be used to study and solve Web marketing problems. The book uses a vast dataset of Web transactions from the largest online retailers, including Amazon.com. In particular, Yang shows how to integrate and compare statistical methods from marketing and data mining research.
Extending the Akaike Information Criterion for Mixture Regression Models
Journal of the American Statistical Association, 2007
In this paper, Professors Prasad Naik and Chih-Ling Tsai, with co-author Peide Shi from Nuclear Safety Solutions Ltd., examine the problem of jointly selecting the number of components and variables in finite mixture regression models.
Newspapers that invest more money in their newsrooms make more money. The media industry’s recent impulse to slash jobs to cut costs is not only ineffective, but can lead to more red ink, according to a study by Professor Prasad Naik and his research partners from the University of Missouri, Professor Murali K. Mantrala, Shrihari Sridhar and Professor Esther Thorson. Their study, “Uphill or Downhill? Locating your Firm on a Profit Function,” was published in the April 2007 issue of the Journal of Marketing.