ESMT faculty published 22 peer reviewed articles in the most influential academic journals including Journal of Marketing, Management Science, Marketing Science, and Strategic Management Journal.

ESMT won the Hot Topic and the Human Resource Management/Organizational Behavior Award from The Case Centre for the second consecutive year.

ESMT strengthened its teaching and research with two new chairs in the areas of sustainability and European economic integration.

FACULTY AND RESEARCH

ANNUAL REPORT

R D

E S M T

E U R O P E A N S C H O O L O F M A N A G E M E N T A N D T E C H N O L O G Y

2014

Citation

Grajek, M., and J. Eggert (2015). R&D Annual Report 2014. ESMT European School of

Management and Technology.

Copyright 2015 by ESMT European School of Management and Technology, Berlin, Germany, www.esmt.org. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means - electronic, mechanical, photocopying, recording, or otherwise - without the permission of ESMT.

1

Foreword

In accordance with the mission of the

school, the role of research at ESMT is to

develop and disseminate new knowledge,

to foster sustainable economic growth,

and to help business leaders succeed

globally and act responsibly.

The research at ESMT aims at having a

significant impact at the highest academic

level. In 2014, ESMT faculty members

published 22 peer-reviewed journal

articles of which 10 were published in the

most influential A and A+ journals such as

Journal of Marketing, Management

Science, Marketing Science, and Strategic

Management Journal. The School’s mission

is also reflected in the numerous research

events organized at ESMT with 60

research seminars held on campus in 2014

where scholars from some of the most

prestigious schools presented their

research. In an effort to stimulate

intellectual exchange, ESMT also hosted 13

academic conferences, workshops, and

open lectures with opinion leaders from

both academia and industry.

As a sign of academic recognition, CB

Bhattacharya’s research crossed the

10,000 academic citation mark in 2014,

according to Google Scholar. He has

published internationally recognized

research on sustainability, responsible

business practices, and stakeholder value

in two books and more than 80 renowned

academic journals.

One of the research highlights of 2014

was the increased cooperation in the

Berlin Doctoral Program in Economics and

Management Science (BDPEMS). In its

continued strive for excellence ESMT

received the right to grant PhD titles from

the Berlin Senate in 2013, and in 2014

five new students joined our PhD program,

adding up to 13 PhD students.

Another important development at ESMT

was the inauguration of two new chairs:

The Pietro Ferrero Chair in Sustainability

and the TUSIAD/TCCI Chair in European

Economic Integration. CB Bhattacharya

was named the Pietro Ferrero Chair in

Sustainability. Ferrero continues to

increase its focus on sustainability and

supports the chair to strengthen research

and teaching in the area of sustainability

and responsible leadership at ESMT. Stefan

Wagner was named the TUSIAD/TCCI Chair

in European Economic Integration. The

research of the chair focuses on European

economic integration and competitiveness,

the German‐Turkish economic partnership,

and the strategic role of entrepreneurship

and managing technology, among others.

This report further details the ESMT

research output and achievements in

2014. I hope you enjoy reading it!

Michał Grajek

2 R&D Annual Report 2014

Content Faculty and their research interests .......................................................................................... 3

Full-time academic faculty .............................................................................................. 3 Full-time managerial faculty .......................................................................................... 4 Affiliate and emeriti professors ..................................................................................... 4

Publications .................................................................................................................................... 5

Peer-reviewed articles ..................................................................................................... 5 Non peer-reviewed articles ............................................................................................. 7 Working papers ................................................................................................................ 7 Book chapters ................................................................................................................... 8 Case studies ....................................................................................................................... 8 Other publications .......................................................................................................... 10

Editorial activities ....................................................................................................................... 11

Events ........................................................................................................................................... 12

Research seminars and academic presentations ...................................................... 12 Conferences, roundtables, and workshops ................................................................. 14 Open lectures .................................................................................................................. 15

Grants ........................................................................................................................................... 16

New grants ...................................................................................................................... 16 Continuing and ending grants...................................................................................... 17

Chairs ........................................................................................................................................... 18

New chairs ....................................................................................................................... 18 Continuing and ending chairs ....................................................................................... 20

Research lab and assistants ...................................................................................................... 21

Researchers associated with the lab ........................................................................... 21 Research assistants ........................................................................................................ 21

CLDR ........................................................................................................................................... 22

CLDR members ................................................................................................................ 22 Events ............................................................................................................................. 23

PhD program ................................................................................................................................ 24

BDPEMS/RTG courses ..................................................................................................... 24 ESMT PhD students and their research interests ...................................................... 25

Research conference and seminar presentations ................................................................ 26

Research visitors ......................................................................................................................... 28

About ESMT .................................................................................................................................. 29

3 Faculty

Faculty and their research interests

ESMT recruits, develops, and promotes a diverse and international world-class faculty.

The school strives to build a productive environment that supports rigorous, deep, and

original research aimed at top academic publications. Industry backing provides further

opportunities to generate ideas with a strong practical impact that also feed substantial

insights into creative teaching approaches.

Full-time academic facultyZoltán Antal-Mokos (Hungary) Professor of Strategy and Dean of Degree Programs

Corporate strategy, strategic rationale for mergers and acquisitions, post-merger integration, and privatization

Sumitro Banerjee (India) Associate Professor of Marketing Timing of launch, R&D investments, introduction strategies for successive new products, and multinational marketing

Guillermo Baquero (Ecuador) Associate Professor of Finance Hedge and mutual funds, the behavior of hedge fund investors, behavioral finance, and experimental economics

Özlem Bedre-Defolie (Turkey) Assistant Professor of Economics Applied microeconomics, industrial organization, and competition economics

CB Bhattacharya (USA) Professor of Marketing and Pietro Ferrero Chair in Sustainability Business strategy innovation, CSR, sustainability, stakeholder engagement, marketing strategy, and corporate identity and reputation

Matthew S. Bothner (USA) Professor of Strategy and Deutsche Telekom Chair in Leadership and HR Development Measurement and consequences of social status in venture capital, professional sports, and higher education

Linus Dahlander (Sweden)

Associate Professor of Strategy and KPMG Chair in Innovation Network dynamics, communities, and open and distributed innovation

Francis de Véricourt (France) Professor of Management Science Managerial decision making, operations research, sustainability, and health care

Hans W. Friederiszick (Germany) Research Fellow, ESMT and Managing Director, E.CA Economics Applied microeconomics and industrial organization (competition economics)

Michał Grajek (Poland) Associate Professor of Economics and Director of Research Applied econometrics, industrial organization, international economics, law

and economics, economics of networks, competition policy, and ICT

Laura Guillén (Spain) Assistant Professor of Organizational Behavior Leadership development, motivation to lead, emotional intelligence, gender diversity, and performance evaluation

Paul Heidhues (Germany/USA) Professor of Economics, Lufthansa Chair in Competition and Regulation, and Director of PhD Studies Behavioral industrial organization, competition policy, consumer protection, behavioral economics, and applied game theory

Rajshri Jayaraman (Canada) Associate Professor of Economics Development economics and labor economics

Konstantin Korotov (Russia) Associate Professor of Organizational Behavior and Director of the Center for Leadership Development Research (CLDR) Psychological burdens of modern leadership, leadership development, career dynamics, and executive coaching

31 faculty members

19 nations

6 female

4 R&D Annual Report 2014

Full-time academic faculty cont.

Zhike Lei (China) Associate Professor of Organizational Behavior Safety culture and psychological safety, error management, team dynamics and processes, and extreme action teams

Francine Espinoza Petersen (Brazil) Associate Professor of Marketing Consumer affect (emotions, mood, subjective experiences), consumer psychology and behavior, and luxury marketing

Jörg Rocholl (Germany) President, Professor of Finance, and EY Chair in Governance and Compliance Corporate finance, impact of political connections on firm value, and functioning of the interbank lending market

Catalina Stefanescu-Cuntze (UK/Romania) Associate Professor of Management Science, Deutsche Post DHL Chair, and Dean of Faculty Credit and financial risk, managerial decision making, revenue management, forecasting, statistics, and operations research

Sascha Steffen (Germany) Associate Professor of Finance and Karl-Heinz Kipp Chair in Research Financial intermediation (loan contract design, relationships monitoring) and banking (liquidity, crises, systemic risk, regulation)

Stefan Wagner (Germany) Associate Professor of Strategy and TUSIAD/TCCI Chair in European Economic Integration Economics of technology and innovation, intellectual property rights (patent protection), and innovation management

Simon Wakeman (UK/New Zealand) Associate Professor of Strategy Firm strategy for commercializing innovation, especially how firms protect against imitation and capture value in the supply chain

Full-time managerial facultyChristoph Burger (Germany) Lecturer and Managing Director ESMT CS Energy supply industry, long-term industry development (consolidation and innovation), and decision making and negotiation

Jan U. Hagen (Germany) Associate Professor Error management, crisis management, impact of leadership styles, and communication patterns on performance of flight crews

Ulrich Linnhoff (Germany) Lecturer and Head of USW Netzwerk Programs Accounting, performance measurement, controlling, private equity, and business simulations

Joe Peppard (Ireland) Professor Business strategy, change management, communication technologies, executive education, innovation, internet strategy, management education, and information systems

Olaf Plötner (Germany) Professor, Managing Director ESMT CS, and Dean of Executive Education Strategic management, B2B marketing, and international sales management in technology-based B2B markets

Affiliate and emeriti professorsRüdiger Fahlenbrach (Germany) Affiliate Professor Corporate finance, corporate governance, empirical corporate finance

Manfred F. R. Kets de Vries (Netherlands) Distinguished Affiliate Professor Leadership and the dynamics of individual and organizational change

Derek F. Abell (UK) Professor Emeritus and Founding President Strategic marketing, general management, and leadership in technology-based industries

Francis Bidault (France) Professor Emeritus Technology strategy, new product development, technology partnerships

Wulff Plinke (Germany) Professor Emeritus and Founding Dean Business strategy in industrial markets, market-oriented management, relationship marketing, pricing in industrial markets, and market-based accounting

5 Publications

Publications

ESMT publishes in international academic journals, which are first-class in their respective

fields. Research also provides cutting-edge and profound insights for the business

community as well as the classroom through managerial publications and case studies.

This rare integration of research and practice makes ESMT an outstanding location for

generating relevant and ground-breaking knowledge.

Peer-reviewed articles

Forthcoming

Management Science Conflict resolution, public goods and patent thickets Dietmar Harhoff, Georg von Graevenitz, Stefan Wagner

Academy of Management Journal Distant search, narrow attention: How crowding alters organizations’ filtering of suggestions in crowdsourcing Henning Piezunka, Linus Dahlander

Journal of Financial Economics The “greatest” carry trade ever? Understanding Eurozone bank risks

Best Paper Award, The Chinese Finance Association

Viral Acharya, Sascha Steffen

Journal of Product Innovation Management Joining forces or going it alone? On the interplay between external collaboration partner types, inter-firm governance modes and internal R&D Judith Gesing, David Antons, Erk Piening, Mario Rese†, Torsten Salge

Journal of the Academy of Marketing Science Customer reactions to downsizing: When is satisfaction affected? Johannes Habel, Martin Klarmann

Journal of Political Economy Linear social interactions models Lawrence Blume, William Brock, Steven Durlauf, Rajshri Jayaraman

Strategic Management Journal One foot in, one foot out: How does individuals’ external search breadth affect innovation outcomes? Linus Dahlander, Siobhan O'Mahony, David Gann

Social Science Research Primary status, complementary status, and organizational survival in the U.S. venture capital industry Matthew Bothner, Young-Kyu Kim, Wonjae Lee

Review of Marketing Research Identification and attachment in consumer-brand relationships Sankar Sen, Allison Johnson, CB Bhattacharya, Juan Wang

Marketing Letters Consumer reactions to business-nonprofit alliances: Who benefits and when? Caglar Irmak, Sankar Sen, CB Bhattacharya

Journal of Competition Law and Economics Hidden efficiencies: The relevance of business justifications in abuse of dominance cases Hans Friederiszick, Linda Gratz

Journal of Consumer Psychology Two birds, one stone? Positive mood makes products seem less useful for multiple-goal pursuit Anastasiya Pocheptsova, Francine Petersen, Jordan Etkin

Journal of Business Ethics Corporate social responsibility, multi-faceted job-products, and employee outcomes Shuili Du, CB Bhattacharya, Sankar Sen

Business Horizons Corporate crises in the age of corporate social responsibility Catherine Janssen, Sankar Sen, CB Bhattacharya

22 peer reviewed articles

10 A/A+ articles

19 forthcoming articles

8 non-peer reviewed articles

9 working papers

7 book chapters

8 cases

14 other publications

6 R&D Annual Report 2014

Scandinavian Journal of Economics The impact of school lunches on primary school enrollment: Evidence from India's midday meal scheme Rajshri Jayaraman, Dora Simroth

European Journal of Marketing Show me the money: Improving our understanding of how organizations generate return from technology-led marketing change Stan Maklan, Joe Peppard

European Journal of Information Systems Rethinking the concept of the IS organization Joe Peppard

Social Forces Streams of thought: Knowledge flows and intellectual cohesion in a multidisciplinary era Craig Rawlings, Daniel McFarland, Linus Dahlander, Dan Wang

Quantitative Finance The Markov-switching jump diffusion LIBOR market model Lea Steinruecke, Rudi Zagst, Anatoliy Swishchuk

Published

Journal of Marketing 78(6): 78–102 Footprints in the sands of time: A comparative analysis of the effectiveness of customer satisfaction and customer–company identification over time Till Haumann, Benjamin Quaiser, Jan Wieseke, Mario Rese†

Organizational Behavior and Human Decision Processes 125(2): 204–219 Me, a woman and a leader: Positive social identity and identity conflict Natalia Karelaia, Laura Guillén

International Journal of Mentoring and Coaching in Education 3(3): 277–292 Do mental health stigma and gender influence MBAs' willingness to engage in coaching? Julia Millard, Konstantin Korotov

Journal of Marketing 78(6): 17–37

Willing to pay more, eager to pay less: The role of customer loyalty in price negotiations Jan Wieseke, Sascha Alavi, Johannes Habel

Strategic Management Journal 35(11): 1671–1688 Overcoming localization of knowledge: The role of professional service firms

Nominated for Best Paper Award, VHB

Stefan Wagner, Karin Hoisl, Grid Thoma

International Journal of Industrial Organization 36(5): 70–82 International standards and international trade: Empirical evidence from ISO 9000 diffusion Joseph Clougherty, Michał Grajek

MIS Quarterly Executive 13(3): 159–173 How newly appointed CIOs take charge Anthony Gerth, Joe Peppard

Organization Science 25(5): 1306–1324 The semiformal organization Susan Biancani, Daniel McFarland, Linus Dahlander

Advances in Consumer Research 42 Zooming in while zooming out: How a consumption context animates a macrofocus investigation and stimulates new opportunities for theoretical insights Katja Brunk, Benjamin Hartmann

Journal of Competition Law and Economics 10(2): 293–339 Market definition in two-sided markets: Theory and practice Lapo Filistrucchi, Damien Geradin, Eric van Damme, Pauline Affeldt

Research Policy 43(5): 812–827 Open to suggestions: How organizations elicit suggestions through proactive and reactive attention Linus Dahlander, Henning Piezunka

Academy of Management Learning and Education 13(2): 208–221 Focusing on teams in crisis management education: An integration and simulation-based approach Mary Waller, Zhike Lei, Robert Pratten

Economic and Political Weekly 49(25): 47–53 Engendered access or engendered care? Evidence from a major Indian hospital Rajshri Jayaraman, Debraj Ray, Shing-Yi Wang

Research Policy 43(6): 1002–1013 The distribution of partnerships benefits: Evidence from co-authorships in economics journals Francis Bidault, Thomas Hildebrand

Journal of Marketing 78(3): 20–37 Corporate social responsibility, customer orientation, and the job performance of frontline employees Daniel Korschun, CB Bhattacharya, Scott Swain

Marketing Science 33(2): 259–272

The equivalence of bundling and advance sales Alexei Alexandrov, Özlem Bedre-Defolie

Annual Review of Organizational Psychology and Organizational Behavior 1(1): 23–43 Psychological safety: The history, renaissance and future of an interpersonal construct Amy Edmondson, Zhike Lei

Management Science 60(3): 730–752 Pricing and revenue management: The value of coordination Ayse Kocabiykoglu, Ioana Popescu, Catalina Stefanescu

Marketing Letters 25(1): 25–36 There is nothing permanent except change: Analyzing individual price dy-namics in 'pay-what-you-want' situations Mario Rese†, Jan Wieseke, Wiebke Rasmussen, Laura Schons, Wolf-Christian Strotmann, Daniel Weber

7 Publications

Theoretical Economics 9(1): 217–251 Regular prices and sales Paul Heidhues, Botond Köszegi

Journal of Consumer Psychology 24(1): 34–48 Confidence via correction: The effect of judgment correction on consumer confidence Francine Petersen, Rebecca Hamilton

Manufacturing & Service Operations Management 16(1): 119–132 Time-based competition with benchmark effects Liu Yang, Francis de Véricourt, Peng Sun

Non peer-reviewed articles

English

EFMD Global Focus 8(2): 52–55 Error management: Not just a wing and a prayer Jan Hagen

The European Business Review May/June: 46–50 Designing luxury experience Vadim Grigorian, Francine Petersen

The European Business Review March/April: 50–53 Leadership mindsets for IT success Donald Marchand, Joe Peppard

Non-English

Energiespektrum 5: 40–43 Abschalten als Geschäftsidee [Switching off as a business idea] Christoph Burger, Jens Weinmann

Harvard Business Manager Spezial: 107–112 Der große Treiber [The big driving force] Joe Peppard

Harvard Business Manager 10: 82–86 Fehler im System [Error in the system] Jan Hagen, Olaf Plötner

Die Bank 6: 14–17 Ein Stresstest für das europäische Bankensystem [A stress test for the European banking system] Viral Acharya, Sascha Steffen

Harvard Business Manager 4: 86–90 Wie viel Bonus ist gerecht? [How much of a bonus is fair?] Urs Müller

Working papersESMT No. 14–07 A price concentration study on European mobile telecom markets: Limitations and insights Pauline Affeldt, Rainer Nitsche

ESMT No. 14–06 Two birds, one stone? Positive mood makes products seem less useful for multiple-goal pursuit Anastasiya Pocheptsova, Francine Petersen, Jordan Etkin

ESMT No. 14–05 Contracting in medical equipment maintenance services: An empirical investigation Tian Chan, Francis de Véricourt, Omar Besbes

ESMT No. 14–04 Designing luxury experience Vadim Grigorian, Francine Petersen

ESMT No. 14–03 Financing capacity investment under demand uncertainty Francis de Véricourt, Denis Gromb

ESMT No. 14–02 and CESifo Working Paper No. 4706 Government guarantees and bank risk taking incentives Markus Fischer, Christa Hainz, Jörg Rocholl, Sascha Steffen

ESMT No. 14–01 What do patent-based measures tell us about product commercialization? Evidence from the pharmaceutical industry Stefan Wagner, Simon Wakeman

NBER Working Paper No. 19849 Productivity response to contract change Rajshri Jayaraman, Debraj Ray, Francis de Véricourt

CESifo Working Paper No. 5118 Defaults and donations: Evidence from a field experiment Steffen Altmann, Armin Falk, Paul Heidhues, Rajshri Jayaraman

8 R&D Annual Report 2014

Book chapters

English

In Handbook of persuasion and social marketing, 3 vols. ed. D. Stewart. Westport, CT: Praeger. Leveraging corporate responsibility to maximize social value Shuili Du, Daniel Korschun, CB Bhattacharya, Sankar Sen

In Distributed generation and its implications for the utility industry, ed. F. Sioshansi, 49–74. Waltham, MA: Academic Press. Germany’s decentralized energy revolution Christoph Burger, Jens Weinmann

In Hidden Markov models in finance: Further developments and applications, ed. R. Mamon, R. Elliott, 85–116. New York: Springer. The LIBOR market model: A Markov-switching jump diffusion extension Lea Steinruecke, Rudi Zagst, Anatoliy Swishchuk

In Computing handbook, ed. A. Tucker, H. Topi, 58. London: Chapman and Hall/CRC Press. Topics of conversation: The new agenda for the CIO Joe Peppard

In Managing change, 6th ed., ed. B. Burnes, 301–302. Harlow, UK: Pearson Education. Minimal change can be best option: Why Berlin snack bar resisted change Urs Müller, Veit Etzold

In Strategy to leverage CSR for competitive advantage, ed. J. Ahluwalia, 34–41. New Delhi: IOD Publishing. Leveraging corporate social responsibility for competitive advantage CB Bhattacharya

Non-English

In Rechnungslegung, Prüfung und Unternehmensbewertung, ed. M. Dobler, D. Hachmeister, C. Kuhner, S. Rammert, 567–585. Stuttgart: Schäffer-Poeschel. Das Publizitätsverhalten mittelgroßer Unternehmen nach dem EHUG: Eine empirische Untersuchung [Financial disclosure behavior of medium-sized companies according to EHUG: An empirical study] Bernhard Pellens, Ulrich Linnhoff, Torben Rüthers

Case studiesESMT–714–0144–1 Vodafone in Egypt: National crises and their implications for multinational corporations (A-B)

Case Writing Award, The Case Centre

Case Writing Award, EFMD

Urs Müller, Shirish Pandit

ESMT–414–0155–3 A peer coaching demonstration Konstantin Korotov, Ulf Schäfer, Bianca Schmitz

ESMT–814–0150/1/2/3–1 Danica Purg: Entrepreneurial leadership in shaping leadership development (A-D) Derek Abell

ESMT–414–0149–1 Suicides at France Télécom

Case Writing Award, EFMD

Ulf Schäfer, Konstantin Korotov

ESMT–414–0146–6 Applying the principles of branding to build personal brands Francine Petersen

ESMT–314–0148–1 Shanghai Zhenhua Heavy Industries Co., Ltd (ZPMC) Olaf Plötner, Peter Utzig, Xuyi Wang, Qing Zhang

ESMT–314–0147–1 China’s largest investment in Germany: The strategic partnership between Weichai and KION Olaf Plötner, Shirish Pandit

ESMT–314–0154–1 Zopa.com: From a hot idea to an established market player? Jamie Anderson, Martin Kupp, Michael Raith

ESMT–714–0143–1 Axel Springer and the quest for the boundaries of corporate responsibility Anna Hofmann, Urs Müller, CB Bhattacharya

9 Publications

An interview with Urs Müller: Bringing controversy into the classroom

Dr. Urs Müller has been a program director

at ESMT Customized Solutions since 2005

and is the head of the practice group

Consumer Goods and Retail. He is also a

tutor at The Case Centre on Writing and

teaching with case studies. He is one of

the most well-known case writers at ESMT,

and his cases have been recognized by

both The Case Centre and EFMD.

Why use case studies as a teaching method?

Case studies can be a great tool to help

students and participants in executive

education to anticipate some of the

managerial decisions they will have to

make in the near future or over the long

term.

What are the cases that are the strongest from a learning perspective for students?

A good case addresses a relevant

managerial topic, is not obvious, and helps

in creating a controversial debate in the

class. If there is no controversy in the

classroom, it’s not going to be an effective

discussion. I strongly believe that there is

no “right solution.” In many cases,

different courses of action for a company

can be equally good.

In your case studies, there are typically one or two key protagonists; do they usually tend to be the CEO?

There has been a tradition of writing case

studies from the perspectives of CEOs.

However, the reality is that most of our

students and participants will not become

CEOs of large Fortune 500 companies.

Therefore, I think it is important to offer

case studies from different perspectives.

For example, our award-winning “Anna

Frisch” case is about a mid-level manager

who is trying to push for change and

suddenly faces unexpected resistance. I

believe that this challenge of pushing

change from a lateral perspective is far

more interesting than the typical CEO

perspective of most case studies on

change management.

How much of a say does a company have in whether a case study is published or not?

As long as the case is written entirely on

the basis of publicly available information,

there is no need to ask the company for

permission. As soon as you include

information that was obtained from a

company, it is necessary to get their sign-

off.

Can a case be as strong using public sources as a case that has access to internal documents?

Yes, they can be equally effective. If a case

is solely based on news journals and other

public sources, there is a risk of being

biased or missing something important.

Therefore, having the involvement of the

company is usually helpful. However, when

a company tries to influence the way a

case study is written or presented, it is

time to make the difficult decision – either

not to publish it at all, or only to write it

on the basis of public information. Given

that I am normally interested in sensitive

issues, I sometimes just make the decision

not to ask for internal information at all.

Are there companies who are willing to provide access to issues that deal with corruption, or is the door always closed?

Companies are typically willing to have

case studies written about them, even if it

is about a controversial issue, as long as

they believe that they have come up with

Dr. Urs Müller, Head of the Practice Group Consumer Goods and Retail

10 R&D Annual Report 2014

a creative solution, and that they are in

fact a good company and doing well. Yes,

then they are willing. But I have also

already faced quite some resistance.

Are there benefits to using fictional case studies?

Sometimes from a pedagogical

perspective, it can be easier to use a

fictional case study because you can

condense the story. It is also less

distracting. Students often believe they

have an advantage if they can google

what the company did, but I believe that’s

not the case. The good thing about using a

case study in class is to debate what

should be the best course of action for a

specific manager or company. Students

sometimes tend to believe they are

“right” when they suggest courses of

actions that the company or manager

actually selected – but this is not true; it is

almost always possible to develop

alternative “solutions” that would have

been even better. So if you use a fictional

case study, then there is no chance that

anyone will google the results.

Do you see a strong future for case-study teaching, and how do you see it developing?

I believe that we will see a continuation of

case study-based teaching in certain

disciplines, because there are subjects that

don’t have a convergent solution. And this

is where I believe case studies can lead to

improved critical thinking and reflection.

Other publicationsESMT No. BB–14–01 ESMT innovation index 2012: Electricity supply industry Christoph Burger, Jens Weinmann

Economic and Monetary Affairs Committee IP/A/ECON-ED/IC/2014-055 Robustness, validity and significance of the ECB’s asset quality review and stress test exercise Sascha Steffen

Vertriebszeitung.de Aberglaube im Vertrieb Jan Wieseke, Johannes Habel Ziele verfehlt - und nun? Johannes Habel, Christian Schmitz, Luisa Kuschke

Customer & Service Systems Mass layoffs: When and how do they affect customer satisfaction? Johannes Habel, Martin Klarmann

Safety management in context: Cross-industry learning for theory and practice Learning should be encouraged by inquiry also, not only by telling Zhike Lei

VoxEU.org Falling short of expectations? Stress-testing the European banking system Sascha Steffen, Viral Acharya

Academy of Management Best Paper Proceedings Conflict resolution, public goods and patent thickets Dietmar Harhoff, Georg von Graevenitz, Stefan Wagner One foot in, one foot out: How individual search behavior affects innovation outcomes Linus Dahlander, Siobhan O'Mahony, David Gann

Henry Stewart Talks Online Collections, Marketing and Management Collection Leveraging corporate responsibility: What responsible leaders need to know CB Bhattacharya

Henry Stewart Talks Online Collections, Marketing and Management Collection Citius, altius, fortius: Accelerated leadership development in emerging economies Konstantin Korotov

Journal of Strategic Information Systems Editorial: Information systems strategy as practice: Micro strategy and strategizing for IS Joe Peppard, Robert Galliers, Alan Thorogood

International Data and Information Management Conference Proceedings Adopting a situated learning framework for (big) data projects

Best Paper Award, International Data and Information Management Conference

Martin Douglas, Joe Peppard

Quality Times Book excerpt: Leveraging corporate responsibility: The stakeholder route to maximizing business and social value CB Bhattacharya

11 Editorial activities

Editorial activities

CB Bhattacharya

Editorial Review Board Member, Corporate Reputation Review, Business Ethics Quarterly, Journal of the Academy of Marketing Science

Linus Dahlander Associate Editor, Academy of Management Journal Editorial Board Member, European Management Review

Francis de Véricourt Associate Editor, Management Science, Manufacturing & Service Operations Management, Operations Research

Michał Grajek Associate Editor, Information Economics and Policy

Laura Guillén Editorial Board Member, Academy of Management Learning and Education

Paul Heidhues Associate Editor, European Economic Review

Konstantin Korotov Book Editor, Marketing & Management Collection, Henry Stewart Talks Online Collections Editorial Board Member, Emerald Emerging Markets Case Studies, Journal of Leadership and Organizational Studies, Revista de Gestao (REGE)

Joe Peppard Associate Editor, International Journal on IT/Business Alignment and Governance Editorial Board Member, European Management Journal, MIS Quarterly Executive

Catalina Stefanescu-Cuntze Editorial Board Member, Journal of Revenue and Pricing Management

12 R&D Annual Report 2014

Events

Research seminars and academic presentations

The list includes the following seminar types: Faculty Research Seminars (FRS), Brown

Bag Seminars (BBS), Berlin Behavioral Economics Seminar Series (BBE), Berlin Finance

Seminar Series (FSS) as well as the two internal seminar types: Teaching and Research

Seminar (T&R) and Revise and Resubmit Seminar (R&R).

Alexei Alexandrov (Consumer Financial Protection Bureau) Transactions in two-sided markets

Yakov Amihud (Leonard N. Stern School of Business, New York University) The pricing of the illiquidity factor’s systematic risk

Simon Anderson (Department of Economics, University of Virginia) Search direction

Noah Askin (INSEAD) The (tangled) web of group affiliations: The impact of minority group presence on perceptions of organizational status

Kai Barron (University College London) Belief updating under uncertainty: How important are relative stakes?

Guillermo Baquero (ESMT) The convexity and concavity of the flow-performance relation for hedge funds

Daniel J. Benjamin (Economics Department, Cornell University) Biased beliefs about random samples: Evidence from integrated experiments

Tobias Berg (Universität Bonn) Playing the devil's advocate: The causal effect of risk management on loan quality

Sebastian Botzem (Universität Bremen) Transnational standard setting in accounting

Thomas Buser (University of Amsterdam) The impact of losing in a competition on the willingness to seek further challenges

Randel Carlock (INSEAD) Family businesses

Yan Chen (University of Michigan) Does team competition increase pro-social lending? Evidence from online microfinance

Tom Cunningham (Institute for International Economic Studies, Stockholm University) Biases and implicit knowledge

Linus Dahlander (ESMT) Open and distributed innovation

Jerker Denrell (Warwick Business School, Warwick University) Matthew effects and interpretation of top performance

Jana Friedrichsen (WZB and HU) Bidding for network size: Quality competition with network effects

Bernhard Ganglmair (Naveen Jindal School of Management, University of Texas at Dallas) Strategic value and disclosure of pending patents

Michał Grajek (ESMT) Critical mass in technology markets

Brit Grosskopf (University of Exeter) On the demand for expressing emotions

Johannes Habel (ESMT) Willing to pay more, eager to pay less: The role of customer loyalty in price negotiations

Hanna Halaburda (Bank of Canada) Competing by restricting choice: The case of search platforms

Joachim Henkel (TU München) Value capture in hierarchically organized industries

Jing Huang (ESMT) Semi-parametric estimation for multivariate skew-elliptical distributions

60 research seminars

13 conferences/roundtables/

workshops/open lectures

13 Events

Heiko Jacobs (Universität Mannheim) The power of primacy: Alphabetic bias, investor recognition and market outcomes

Philippe Jacquart (EMLYON Business School) On unethical decision-making in corporate roles

Rajshri Jayaraman (ESMT) Motivating workers with incentive pay

Johannes Johnen (ESMT) Dynamic competition in deceptive market

Bige Kahraman (Stockholm School of Economics) Who trades against mispricing?

Ronald Klingebiel (Warwick School of Business, Warwick University) Feature entry timing and innovation strategy in the mobile handset industry

Konstantin Korotov (ESMT) Inside executive education: The participants' view

Melanie Lührmann (Department of Economics, University of London) Education and intertemporal choice: Can interventions reduce time inconsistency?

Margarita Mayo (Instituto de Empresa, IE Business School) Identity salience effects of charismatic leadership: Does charisma make people diversity blind or diversity mindful?

Philippe Mueller (London School of Economics) Funding liquidity CAPM: International evidence

Urs Müller (ESMT) The quest for the boundaries of corporate responsibility

Alexei Ovtchinnikov (HEC Paris) Political activism and firm innovation

Daniel Paravisini (London School of Economics) Comparative advantage and specialization in bank lending

Joe Peppard (ESMT) Exploring the dynamics of leader socialization

Sabine B. Rau (WHU Otto Beisheim School of Management) Entrepreneurial legacy: Toward a theory of how some family firms nurture entrepreneurship across generations

Evan Rawley (Columbia Business School, Columbia University) Intra-firm spillovers? The stock and flow effects of collocation

Christoph Rheinberger (WZB) Dinner with Bayes: On the revision of subjective risk beliefs

Marc S. Rysman (Department of Economics, Boston University) A structural model of network formation: Air services agreements

Rajiv Sarin (Business School, University of Exeter) A model of satisficing behaviour

Zacharias Sautner (Frankfurt School of Finance & Management) Managerial short-termism and investment: Evidence from accelerated option vesting

Burkhard Schipper (University of California, Davis) Strategic teaching and learning in games

Klaus Schmidt (LMU München) Loss aversion and inefficient renegotiation

Andrew Schotter (New York University) Complementary institutions and economic development: A demonstration experiment

George Serafeim (Harvard Business School) Firm competitiveness and detection of bribery

Paul Smeets (Maastricht University) Experiments on social preferences and trust with investors and millionaires

Ran Spiegler (University College London and Tel Aviv University) Bayesian networks and boundedly rational expectations

Nils Stieglitz (Frankfurt School of Finance & Management) Adaptation and inertia in dynamic environments

Uwe Sunde (LMU München) Heterogeneity in discounting: Evidence from representative samples and multiple designs of inter-temporal choice experiments

Erik Theissen (Universität Mannheim) GDP mimicking portfolios and the cross-section of stock returns

Marco Tonellato (University of Lugano) The effect of knowledge diversity on group learning and performance: A case study in open source software

Simon Wakeman (ESMT) Technology commercialization in a dynamic context

Erik Wengström (University of Copenhagen) Risk aversion relates to cognitive ability: Preferences or noise

Klaus Wertenbroch (INSEAD) The social justice of income (in)equality: Preferences for redistribution and conspicuous consumption

Daniel S. Whitman (E. J. Ourso College of Business, Louisiana State University) Collective constructs and meta-analysis: Examining the effects of satisfaction and justice at the unit-level

Jingjing Zhang (Universität Zürich) Noisy introspection in the “11-20” game

Jidong Zhou (Leonard N. Stern School of Business, New York University) Competitive bundling

Jonathan de Quidt (London School of Economics) Your loss is my gain: A recruitment experiment with framed incentive

14 R&D Annual Report 2014

Conferences, roundtables, and workshops

SBRT Spring Meeting: Integrating sustainability into business strategy April 10–11

At the seventh meeting of the Sustainable Business Roundtable, participants discussed

how to integrate sustainability into business strategies. A record 38 participants

contributed to the discussion, which focused on the following issues, among others:

coordinating sustainability strategies across different business units, balancing formal

(policies) and informal (culture) aspects in embedding sustainability, getting the C-suite

and investors on board, managing the tension between financial and sustainability goals,

and measuring the success of sustainability strategy.

Case Study Awards Presentation and Panel Discussion May 12

ESMT held an event to honor the recipients of The Case Centre Awards competition 2014.

Awards were presented to Urs Müller, Shirish Pandit, and Ulf Schäfer. An interesting

debate was held between Richard McCracken, The Case Centre and Matthias Hühn from

Kühne Logistics University on the topic “The value and limits of case studies.”

European Business Ethics Network (EBEN) Annual Conference June 12–14

EBEN and its annual conference brought together academics from European countries

and beyond. With its annual meeting the Deutsches Netzwerk Wirtschaftsethik (DNWE)

addressed practitioners from companies, associations, NGOs, political institutions, and the

media. We welcomed participants from all continents, among them decision makers from

the world of business, as well as multipliers from science and teaching.

Asset Management Conference August 25–26

ESMT and Humboldt University hosted a conference on recent advances in mutual fund

and hedge fund research. The goal of the conference was to connect leading academics

interested in asset management in a network environment, so as to provide a forum of

discussion on a wide range of theoretical and empirical issues as well as policy

implications relating to mutual funds and hedge funds.

Berlin Behavioral Economics (BBE) Workshop September 15

The Berlin Behavioral Economics Workshops are a joint effort between DIW Berlin, ESMT,

WZB, and TU Berlin with the aim of fostering exchange between active researchers in the

areas of behavioral and experimental economics.

CONCORT Summer Meeting September 16–19

Researchers from the EU-funded Consumer Competence Research Training (CONCORT)

network met at ESMT for their fifth project meeting. The networking training event

brought together 22 participants from the CONCORT consortium, consisting of three

15 Events

business schools, two broad universities, and three corporate partners, as well as keynote

speakers from the US and other academics. The CONCORT early-stage researchers

presented and debated their latest work in consumer science, together with supervisors

and other senior researchers.

Achieving Sustainable Financial Stability (ASFS) Conference October 1–2

This conference was organized by the Deutsche Bundesbank, the German Institute for

Economic Research (DIW Berlin), ESMT, and the Center for Financial Studies and was

designed to provide a forum for debate on how to achieve sustainable financial stability.

The discussion focused on the long-term effects of changing economic conditions,

additional regulatory requirements, and new macro-prudential policies on the financial

system.

Bringing Technology to Market (BTM) Conference October 17–18

The conference took an in-depth look at the evolving relationships and synergies

between Europe and China. The high-level event brought together leading CEOs,

seasoned business executives, and foremost academics. The rigorous day of speeches,

presentations, and discussions revealed a trading relationship with great untapped

potential between two of the world’s largest business partners.

The Berlin Financial Economics Workshop November 11

This workshop was designed to provide professors of finance in Berlin with a platform to

present their early-stage research. Professors from HU and ESMT met for one day to

present their work in 30-minute sessions followed by a feedback round from the

audience.

SBRT Fall Meeting: Integrating sustainability into communications and reporting November 13–14

At the eighth meeting of the Sustainable Business Roundtable, participants discussed

topics revolving around sustainability communications and reporting, including

communicating sustainability to engage employees, avoiding the “self-promoter”

paradox of undermining legitimacy through communication, promoting a shared

understanding of sustainability internally, and designing and communicating the KPI

decision‐making process.

Open lectures Andreas Dombret, Executive Board Member, Deutsche Bundesbank November 17 Stress relief: Europe's banks, the comprehensive assessment and the way forward

C. Fred Bergsten, Senior Fellow and Director Emeritus, the Peterson Institute for International Economics, Member of the President’s Advisory Committee on Trade Policy and Negotiations June 11 Completing the Euro: A task for German leadership

Aryeh Neier, Founder, Human Rights Watch; President Emeritus of the Open Society Foundations; Visiting Professor, School of Public Policy at Central European University March 7 Surveillance, secrecy, and disclosure: The case of Edward Snowden

16 R&D Annual Report 2014

Grants

New grants

DFG Research Grant

Project leader(s): Jörg Rocholl, Tobias Berg Project title: The role of incentives within banks €134,022

Short-term, volume-based incentives for bank employees have been blamed for

excessive risk-taking and the recent financial crisis. Consequently, the regulation of

compensation schemes has been one of the pillars of the regulatory reforms in the

financial sector. The goal of the project is to establish empirically the link between loan

officer incentives and loan default rates. How should incentives and the loan granting

process be designed to minimize risks? Based on a novel and proprietary dataset by a

major private bank, the researchers want to examine how loan officers react to volume-

based incentives; how they react to a change in incentive structures from a system that

rewards/punishes ex-post performance to a pure volume-based incentive system; and

how the involvement of risk management in the loan granting process (“four-eyes-

principle”) may lead to better decision making.

CFS Research Project

Project leader(s): Sascha Steffen Project title: Zombie Banks in the Eurozone €23,500

Sascha Steffen was awarded a grant by the Center for Financial Studies to work on a

research project on “Zombie banks in the Eurozone” for a period of 18 months. The

Center for Financial Studies (CFS) is an independent non-profit research center, funded by

the non-profit organization Gesellschaft für Kapitalmarktforschung e.V. (GfK).

17 Grants

Peter Curtius-Stiftung

Project leader(s): Sascha Steffen Project title: On the road to no recovery? Under-capitalization and economic growth €15,000

The Eurozone has entered its sixth year after the financial crisis originated in 2007 and it

is still in recession. We argue that the European banking system has been left severely

under-capitalized after the financial crisis of 2007 – 2009. Banks have neither raised

sufficient capital in private markets nor have governments forcefully recapitalized

struggling domestic banks. Too little capital has provided banks with incentives to load

up on peripheral sovereign debt, which has put even more pressure on the banking

system both in terms of liquidity and capital, leaving little room for lending to the real

economy. We hypothesize that an under-capitalized financial sector prevents economic

growth and thus has adverse real effects on the economy. The (even intensifying)

linkages between sovereigns and the financial sector are of first order concern in Europe

resulting in dangerous spillovers between sovereigns, which prevents growth even

further. We propose a (theory-based) tax that can help to mitigate these spillovers.

JSPS Invitation Fellowship Program for Research in Japan

Project leader(s): Stefan Wagner €7,000

The Japan Society for the Promotion of Science (JSPS) has awarded a fellowship to Stefan

Wagner for a research stay in Japan. Stefan used this fellowship to conduct joint research

with Professor Sado Nagaoka at the Institute of Innovation Research at Hitotsubashi

University. The research stay is devoted to developing a refined set of patent thicket

measurements by applying methodologies from social network analysis to patent data.

Jointly with Professor Nagaoka the tools of social network analysis will be applied to the

domain of technological inventions. The major goal is to gain a better understanding of

the evolution and structure of technological relationships between inventing actors (such

as companies, universities or individuals) or technological dependencies between their

inventions on the patent level.

Continuing and ending grantsEuropean Research Council Starting Grant Project leader(s): Botond Köszegi Supporting partner(s): Paul Heidhues Project title: Behavioral theory and economic applications €375,000

Marie Curie Initial Training Network (ITN) Project leader(s): Francine Petersen, Siegfried DeWitte Supporting partner(s): Luc Wathieu Project title: The CONsumer COmpetence Research Training (CONCORT) €454,902

Marie Curie Intra-European Fellowship (IEF) Project leader(s): Katja Brunk, CB Bhattacharya Project title: Researching consumer perceived ethicality (CPE) of companies and brands €174,475

Peter Curtius-Stiftung Project leader(s): Guillermo Baquero Project title: An experimental study of exit decisions €6,900

Peter Curtius-Stiftung Project leader(s): Sascha Steffen Project title: Towards a sustainable financial architecture in Europe €12,000

18 R&D Annual Report 2014

Chairs

New chairs

TUSIAD/TCCI Chair in European Economic Integration Stefan Wagner, Associate Professor of Strategy

Under the initiative of TUSIAD, TCCI was founded in Berlin with a view to further develop

and encourage German-Turkish dialogue on economic, political and social issues in an

innovative manner. Activity fields of TCCI are the enhancement of economic relations

between Germany and Turkey, the dissemination of knowledge about Turkish socio-

economic characteristics, and the nurturing of the political and social ties between Turkey

and Germany.

Pietro Ferrero Chair in Sustainability CB Bhattacharya, Professor of Marketing

The family-owned company Ferrero continues to increase its focus on sustainability by

founding the Pietro Ferrero Chair in Sustainability. Prof. CB Bhattacharya, member of the

ESMT faculty since 2009, has been named holder of the new chair. CB Bhattacharya has

published internationally recognized research on sustainability, responsible business

practices, and stakeholder value in more than 80 renowned academic journals and two

books. His research has been cited by other academics more than 10,000 times according

to Google Scholar. With its emphasis on sustainability, the chair supports the ESMT

research mission, which is based upon three central pillars: leadership and social

responsibility, European competitiveness, and the management of technology. Research

projects and case studies will concentrate on sustainability and responsible leadership.

An interview with Catalina Stefanescu-Cuntze: The challenges of attracting top academic talent to a young business school

Catalina Stefanescu-Cuntze joined ESMT in

November 2009 and is an associate

professor of management science, the

Deutsche Post DHL Chair, and dean of

faculty. Catalina's research focuses on the

design, analysis, and application of

statistical models and methods for

managerial decision making. As dean of

faculty she has a strategic role in academic

planning, the recruiting of academic

19 Chairs

faculty and staff, and the development

and counselling of existing faculty. She is

also responsible for fostering a research

culture within the school and

strengthening the links between teaching

and research.

What attracted you to ESMT?

I was attracted for a number of reasons.

Firstly, its research focus appealed to me,

but also I found its international outlook

and entrepreneurial spirit to be real draw

factors. Most research-oriented business

schools are relatively large and long-

established institutions, and in these kinds

of institutions change rarely happens. Or

it’s incredibly slow. It was exciting to join a

school in the early stages of building a

world-class academic institution where

research is firmly rooted in its DNA.

How important are chairs in terms of attracting and retaining top academic talent?

Competition is fierce in the international

business school market which means that

chairs are crucial for attracting and

holding on to talent. All of our main

competitors are offering chairs to their key

academics as a way of incentivizing

research productivity. For a small

institution like ESMT, it is essential to offer

chairs to top academics if you want to

establish a research reputation. It helps us

to compete on the international market

and overcome some of the challenges that

a small institution faces.

What are the main challenges in recruiting leading academics to a relatively young business school like ESMT?

Like I mentioned earlier, one of the main

challenges is the lack of a long-established

research reputation. Then of course there

is the small scale of both the faculty and

the student body. This implies much

reduced efficiency in teaching, as faculty

does not have the option of teaching the

same course to multiple student streams.

It also means that without the critical

mass of faculty, postdocs, research

assistants, and PhD students, it is more

difficult to establish meaningful research

interactions.

What are the main benefits for both parties involved in a chair?

The main benefits are the sharing of

knowledge and mutual access to

information, for both the individual and

the company that sponsors the chair. The

company benefits by having direct access

to the expertise of the faculty, who are

leading academics in their fields, and of

course by having its brand associated with

world-class research. For example, much of

our research is published in the top

academic and practitioner journals. That is

fantastic marketing for a company. And of

course the faculty benefits by gaining

insights into practical knowledge and

problems, which can often act as a source

of inspiration for research. But mostly,

faculty members benefit by the additional

research resources that a chair brings. This

can mean increased research budgets or,

in some cases, allowing the faculty

member to reduce their teaching hours to

focus on their research.

20 R&D Annual Report 2014

Of all the faculty developments at ESMT in recent years, what are you most proud of?

I am really proud of the renewed

accreditation for ten years and also

winning the right to grant PhDs, which

was given to us by the Wissenschaftsrat in

2013. Our faculty was a driving factor in

this process, as the PhD granting right

relies heavily on the research output of

the school and its international

recognition. For me, this was a fantastic

endorsement and an important marker of

how far we’ve come in just a few short

years.

Women continue to be underrepresented in senior corporate positions, particularly on boards. As a woman in a leadership position

teaching young future business leaders, what can business schools do to change this?

Business schools are educating the

managers of tomorrow, and I think in this

way they can raise awareness of those

factors that have an impact on gender

composition in top management. What I

mean by these factors are recruitment

packages that reflect flexibility needs,

attentiveness to cultural and gender

specific differences in negotiation styles,

inclusion of women in the recruitment

process, as well as awareness of subtle

biases in the assessment processes. We

teach this in our programs, and through

the public events that we organize, we

provide a forum for future leaders to

engage further with current leaders on

this topic.

Continuing and ending chairs

Deutsche Telekom Chair in Leadership and HR Development Matthew S. Bothner, Professor of Strategy July 2011–present

E.ON Chair in Corporate Responsibility CB Bhattacharya, Professor of Marketing September 2009–August 2014

EY Chair in Governance and Compliance Jörg Rocholl, President, Professor of Finance July 2013–present

Lufthansa Chair in Competition and Regulation Paul Heidhues, Professor of Economics September 2010–present

Karl-Heinz Kipp Chair in Research Sascha Steffen, Associate Professor of Finance January 2012–present

Deutsche Post DHL Chair Catalina Stefanescu-Cuntze, Associate Professor of Management Science July 2013–present

KPMG Chair in Innovation Linus Dahlander, Associate Professor of Strategy October 2013–present

Ferrero Chair in International Marketing Sumitro Banerjee, Associate Professor of Marketing July 2012–August 2014

21 Research lab and assistants

Research lab and assistants

The research lab provides a state of the art environment for research under controlled

conditions in our on-campus lab and through online surveys. Our researchers conduct

cutting edge research in business, marketing, psychology, and finance. By participating in

our studies participants help to create knowledge that may influence how companies do

business.

In 2014 the research lab conducted 22 studies, of which four were on-campus

experiments, with over 2,500 participants and a volume of more than €13,000.

Researchers associated with the labGuillermo Baquero Associate Professor of Finance, ESMT

Francine Espinoza Petersen Associate Professor of Marketing, ESMT

Ning Chen ESMT PhD Student, ESMT

Cara de Boer ESMT PhD Student, ESMT

Franziska Frank Head of Business Development Russia and Eastern Europe, ESMT CS

Anna Brandt PhD Student, Universität Bern

Research assistants

The FRA role is that of an “ad-hoc” research assistant available to all faculty on a first come-first serve basis.

Sezen Aksin-Sivrikaya Research Assistant for CB Bhattacharya

Nazaruddin External Research Assistant for Sascha Steffen

Jing Huang Faculty Research Assistant

Dmitry Ilin Research Assistant for Guillermo Baquero

Ievgeniia Makarova Faculty Research Assistant

Nicola Meyer Research Assistant for CB Bhattacharya

Max Richter Lab Manager

Jinzhao Wang External Research Assistant for Rajshri Jayaraman

Matthias Warnke Faculty Research Assistant

Eunah Whang External Research assistant for Rajshri Jayaraman

22 R&D Annual Report 2014

CLDR

In 2014 the Center for Leadership Development Research at ESMT continued to attract a

variety of academics, leadership development professionals, HR managers, executive

coaches, practicing managers, and students as a platform for the exploration of current

and forthcoming challenges organizations face in their leadership development efforts.

The contributors to the Center continued theoretical investigations of leadership

development issues and experimented with new teaching approaches, many of which

were incorporated in the executive education and degree programs taught at ESMT.

Some of the well-established developmental formats designed and tested at the CLDR

have been transferred to the international arena. For example, the methodology of the

ESMT Coaching Colloquia was applied to the Russian-German Executive Coaching

Colloquium held jointly with the National Research University Higher School of Economics

and the HR Colloquium co-organized with the Skolkovo business school in Moscow.

The following list of current members and events held reflect the character of the CLDR

and the expertise of both its academics and practitioners. The research output of the

individual members, who belong to ESMT, is listed in chapters Publications and Research

conference and seminars presentations.

CLDR membersAndreas Bernhardt Program Director and Executive Coach, ESMT CS

Elizabeth Florent-Treacy Senior Lecturer, Associate Director, Research, INSEAD Executive Degree Programs

Bülent Gögdün Program Director, ESMT CS and Director of Open Enrollment Programs, ESMT

Laura Guillén Assistant Professor, ESMT

Jan Hagen Associate Professor and Director of Open Enrollment Programs, ESMT and Head of Practice Group Financial Services, ESMT CS

Manfred Kets de Vries Distinguished Affiliate Professor, ESMT and The Raoul de Vitry d'Avaucourt Chaired Clinical Professor of Leadership Development, INSEAD

Svetlana Khapova ESMT Visiting Faculty and Professor of Career Studies and Director of Doctoral Education, Faculty of Economics and Business Administration, Vrieje Universiteit, Amsterdam, The Netherlands

Konstantin Korotov Associate Professor and Director of the Center for Leadership Development Research (CLDR), ESMT

Zhike Lei Associate Professor, ESMT

Ulf Schäfer Program Director, ESMT CS

23 CLDR

Events

CLDR members either organized, hosted, or participated in the following events.

EFMD Global MBA Director’s Conference: Leading the MBA: From personal coach to program innovator March 18–19

At this flagship event for MBA directors from all over the world, the Center presented a

workshop on the topic of “MBA director’s role as a coach.” The session presented both

recent research results in the field of coaching and practice tips for practitioners.

Russian-German Colloquium on Executive Coaching: Difficult cases of executive coaching in Russian practice May 24–25

This event organized jointly with the National Research University Higher School of

Economics in Moscow served as an opportunity to collect and analyze data on the

development of coaching as a leadership development methodology in the context of

Russia. Using the ESMT methodology, issues and challenges were identified and explored.

ESMT Annual Forum 2014 Corporation 2050: Building to last – leading to adapt July 3

ESMT once again welcomed business leaders, HR practitioners, politicians, and policy

makers who gathered on campus for the Annual Forum Corporation 2050: Building to

last – leading to adapt. The conference provided an international platform for addressing

some of the economic, environmental, and leadership challenges facing businesses

between now and 2050.

Skolkovo-ESMT HR Colloquium: Topical coaching issues in Russian HR practices October 10

This event used the methodology designed and tested as part of the ESMT coaching

colloquia for engaging leading Russian HR practitioners in a dialogue with academics

studying leadership coaching.

Third ESMT Organizational Behavior MINI-Conference October 17

This mini-conference united a small group of researchers from all corners of the globe for

an intense discussion of their current work in progress.

The Sixth ESMT – Kets de Vries Institute Coaching Colloquium: Transitions: Getting through “neither here nor there” moments December 12–13

The by now legendary event for the leading practitioners and academics in the field of

coaching was dedicated to the challenges of people in transitions, particularly leadership

ones. Participants prepared and discussed cases, engaged in live coaching sessions,

reflected on their practice, and participated in research activities.

24 R&D Annual Report 2014

PhD program

As an academic institution that is dedicated to the development and dissemination of

knowledge, ESMT believes that high-quality PhD education is an important part of its

mission. Following the granting of the right to award PhD degrees in October 2013, ESMT

has started to attract the first PhD students who aim to get their doctorate from ESMT. In

2014, the first two students achieved the status of ESMT PhD candidates, which involves

completing the course work and presenting some of their original research to ESMT

faculty. Johannes Johnen presented a promising research paper in the area of behavioral

(micro)economics titled “Dynamic competition in deceptive markets,” while Jing Huang

presented some of his statistical research on the “Semi-parametric estimation for

multivariate skew-elliptical distributions.”

ESMT faculty continued to contribute to the Berlin Doctoral Program in Economics and

Management Science (BDPEMS) as well as the Research Training Group (RTG) 1659 on

“Interdependencies in the regulation of markets.” Both programs closely link the areas of

economics and business administration. They follow leading international standards and

emphasize rigorous analytical methods and quantitative analysis. After completion of

the three-to-five-year program, with a focus on econometrics, microeconomics,

macroeconomics, and management science, candidates receive a doctorate from one of

its participating academic institutions. Both programs are comprised of researchers and

professors from all major educational and research institutions in Berlin. ESMT faculty

contributes to these programs through a variety of activities, including teaching a

number of courses, organizing and attending a variety of seminars and workshops in

which students are exposed to internationally renowned scholars, as well as the

supervision of PhD students as either first or second supervisor.

BDPEMS/RTG courses

Spring core courses

Stefan Wagner Management Science II: Innovation, intellectual property rights and the market for technology

Michał Grajek Management Science II: Innovation diffusion

Catalina Stefanescu-Cuntze Management Science II: Factor analysis

Paul Heidhues Microeconomics II, Part I

Spring elective courses

Paul Heidhues/Özlem Bedre-Defolie Industrial Organization

25 PhD program

Zhike Lei Organizational Behavior

Rajshri Jayaraman Regulation and the labor market: Part IV: Labor in economic development

Fall core courses

Francis de Véricourt Management Science I: Sequential decision making under uncertainty - with applications to Operations and Management Sciences

Matthew S. Bothner Management Science I: The analysis of economic and social networks

Fall elective courses

Özlem Bedre-Defolie Regulation in product markets Part IV: Regulation in networks: Interconnected networks and switching costs

External PhD teaching

Stefan Wagner Econometrics - Multivariate empirical analysis

ESMT awards scholarships with the aim of supporting outstanding students based on

their intellectual excellence, evidence of personal and professional achievement, as well

as a proven strong potential to conduct independent research. It is exclusively available

to students who have been accepted in either BDPEMS or RTG. Scholarships are provided

by ESMT, the Gesellschaft der Freunde und Förderer e.V., or directly through a grant from

the Einstein Stiftung Berlin, Marie Curie Actions-Research Fellowship Program of the

European Union, and the German Science Foundation (DFG).

ESMT PhD students and their research interests Pauline Affeldt ESMT PhD Fellow Industrial organization and competition policy

Martina Albers ESMT PhD student Risk management, time series analysis, and financial statistics

Cara de Boer CONCORT Consumer behaviors and decision making

Benedikt Meyer-Bretschneider Einstein Stiftung Berlin Fellowship Behavioral economics and environmental economics

Ning Chen CONCORT Consumer behaviors and decision making

Jing Huang ESMT PhD Fellow Theoretical statistics, probability and econometrics

Johannes Johnen DFG RTG Scholarship Microeconomic theory and industrial organization

Marco-Henry Krabs ESMT PhD Fellow Microeconomic theory, industrial organization and new institutional economics

Michael Raven Gesellschaft der Freunde und Förderer e.V. Corporate finance, innovation and entrepreneurship, especially topics with interdisciplinary aspects

Dora Simroth ESMT PhD Fellow Industrial organization and network economics

Axel Stahmer Einstein Stiftung Berlin Fellowship Financial markets and behavioral Economics

Lea Steinruecke DFG RTG Scholarship Financial markets regulation, macro-finance, market manipulation, financial crises, OTC products

Matthias Warnke ESMT PhD Fellow Banking and financial markets (systemic risk, credit rating agencies), financial regulation (TBTF, capital regulation, stress testing)

26 R&D Annual Report 2014

Research conference and seminar presentations

Sumitro Banerjee

Conference 36th ISMS Marketing Science Conference, Goizueta Business School, Emory University

Guillermo Baquero

Conferences 6th International Finance and Banking Society Conference 7th Conference on Professional Asset Management, Erasmus University European Financial Management Assoc. Annual Meetings Financial Engineering and Banking Society Conference International, Banking, Economics, and Finance Association, IBEFA/ASSA,

Seminar Universität Münster

Özlem Bedre-Defolie

Conferences Annual Conference of the European Association for Research in Industrial Economics, Bocconi University The Pros and Cons of Antitrust in Two-Sided Markets conference, Swedish Competition Authority

Seminar Koc University

Andreas Bernhardt

Conferences

16th Annual International Leadership Association Global Conference Consulting Psychology Conference, APA Div 13 - Society of Consulting Psychology

CB Bhattacharya

Conferences Annual Conference: The Inefficiencies of Efficiency, AAI The American Antitrust Institute Marketing & Innovation Symposium, ECMI Erasmus Centre for Marketing & Innovation 3rd International Conference on Strategic Innovative Marketing, IC-SIM Annual Conference 8th International Conference on Corporate Social Responsibility, IOD Annual Conference 9th International Conference: Corporate Identity/Associations Research Group, CIARG Annual Conference Japan Forum of Business and Society 4th Annual Conference, JFBS Annual Conference Transforming Tomorrow Conference, University of Cambridge Incorporating Non-financial Indicators into Financial Decisions

Matthew Bothner

Conferences

Academy of Management Annual Meeting Business and Public Policy in a Global Economy Conference, McDonough School of Business, Georgetown University SMS Special Conference, Recanti Business School, Tel Aviv University

Seminars IESE Business School, University of Navarra Saïd Business School, University of Oxford

Katja Brunk

Conferences Annual Conference of the European Marketing Academy, EMAC Consumer Culture Theory Conference

Linus Dahlander

Conferences Academy of Management Annual Meeting THIS conference, Universität Hamburg

Seminars Freie Universität Berlin Linköping University University of Bologna Universität St. Gallen INSEAD

Workshop Libera Università Internazionale degli Studi Sociali Guido Carli

Francis de Véricourt

Conference

Manufacturing and Service Operations Management Conference, MSOM

Seminars

UCLA Anderson School of Management WHU - Otto Beisheim School of Management

Michał Grajek

Conference

Business and Public Policy in a Global Economy conference, McDonough School of Business, Georgetown University

63 research conferences

39 seminar presentations

27 Research conference and seminar presentations

Laura Guillén

Conferences

14th Annual Conference of the European Academy of Management, EURAM Academy of Management Annual Meeting

Johannes Habel

Conferences American Marketing Association Winter Marketing Educators' Conference, American Marketing Association The Thought Leadership on the Sales Profession Conference, Marketing Science Institute, University of Houston

Jan Hagen

Conferences 66. Kongress der Deutschen Gesellschaft für Urologie, DGU Academy of Management Annual Meeting Interdisciplinary Group Research Conference, INGRoup

Paul Heidhues

Conferences 41st Annual Conference of the European Association for Research in Industrial Economics, EARIE Behavioral Industrial Organization and Consumer Protection, UCL European Summer Symposium in Economic Theory (ESSET), Centre for Economic Policy Research Jahrestagung des Industrieökonomischen Ausschusses, Universität Hamburg/Verein für Socialpolitik Pricing Workshop, Collegio Carlo Alberto Psychoeconomics Workshop, Universität zu Köln

Seminars IESE Business School, Barcelona, Spain Korea Advanced Institute of Science and Technology

Workshop Berlin Behavioral Economics Workshop, WZB

Rajshri Jayaraman

Conferences

48th Annual Conference of the Canadian Economics Association, HEC Montreal XI. Tax Day, Max Planck Institute for Tax Law and Public Finance

Seminars Development Economics Network Berlin Universität Osnabrück Leibniz Universität Hannover Universität Mannheim

Workshop Innocenzo Gasparini Institute for Economic Research, Bocconi IGIER Berlin Behavioral Economics Workshop, WZB

Konstantin Korotov

Conferences 16th Annual International Leadership Association Global Conference, ILA 30th EGOS Colloquium, Rotterdam School of Management, Erasmus University Academy of Management Annual Meeting Work and Family Researchers Network Conference, Work and Family Researchers Network

Zhike Lei

Conferences

Academy of Management Annual Meeting Business and Public Policy in a Global Economy conference, McDonough School of Business, Georgetown University Consortium of European Research on Emotion Conference, CERE Interdisciplinary Group Research Conference, INGRoup

Seminars

VU University Amsterdam ETH-Zürich and Universität Zürich

Workshop Université libre de Bruxelles, Solvay Brussels School of Economics

Joe Peppard

Conferences 8th AMA SERVSIG International Service Research Conference, University of Macedonia International Data and Information Management Conference, Centre for Information Management, Loughborough University

Michael Raven

Conference Academy Conference, DRUID

Jörg Rocholl

Conference

Conférence Banque de France and Toulouse School of Economics, Banque de France and Toulouse School of Economics

Seminars Center for Financial Research, Universität zu Köln TU Dresden Graduate School of Finance, Aalto University Department of Finance, BI Norwegian Business School Eidgenössische Finanzmarktaufsicht

Sascha Steffen

Conferences Concluding Conference of the Macro-prudential Research (MaRs) Network of the European System of Central Banks, European Central Bank Second Annual Financial Economics Workshop, ERSA Structural Changes in the Banking Sector, CAREFIN Universita Bocconi Systemic Risk and Financial Regulation conference, Banque de France SFS Finance Cavalcade, The Society for Financial Studies 1st Annual Credit Market Research Conference in China, Moody’s Corporation and Shanghai Advanced Institute of Finance (SAIF)

Seminars University of Amsterdam Institut für Wirtschaftsforschung Halle International Monetary Fund University of Cape Town

Workshops

HEC; Bundesbank; Tsinghua University

Stefan Wagner

Conferences Academy of Management Annual Meeting Copenhagen Conference on Innovation and Entrepreneurship, Copenhagen Business School Society Conference, DRUID

Seminars

Hitotsubashi University Research Institute of Economy, Trade and Industry (RIETI) Universidad Carlos III.

28 R&D Annual Report 2014

Research visitors

Robert M. Adams (Federal Reserve) June 20-July 4

Alexei Alexandrov (Consumer Financial Protection Bureau) January 9–14

Simon Anderson (Department of Economics, University of Virginia) March 12–15 and July 13–26

Noah Askin (INSEAD) September 22–23

Lawrence Blume (Department of Economics, Cornell University) June 3–7

Tamer Boyaci (Desautels Faculty of Management, McGill University) March 31–April 7

Joseph A. Clougherty (College of Business, University of Illinois) July 4–8

Jerker Denrell (Warwick Business School, University of Warwick) May 19–20

Ulrich Doraszelski (Wharton School) July 1–present

Michaela Draganska (LeBow School of Business) July 1–present

Martin Gargiulo (INSEAD) January 15–17 and March 28–April 11

Co-Pierre Georg (Graduate School of Business, University of Cape Town) September 30–October 2

Philippe Jacquart (EMLYON Business School) November 18–19

René Kirkegaard (Department of Economics, University of Guelph) January 12–14

Botond Kőöszegi (Department of Economics, Central European University) August 26–29

Nale Lehmann-Willenbrock (Department of Social and Organizational Psychology, Vrije Universiteit Amsterdam) March 27–29

Melanie Lührmann (Department of Economics, University of London) June 16–20

Margarita Mayo (Instituto de Empresa, IE Business School) March 9–14 and December 8–12

Daniel A. McFarland (Stanford Graduate School of Education, Stanford University) October 6–10

Volker Nocke (Department of Economics, University of Mannheim) July 21–24

Henning Piezunka (INSEAD) January 9–13, September 19–25, October 6–9, November 17–21, December 21–23

Marc S. Rysman (Department of Economics, Boston University) August 06–10

Christian Seel (School of Business and Economics, Maastricht University) January 5–7

John Steen (UQ Business School, University of Queensland) June 7–12

Nils Stieglitz (Frankfurt School of Finance & Management) November 17

Alex P Thevaranjan (Whitman School of Management, Syracuse University) March 9–17

Marco Tonellato (Institute of Management, University of Lugano) April 28–May 10

Michael Troege (ESCP Europe) April 15–July 15

Christine Zulehner (Fachbereich Wirtschaftswissenschaften, Goethe Universität Frankfurt am Main) October 6–10

Georg von Graevenitz (Norwich Business School, University of East Anglia) May 6–9 and November 25–28

30 research visitors

About ESMT

ESMT European School of Management and Technology was founded in October 2002 by

25 leading global companies and institutions. The international business school offers a

full-time MBA, an executive MBA, a master’s in management as well as open enrollment

and customized executive education programs. ESMT focuses on three main topics:

leadership and social responsibility, European competitiveness, and the management of

technology. ESMT is based in Berlin, Germany, with Schloss Gracht as an additional

location near Cologne. ESMT is a private business school, accredited by the German state,

AACSB, AMBA, and FIBAA. Since 2013 ESMT has the right to grant PhDs. www.esmt.org

ESMT subsidiary ESMT Customized Solutions stands for designing and delivering customized programs

that foster the development of a particular organization. For this purpose it pools experts

combining academic knowledge with capabilities to teach and consult. In addition, ESMT

CS pursues an industry-focused rather than a functional approach, using forefront

research with discipline-based knowledge and real-world implementation.

www.esmt.org/customized_solutions

E.CA Economics E.CA Economics works on central topics in the field of competition policy and regulation.

These include case-related work on European competition matters, for example, merger,

antitrust or state aid cases, economic analysis within regulatory procedures and studies

for international organizations on competition policy issues. E.CA Economics applies

rigorous economic thinking with a unique combination of creativity and robustness in

order to meet the highest quality standards of international clients.

As a partner of an international business school, E.CA Economics benefits from the in-

depth business experience of ESMT professionals as well as the exceptional research

capabilities of ESMT professors specialized in industrial organization, quantitative

methods or with relevant sector knowledge. As a result, E.CA Economics mirrors ESMT’s

overall approach by combining activities in teaching, research, and consulting, with an

emphasis on the latter. www.e-ca.com

ESMTEuropean School of Management and Technology

Faculty Publications

Schlossplatz 110178 Berlin

Germany

Phone: +49 30 21231–1279

publications@esmt.org

www.esmt.org/faculty-research