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2025. 12. 09.

Hidden biases: Why audits aren’t as objective as you think they are (and what we can do to fix it)

In theory, auditing should be unbiased and independent. In reality, biases abound. Auditors are human, and companies — even auditing firms— have agendas that shape how they approach audits. These blind spots can have real consequences for investors and the economy. Associate professor Minlei Ye joins Executive Summary to reveal where these hidden biases come from, how they influence decision-making, and why stronger safeguards and a shift in business thinking are essential for fairer results. Show notes [0:00] What happened with Enron and Arthur Andersen [0:53] Meet Minlei Ye, an associate professor of accounting at the University of Toronto, and she says when audits fail to catch red flags, it can have devastating consequences on individuals and the economy. [2:22] What is the role of an auditor, exactly? [2:59] What role did auditors play in the Enron and Lehman Brothers scandals? [4:49] How can an organizational focus on compliance lead to misrepresentation? And is fair representation a better option? [6:03] Other systemic biases that shape an audit firms’ accuracy include the need to keep the client happy. [6:42] Auditors’ personal biases – like familiarity bias, confirmation bias and groupthink also shape how accurate an audit will be. [7:38] Minlei’s research into otherwise positive programs – like rewards for whistleblowing – can have unintentional consequences on how auditors approach a client. [9:01] And then there are egos – like when bosses pull superstar employees off key client accounts out of fear the superstar will be poached by another firm. [9:45] Team makeup – whether homogenous or diverse – matters too. [10:40] Auditing is built on the fundamental principle of independence. [11:29] To help mitigate some of the aforementioned biases, regulation is needed to protect that independence. But, in the U.S. in particular, those protections are under attack. [13:00] In the meantime auditing firms need to step up to protect their independence…and so do the companies being audited. [14:21] “Instead of looking at auditing as something that they have to do, like a compliance thing that you have to hire the auditor, they can think of the auditor as a strategic safeguard for the capital needs, for their reputation and stakeholder trust.” Be sure to check out the Executive Summary back catalogue. We tackle everything from how to build a better board room to what employees can tell leaders about an organization's financial health.
4월 14일

The power of language: Make your writing more persuasive

Are we being manipulated by the words we hear — and the ones we use? In this episode, marketing and psychology professor Sam Maglio unpacks the hidden signals embedded in everyday language, from why abbreviations can make you seem insincere to how tense and voice subtly shape what we believe. Listen in and how small shifts in wording influence perception, persuasion and even behaviour — and how to keep your inner psycholinguist on alert. Show notes [0:00] Ever feel like the words you hear are manipulating you? That’s because, in some cases, they are. [0:53] Meet Sam Maglio, a professor of marketing and psychology at the University of Toronto. [2:01] When it comes to the words we use, we’re probably not being critical enough about what we’re saying. [3:03] More often than not, what we’re saying isn’t being interpreted by the recipient in the way we mean (this is partially because we’re bad at perspective taking). [4:56] How does capitalization influence our perception of gender? [5:37] Abbreviations can make us seem less sincere. [7:43] Speaking in present tense makes us more believable… [8:50] …so does speaking in active voice. [9:25] But speaking in passive voice can give us an air of authority. [10:52] What does this all mean? Well, words are manipulative. This can be good; one famous study told a group of housekeepers at a hotel that they were exercising rather than working, and without making any other changes, that group lost weight. [12:10] But it can also be used to subtly sway your ability to believe in things like climate change. [12:36] We live in tech-bubbles that supercharge the spread of misinformation, which is bad when you think about the mere exposure effect. [13:17] So we need a bit of self-reflection to protect ourselves from being manipulated. [13:38] “I think part of it starts with being aware of how our psychology plays tricks on us. Our psychology makes us want to click on the clickbait, even though we might know it's not true. How many studies have you heard where people will post things or retweet things or like things, and they haven't even read the article, because if the world is on fire, then damn it, everyone needs to know that the world is on fire. Take a breath before that and like not be part of the problem, because it's very easy for a thump to turn into an echo, to turn into a chorus of all sorts of negative things.”
2025. 03. 11.

When autonomy backfires: When 'control' creates more stress

The push to return to the office has sparked backlash — employees felt trusted to work remotely, so why take that control away? But what role does control play in mitigating or causing stress? And when is autonomy a bad thing? Professor Jia Lin Xie joined the Executive Summary to unpack how job demands, individual traits and culture shape our experience at work, and how to determine if complete control will be empowering or stress-inducing. Show notes [0:00] Meet professor Jia Lin Xie, an expert in job design, stress and employee well being. She’s in the middle of research exploring attitudes towards return to office. [0:25] The pandemic gave employees control and autonomy over their work, and now many employees feel that control is being taken away by the RTO request. It turns out, once given, removing control can be detrimental. But should it always be given? [1:26] We’re working in a “boundaryless” world, where technology enables us to be always connected. [1:56] Research shows boundarylessness can boost job satisfaction, but it also contributes to emotional exhaustion and stress. [3:35] Those who struggle with boundarylessness might blame their person-environment (P-E) fit. [4:23] What happens when you have a “good” versus “bad” P-E fit? (Hint: it’s burnout!) [4:48] Job demands — whether physical, cognitive, or emotional — can make or break your workplace experience. [6:24] How does having control offset the risks of stressful job demands? [8:35] Jia Lin questioned the widely held theory that control is always a buffer to job demand stress. [10:08] Control isn’t always a good thing; things that affect your control include your abilities to do a task… [11:41] …your attribution style… [11:59] … and even your cultural background can impact its effectiveness at buffering stress. Take the difference between American and Hong Kong bank tellers. [14:20] So if you’re struggling with control and autonomy, and think it’s causing you stress, you have to reflect on why that is. [16:11] So, how can you tell if having more control at work will help or hurt you? Jia Lin has some questions you can ask yourself. [18:26] The takeaway? Control isn’t one-size-fits-all. It’s about self-awareness, personal preferences, and the right support system.
2025. 02. 11.

Are we thinking about traffic congestion wrong

We’ve been thinking about traffic all wrong. Sitting in congestion costs local economies billions in lost productivity, and governments invest heavily in easing the gridlock. But what if we’re solving the wrong problem? Associate Professor Victor Couture joins The Executive Summary to challenge conventional wisdom on city transportation networks — and explain why accessibility and density might be worth the slowdown. Show notes [0:00] Not only does sitting in traffic suck, it has an economic impact, which cities and governments try to blunt through traffic mitigation strategies. [1:38] Meet Victor Couture, an expert on urban issues such as housing, gentrification and transportation. [3:04] In 2023, Victor and colleagues released a paper benchmarking the fastest and slowest cities in the world. [4:20] What makes a city fast versus slow? [6:41] Flint, Michigan, in the U.S. earns the distinction as the world’s fastest city, but it’s not a blueprint for other cities to model. [7:22] When it comes to moving people around a city, what is the ultimate goal of a city, and why isn’t it speed? [8:38] What is the transportation network? [9:07] What is accessibility in terms of transportation networks? [10:46] When is speed via cars a good option? [11:26] How does density affect productivity? [11:40] Reducing congestion isn’t going to magically make a city more economically vibrant or affordable. [12:12] Toronto is a case study for the density versus traffic speed debate. Victor’s research shows that the city is, on average, getting slower despite traffic mitigation strategies. [13:32] So what about that tunnel under highway 401? [14:41] Should the city rip out newly installed bike lanes? [15:44] So what is the purpose of a trip? [16:19] “For 1,000s of years, cities have been about bringing people into closer proximity. They've been about facilitating the flows of goods, the flows of people, the flows of ideas and the purpose of urban policy makers should be to facilitate those flows and create infrastructure and create institutions that let people realize those benefits of cities, that let people meet easily. That's the goal of a transportation network.”
2024. 12. 10.

Too hot to handle: How extreme heat damages businesses' bottom lines

Extreme heat is reshaping daily life, but what does it mean for companies? Assistant Professor Nora Pankratz joined the Executive Summary to unpack the financial toll of rising temperatures on organizations, and what — if anything— companies can do about it. Show notes [0:00] The world is getting warmer, and it’s costing businesses. [0:37] Meet Nora Pankratz, an assistant professor at the University of Toronto Mississauga, with a cross appointment to the Rotman School of Management. She studies the impact of climate change on organizations. [1:48] One of the biggest risks of heat is its impact on production. [3:06] What does “heat exposure” even mean? [3:32] Heat – specifically days over 30 degrees Celsius – might be costing businesses an average of $650,000 per quarter. [3:54] And it affects indoor and outdoor industries alike, albeit in slightly different ways. [4:49] It also has an impact on investors… [5:39] …and supplier relationships. [7:39] How can businesses adapt? [8:40] Importantly, no one can really study what businesses are doing, since they aren’t sharing, nor are they required to share, their heat mitigation strategies. As a result, we don’t know what works, and what doesn’t. [9:17] Nora studied the impact of heat on worker safety, and the results weren’t great. [10:38] What’s driving heat-related injuries? [11:39] But a simple, low-cost heat-mitigation strategy – training to identify signs of heat stroke – had a huge impact. [12:35] So are businesses doing anything? Well…maybe? [13:46] Nora is hopeful: “Overall, I think over the last couple of years, there has been an uptake in this type of data and analytical work at the firm level. So, I think firms will explore this more and more going forward.”
2025. 11. 11.

Beyond doctor shortages: Rethinking Canada’s healthcare bottleneck

Canada faces an acute shortage of doctors and medical equipment. But simply hiring more people or buying more machines won’t fix our healthcare backlog. In this episode of The Executive Summary, professor Opher Baron explains how — from an operations management perspective — we got into this mess, and why smarter planning and better use of data are just as essential as addressing our shortages if we really want to dig out of Canada’s healthcare deficit. Show notes: [0:00] Canadians are in a healthcare crisis. [0:12] Meet Opher Baron, a professor of operations management at the Rotman School, and an expert in hospital queues. He doesn’t believe more doctors and medical equipment will get us out of our healthcare crisis. [1:34] A recognition that our healthcare system – and its problems – is nuanced and complex, and this episode is just 15 minutes. [2:07] Canada has a supply shortage: too few doctors and too little equipment to meet the population demand. [2:42] This shortage is felt across all sectors of healthcare, but acutely in family care and emergency care. [3:12] The provincial governments are taking steps to remediate the problems, but it won’t happen quickly. [4:20] So how did we get here? In short: Poor planning. [5:31] Hospitals are chaotic, and that makes it difficult to plan. [7:21] Let’s look at how one issue – continuity of care, coupled with physician incentives – can affect how quickly patients move through an emergency room. Simply, doctors are more likely to take patients at the beginning of their shift than at the end of it. [9:57] How do you address these types of issues? First, you need to be measuring the right key performance indicators…which we’re not. And you can’t fix a problem, if you can’t identify the problem. [11:49] Let’s start by recognizing that healthcare professionals aren’t operations management experts. [12:33] Opher has worked with several hospitals to test new operational efficiencies, including Erie Shores. [13:58] With the advent of AI, there’s also a lot of opportunity in what Opher calls “digital twin” environments, which will allow hospital administrators to test changes virtually before implementing them in real life. [15:13] We can’t just throw money at the problem and expect we’ll fix our healthcare system. “I hope that once people understand better what is the important data for them and what they can do with the right data…we can improve the efficiency of our systems, and given the current resources, investing a little bit more kind of in the right places.” Be sure to check out the Executive Summary back catalogue. We tackle everything from whether we can fix our broken online review system to how extreme heat negatively impacts companies' bottom lines.
2025. 10. 14.

Trading blows What history teaches us about today’s trade uncertainty

For decades, Canada’s economic fortunes have been tied to its southern neighbour — but what happens when that relationship falters? As a new wave of tariffs rattles global markets, professor Dimitry Anastakis joins The Executive Summary to trace Canada’s long history of trade wars with the U.S., the hard lessons they’ve taught us, and why this time, the old playbook may no longer work. Show Notes [0:00] Meet Dimitry Anastakis - a University of Toronto professor and expert on Canadian business and economic history, who says Donald Trump’s views on tariffs were really cemented in the ‘80s, putting him at odds with the Republican Party at the time. [1:03] Canada’s economy is enmeshed with that of the U.S., which doesn’t bode well for us as we face a new trade war. [2:07] A quick recap of the 2025 trade war between Canada and the U.S. to date. [3:43] Lessons from the past — we’ve been in this type of situation with the U.S. before. [3:59] We’ve faced familiar trade disputes in the 1890s, 1920s to ‘30s and the ‘70s to 80s. [5:57] Reagan-era trade disputes — The trade war of the ‘80s was different from the earlier spats – with the U.S. using it as a tool to convince Canada to join the North American Free Trade Agreement. [7:10] Canada’s historical options in trade disputes — historically, trade wars are an opportunity for Canadians to reflect on their best path forward. And we usually face three choices. [8:01] Why have we eschewed the “third option” of diversifying our trading partners and instead increasingly turned into partnerships with the U.S.? [9:01] And how has closer ties to the U.S. helped us through post-trade war recessions? [10:18] Why this trade war is different. [10:38] How are tariffs actually supposed to work, and why is that incongruent with how Donald Trump is wielding them? [11:22] What role do previous trade agreements play if a key player just decides to ignore them entirely? [12:09] Canadians are feeling betrayed. [12:37] And if these tariffs remain in place long term, it does not bode well for the Canadian economy. [13:40] Resilience in the face of disruption — perhaps now is a time for us to reflect and move towards a new economic path, less dependent on the U.S. [15:29] “We do need to expect that there's going to be a rough ride. But most importantly, we need to rise to the challenge. We need entrepreneurs and governments and firms to start thinking about how Canadians can exploit the advantages that they have in a new kind of economy in the 21st century. Canadians should recognize that this provides an opportunity for us to start building on our strengths. And, you know, the great thing is that history shows us that the Canadian people have been pretty resilient in these situations.” Be sure to check out the Executive Summary back catalogue. We tackle everything from why it’s time to explore a four-day work week to where you can actually get the best innovation.
3월 11일

When markets move as one: The hidden forces driving collective investing behaviour

Why do markets dip after the clocks change? Why do investors become more risk averse in the fall? And what does this mean for your portfolio? We like to think we’re rational investors. We’re not. On the latest episode, professor Lisa Kramer explores how hidden behavioural biases influence our portfolios — and even shift global markets. Show notes Show notes [0:00] Humans tend to overestimate our abilities. We tend to think of ourselves as better than average. [0:33] Meet Lisa Kramer, a professor of finance at the University of Toronto, and an expert in the psychology of financial decision-making. [1:20] While thinking we’re better than average benefits us in certain situations — think dating and job hunting — it can be detrimental to our finances. [2:13] This over-confidence is clearest when people try to outperform the stock market. [2:56] But beyond internal biases, there are also external factors that influence our financial decisions. [3:19] Lisa and her colleagues studied how the clock changes influenced the market as a whole and found that the day after the clocks changed, stock markets tumbled. But why? [5:30] Seasonal changes — like the shift to winter — also make us more risk averse, en masse. [7:16] Lisa’s research shows this isn’t just in the stock market; investors sought out safer products, like mutual funds and treasury bonds, in the winter. [8:44] What does this mean for companies? [9:28] Will AI save us (hint…not so much). [10:29] And can the average investor do anything to mitigate these biases (hint…not so much). [12:30] “The best we can do is educate people that these are common biases, and get people to think about decisions that they've made in their own lives and self-evaluate the extent to which maybe they've been subject to these biases.”
2024. 02. 13.

Retirement savings is daunting: Can you nudge your brain to boost your savings rate?

A recent study from BMO found that Canadians believed they would need more than $1.7 million to comfortably retire. Yet many individuals nearing retirement have less than $100,000 saved. Why is thinking about saving - even when you have the means - such a daunting prospect? Assistant professor Avni Shah joined the Executive Summary to explain the behavioural barriers to retirement savings, and showcase some of her research into how we might overcome these blockers. Show notes [0:00] Retirement is a rich man’s opportunity, and many people don’t feel they’ll ever have the luxury. [0:30] Meet Avni Shah, an assistant professor of marketing who studies how and why people make financial decisions. [1:14] People probably aren’t saving enough for retirement, even if they understand conceptually that they need to save more. [2:08] Why? Well, we have a bias towards dealing with the needs of today… [2:35] …the future is hard to imagine… [3:07] …and it’s cognitively costly to think about ephemeral things like money when it’s so far into the future. [3:33] Finally, the narrative around retirement – living your best life – might not be effective for large swaths of the population. [5:35] Avni partnered with Ideas 42 and the Mexican government to help increase the rates of voluntary retirement contribution. They devised three experiments. [5:46] How the Mexican pension system works. [6:18] How does beautifying a form impact retirement savings? [8:20] To increase your desire to save, tell yourself a story about your future. [9:40] Sometimes what’s requires is a shift in messaging. Instead of selling the idea of “saving for your future,” companies might want to consider selling the idea of “saving for your family’s future.” [11:58] But it’s important to remember that any behavioural nudge is going to be contextual, and there’s no one-size-fits all approach. [12:48] Simplifying information can also backfire if the info that’s left is demotivating. [13:34] And, for individuals, picturing your life in retirement can be a huge motivator for squirreling away a bit more cash. [14:06] “It makes it easier to see and it's something that is beneficial to them to say okay, that in conjunction with then making it savings automatic and can be tremendously valuable in encouraging people to save and really living in a way that they're not scared about the future.”
2025. 01. 14.

Taming the machine: Why regulating AI feels impossible (but we have to try anyways)

"If AI didn’t offer such massive opportunities... we’d likely regulate it out of existence." On the latest episode of the Executive Summary, professor Dan Trefler explores the double-edged sword of artificial intelligence: Are the risks worth the rewards? Is bureaucratic red tape the solution — or just another hurdle? And how can the average citizen help fight the "great regulatory" battle? Show notes: [0:00] In 2023, tech leaders and academics signed a letter agreeing to hold off on future AI development until government regulation caught up…spoiler alert: it didn’t. [0:48] Five years ago, it would have been impossible to imagine where AI development was going to be today…what will we see in the next five years? [1:36] Meet Dan Trefler, a professor of economics and policy at the Rotman School of Management. [2:29] Regulating “Artificial Intelligence” is impossible. [3:50] What’s the 2025 state of affairs when it comes to regulating uses of AI? [4:29] Dan sees one region of the world regulating the tech use about as well as they can. [7:12] What is the competition problem? [7:48] What is the coordination problem? [8:29] What happens when we have competition and coordination working together seamlessly? [9:46] So why can’t AI regulations follow the same successful model as car regulations? [10:19] What’s the interpretability problem? [11:18] California’s failed attempt at regulating AI companies is the perfect microcosm of the challenges we face. [12:45] Where is the last place governments should regulate? [13:49] To get a handle on things now, Dan wants us to focus on (1) extreme risks; [14:28] (2) learning from other successful regulatory bodies like the FDA; [14:49] and (3) exploring regulatory incentives that encourage positive uses of the technology. [15:33] And citizens can help wage the great AI regulatory battle with their own personal choices. [16:03] “I'm asking people to be much more forward looking than we normally tend to be. I want them to start anticipating risks which don't exist yet, because when they do come, as we've seen with past changes in AI, they will come in such a flurry that we won't be able to shovel our way out of our own homes. So let's start thinking hard about regulating things on a precautionary principle, not because they've happened, but because they might happen.”

Rotman Podcasts showcase the latest insights from Rotman researchers alongside in-depth conversations with leaders, thinkers and scholars from around the globe. They’re a great way to access thought-provoking content and valuable ideas – wherever and whenever you’re free to join the conversation.

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Hidden biases: Why audits aren’t as objective as you think they are (and what we can do to fix it)

The power of language: Make your writing more persuasive

When autonomy backfires: When 'control' creates more stress

Are we thinking about traffic congestion wrong

Too hot to handle: How extreme heat damages businesses' bottom lines

Beyond doctor shortages: Rethinking Canada’s healthcare bottleneck

Trading blows What history teaches us about today’s trade uncertainty

When markets move as one: The hidden forces driving collective investing behaviour

Retirement savings is daunting: Can you nudge your brain to boost your savings rate?

Taming the machine: Why regulating AI feels impossible (but we have to try anyways)

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