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Inflation's on the rise - can it be reigned in for 2022?
It seems the cost of everything is going up. For most Americans, filling up your car and filling up your grocery cart are now noticeably more expensive. Costs of goods are going up and that's taking a toll on the cost of living for a lot of people across the country. But what's causing the prices of goods and services to creep upwards - and what will it take to tame the upward trend that has inflation at its highest rate in more than 30 years? Recently, Andrew Butters and Kyle J. Anderson from Indiana University’s Kelley School of Business sat down with Indiana NewsDesk to help explain what's going on. Inflation might be the one the leading news stories of 2022 - and if you are a reporter looking for answers - then let us help with your coverage. Andrew Butters is an Assistant Professor of Business Economics and Public Policy at Indiana University’s Kelley School of Business. He is also an expert in the areas of industrial organization, productivity, market integration, demand and business cycles. Kyle J. Anderson is a Clinical Assistant Professor of Business Economics. He is an is an economist researching business and pricing in online environments. Both Kyle and Andrew are available to speak with media regarding this important topic – simply click on either expert's icon now to arrange an interview today.
Christmas is here! And with the hustle and bustle of shopping and scouring the internet for that perfect gift or deal, odds are there are people lurking in the dark corners hoping to stuff their stockings with scams if you’re not too careful. At Thanksgiving, when the official start to the shopping season began – the experts from Indiana University’s Kelley School of Business were front and center answering media calls and doing interviews about this very topic Scott Shackelford, a professor at Indiana University specializing in cyber security, said there are some red flags to be on the lookout for while shopping online. “There’s some easy ones to spot right off the bat, including if on the URL,” said Schackelford. “If you see it just as HTTP and not HTTPS. That S stands for secure, which means your information is encrypted when you use that site.” Shackelford also said to be on the lookout for funny wordplay involved on the website. Maniscalo says most of these fake websites originate from outside the country. “English is not their native tongue, so they will a lot of times have misspellings, or say things in kind of an awkward way, not how we would say it, or how we would print it out there,” said Maniscalo. There is also the problem of what Shackelford calls Grinch Bots. These are automated bots that monitor major retail sites to see what items are the hottest and buy them out as soon as they are restocked. “There’s actually been bills that have been proposed in Congress to deal with example of that phenomenon. But of course, they’re not enacted yet, so it’s still up to consumers,” said Shackelford. November 25 – Fox News It’s going to be a busy holiday shopping season – and if you’re a journalist looking to cover this important top, then let us help. Scott Shackelford is an Assistant Professor of Business Law and Ethics at Indiana University’s Kelley School of Business. He’s an expert in the field of cybersecurity law and policy. Scott is available to speak with media about this subject – simply click on his icon now to arrange an interview today.
Have you finished your Christmas shopping yet? If not – waiting for last minute deals or just pushing off the pain of navigating a jam-packed shopping mall might result in some failed efforts, unhappy kids and even the potential for coal in your own stocking for letting some loved ones down. Recently, John Talbott, the director of the Center for Education and Research in Retailing at the Indiana University Kelley School of Business was interviewed on the IBJ podcast to explain how supply chain woes may be creating chaos this Christmas. Experts expect shoppers to drop a record amount of money this holiday season. The National Retail Federation forecasts sales for November and December to grow between 8.5% and 10.5% over the same months in 2020. In total dollars, that would be between $843.4 billion and $859 billion. At the same time, the supply-chain issues that have plagued commerce since the start of the pandemic are expected to complicate gift buying and limit stock for some products. The answer is to get your shopping done as soon as possible, because you might not get a second chance, says John Talbott, the director of the Center for Education and Research in Retailing at the Indiana University Kelley School of Business. In the latest edition of the IBJ Podcast, Talbott explores other big questions with host Mason King. Does Indy’s status as a leading U.S. logistics hub give Hoosiers a leg up on gift availability? What role might inflation play in this year’s shopping season? Why are gift cards even more valuable than usual this year? How can we avoid cybercrime? And are there any blockbuster, must-have gifts for this season? November 28 – IBJ Podcast And if you’re a journalist looking to know more or covert this subject – then let us help. John Talbott is the Director for the Center for Education and Research in Retail at Indiana University’s Kelley School of Business. He’s an expert in the areas of retailing, relating marketing activities to financial outcomes, and new media communication. John is available to speak with media regarding this important topic – simply click on his icon now to arrange an interview today.
In any disagreement or dispute, sides are taken - by those involved, by those invested or sometimes just by those most interested in the conflict that is occuring. And when it comes to the matter of superstar athletes squaring off against billionaire owners, it's often the fans that speak the loudest and media are doing their best to cover both sides - and get to the root of the matter. Lately, experts from IU's Kelley School of Business have been front and center - providing expert perspective, opinion and analysis. And earlier this month as players were locked out - Nathaniel Grow was getting calls by reporters for insight. “The players have been seeing their financial position deteriorate over the last few cycles, and the last few years in particular, when the average player salary has declined, which is unprecedented for MLB,” said Nathaniel Grow, an associate professor of business law and ethics at Indiana University’s Kelley School of Business who has written extensively on baseball’s CBA topics and issues for several years. “Within that bucket is the service-time manipulation, which helps feed into some of these salary issues.” “The players don’t think they’re getting a fair shake, is a fair general consensus. The question becomes, where do they go and how do they try to improve their financial position?” December 02 - Sporting News The ongoing labor dispute between players and owners will be long, protracted and at times tense - and if you are a reporter looking to cover this trending topic, then let us help with your stories and questions. Nathaniel Grow is an Associate Professor of Business Law and Ethics and the Yormark Family Director of the Sports Industry Workshop. He's also an expert in the areas of sports and labor law. Grow is frequently quoted by media outlets such as The Washington Post, The Wall Street Journal and ESPN regarding current legal issues in the sports industry. Nathianiel is available to speak with media regarding the MLB lockout - simply click on his icon now to arrange an interview today.
Nathaniel Grow, a nationally recognized expert in the field of sports law and an associate professor of business law and ethics at the Indiana University Kelley School of Business, has published numerous articles on the application of federal antitrust and labor law to the professional sports industry, with a particular focus on Major League Baseball. He has been closely following developments and would glad to serve as an expert for reactions and analysis of developments. The author of 17 law review articles, as well as an award-winning book, Grow has received a number of prestigious research honors for his academic work. Grow is frequently quoted by media outlets such as The Washington Post, The Wall Street Journal and ESPN regarding current legal issues in the sports industry. He can be reached at grown@iu.edu and 812-855-8191.
How does the job market look for the Class of 2021 ? The answer: much better, says IU expert
As the class of 2021 graduates this weekend to embark on new challenges and careers, Rebecca Cook, executive director of undergraduate career services at the Indiana University Kelley School of Business, reflects on the current job market and offers insights into what summer internships may be like for current students. “The summer of 2020 was a mess for student internships and full-time roles, with pretty much all either going virtual or, in the case of many internships, being cancelled altogether as companies tried to figure out business during the pandemic. Luckily, the job outlook for both full-time roles and internships in May 2021 looks a lot different – and a lot better. “The job market is hopping right now with a significant number of internship and full-time opportunities, as companies open up and business grows. Industries such as professional services, technology, health care, manufacturing and financial services are all seeing significant upticks in job postings. Even companies hard-hit by the pandemic, such as retail and hospitality, are picking up their hiring. “While hiring is back to pre-pandemic levels in many industries, the level of competition for those roles has increased significantly. In a normal year, the majority of job seekers are that year’s graduates. However, this year we have 2021 grads plus some 2020 grads who still are seeking plus those who went to graduate school to put off job hunting during the pandemic and are now graduating. This all leads to a much more competitive job market and one where a student needs to work to stand out from the crowd, particularly through networking and reaching out to potential connections at their companies of interest. “We recommend that students spend a lot more time networking than they may have in the past, creating a focused list of companies they are interested in and then spending the time to connect and speak with employees at those companies. Leverage any ‘warm’ connections possible, such as friends, family members, fellow Kelley alumni, faculty and staff recommendations. “An important point to remember is that roughly 75 percent of jobs are never advertised publicly, so the only way to find out about them is through networking. Many new jobs, as well as internships, may start out virtual “It’s important to note that many roles that students are entering will still be virtual, at least for the time being, as companies are very mixed as to if they are back in the office already, not returning to the office until early fall, or staying remote entirely. Internships in particular are likely going to be virtual, while full-time jobs are looking to be mixed, with many starting out virtual but then likely moving in-person when offices open up. While being virtual once again is probably disappointing, students should remember that they can be just as successful with a virtual full-time role or internship as an in-person one. “The key is staying connected with their supervisor and co-workers on a regular basis. They should also network with as many people in their full-time or internship company as possible, taking the initiative to set up Zoom (or whatever video conferencing tool that the company uses) meetings regularly in order to learn as much about the company and role as possible, as well as to build their network for future opportunities. “Overall, there are a lot of available opportunities out there for students – they just need to put in the time to network and get their name and brand known.” To schedule an interview with Cook, contact George Vlahakis at vlahakis@iu.edu.
Kelley School expert who studies causes and effects of recalls available to discuss Peloton
Peloton Interactive Inc. on May 5 announced that it is recalling its treadmills in a statement from CEO John Foley who also apologized for the company’s initial refusal to comply with federal safety regulators’ prior request for this action. George Ball, assistant professor of operations and decision technologies and Weimer Faculty Fellow at the Indiana University Kelley School of Business, studies the causes and effects of product recalls. Below are comments from Ball. He can be reached at gpball@indiana.edu. “Recall decisions like this are very difficult for managers to make, especially the ones that are high profile and associated with consumer injury. Managers have to balance the firm financial health with consumer safety. Thus, this is a rich area of research. The research that my colleagues and I undertake in this field deal both with the regulator and the firm. My comments will attempt to address both perspectives. “I will start with the regulator. I am currently involved in a research project with two colleagues that is specifically critiquing the Consumer Product Safety Commission for situations very similar to this Peloton recall. There are three main regulators in the US that oversee product quality and in particular recalls: the FDA, NHTSA and the CPSC. “Of those, CPSC is the least proactive and in my view, least successful in properly managing product recalls and their timeliness. This is because there are two main ways in which a firm can push firms to recall; they can force them to, or they can work with the firm management to help encourage them, or nudge them, to recall. The FDA is very good at influencing firms while NHTSA is quite good at mandating recalls. CPSC does neither well. “In particular, the FDA frequently chooses to use their relationships with senior quality executives at firms to nudge them to recall when FDA feels it may be necessary and the firm has not yet acted upon the quality problem. Conversely, NHTSA mandates approximately 20 to 30 percent of auto recalls, such that they choose to force instead of nudge. However, in both cases, while neither industry (medical products and autos) are perfect when it comes to recall timeliness, and both have suffered unfortunate well-known examples of firms dragging their feet in the recall decision, both have a well-developed approach. “CPSC mandates practically no recalls and they do not, from my research, have strong relationships with firm executives that can help them nudge firms to make the quick recall decision. Thus, this Peloton example is one of many in which consumer product firms may take too long to recall. “From the firm perspective. There are several potential red flags that may indicate the firm took too long. The longer a consumer product industry CEO has been in their role, the slower they are to make recall decisions. This is because the longer a CEO is in the role, the less open they are to taking responsibility for such high-profile mistakes. Interestingly, a new CEO, such as one who has been in their role for two to three years, is much more likely to recall a faulty product. “The CEO of Peloton definitely falls into the category of a fairly long-tenured CEO who has his reputation tied closely to the firm’s success. Secondly, the more stock a CEO owns in their firm, the slower they are to make the recall decision, because they are trying to protect their financial welfare. The CEO of Peloton appears to have a significant fortune at stake in Peloton stock, which would be consistent with our research. The more stock a CEO owns, the slower the firm take to recall defective products.”
Expert available to discuss Facebook Oversight Board's decision on Trump's account
Reporters: Girish Mallapragada, a social media marketing expert at the Indiana University Kelley School of Business, is available Wednesday (May 5) to discuss the Facebook Oversight Board's decision to uphold Facebook's ban on former President Donald Trump. In advance of the announcement, Mallapragada, an associate professor of marketing and Weimer Faculty Fellow, said he questioned whether the board’s decision will have much of an impact on Trump’s outreach to his followers. He noted that Trump’s rise in popularity primarly came through his use of another social media platform, Twitter, and not as much through Facebook. “He was more adept at short form communication than long contextual messages. Twitter is ideal for the former, Facebook for the latter,” Mallapragada said. “Twitter is closest online to a live large audience, where he thrives.” “If Facebook allows him to comeback, it might make people unhappy and others happy, but I don’t think it would be impactful to make a big difference.” George Vlahakis, associate director of communications and media relations at Kelley, can help arrange for interviews with Mallapragada, and can be reached at vlahakis@iu.edu.
Kelley expert available to discuss Bernard Madoff's legacy, long-term effect of his scheme
Bernard “Bernie” Madoff, convicted architect of an infamous and epic securities Ponzi scheme with thousands of investors, died behind bars on April 14 at the age of 82. Noah Stoffman, an associate professor of finance and Weimer Faculty Fellow at the Indiana Kelley School of Business, has researched the effect of such fraud beyond the direct investments that were lost by victims. His 2018 paper, “Trust Busting: The Effect of Fraud on Investor Behavior,” co-authored with professors at Cornell University and the University of Texas-Dallas, showed that the collapse of the Madoff Ponzi scheme had an effect not only on his many direct victims, but also on the general level of trust in financial services. “People who live in the same areas as victims of the fraud withdrew assets from investment advisers and increased their deposits in banks. Financial advisers in these areas were also more likely to close. Our analysis shows that advisers who provided services that can build trust—such as financial planning advice—saw lower levels of withdrawals. Our evidence suggests that this decline in trust shock was transmitted through social networks,” Stoffman said. Stoffman’s research focuses on the investment decisions of professional money managers and individual investors, and on the effect of technological innovation on asset prices. Much of his work highlights the importance of social interaction in the spread of information in financial markets. Stoffman teaches courses on analysis of financial data to undergraduates, MBAs, and doctoral students at the Kelley School. He can be reached at 812-955-1758 (m) or nstoffma@indiana.edu.
Online ratings systems shouldn’t just be a numbers game
When you’re browsing the internet for something to buy, watch, listen, or rent, chances are that you will scan online recommendations before you make your purchase. It makes sense. With an overabundance of options in front of you, it can be difficult to know exactly which movie or garment or holiday gift is the best fit. Personalized recommendation systems help users navigate the often-confusing labyrinth of online content. They take a lot of the legwork out of decision-making. And they are an increasingly commonplace function of our online behavior. All of which is in your best interest as a consumer, right? Yes and no, says Jesse Bockstedt, associate professor of information systems and operations management at Emory’s Goizueta Business School. Bockstedt has produced a body of research in recent years that reveals a number of issues with recommendation systems that should be on the radar of organizations and users alike. While user ratings, often shown as stars on a five- or ten-point scale, can help you decide whether or not to go ahead and make a selection, online recommendations can also create a bias towards a product or experience that might have little or nothing to do with your actual preferences, Bockstedt says. Simply put, you’re more likely to watch, listen to, or buy something because it’s been recommended. And, when it comes to recommending the thing you’ve just watched, listened to, or bought yourself, your own rating might also be heavily influenced by the way it was recommended to you in the first place. “Our research has shown that when a consumer is presented with a product recommendation that has a predicted preference rating—for example, we think you’ll like this movie or it has four and a half out of five stars—this information creates a bias in their preferences,” Bockstedt says. “The user will report liking the item more after they consume it if the system’s initial recommendation was high, and they say they like it less post-consumption, if the system’s recommendation was low. This holds even if the system recommendations are completely made up and random. So the information presented to the user in the recommendation creates a bias in how they perceive the item even after they’ve actually consumed or used it.” This in turn creates a feedback loop which can reflect authentic preference, but this preference is very likely to be contaminated by bias. And that’s a problem, Bockstedt says. “Once you have error baked into your recommendation system via this biased feedback loop, it’s going to reproduce and reproduce so that as an organization you’re pushing your customers towards certain types of products or content and not others—albeit unintentionally,” Bockstedt explains. “And for users or consumers, it’s also problematic in the sense that you’re taking the recommendations at face value, trusting them to be accurate while in fact they may not be. So there’s a trust issue right there.” Online recommendation systems can also potentially open the door to less than scrupulous behaviors, Bockstedt adds. Because ratings can anchor user preferences and choices to one product over another, who’s to say organizations might not actually leverage the effect to promote more expensive options to their users? In other words, systems have the potential to be manipulated such that customers pay more—and pay more for something that they may not in fact have chosen in the first place. Addressing recommendation system-induced bias is imperative, Bockstedt says, because these systems are essentially here to stay. So how do you go about attenuating the effect? His latest paper sheds new and critical light on this. Together with Gediminas Adomavicius and Shawn P. Curley of the University of Minnesota and Indiana University’s Jingjing Zhang, Bockstedt ran a series of lab experiments to determine whether user bias could be eliminated or mitigated by showing users different types of recommendations or rating systems. Specifically they wanted to see if different formats or interface displays could diminish the bias effect on users. And what they found is highly significant. Emory has published a full article on this topic – and its available for reading here: If you are a journalist looking to cover this topic or if you are simply interested in learning more, then let us help. Jesse Bockstedt, associate professor of information systems and operations management at Emory’s Goizueta Business School. He is available to speak with media, simply click on his icon now – to book an interview today.
