Jeevant Rampal

This paper models a scenario where finite perfect-information games are distorted in two ways. First, each player can have different possible levels of foresight, where foresight is a particular number of future stages that the player can observe/understand from each of her moves. In particular, each player's foresight is allowed to be “limited” or insufficient to observe the entire game from each move. Second, there is uncertainty about each opponent's foresight. I define the Limited Foresight Equilibrium (LFE) for this model. An LFE specifies how limited-foresight players' strategies and beliefs about opponents' foresight evolve as they move through the stages of the game. I show the existence of LFE and describe its other properties. I show that in LFE limited-foresight players follow simple heuristics for beliefs and actions. As applications, LFE is shown to rationalize experimental findings on Sequential Bargaining and the Centipede game.

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Avijit Bansal, Balagopal Gopalakrishnan, Joshy Jacob, Pranjal Srivastava 

The authors examine how the market valuation of firms varies on account of their operational fragility that makes them vulnerable to the COVID-19 pandemic. Using the data on plant location that uniquely identifies the vulnerability of firms to operational disruptions, the authors find that firms with plants located in zones susceptible to higher infections earn significantly lower returns. For firms with high operational fragility, the marginal value of financial flexibility and operating flexibility is higher. The adverse impact of the operational fragility is lower for firms affiliated with the larger business groups. The paper identifies unique channels associated with the pandemic that impact firm value.

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Avijit Bansal, Joshy Jacob 

Recent experimental studies illustrate the influence of price path, particularly the ‘non-straight’ price path, on several aspects of investor decision-making. The paper employs an empirical proxy for price path based on convexity and demonstrates that price convexity significantly impacts the selling decisions with transaction-level data. The authors find that a price path that is likely to signal a favourable (unfavourable) price movement in the future lowers (heightens) the selling propensity of traders in stocks. The findings suggest that likely expectations about future price movement, as could be inferred from the experienced price path, significantly influence the trading decisions of retail traders.

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Balagopal Gopalakrishnan, Joshy Jacob, Sanket Mohapatra 

The COVID-19-induced disruptions and the consequent government responses stretched the financial resources of firms. Recent studies document an increase in debt financing by firms during the pandemic. Using firm-level data from 61 countries, the authors deepen the understanding of the impact of the pandemic by examining the variation in loan and bond financing attributable to COVID-19-specific factors. Indicative of heightened precautionary needs, firms with higher pandemic exposure and those located in countries with stringent lockdowns have a higher propensity to raise debt. Furthermore, firms in industries less amenable to remote working also have a higher propensity to raise debt, but face higher financing costs compared to their peers. Reflective of opportunistic investment motives, firms that hold a relatively positive outlook have a greater likelihood of raising loan financing. The findings draw attention to the role of real-side factors and managerial motives that drive debt financing during a distress episode.

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Nilesh Gupta, Anil V Mishra, Joshy Jacob 

The authors examine the influence of Cumulative Prospect Theory (CPT) characteristics of fund returns on investment flows with a cross-country data of equity mutual funds. The authors find that a larger CPT value of the style-adjusted past returns is associated with higher fund flows in the subsequent quarter. The impact is greater for retail-oriented funds, relatively younger funds, and those with higher active share. While funds that score high on the CPT value attract incremental fund flows, they earn a lower alpha than their peers in the following year. The sensitivity of fund flows to the CPT characteristics is higher in countries with greater individualism and short-term orientation. The results are robust to several additional tests and hold across various subsamples of our data. The findings imply that investors have misplaced expectations about the future performance of funds that show higher CPT values and the fund managers cater to these investor preferences.

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Joshy Jacob, Nilesh Gupta, Balagopal Gopalakrishnan

The paper examines the investment decisions of Indian equity mutual funds during various stages of the COVID-19 pandemic with monthly portfolio holdings. The authors find that funds favoured firms with lower risk, higher financial flexibility, and larger size during the early months of the pandemic. The preference for relatively low-risk firms, which reverses later, suggests a reallocation towards safer assets. Funds also preferred growth firms to value firms as the latter with greater invested capital are more vulnerable to the shock. Institutional investors also favoured group-affiliated firms throughout, reflecting their lower crisis vulnerability. The authors find that the stocks preferred by funds during the pandemic outperform others in the long run. The paper brings out key firm characteristics that impact mutual fund asset allocation during extreme uncertainty.

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Joshy Jacob, K P Pradeep, Jayanth Rama Varma

The authors study the characteristics of Quality factor (QMJ) in India, which is the second largest emerging market. Dimensions of quality factor are impacted by the weaker enforcement of corporate governance norms in emerging markets. Diversion of revenues by promoters would result in poor profitability, while tunneling of profits would result in lower payout and lower growth. Therefore, investors are likely to attach greater significance to the quality dimensions in stock pricing. Consistent with this hypothesis, the Quality factor is even more important for asset pricing in India than in developed markets. The QMJ factor earns a four factor alpha of 0.92% per month, significantly outperforming the other widely employed factors, market, size, value and momentum factors. A long-only Quality factor earns an alpha of 0.69% per month. The alpha of quality factors is highly significant, judged by the thresholds recommended by Harvey, Liu, and Zhu (2016). The key drivers of the alpha are profitability and payout, which are both consistent with the tunnelling hypothesis. Besides the alpha, the low portfolio churn, lower risk, shorter drawdowns, and viability of long-only strategies restricted to large capitalization stocks suggest that portfolios tilted towards high-quality stocks are highly attractive to institutional and retail investors.

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Arvind Sahay, Sudipta Mandal, Aditya Deshbandhu, Veda Poduval

This research project is exploratory in nature, suggests the existence of brand empathy as a concept, and suggests its meaning, scope, and role, in both the domains of marketing and broader society. The researchers deploy a multipronged mix-methods design that begins by exploring the existence of the concept using qualitative data and then relies on quantitative and empirical data for validating the idea and checking it for reliability and replicability. When the study is concluded, the researchers should be able to both identify the concept, and the role it plays in consumer decision-making and help provide evidence-backed reimagining of marketing concepts like brand loyalty.

Muskan Jindal, Arvind Sahay

This project aims to analyze the proportion of value coming from the product and how much of it is coming from the relationship between a client and the BDM, or engagement manager.  Previous research has hardly investigated the medium of engagement between client and Business Development managers/Personnel and has, thus not, uncovered the interaction of both the parties (Hadjikhani. A & Bengtson. A, 2004) across digital and non-digital media. Especially when it comes to online or digital interaction, this knowledge gap indicates a need for research-based studies generating knowledge pertinent to understanding the interaction between the two using appropriate behavioral and analytical tools. One essential aspect of the relationship approach is an understanding of the characteristics and behaviors of both clients and firms. Relationship marketing studies have noted the lack of an integrative approach that considers the amalgamation of different ways of interaction, i.e., online vs. offline. Hence, there is an urgent need to understand what changes when the clients and Business Development Managers (BDM) interact through an online medium (as compared to offline) and the changes in the outcomes when the proportion of engagement on one medium changes relative to the other in the engagement process. Based on the objectives defined, we propose to:

a. Estimate the relative contributions of different modes of engagement with the client to the relationship and business outcomes

b. Propose a working model of the company Engagement Process with clients.

Sukriti Sekhri, Arvind Sahay, Richa Nigam, Yash Chakarvarty

Introduction and Research Objectives
Imagine Tejas, who is browsing on an e-retail platform and comes across an advertisement for a new phone model. The advertisement has a picture of the phone, the brand name, and the words “Coming Soon!” in big, bold letters. Consider Seema, who is in a similar situation when she sees an ad for a sleek set of headphones, where the ad promises, “Coming this Week!”. Which of the two individuals would be more likely to pre-book the product or have higher purchase intentions?

We often see the use of such temporal framing (vague versus precise) in pre-launch communication about products and experiences. Would varying the temporal framing alter behaviorally and purchase intentions towards the product or experience? Specifically, how would these findings differ across product categories (utilitarian versus hedonic) and experience valences (positive, neutral, negative)? In this research project, we thus examine two broad research questions. First, whether a vague versus a precise date framing (precise near future versus precise-distant future) affects purchase intention differently for hedonic versus utilitarian products. Second, whether varying the date framing leads to different behavioral intentions towards experiences that are positive, negative, or neutral.

Temporal Distances - Vague versus Precise Framing
Extant research has examined the role of defined near versus far temporal distances, but not vague versus precise temporal distances in differing contexts. For instance, in a neurological study, it was found that when participants were asked to imagine adjectives for their near future selves (1 month from now) and adjectives for negative traits elicited more positive event-related potentials (ERPs) deflections than positive traits in the 500-800 ms interval (LPP) (Luo et al., 2013). In the distant future selves (3 years from now) condition, there were no significant differences between positive and negative traits in the same interval (Luo et al., 2013). Another recent study involved giving participants moral dilemmas based in the near versus distant future and asking them to choose between a self-interest serving an immoral choice versus a moral one. The researchers found that “human brains discount the decision utility of the moral outcomes that will occur in the distant future” (Yun et al., 2019).

Like the examples above, current research has compared objectively near versus objectively distant situations, but we will examine how psychological distance, i.e., the perceived distance, plays a role. Our study focuses on evaluating products and experiences based on vague versus precise time frames.

Hedonic versus Utilitarian Products
Hedonic products are considered fun, exciting, and enjoyable, while utilitarian products are functional, necessary, and practical (Dhar & Wertenbroch, 2000). For instance, a mineral water bottle is more likely to be considered utilitarian, while a chocolate bar is hedonic. Recent research suggests that hedonism is linked with a higher construal level (abstract mindset) while utilitarianism to a lower construal level (concrete mindset) (Scarpi, 2021). Our behavioral experiments suggest that a vague date is more likely to be perceived as farther off than a precise date, as its inherent uncertainty increases the psychological distance and construal level. Thus, we expect to find that a vague date (higher construal level) will have a better “fit” with hedonic products, while a precise date (lower construal level) will align better with utilitarian or functional products. This fit should exhibit in terms of greater interest and purchase intentions towards the products.

There are two schools of thought on the neurological impact of both product categories. On the one hand, a recent event-related potentials (ERPs) study has found that utilitarian products lead to a relatively larger N2 component which suggests greater attention in the initial cognitive stage (Shang et al., 2020). Utilitarian products also give rise to a relatively smaller LPC component than hedonic products, implying a smaller negative affective reaction at a later stage (Shang et al., 2020). On the other hand, there is contradictory evidence that suggests that both hedonic and utilitarian products elicit emotions, but in the case of utilitarian products, these are unconsciously generated without the individual being aware of them (Bettiga et al., 2020). In the case of hedonic products, however, consumers are aware of these feelings and thus are able to express them in self-reported measures. We will examine ERP measures to examine if there are differences in the impact of both product categories, specifically in affective reactions when the date framing is varied.

Products versus Experiences
There is evidence that our reactions towards products versus experiences may be different; thus, it is worth investigating whether temporal framing impacts intentions towards experiences differently. People may exhibit more risk aversion towards negative
experiences but greater risk-seeking behavior towards positive ones (Martin et al., 2016). We will thus examine our research question for everyday experiences, which differ in their degree of pleasantness (determined by a pre-test) and their emotional loading (valence: positive, neutral, negative). Specifically, the objective is to uncover whether lack of certain information (vague temporal framing) or precise information (precise temporal framing) alters reactions to and preferences for such experiences.

Prof. Ritwik Banerjee, Prof. Anujit Chakraborty, and Prof. Jeevant Rampal

Lockdowns are a necessary evil while containing epidemics, but their success depends on the extent of popular support. What factors increase support for a lockdown? We conduct a randomized intervention in two rural districts of India. Subjects listen to a short audio clip about COVID-19 or Dengue or none at all. The audio clips contain commonly available information about the diseases. Hence, they only increase the disease salience but offer no new information.
Our results show COVID salience causally increases the demand for lockdown, but Dengue salience does not. Relative to the no-audio-clip control, COVID salience increased the willingness to continue lockdown by 25 percent and the reported appropriate number of days by 33 percent.

Prof. Jeevant Rampal

In an experimental test of a modified dictator game, I find that incentivizing a dictator to give at least a small proportion of her endowment drives non-incentivized giving to zero. This reduces overall giving relative to the standard dictator game. Thus, introducing strategic incentives for giving can be counterproductive.

Prof. Aditya C. Moses, Prof. Shaivi Mishra

Algorithms may enable efficient, optimized, and data-driven decision-making, and in fact this vision is one of main drivers of increasing adoption of algorithms for managerial and organizational decisions. However, the fact that these decisions are made by algorithms, rather than by people, may influence perceptions of the decisions that are made, regardless of the qualities of the actual decision-outcomes (Sundar and Nass, 2001). Furthermore, employees who are subjected to algorithmic control may not be satisfied if they believe they have tacit knowledge which the algorithm does not possess. They may also not understand how the algorithm works. All these factors may lead to perception of reduced and agency and cause them to distrust the algorithm. Johannsen and Zak (2021) in multiple studies using neuroscience have shown that trust leads to better productivity of employees and enhances organizational performance.
Therefore, we propose two research questions: 1) What is the impact of algorithmic control on Trust? What factors impact trust? 2) What can organizations do to enhance trust in algorithmic control?

Shalini Jain, Naman Desai, Arindam Tripathy and Viswanath Pingali

The authors of the paper examine whether firms engaged in high-levels of voluntary CSR alter their strategic choices in response to a detrimental public policy – specifically India’s Companies Act (2013) that mandates qualifying firms to spend 2 percent of their 3-year average net profits on CSR. Drawing on the concept of organizational dormancy, the authors argue that firm capabilities, political awareness, exposure to political pluralism, and ownership identity, may explain choice heterogeneity among these firms. The key and non-intuitive finding is that even in the absence of discretionary choice in determining optimal CSR expenditure, firms are less likely to choose dormancy and instead embrace and even surpass the stipulations of the law in their CSR contributions. Also, politically aware firms are more likely to opt for dormancy over compliance. Managerial and policy implications are also discussed.

Jeevant Rampal, Saif Ali Khan

Can social-desirability concerns cause measurement errors in anonymous surveys studying caste issues? We study this question in the context of caste considerations in endogenous study-group formation by students of an Indian business school. Study groups can affect grades, which can affect salaries. We find that more than 40 percent respondents believe that reservation is not justified and that reserved-caste category students have inferior academic ability. We focus on comparing anonymous survey responses with and without an additional ‘veil’ to reduce social desirability concerns in responses. We find that with the additional veil, the self-report of the tendency to exclude reserved-caste category students from one’s study group increases from 5 percent to 22 percent, and the tendency to exclude an inferior-academic-ability student increases from 21 percent to 64 percent. These findings raise fundamental questions of measuring and analysing attitudes related to caste-related issues using anonymous surveys.

Prof. Jeevant Rampal, Fernando Stragliotto

In this paper we study a setting where players of a sequential-move game may have heterogeneous skill. Skill is captured by payoff responsiveness in quantal response models. Mckelvey and Palfrey (1998) provide the Quantal Response Equilibrium for extensive-form games (AQRE) where all players are assumed to have homogeneous skill. In this paper we extend the AQRE by modeling heterogeneous skill and uncertainty and belief-updating (BU) about opponents’ skills. First, we provide an equilibrium model incorporating skill-heterogeneity and uncertainty but not BU—this is called Heterogeneous AQRE (or HAQRE). Next, we incorporate naive disequilibrium belief-updating (BU) to define the HAQRE-BU. We show that these concepts exist, and in the context of finite perfect information games, they are unique, and they yield simple data applicability without fixed-point calculations. We use experimental data from a sequential-move game where players with different experience-levels interacted (Rampal (2020)) to show that modeling heterogeneity and belief updating about skills can each yield better data-fit in such settings.

Puja Bhattacharya, Jeevant Rampal

Many sequential contests are characterized by opponents from a prior stage becoming allies at a later stage. In this paper the authors examine behaviour (theoretically and experimentally) in a two-stage group contest where the first stage comprises of intra-group contests, followed by an intergroup contest in the second stage. Rewards accrue only to the members of the winning group in the inter-group contest, with the winners of the intra-group contest within that group receiving a greater reward. For an example of this setting, consider the behaviour of partisans in the US presidential election. In the primaries, interest groups lobby for their preferred candidate within their preferred political party to determine the presidential nominee. However, in the general election, which is the inter-group stage, interest groups supporting candidates who lost the primary often transfer their support to the nominee from their party to unite against a common rival.

The aim of this paper is to characterize optimal individual effort in such two-stage contests. The authors’ analysis also encompasses contests that are biased, where one group has an exogenous advantage, e.g. an incumbency effect for a party in a political contest. We consider bias in the second stage (inter-group contest), asking how such asymmetry affects effort in both stages.

The unique equilibrium exhibits the following key features. Individual effort in the intergroup contest depends on the outcome in the prior intra-group stage. Individuals belonging to the winning faction from the intra-group stage exert more effort than those who belong to factions that lost. However, the higher effort is associated with higher costs and, consequently, the payoff from a prior win may not always be greater than from a loss. The authors’ analysis highlights that incentives for participation may be absent in the initial stage, even when individuals prefer different alternatives within a group. The authors’ analysis also shows that in the intragroup stage, individuals in advantaged groups exert more effort as compared to disadvantaged groups. Hence, the intra-group contest, if measured by the amount of costly effort exerted, is more intense within the advantaged group.

The authors follow up their theoretical results with an experiment. The experiment includes two treatments - Symmetric and Asymmetric - that vary whether or not the contest is biased. The authors find participants within advantaged groups internalize their group’s second stage advantage in their first stage choices and indeed the intra-group contest in advantaged groups is more intense. The authors also find individuals easily respond to the reward incentives as individuals belonging to winning factions from the intra-group stage exert significantly higher effort in the intergroup contest than those in losing factions. However, the share of group contribution borne by intra-group winners is lower than theoretical predictions. This suggests that the behavioural response to a prior win versus a prior loss may not be fully accounted for by strategic considerations. The theory we develop is very general and has many applications like faculty recruiting, partisan support in US elections, R&D project competition in firms.

Balagopal Gopalakrishnan, Joshy Jacob, Jagriti Srivastava

Using the COVID-19 pandemic as an exogenous shock, the authors examine whether firms engage in opportunistic mergers and acquisitions during uncertainty. Particularly, the authors analyze the inorganic growth strategies of acquiring firms faced with disproportionate pandemic-induced opportunities using a cross-country deal-level data. The authors find a significant increase in the deal completion propensity and deal size, and a decrease in the deal completion time for acquirers that are more amenable to remote working. The effect is more pronounced when both the acquirer and the target are amenable to remote working. The authors’ findings indicate that amenable firms, which were initially reluctant to engage in opportunistic acquisitions, engaged aggressively in the subsequent quarters with an abatement in pandemic-induced uncertainty. The study provides novel insights into the behaviour of acquisitive firms during the pandemic.

Pranjal Srivastava, Joshy Jacob

Short-selling constraints are known to impede information flow into the financial markets, particularly that of negative information. The authors employ “Regulation SHO” as a natural experiment to examine how the lowering of short sale constraints impacts the information flow. Specifically, the authors investigate whether large and small volatility jumps significantly change around the regulatory change, for the treated (Pilot) and control-group (non-Pilot) stocks. The authors find that large (small) jumps significantly decline (rise) as an outcome of the relaxation of short sale constraints, despite an increase in the variance of the Pilot stocks. The decline in the intensity of large jumps and the simultaneous increase in the intensity of small jumps suggest more efficient information flow into the market. Furthermore, the decline is larger for firms facing greater short-sale constraints, indicating that the impact of short-sale constraints are more pronounced for them. Implying that the change in the jump components is brought about by the easing of the short sale constraints, the authors also find that the decline in the large jump intensity is higher for firms with lower conservatism in information disclosure.

Pranjal Srivastava, Joshy Jacob

The paper investigates how the market infers changes in the firm-level discount rate (risk information) in normal and turbulent times. The study focuses on two key sources of risk information, earnings announcements of firms and changes in the market risk premium. The authors employ a recently proposed measure that limits the impact of event risk while estimating the forward-looking risk information from option prices. The authors find that both earnings announcements and the changes in market risk impact firm-level discount rates, but both sources exhibit a significant time variation. The impact of market risk changes is lower in favorable conditions and higher during crisis periods. Using COVID19 as an exogenous shock, the authors show that the influence of earnings announcements becomes insignificant during a crisis. The results suggest lower attention to firmspecific risk factors in times of a systemic crisis, in contrast to normal times.

Prof. Subhadip Roy

A celebrity endorser is “any individual who enjoys public recognition and who uses the recognition on behalf of a consumer good by appearing with it in an advertisement” (McCracken, 1989, p.310). Overall, celebrity endorsement strategy has been found effective in enhancing consumers’ attention (Erdogan, Baker and Tagg, 2001); increasing brand recognition and recall (Misra and Beatty, 1990; Premeaux, 2009); increasing brand familiarity (Felix and Borges, 2014); and enhancing favourable brand evaluations (Keel and Natrajan, 2012; Fleck et al., 2012, Carrilat et al., 2013; Arsena et al., 2014; Felix and Borges, 2014).

Celebrities have been endorsing product brands for over hundred years (Erdogan, 1999) and a celebrity can play a number of roles (McCracken, 1989) in the endorsement process such as an expert, an actor or a testimonial provider, where the celebrity’s involvement with the brand/product acts as a differentiating factor across the modes of endorsements. In recent past, (Keel and Natrajan, 2012). In spite of this increase in celebrity endorsements in practice, research is still inconclusive on the exact effect of endorsement on the consumer. One of the reasons behind this may be the way responses to celebrity endorsements are recorded, that are majorly self-reported.

In this context, neuroscientists have found that hormones such as dopamine and phenylethylamine flood our brains when we see a familiar face, i.e. a celebrity. These hormones trigger positive emotional states that may encourage positive affect towards the promotional message brought to us by those faces (Mucha, 2005). From a researcher’s view, there is a need to determine which celebrity endorser would perform best and this need could be fulfilled if one can empirically test the secretion level of hormones associated with exposure to various celebrities (Fugate, 2007). It should be noted that a search of neuro and celebrity results in only one empirical study that investigates the celebrity endorsement phenomenon using neural imaging techniques. Based on the results of P300 event-related brain potentials, eye-tracking experiments and questionnaire research, the authors concluded that a famous female spokesperson would have a significant effect on the consumers in the case of FMCG advertising (Pileliene and Grigaliunaite, 2017). However, in the same study the authors pointed out several directions of future research such as, investigating the effectiveness of celebrity endorsers at the overall level and including different aspects of the celebrity characteristics.

The financial services sector had restrained from using celebrity endorsements till recent times. However, of late, globally there has been a trend of having celebrity endorsers in financial services such as banks, insurance and mutual funds. Notable celebrities such as Floyd Mayweathers and Paris Hilton in the western context and Sachin Tendulkar and Mahendra Singh Dhoni in India.

Given the premise, the present study aims to explore various aspects of the celebrity characteristics and the celebrity brand pairing to find out the effect of various situations where a celebrity is/may be used by financial services marketers on the brain activity of the consumer. At the present level, the six major questions that the study is aiming to address are:
1.    What would be the relative effect of a celebrity vis a vis a generic advertisement for a high-risk product (e.g. mutual fund) for consumers? 
2.    How would this effect be moderated by the congruent/incongruent celebrity-product combination?
3.    Would physical attractiveness of the celebrity overrule the negative effect celebrity-product incongruency?
4.    Would celebrity expertise overrule the negative effect celebrity-product incongruence?
5.    Would primacy/recency of the endorser moderate this effect?
6.    What would be the moderating effect of consumer characteristics in this process (if any)?

The objective of the current research is to study the effectiveness of celebrity endorsements in financial services marketing (for example celebrity congruency with the product brand; celebrity attractiveness; celebrity expertise) and their effect on the consumer’s mind. However, the study would focus on consumers who take their investment decisions on their own or without the help of any other human help (such as peers or advisors). There is ample research that explores the effects of similar factors on consumer’s self-reported measures. However, the present study aims to go beyond self-reported measures and examine the exact neural mechanisms (possibly P300) that may/may not influence the consumer.

Prof. Aditya Moses

Although the brain was once seen as a rather static organ, it is now clear that the organization of brain circuitry is constantly changing as a function of experience. These changes are referred to as brain plasticity, and they are associated with functional changes that include phenomena such as memory, addiction, and recovery of function (Kolb, Gibb, & Robinson, 2003).Research suggests that brain plasticity can help improve performance of individuals within any workplace (Merzenich, 2017); resilience; adaptability and cognitive functioning (Ballesteros, Voelcker-Rehage, & Bherer, 2018). Given, the competitive work environment that organizations face and uncertainty associated with changing environmental conditions. It would help if the organization can help positively influence the brain plasticity of its managers.

Research in the field of plasticity has provided multiple drivers that impact brain plasticity. However, two drivers stand out namely mental training (Singer & Engert, 2019) and physical activity (Chodzko-Zajko, Kramer, & Poon, 2009). Both these drivers can be provided by organizations to their managers at little to no cost. However, the benefits that organizations can derive from them could be immense. However, research has also suggested that different types of training may have differential impacts on brain plasticity (Trautwein, Kanske, Böckler, & Singer, 2020). Therefore, in this study the author proposes to study the impact on these interventions on performance of employees.