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percent difference in returns between Internet stocks and non-Internet stocks from January 1, 1997, through March 24, 2000—the day the NAS- DAQ peaked. "Regardless of whether the media's coverage of the current crisis was good or bad, accurate or com- plicit, recent history seems to indicate that—at least in terms of market returns—it doesn't really matter either way," says Bhattacharya. Their paper is forthcoming in the Journal of Financial and Quantita- tive Analysis. Beating the Blues by "Backcasting" There's no doubt that consumers may treat themselves to new iPods or spa vacations to counter a blue mood. But marketers who help consumers anticipate their bad moods may actually have more influence over their pur- chases, say Jane Ebert, a profes- sor of marketing at the University of Minnesota's Jane Ebert Carlson School of Management in Minneapolis; Daniel Gilbert, pro- fessor of psychology at Harvard University in Boston, Massachusetts; and Timothy Wilson, professor of psychology at the University of Vir- ginia in Charlottesville. In a series of four studies, the researchers asked consumers to fore- cast how they will feel after an event such as seeing their favorite sports team lose. Most often, consumers predicted feelings of unhappiness. But when researchers then asked consumers to "backcast" how anoth- er positive event a few days later— like a birthday party—might counter that sadness, they placed their team's loss in less negative light. The researchers suggest that advertisers can take advantage of backcasting. A travel agency, for example, might design an ad that does more than highlight the advantages of a Caribbean cruise. Instead, it might create an ad that reads, "How will you feel after three more weeks of dreary winter? Wouldn't a tropical vacation help beat those winter blues? Book your cruise today!" Such an approach BizEd JULY/AUGUST 2009 55 RESEARCH RECOGNITIONS Sanford M. Jacoby, UCLA Anderson's Howard Noble Professor of Manage- ment and professor of history and public policy, is the only business professor to win a 2009 John Simon Guggenheim Memorial Fellowship. This year, the Guggenheim Board of Trustees granted 180 Fellowships from a pool of almost 3,000 appli- cants. Jacoby received honor for his study of how labor movements in the United States, United Kingdom, Germany, and Japan have tried to shape financial markets and corpo- rate governance, through the use of regulation and pension assets. The fellowship will support Jacoby's work on a book about his current project, "Labor and Finance: Perspectives on Risk, Inequality, and Democracy." The Information Society Proj- ect (ISP) at Yale Law School has named Ramesh Subramanian as its vis- iting fellow for the 2009–2010 academic year. The ISP was formed to study Internet technology, security, and policy. Subramanian hopes that the fellowship will offer an opportunity for him to further his research into the interaction of society, the Internet, telecommuni- cation policy, and law. He currently is the Gabriel Ferrucci professor of computer information systems at Quinnipiac University's School of Business in Hamden, Connecticut. The American Accounting Associa- tion has selected Richard Sloan, account- ing professor at the Haas School of Business at the University of California, Berkeley, to receive its Notable Contributions to Account- ing Literature Award. Sloan was honored for his 2005 paper, "Accrual reliability, earnings persistence and stock prices," which examined how aggressive accounting practices can lead to eventual stock price declines. Co-authored by Sloan's former doc- toral students Scott Richardson, Irem Tuna, and Mark Soliman at the Uni- versity of Michigan in Ann Arbor, the paper was published in the Journal of Accounting and Economics.