Category: Honors & Awards

SMG Alumni Donate Gift to School, Endow New Professorship

March 18th, 2014 in Alumni, Faculty, Honors & Awards, News

David Weil named Peter and Deborah Wexler Professor in Management

It’s been 20 years since Peter Wexler (GSM’93) walked the halls of the School of Management as a student in the Professional Evening MBA (PEMBA) program, a step on his journey to launching SpiderCloud Wireless—named one of the Wall Street Journal’s top startups to watch—and meeting his wife, Deborah, who, he jokes, is “the gift that keeps on giving.”

Peter and Deborah Wexler (GSM’93) crossed paths while pursuing their master’s degrees in the PEMBA program and now, together, have presented a gift to the School that truly does “keep on giving.” A generous donation from the Wexlers has created a new professorship in management, stemming from the couple’s confidence that Allen Questrom Professor and Dean Kenneth W. Freeman and President Robert A. Brown will continue to mold SMG into one of the world’s elite business schools.

Peter and Deborah Wexler met at SMG and continue their legacy with an endowed professorship.

Peter and Deborah Wexler met at SMG and continue their legacy with an endowed professorship.

“What motivated us to make a donation was Ken Freeman and President Brown,” says Peter Wexler, who is an active member on the Dean’s Advisory Board. “We saw in Ken Freeman somebody who is really able to bring the business school forward, somebody who has experience in industry, not solely in academia. Bob Brown stands out as an individual who has a vision and has demonstrated an ability to move things forward and motivate people.”

Knowing that the School’s leadership was solid, Wexler and his wife felt that funding a chair would send a message to Freeman that they were “energized by his vision,” as well as advance the School’s profile.

“When we invest—because that’s what the gift is, an investment—you want to raise the level of the institution,” Wexler notes. “You have to attract outstanding faculty. When you attract outstanding faculty, you attract outstanding students, and there’s this virtuous cycle that happens.”

One of those outstanding faculty members is Professor and Everett W. Lord Distinguished Faculty Scholar David Weil, who, through the Wexlers’ gift, now adds “Peter and Deborah Wexler Professor in Management” to his title.

“I’m very grateful to Peter and Deborah Wexler for endowing a professorship at the School of Management,” Weil says. “Chaired professorships promote and enhance the intellectual and teaching excellence we continue to build at SMG, and I’m deeply honored to have been chosen as the first recipient of the chair.”

On February 10, a celebratory luncheon was held at SMG to honor the generosity of the Wexlers, and to present Weil with his chair. Freeman, Brown, University Provost Jean Morrison, and a number of faculty and staff attended in support. A warm and joyful celebration, the luncheon included remarks from Freeman, Brown, Wexler, and Professor James Rebitzer, as well as plenty of smiles and laughs from Weil, who gave a speech expressing his appreciation.

Weil flashes a smile during a luncheon celebrating his endowed chair.

Weil is all smiles during a luncheon celebrating his new endowed chair.

Weil joined the School in 1991 and has since been a significant contributor to its scholarly, teaching, and programmatic efforts. During his time as a professor of markets, public policy, and law, he received the Broderick Prize for Teaching, the Broderick Prize for Research, and numerous teaching awards for his work in the MBA program, for which he helped design and implement a new curriculum.

The most recent and, perhaps, most memorable achievement of Weil’s was his nomination by President Obama to lead the US Department of Labor’s Wage and Hour Division this past September. If confirmed, the BU expert in labor market policy and industrial and labor relations policy would oversee a division that, among its many functions, ensures American workers receive minimum wage and required overtime for their work, and protects responsible employers from competition with companies that do not comply with federal wage and hour requirements by enforcing the Fair Labor Standards Act, which also regulates child labor.

Wexler, who is now co-founder of SpiderCloud Wireless, a company that allows mobile operators to deliver unprecedented cellular and Wi-Fi coverage to enterprise customers and was ranked 5th on the Wall Street Journal’s “Next Big Thing” list in fall 2012, recalls the high caliber of professors and courses during his time in PEMBA, and is thrilled to have honored Weil with an endowed chair.

“You want to be associated with an institution that’s viewed as outstanding in its field and innovative, and we feel that with the leadership that’s in place, that’s what Boston University is heading towards, and it’s great to have your name associated with that,” Wexler says. “But beyond that, it’s great to have your name associated with an outstanding person like David Weil.”

2013 SMG Faculty Awards Announced

May 30th, 2013 in Faculty, Honors & Awards, News

Each year, SMG recognizes faculty excellence with the Broderick Awards for Teaching, Research, and Contribution to undergraduate and graduate programs.

This year, the SMG Faculty Awards were presented at the Undergraduate and Graduate Convocation Ceremonies on Friday, May 17. The recipients were:

Broderick Awards
Broderick Award for Outstanding Teaching 


John Kirks
Lecturer, Strategy and Innovation

Broderick Award for Outstanding Teaching 

D.Weil.BU.2011 sq

David Weil
Professor and Everett W. Lord Distinguished Faculty Scholar, Markets, Public Policy & Law

Broderick Award for Outstanding Research 


Kira Fabrizio
Assistant Professor, Strategy and Innovation

Broderick Award for Outstanding Contribution to the Undergraduate Program 


Jonathan Hibbard
Assistant Professor, Marketing

Broderick Award for Outstanding Contribution to the Masters-level Graduate Programs 


Douglas T. Hall
Morton H. and Charlotte Friedman Professor in Management, Organizational Behavior

Inaugural Broderick Award for Outstanding Contribution to the Doctoral-level Programs 


Krishnagopal Menon
Everett W. Lord Distinguished Faculty Scholar, Accounting

Two faculty were also nominated by student vote for recognition. The recipients were:

Student-Nominated Faculty Awards
Beckwith Award for Undergraduate Teaching 


John Kirks
Lecturer, Strategy and Innovation

PhD Program Distinguished Faculty Mentor Award 


Pat Kaufmann
Professor and Everett W. Lord Distinguished Faculty Scholar, Marketing


    Professor Alan Cohen Joins Federal Advisory Panel on Improving Healthcare Systems

    April 16th, 2013 in Faculty, Health Sector, Honors & Awards, Markets, Public Policy & Law, News

    Assisting Institute on Research for Better Patient Decisions & Outcomes

    Professor Alan CohenBoston University School of Management’s Alan Cohen has been appointed to the federal Advisory Panel on Improving Healthcare Systems by the Patient-Centered Outcomes Research Institute (PCORI), created by the Affordable Care Act of 2010.

    PCORI is an institute authorized by Congress to research and provide information to both patients and health care providers with the goal of enabling more informed medical and health-related decisions.

    According to PCORI, the Advisory Panel on Improving Healthcare Systems is one of four panels appointed to represent the institute’s “broad stakeholder community.” In addition to enhancing healthcare systems, these expert panels will guide PCORI’s efforts to improve patient engagement, address disparities, and enable better patient and practitioner assessment of options for prevention, diagnosis, and treatment.

    Along with twenty other leading researchers, clinicians, industry representatives, policymakers, and patient advocates in the field of improving healthcare systems and outcomes, Professor Cohen will help the institute “refine and prioritize research questions, provide needed scientific and technical expertise….and help us model full and meaningful patient and stakeholder engagement efforts.”

    Cohen is a professor of health policy and management at Boston University and executive director of the School’s Health Policy Institute. He was formerly vice president for Research and Evaluation at the Robert Wood Johnson Foundation (RWJF), the nation’s largest philanthropic organization dedicated solely to public health, where in 2012 he was named a “Luminary” for his role in research and initiatives having a major impact on the field in the previous forty years. Cohen is also principal author of the book Technology in American Health Care: Policy Directions for Effective Evaluation and Management.

    Read more about PCORI, the Advisory Panel on Improving Healthcare Systems, or Professor Cohen’s honor as a Robert Wood Johnson Foundation “Luminary.”

    Shuba Srinivasan Ranked a Top Author in AMA’s Premier Publications List

    December 12th, 2012 in Faculty, Honors & Awards, Marketing, News

    Placed 16th overall, 1st among female academics

    Shuba SrinivasanIn December 2012, the American Marketing Association (AMA) launched a new annual initiative to track top contributors to premier marketing journals such as the Journal of Consumer Research, Journal of Marketing, Journal of Marketing Research, and Marketing Science. The goal is to acknowledge the most productive researchers, both by authorship and university affiliation, in the previous five years and to provide a unique perspective to future doctoral students making application decisions about marketing PhD programs.

    In the first Author Productivity in the Premier AMA Journals list, Boston University School of Management’s Shuba Srinivasan has ranked number 16 overall and number one for female academics for contributions to the Journal of Marketing and Journal of Marketing Research.

    Srinivasan is an associate professor, Dean’s Research Fellow, and PhD Program faculty liaison in marketing. Her research focuses on strategic marketing problems, the link between marketing and financial gains, and metrics for gauging marketing performance.

    Professor Srinivasan’s publications include:

    • Srinivasan, S., K. Pauwels, and V. Nijs (2008), “Demand-based Pricing Versus Past-price Dependence: A Cost-Benefit Analysis,” Journal of Marketing, 72 (2), 15-27. (Abstract)
    • Srinivasan, S. and D. M. Hanssens (2009), “Marketing and Firm Value: Metrics, Methods, Findings and Future Directions,” Journal of Marketing Research, 46 (3), 293-312. (Abstract)
    • Srinivasan, S., K. Pauwels, J. Silva-Risso, and D. M. Hanssens (2009), “Product Innovation, Advertising Spending and Stock Market Returns,” Journal of Marketing, 73 (1), 24-43. (Abstract)
    • Srinivasan S., M. Vanhuele, and K. Pauwels (2010), “Mind-Set Metrics in Market Response Models: An Integrative Approach,” Journal of Marketing Research, 47 (4), 672-684. (Abstract)
    • Osinga, E., P. Leeflang, S. Srinivasan, and J. Wierenga (2011), “Why Do Firms Invest in Consumer Advertising with Limited Sales Response?” Journal of Marketing, 75 (1), 109–124. (Abstract)

    Professor Srinivasan is also chair of the AMA’s Marketing Research Special Interest Group and serves on the editorial boards of Marketing Science, Journal of Marketing Research, and International Journal of Research in Marketing. Among her other honors are being named a finalist for the 2012 Robert D. Buzzell Best Paper Award, winning the 2010 Broderick Prize for excellence in research scholarship at Boston University’s School of Management, and receiving the 2001 European Marketing Academy Best Paper Award.

    See Professor Srinivasan’s additional honors.

    Susan Fournier Delivers Keynote in Stockholm for Swedish Marketing Federation

    December 11th, 2012 in Faculty, Honors & Awards, Marketing, News

    “Getting Inside the ‘R’ in Customer Relationship Management”

    Professor Susan Fournier in StockholmBoston University School of Management’s Susan Fournier was featured as a keynote speaker in Stockholm recently, where she delivered her talk, “Getting Inside the ‘R’ in Customer Relationship Management,” for the Swedish Marketing Federation’s 2012 annual conference.

    Fournier, a professor of marketing and co-director of the School’s MBA Program, has been named one of academia’s most influential researchers for her work on brand theory.

    Her keynote covered the top three consumer relationship mistakes: Relating with “consumers” but leaving the “people” out; adopting a one-size-fits-all approach to relationships; and not effectively listening or playing by the rules of the consumer-brand contract. Fournier then offered the following advice for marketers:

    • We are not relating with “consumers;” we are relating with people.
    • People aren’t here to have brand relationships; they are here to live their lives.
    • Optimized systems put brand relationships in perspective as facilitators, not ends in themselves.

    Contact Professor Fournier for a copy of the presentation.

    Professor Venkatraman on How Indian IT Can Achieve Global Recognition

    December 7th, 2012 in Digital Technology Sector, Faculty, Faculty in the News, Global Work, Honors & Awards, Information Systems, News

    “‘Guru’ of Guru Speak Decodes 5 Game-Changing Trends for t2”

    In a profile featured in Times of India, David J. McGrath, Jr. Professor in Management N. Venkatraman presented his new framework to analyze the impact of IT on business performance. His model, referred to as The Venkatraman Framework, encompasses the so-called the “five webs” and offers a vision for the future of IT and Globalization 3.0.

    Professor Venkatraman also discussed these topics during his talk in February at Guru Speak 2013, an annual advanced knowledge workshop organized by the IIM Calcutta Alumni Association and The Telegraph, who dubbed him “the ‘guru’ of Guru Speak.”

    Excerpts from Times of India:

    Professor Venkat N. Venkatraman’s interests lie at the point where strategic management and information technology intersect. The Boston University professor, who was recently recognized as the 22nd most cited scholar in management over the past 25 years, has created a new framework to analyse the impact of IT on business performance, referred to as the Venkatraman Framework.

    “[The Venkatraman Framework] is about different aspects of how IT shapes and evolves business models. In the 1980s, I focused on how IT impacts internal processes. That was during the period where most companies saw IT as driving business efficiency. Then, in the 1990s, I focused on how IT allows firms to connect externally with suppliers and customers and change business scope. Then, IT became more strategic and CEOs began to take interest in how IT could become a strategic driver.

    “As the Internet became more central and important in the early 21st century, I started focusing on the role of the web. Right now, my framework is focused on what I call five webs: mobile web, social web, media web, real-time web and machine web. These are not separate webs but are interconnected. They impact companies all over the world-although their effects may be different. I believe these webs taken together lay the foundation for the emerging digitally connected business infrastructure that could alter the basis of competition in the coming decade.”

    Excerpts from The Telegraph (Calcutta):

    Will BB10 be happy with fourth place? Will Bring Your Own Device become popular in India? Management strategy expert Venkat N. Venkatraman, professor in management at Boston University’s School of Management, has the answers [offered below]….

    Samsung vs Apple

    Both are focused on design and user experience. The key difference is software. Apple iOS is not yet big in India (despite the popularity of iTunes and iPods)….Google is well positioned in India and Samsung is positioned with TVs (and appliances). So, the combination of Google plus Samsung is unbeatable in India….

    Blackberry 10

    Just as IBM felt secure with their mainframe architecture, RIM (Blackberry) felt secure in the belief that they defined the enterprise mobile worker market with their mobile phones. The advent of two new entrants from outside the traditional industry boundaries –– Apple and Google –– has seriously challenged Blackberry and upset the industry equilibrium…The mobile game is now a two-horse race with Apple and Google. The jockeying for the third place is between Microsoft (Nokia) and BB….

    Social media network

    …I expect that more businesses in India will embrace social media more formally and aggressively as part of the marketing campaigns. Companies such as Facebook and Twitter should seek to find examples of application of social media in India that have broader applicability….

    Read more coverage of The Venkatraman Framework and the professor’s talk at Guru Speak from the Business Standard (India)

    Evgeny Lyandres Wins Pearson Prize for Best Paper in Financial Management

    November 6th, 2012 in Faculty, Finance, Honors & Awards, News

    Bernile, G., & Lyandres, E. (2011). Understanding investor sentiment: The case of soccer. Financial Management, 40(2), 357-380.

    09-1149-SMGPROF-184Do investors hold biased expectations or have emotional reactions to events that in turn lead to inefficiencies in the stock market, such as a disparity between real and perceived value? Can the answer be found in soccer?

    A recent award-winning paper by Gennaro Bernile and Evgeny Lyandres takes a sample of publicly traded European soccer clubs, analyzes their returns around important matches, and extrapolates outwards to the stock market at large, assessing the effect that investors’ biased expectations and irrational reactions have on the efficiency of stock prices.

    Bernile is an assistant professor in finance at the School of Business, University of Miami, Coral Gables; Lyandres is an associate professor in finance at Boston University School of Management. Their paper, “Understanding Investor Sentiment: The Case of Soccer,” appeared in Summer 2011 in the journal Financial Management and was awarded First Place among the Pearson Prizes for the Best Papers in Financial Management, awarded by the Financial Management Association International and Pearson.

    Using a Novel Proxy for Investor Expectations

    In their award-winning study, the authors note that soccer provides a uniquely useful model for analyzing ex ante (pre-event) optimism and ex post (post-event) emotional reactions because sport results are frequent, value-relevant, and easily quantifiable, leading to observable expectations and reactions on the part of both fans and investors. Moreover, unlike many traditional corporate finance settings, the results of sporting events cannot be manipulated by firm insiders, inoculating the market outcome from investor fears around potential manipulation.

    Within the context of soccer club investment, the authors uncover a unique proxy for investors’ expectations: contracts traded on betting exchanges, or prediction markets, a measure of investor expectations that has not been used before in published academic research. By analyzing these contracts, they find that a systematic bias in investors’ expectations before games leads to inefficient investment. “Investors are overly optimistic about their teams’ prospects pre-event,” they write,” and, on average, end up disappointed post-event, leading to negative postgame abnormal returns,” or a mean stock return of -0.9% on the days following important soccer matches.

    Insights for Firms’ Investment Decisions, Control Transactions

    This research offers important insights for corporate investment decisions and control transactions well beyond those involving public sports franchises. Its findings hold particular relevance for firms’ value-relevant actions, such as long-term investments and effort exertion, dependent on the efficiency of ex-ante and ex-post stock prices.  ”Our evidence indicates that preevent stock prices are inefficient,” the authors conclude, but that postevent prices may be efficient.

    Access the abstract or full article at Financial Management online.

    James Post’s “Private Management and Public Policy” Named Stanford Business Classic

    August 23rd, 2012 in Honors & Awards, Markets, Public Policy & Law, News, Social Impact

    Seminal Text Re-Released for New Generation of Scholars, Practitioners

    Post - Stanford Business Classics CoverStanford University Press has chosen Lee Preston and James Post’s Private Management and Public Policy: The Principle of Public Responsibility for their Business Classics Series, devoted to bringing the management field’s seminal texts to a new generation of leaders, researchers, and students.

    Post is the John F. Smith, Jr. Professor in Management at Boston University and recipient of the Aspen Institute’s 2010 Faculty Pioneer Award for Lifetime Achievement.

    Lee Preston, who passed away in 2011 after a long and distinguished career, was Professor Emeritus in the Department of Logistics, Business, and Public Policy at the University of Maryland, and a Fellow of the Academy of Management.

    Describing this new edition of Preston and Post’s book, which was originally published in 1975, Stanford University Press writes,

    “Private Management and Public Policy is a landmark work at the intersection of business and society….The text develops the ‘principle of public responsibility’ as an alternative to the notion that firms have unlimited accountability…. Arguably, the book’s major contribution is its broad outline of an alternative theory of the firm in society—one that offers the possibility of overcoming traditional public and private dichotomies.”

    Throughout, Preston and Post address three fundamental questions:

    1. What must business do to demonstrate responsiveness to social and political issues?
    2. What is the proper role of the corporation in the political arena?
    3. What are the limits of corporate responsibility in the modern world?

    Of this third question, Post writes in a new introduction to the book,


    “No firm can have unlimited responsibilities for everything, and yet no firm can reasonably expect society to hold it accountable for nothing.” 

    “Corporate responsibility is a vital topic for twenty-first century companies and managers. No firm can have unlimited responsibilities for everything, and yet no firm can reasonably expect society to hold it accountable for nothing.  The difficult part for managers and citizens alike is to define logical limits of demarcation –and practical guidelines– based on what the firm actually does and the impact it actually has on society.   The principle of public responsibility, as it is called in this book, extends the firm’s responsibility to its primary involvement (those things it chooses to do) and secondary involvement (those impacts that flow from its primary activities), but no further.  The scope of responsibility may be great, depending on the size of the corporate footprint, but it is not unlimited.”

    Read more about Private Management and Public Policy.

    Michelle Barton Named Rep-at-Large for Academy of Management MOC Division

    July 17th, 2012 in Faculty, Honors & Awards, News, Organizational Behavior

    A Three-Year Term with the Managerial and Organizational Cognition Division

    Michelle BartonBoston University School of Management’s Michelle Barton, assistant professor of organizational behavior, has been elected Representative-at-Large for the Managerial and Organizational Cognition Division (MOC) of the Academy of Management (AoM). The MOC is one of 24 divisions in the AoM, the nation’s oldest and largest scholarly management association.

    The MOC’s domain is to research how members of organizations model reality to make sense of the world around them, and how such models interact with behaviors, affecting the way people organize and interact with one another. Study topics include attention, attribution, decision making, ideology, information processing, learning, memory, mental representations and images, perceptual and interpretive processes, social construction, and symbols.

    Research Spotlight: Barton, M.A. & Sutcliffe, K., (2010). Learning when to stop momentum, MIT Sloan Management Review, 51 (3), 69-76. Academy of Management Finalist for Outstanding Practitioner-Oriented Publication in OB.

    In addition to serving with the other officers to manage general MOC business, Barton will oversee the Cognition in the Rough Professional Development Workshop (PDW) at the Academy of Management annual meeting. This workshop provides an opportunity for junior and senior scholars to discuss their early stage research papers in a roundtable setting, facilitated by experienced scholars—often editors of top journals—who give feedback and facilitate peer response, particularly on theoretical models and planned methodology.

    Barton’s own research considers how individuals and groups organize to manage uncertainty in real time. Drawing from a variety of empirical settings, including wildland fire-fighting and high tech entrepreneurship, Barton focuses on the social and cognitive processes that affect organizational members’ awareness and interpretation of unfolding events and their capacity for flexible and adaptive response.

    “PDW feedback has been instrumental in helping scholars further develop their research for publication in top academic journals.” – Academy of Management

    Her work bridges the domains of crisis management, organizational learning, and technology innovation, and has been published in a variety of outlets including Human Relations, MIT Sloan Management Review, the Best Paper Proceedings of Academy of Management, and several edited collections. She has been an active member of the MOC division for the past eight years, presenting her own work as well as organizing symposia and professional development workshops.

    Barton earned her PhD in Management & Organizations from the University of Michigan.

    Rebitzer Shares 2012 Best Health Economics Paper Award

    May 8th, 2012 in Academic Departments, Faculty, Honors & Awards, Markets, Public Policy & Law, News

    BU’s James Rebitzer co-authors  “Unhealthy Insurance Markets”

    Shares Ken Arrow Award for Paper in American Economic Review


    James Rebitzer’s “Unhealthy Insurance Markets: Search Frictions and the Cost and Quality of Health Insurance” has received the 2012 Ken Arrow Award for Best Paper in Health Economics from the International Health Economics Association (iHEA).

    Rebitzer is Boston University School of Management Professor of Economics and Public Policy; Everett W. Lord Distinguished Faculty Scholar; and Chair, Markets, Public Policy & Law Department. He co-authored the winning study, which appeared in the August 2011 American Economic Review, with Professors Randall Cebul (Case Western Reserve School of Medicine and Center for Health Care Research and Policy), Lowell Taylor (The Heinz College, Carnegie Mellon University), and Mark Votruba (Center for Health Care Research and Policy and Department of Economics, Weatherhead School of Management, Case Western Reserve University).

    “The paper [is] a clear and compelling presentation of important empirical results with implications for current policy…very important and very current.” –Professor Tom Getzen, iHEA Executive Director

    In praising the article’s import, iHEA Executive Director Tom Getzen notes, “The paper [is] a clear and compelling presentation of important empirical results with implications for current policy…very important and very current.”

    “Unhealthy Insurance Markets” is the first study to estimate the magnitude of search frictions—inefficiencies and heightened administrative costs that stem from employers’ difficulties choosing wisely or easily among the insurance market’s complex and profuse products.

    Frictions increase insurance premiums and increase insurance turnover, reducing incentives on the part of insurers to invest in the future health of their policy holders.

    The paper analyzes the effects of search frictions on the functioning of health insurance markets, with a focus on the fully insured market. Larger employers can avoid many of the costs associated with search frictions, since they can afford to “self insure,” or hire insurers to administer their plans for them, the authors note. But “smaller and less sophisticated firms generally do not self insure. Instead, they purchase products that provide both administrative services and insurance.” These are “fully insured” firms, and they comprise approximately half the entire US insurance market.

    Rebitzer et al show that “frictions increase insurance premiums (enough to transfer 13.2 percent of consumer surplus from fully insured employer groups to insurers—approximately $34.4 billion in 1997) and increase insurance turnover (by 64 percent for the average policy),” thereby reducing incentives on the part of insurers to invest in the future health of their policy holders.

    They also explore the publicly financed insurance option, finding that it can improve the efficiency of private insurance markets by reducing search-friction-induced distortions in pricing and marketing efforts. They argue,

    “These improvements stem from the fact that a moderately priced public option can displace the relatively small number of insurance policies located on the far right tail of the distribution of premiums. Eliminating this tail has a ripple effect that reduces prices throughout the rest of the market, scales back the incentives that lead to excessive marketing costs, and reduces policy turnover….Our analysis of frictions further suggests that an effective public option would be a simple, well-marketed, and subsidized backstop policy that employers can choose if they don’t find something they like better.”

    Since health reform is among the foremost policy and political issues in the United States today, “a better understanding of the causes and consequences of search frictions” is crucial, Rebitzer and his co-authors urge, “for formulating better policy and improving the efficiency of insurance markets.”