kelley ontopic

onK E L L E YINDIANA UN IVERS I TY Topic

v1n1 | Summer 2010

2 | The Fine Line Between Promoting Discounts and Eroding Brand Equity Shanker Krishnan

4 | College Basketball Refs Try to Promote Fairness, Inadvertently Reward Aggressive PlayKyle J. Anderson

6 | Tolerance for Failure Can Lead to Greater InnovationXuan Tian

8 | Unenforced Laws More Harmful Than No Laws at All: Lax Insider Trading Regulations Increase Cost of Equity in Emerging MarketsUtpal Bhattacharya

10 | Benefits of Direct-to-Consumer Drug Ads Outweigh CriticismsTony Cox and Dena Cox

12 | Despite Good Intentions, Anti-drinking Ads Can Increase Alcohol UseAdam Duhachek

Kelley OnTopic is a new publication of Indiana University’s Kelley School of Business. This twice-yearly research magazine will highlight some of the most influential and relevant researchpublished by Kelley faculty. Queries may be directed to faculty authors or to Anne Auer, directorof marketing and communications at the Kelley School, at [email protected] or 812-855-6998.

onK E L L E YINDIANA UN IVERS I TY Topic

v1n1 | Summer 2010

Dear Colleagues,

This is the first issue of Kelley OnTopic, a magazine

devoted to research from the Kelley School of

Business at Indiana University. It replaces the

electronic newsletter Thought Leadership that we had

been publishing for the past several years.

This publication highlights some of the most

engaging and important research coming from

Kelley faculty. With a research faculty of more

than 120, Kelley has received high rankings for

research productivity in recent years. In the

University of Texas-Dallas’ most recent ranking,

Kelley was in the top 25 worldwide and ninth

among public business schools.

We hope you will enjoy these research highlights.

As always, I welcome your feedback on this

publication or your queries about the studies

reported here. You can contact the Kelley School

of Business at [email protected].

Sincerely,

Welcome

Kelley School of Business | OnTopic Magazine 1

etailers beware. Some tried-and-true discounting tactics for pepping up holiday seasonsales can be a boon for some

products —but a bust for others.

Research by Kelley Professor of MarketingShanker Krishnan demonstrates that certain kinds of point-of-purchase discounts can effectively attract more buyers in the short-term, but for someproducts can tarnish sales and brand equity over time.

Researchers invited study participants—more than 100 university students—intoan imaginary local grocery store wherethey were asked to shop “as they do in real life.” The researchers manipulateddiscount prices of common items andinterviewed participants to determine howthis might have influenced purchases.They found that for some products, placing discount messages in close proximity to discounted items was themost effective way to build sales.

Krishnan explains, “For example, shoppers in electronics stores would bemore inclined to buy items like digitalcameras accompanied by signs reading‘$50 Off, Limited Time Only’ than if they received the same message via regular mail.”

The study, titled “The Effects of DiscountLocation and Frame on Consumers’ PriceEstimates,” also demonstrates that buyersare more inclined to make purchases whenstores communicate discounts in ways thatare instantly computable.

“Retailers should understand that mostcustomers aren’t willing to calculate savings if they have to think too hard about

The Fine Line Between Promoting Discounts and Eroding Brand Equity

2 Kelley School of Business | OnTopic Magazine

R(812) [email protected]

__________________________

Education• PhD, University of Arizona, 1991

Professional Interests• Implicit Memory for Information• Memory Interference Processes • Role of Memory in Brand Equity,

Brand Associations, and BrandExtensions

• Interactions between Memory and Attitudes, Confidence, and Intentions

Shanker KrishnanProfessor of Marketing


the math and thus might not buy the product,” said Krishnan. “Highlightingprice reductions in simple, real dollar terms is a more compelling salesinducement than, say ‘25 percent off.’”

But it is important for retailers andbrands to note that closely associating products with discounts can have negativeimplications over time. “People come to associate certain prices with certainproducts,” said Krishnan. “If the discountmessage disappears, buyers may be put off and seek out discount prices on other,related products.”

Frequently purchased items, like musicand clothing, are particularly susceptibleto buyer resistance when discounts areremoved. “The discounted prices are

much more likely to become fixed andexpected in shoppers’ minds,” saidKrishnan.

On the other hand, the study showed that less frequently purchased items, likeTVs, may be more immune to consumerprice expectations. “The lifespan ofdurable items is such that shoppers forgetwhat they last paid for them,” he said.

The study also pointed out that point-of-purchase discounting requires a strategic, highly selective approach toensure that certain products maintaintheir long-term sales potential. “It is particularly important that shoppers don’t come to associate luxury items with lower prices,” Krishnan said.“Otherwise, they’ll experience severe sticker shock their next go-around, and brand loyalty can suffer.”

For luxury brands, the best bet might be to offer discounts via percentages and to physically separate the discountmessage from the product by usingcoupons, ads, general in-store promotions,and other tactics. The price reductionsmay be somewhat less effective for promoting sales, but customers will also be less likely to associate the lower pricewith the luxury good.

_______________________________________________________________________

The study appeared in the September 2009 issue of Journal of Retailing. It was coauthored by Devon DelVecchio at Miami University in Ohio and Arun Lakshmanan at University of Buffalo,SUNY. The study is available for download atwww.kelley.iu.edu/facultyglobal/PublicationPage.cfm?id=15143.

“

”

...Certain kinds of

point-of-purchase

discounts can

effectively attract

more buyers in the

short-term, but

for some products

can tarnish sales

and brand equity

over time.

(317) [email protected]

__________________________

Education• PhD, Indiana University

Professional Interests• Industrial organization • E-Commerce • Online pricing

Kyle J. AndersonVisiting Assistant Professor of Business Economics

College Basketball Refs Try toPromote Fairness, InadvertentlyReward Aggressive Play

elley Professor of EconomicsKyle Anderson was a collegebasketball player and an avid spectator. He had long

suspected, just as fans suggest every time a game doesn’t go their way, thatbasketball referees might not be asimpartial as we would hope. That’s what led him to use his economics background to take a closer look at referees’ behavior on the court.

Examining 365 major conferencegames played during the

2004-05 college men’sbasketball season,Anderson found anincreased probability

of a foul being called on the team with fewer

fouls, the visiting team, and the team that is leading.

“Whether consciously or subconsciously,officials seem to show a pattern where theytry to make the number of fouls called oneach team come out approximately even,”Anderson explains. “That is seen as beingobjective or fair.

“We had suspected that, having playedand watched basketball,” he added. “Butonce we started to run the data, I thinkthe magnitude of the effect was muchmore than we had ever anticipated. Wethought that this was going be a verysmall effect.”

Basketball officiating can be subjective,with significant variation between what is allowed and what is considered a foul.Anderson and his coauthor, DavidPierce, professor of sport administrationat Ball State University, set out to measure officials’ “fairness” by examiningthe number and timing of fouls called

K

during games. They looked at 272 regular season games, 30 neutral-courtconference tournament games, and 63 neutral-court NCAA tournamentgames. Given that it is common practicefor trailing teams to intentionally foul at the ends of games, only foul calls in the first half were included.

Among their findings: • The probability of a foul being called

on the visiting team was 7 percent higher than on the home team.

• When the home team is leading, theprobability of the next foul being called on them is about 6.3 percentagepoints higher than when the home team is trailing.

• The larger the foul differential betweentwo teams, the greater the likelihoodthat the next call will be made againstthe team with fewer fouls. For example,when a home team has three or morefouls than the visiting team, the probability that the next foul call ismade against the visiting team is morethan 60 percent. When the foul differential is as high as five, then the probability rises to 69 percent. The researchers also observed this trend when they looked at neutral-court games.

“We talk about the crowd as a factor, butwe’re able to rule that out as a completeexplanation because it happens to the visiting team too,” Anderson said.“There’s clearly a score effect on bothsides. The team that is leading is morelikely to get a foul call.” Anderson does not believe that this phenomenon iscaused by any changes in coaching strategyor aggressive play by athletes.

The researchers believe their resultsmatch up well with the observed behaviorof basketball teams over the last 25 years,as play has become increasingly aggressive.While the NCAA has called for a reduc-tion in such physical play, Anderson andPierce believe that the underlying problems may be greater than the organi-zation appreciates.

“The team that plays more aggressivelybenefits from this pattern,” Andersonsaid. “If you’re a super-aggressive teamand you’re pushing and shoving andknocking people down, the referees aregoing to try and call an approximatelyeven number of fouls. That gives you a big advantage—you never want to be theless aggressive team.

“Unless the NCAA can come up withsome way to address this, there’s alwaysgoing to be an advantage to the moreaggressive team,” he added.

To reduce the level of aggression,Anderson and Pierce say, the NCAAneeds to enact policies and change rulesthat would reward teams for less physicalplay. “This could include educating officials about officiating biases andencouraging them to call fouls withoutregard to foul differential or to possiblyincrease the penalty for a foul,” theywrote in the paper.

_______________________________________________________________________

“Officiating Bias: The Effect of Foul Differential onFoul Calls in NCAA Basketball” appears in the 2009Journal of Sports Sciences (Volume 27, Issue 7). It is available online at www.informaworld.com/smpp/content~db=all~content=a911008401~frm=titlelink.


“

”

Whether

consciously or

subconsciously,

officials seem

to show a pattern

where they try to

make the number

of fouls called on

each team come

out approximately

even.


__________________________

Education• PhD, Boston College, 2008

Professional Interests• Corporate finance • Venture capital/Private equity • Initial purchase offers

Xuan TianAssistant Professor of Finance

Tolerance for Failure Can Lead to Greater Innovation

elley Finance Professor Xuan Tian theorizes that the right amount of tolerancefor failure can help firms

be more innovative. His new workingpaper demonstrates that among start-up companies backed by venture capitalists(VCs), the ones backed by more failure-tolerant VCs displayed greater levels of innovation. The paper, “Tolerance

for Failure and Corporate Innovation,” is coauthored with Professor Tracy YueWang of the University of Minnesota Twin Cities.

Using data from 1985 to 2006 for more than 1,800 venture-capital backedfirms that went on to conduct initial public offerings (IPOs), Tian and Wangmeasured a VC’s failure tolerance by

K

6

looking at how long the VC maintainedhis past investment firms that eventuallyfailed. The researchers judged the innovativeness of the firms by the numberof patents that firms were granted, andused the number of patent citations todetermine the impact of those patents.

Once a firm has a successful product, itwill conduct an IPO and the VC will cashout his investment. Therefore, for IPOfirms that are financed by more failuretolerant VCs, Tian and Wang expect to see more patents and patent citations.

The analysis showed that startup firmsfinanced by more failure tolerance VCs aremore innovative. They not only produce alarger number of patents, but also patentswith a greater impact. They also found that

firms that had been supported by failure-tolerant VCs retained their culture ofinnovation, even after the VC terminatedhis investment. Finally, Tian and Wangfound that more experienced venture capitalists were more failure tolerant.

What are the lessons? “There are two types of tasks a firm can undertake,” Tian explains. “Normal activities, likesales, marketing, or production and more complex and unpredictable activitieslike research and product development.Investors should not be tolerant of failures in the first category of activities,because if a firm cannot do those activities correctly, it most likely will not remain in business.”

“But failure tolerance is very importantwhen it comes to a firm’s innovative activities, like developing new products or inventing new pharmaceuticals, which involve a greater degree of unpre-dictability and higher failure rate,” Tian continues. “In order to innovate, a firm needs a financial backer who will tolerate failure. Furthermore, once a VC helps a firm develop a culture ofinnovation, our research shows that inmost cases the firm retains that culture.”

_______________________________________________________________________

A working version of this paper is available for download via the Social Science Research Networkat http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1399707.

“

”

...Startup firms

financed by more

failure tolerance

VCs are more

innovative. They not

only produce a larger

number of patents,

but also patents with

a greater impact.




__________________________

Education• PhD, Columbia University, 1990

Professional Interests• Dark Side of Financial Markets

Utpal BhattacharyaAssociate Professor of Finance nsider trading laws that are not

enforced can hurt shareholdersand economic vibrancy in emerging markets even more

than having no securities laws at all,according to research by AssociateProfessor of Finance Utpal Bhattacharya.With sweeping financial market reforms under consideration world-wide, especially in executive compensation, the findings indicatethat policymakers should think twiceabout establishing or bolstering regulations without correspondingenforcement efforts. The studyappeared in 2009 in Volume 13,Number 4 of the Review of Finance.

Recent research has shown that in many emerging markets, trading basedon “inside” information is commonpractice. Bhattacharya’s research goesfurther, revealing that weakly enforcedinsider trading regulations not only put law-abiding shareholders at a disadvantage, they make it more expensive to raise money for business in the equity marketplace, making it a less potent place for capital generation and economic stimulus.Specifically, businesses have to pay an extra 5 percent return to theirshareholders in countries that do notenforce their insider trading laws.

“The explanation is that a less transparent,unequal marketplace tends to disadvantageoutsiders, and disadvantaged outsidersdemand a higher return on their invest-ments,” Bhattacharya says. “The irony is that governments that turn a blindeye to insider trading—often to benefitthe relative few—are hurting theireconomies overall.”

The best route, noted Bhattacharya, is for countries to strictly enforce their insider trading rules. However, he said, this may not be a realisticexpectation where there are incompetent,under-funded or corrupt financial regulators, which is often the case inemerging markets. In such situations,the more feasible course of actionwould be to eliminate weakly enforcedlaws—giving everybody access to the same information and making the market more open and efficient.

“Our study serves as a caution to policymakers who believe that welfarecan be improved just by instituting good laws,” said Bhattacharya. “Clearly,enforcement, not the law itself, willensure market efficiency and protectshareholders. A country’s ability toenforce securities laws should dictatewhether to have laws at all.”

Unenforced Laws More Harmful Than No Laws at All: Lax InsiderTrading Regulations Increase Costof Equity in Emerging Markets

I


Fully 70 percent of emerging markets haveenacted insider trading laws similar tothose in established markets, but withoutcorresponding enforcement efforts. Oftenthey have done so under pressure frominstitutions such as the World Bank, theEuropean Union, and the Organization ofEconomic Cooperation and Development.However, according to the study, thesetransnational institutions can inflict damage if they overlook country-specificfactors that hinder enforcement, includingunfriendly courts, insufficient funding,high burdens of proof, and a general lackof political will.

“This unwise ‘cut and paste’ approachmakes it increasingly difficult for stockholders to earn a profit, a major

setback in this economic climate,” saidBhattacharya. “Governments should nothinder free markets with new laws that they cannot or will not enforce, but theyshould take very seriously the need toenforce existing laws that promote marketfairness. If they don’t, the equity marketsand their power to generate much-neededcapital for the local economy are hurt—and only the outlaws win.”

_______________________________________________________________________

“When No Law is Better Than a Good Law” wasco-written by Bhattacharya and Hazem Daouk ofCornell University, using monthly stock marketindices from Morgan Stanley Capital MarketInternational for 22 developed markets, and from International Finance Corporation for 33 emerging markets. The work is available for download via the Social Science Research Networkat http://papers.ssrn.com/sol3/papers.cfm?abstract_id=558021.

“

”

Weakly enforced

insider trading

regulations not only

put law-abiding

shareholders at

a disadvantage,

they make it more

expensive to raise

money for business

in the equity

marketplace, making

it a less potent

place for capital

generation and

economic stimulus.

ith their his-and-hers outdoor bathtubs (erectile dysfunction) and veiled references

to a “growing, not going problem”(enlarged prostate), direct-to-consumer(DTC) pharmaceutical ads are roundlycriticized by consumer advocates, healthprofessionals and elected officials. Yet two authorities on health care marketing consider these ads more honest than most other forms of consumer advertisingand the most forthcoming type of pharmaceutical promotion.

Anthony Cox and Dena Cox, marketingprofessors at the Kelley School of Businessin Indianapolis, assert that many chargesagainst DTC pharmaceutical ads areoverblown. They believe the public shouldbe more concerned about physician-targeted marketing (e.g., medical journaladvertising, sales calls and distribution ofdrug samples). “In contrast to physician-targeted marketing, DTC marketingappears to be an admirably direct andstraightforward way of communicating with consumers,” Anthony Cox said.

The Coxes emphasize that DTCpharmaceutical ads are unlike other formsof consumer advertising because they are subject to the strict guidelines of theFood and Drug Administration (FDA). As such, ads must disclose the products’

most common and severe side effects—requirements that do not apply to say,McDonald’s, which might otherwise have tostate that beef is known to increase risk ofheart disease and cancer. Furthermore,DTC pharmaceutical ads must support allproduct benefits claimed or even impliedwith rigorous scientific evidence, unlike adsfor nutritional supplements, which canhighlight unsubstantiated benefits as long asthey mention that the claims have not beenevaluated by the FDA.

While the Coxes defend the openness ofDTC pharmaceutical ads, they acknowledgethat certain charges are, to an extent, warranted. These include:• Downplaying drug risks, often by presenting visual elements to distract consumers. For instance, a television commercial for an antihistamine featureda kinetic buzzing bee while the announcerread risk information. In this case, theFDA issued a complaint and the bee wasgrounded by the company.

• Not discussing alternatives to the advertisedproduct. For example, ads for cholesterol-reducing drugs may not mention that dietand exercise are the best remedies.

Such concerns, while legitimate, say theCoxes, are not so detrimental as to nullifypositive aspects of DTC advertising.“Certainly, the principal purpose of DTC advertising is to help sell products—


__________________________

Education• PhD Indiana University, 1984

Professional Interests• Marketing of medical products

and services • Brand management • Consumer buying behavior

Tony CoxProfessor of Marketing


__________________________

Education• PhD, University of Houston, 1984

Professional Interests• Marketing of medical products

and services • Interventions to increase

healthy behavior • Consumer behavior

Dena CoxProfessor of Marketing

Benefits of Direct-to-ConsumerDrug Ads Outweigh Criticisms


W


and the pharmaceutical companies want ads that will be most effective. However, DTC ads also prompt recognition ofundertreated conditions, increase awarenessof drugs’ potential risks and side effects andstimulate broader conversations betweendoctors and patients,” Dena Cox said.

While DTC represents the pharmaceuticalindustry’s most visible effort to influence consumer behavior, it is not close to being the largest. This distinction belongs to physician-targeted marketing, which accountsfor about 80 percent of drug companypromotional expenditures compared to the14 percent spent on DTC advertising.

Physician-targeted marketing makes a lot of sense from a business standpoint; physicians serve as gatekeepers for prescription drugs and are highly trustedby patients, who perceive them as independent sources of medical advice.Yet, this independence is sometimes moreapparent than real, as many doctors arenot financially independent of drug companies. These corporations have traditionally provided doctors’ offices withfree food and drug samples, underwritecontinuing medical education, and compensate doctors for consulting, lecturingand enrolling patients in clinical trials.

“Many of these activities seem harmless and some serve a legitimate medical purpose,” says Anthony Cox.“That said, evidence indicates they alsoserve their intended promotional purpose—influencing prescriptions and the advice that doctors give to theirpatients.”

According to the Coxes, such tactics areeffective for the same reason that they are most worrisome: they bypass the skepticism that consumers are able tomuster when seeing an advertisement theyrecognize as paid promotion. “Patientshave innate defenses against DTC ads;there is no comparable protection againstthe indirect influences of physician-targeted marketing,” says Dena Cox.“Further, doctors always have the finaldecision to prescribe or not. When independent of drug companies, they curb the power of even the mostcompelling ads.”

_______________________________________________________________________

Tony and Dena Cox’s article, “A Defense of Direct-to-Consumer Prescription Drug Advertising” appears in the March/April 2010 issue ofBusiness Horizons, the bimonthly journal of theIndiana University Kelley School of Business. The article is available, by subscription, athttp://ideas.repec.org/a/eee/bushor/v53y2010i2p221-228.html.

“

”

Physician-targeted

marketing ...accounts

for about 80 percent

of drug company

promotional

expenditures

compared to the

14 percent spent on

DTC advertising.

ublic service advertising campaigns that use guilt orshame to warn against alcoholabuse can actually have the

reverse effect, spurring increased drinkingamong target audiences, according to newresearch by Kelley Marketing ProfessorAdam Duhachek. Instead of the intendedoutcome, researchers in this first-of-its-kind study showed that the ads triggeredan innate coping mechanism that enables

viewers to distance themselves from theserious consequences of reckless drinking.

Campaigns to promote reduced orresponsible drinking have long been a mainstay of health departments, non-profit organizations, and even beveragecompanies. Yet alcohol abuse remains apersistent and growing problem, linkedto the deaths of approximately 79,000people in the United States each year.


__________________________

Education• PhD, Northwestern University

Professional Interests• Marketing Management • Advertising • Consumer Behavior • Marketing Strategy • Coping and Cognitive Appraisals

and Emotions • Psychometric Issues

Adam DuhachekAssociate Professor of Marketing

Despite Good Intentions, Anti-drinking Ads Can Increase Alcohol Use


P


“The public health and marketing communities expend considerableeffort and capital on these campaignsbut have long suspected they were lesseffective than hoped,” said Duhachek.“But the situation is worse than wastedmoney or effort. These ads ultimatelymay do more harm than good becausethey have the potential to spur more ofthe behavior they’re trying to prevent.”

Coauthored by Nidhi Agrawal, professor of marketing at Northwestern University’sKellogg School of Management, thisresearch specifically explores anti-drinking ads that link to the many possible adverse results of alcoholabuse, such as blackouts and car accidents, while eliciting feelings ofshame and guilt. Findings show suchmessages are too difficult to processamong viewers already experiencingthese emotions—for example, those who already have alcohol-related transgressions. To cope, they adopt adefensive mindset that allows them tounderestimate their susceptibility to the consequences highlighted in theads; that is, that the consequences happen only to “other people.” Theresult is they engage in greater amountsof irresponsible drinking, according to respondents.

“Advertisements are capable of bringing forth feelings so unpleasantthat we’re compelled to eliminate them by whatever means possible, said Duhachek. “This motivation is sufficiently strong to convince us we’re immune to certain risks.”

The unintended negative impact ofemploying shame and guilt in these adshas implications for a wider range of healthrelated messaging, from smoking cessationto preventing sexually transmitted diseases.According to Duhachek, shame- andguilt-inducing campaigns that seek to curb these behaviors can have the sameunintentional backfire effects.

Duhachek encourages marketers lookingto influence drinking and other behaviors to convey dire consequencesalong with messages of empowerment.For instance, providing strategies tocontrol one’s drinking or recallinginstances where one resisted the temptation to engage in risky drinkingbehavior may provide a pathway toreducing these undesirable behaviorsmore effectively. “If you’re going tocommunicate a frightening scenario,temper it with the idea that it’s avoidable,” he said. “It’s best to use the carrot along with the stick.”

For this study, Duhachek and Agrawalinterviewed more than 1,200 undergraduate students after showingthem shame- and guilt-inducing advertisements, which they specificallycreated for the research. To ensure no biases on the part of respondents,the team opted not to rely on existingcampaigns.

_______________________________________________________________________

“Emotional Compatibility and the Effectiveness ofAnti-Drinking Messages: A Defensive ProcessingPerspective on Shame and Guilt” was recentlypublished in the Journal of Marketing Research(Volume 47, Number 2, April 2010). It is available for download at www.kelley.iu.edu/facultyglobal/PublicationPage.cfm?id=14721.

“

”

If you’re going to

communicate

a frightening

scenario, temper

it with the idea

that it’s avoidable.

It’s best to use

the carrot along

with the stick.

Indiana University Kelley School of Business1275 E. Tenth St., CG 3014Bloomington, IN 47405

Non-Profit Org.U.S. PostagePAIDBloomington, INPermit No. 267

Alliance for Research on Corporate Sustainability (ARCS)This partnership of academic institutions was created toprovide data and networking opportunities to facilitateresearch on corporate sustainability. As environmentalissues have grown in complexity and scope, there is growing recognition that to gain ground on our mostpressing environmental issues will require the proactiveengagement and leadership of the business sector. ARCS helps develop greater understanding of the opportunities and limits of policies and strategies to create sustainable businesses by facilitating rigorous academic research. John Maxwell, W. George PinnellProfessor of Business Economics and Public Policy atKelley, is part of the ARCS founding team and a member of its board of directors.

_________________________________________________________________________________________________

More information is available at www.corporate-sustainability.org.

Institute for Global Organizational Effectiveness (IGOE)IGOE was created in spring of 2010 through a $4.8 million private gift coordinated by the GEO GlobalFoundation. The institute’s aim is to help firms augmenttheir human capital by creating and sustaining productivecollaboration among employees from different countries,cultures, and backgrounds, with a special emphasis onLatin America. IGOE will foster a unique collaborationof top students, faculty, alumni, and select organizationsworking hand-in-hand to achieve results: development of specialized, diverse talent that can meet the globalmarket demand and creation of new knowledge that willadvance global business. Some of the Institute’s initiativesinclude scholarships for MBA and PhD students andconducting applied research projects aimed at generatingnew knowledge regarding how organizations acquire anddevelop human capital. The Institute’s director isHerman Aguinis, Dean’s Research Professor in Kelley’sDepartment of Management and Entrepreneurship.

_________________________________________________________________________________________________

More information is available at www.kelley.iu.edu/igoe.

Kelley is pleased to announce the recent addition of two new centers, bringing the total number of the school’s nationallyrecognized centers, initiatives, and institutes to 14.

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