The year-long study, backed by the Ogilvy Foundation, will be carried out by professors at the school.
Nader Tavassoli, the associate professor of marketing at the London Business School, will oversee the initial project on how time and place affect the way consumers react to advertising.
Shelly Lazarus, the chairwoman and chief executive of Ogilvy & Mather Worldwide, said: "We know consumers value advertising most when they get the right message at the right time - but just when and how that moment occurs has always been hard to predict. Figuring this out will be of enormous value."
The Ogilvy Foundation was established in 1999 following the death of David Ogilvy, the founder of the worldwide Ogilvy organisation.
It provides funding for advertising research initiatives around the world, including a project at the Columbia Business School in New York.