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Understanding Corporate Governance Through Learning Models of Managerial Competence

Hermalin, Benjamin; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2014

A manager's shareholders, board of directors, and potential future employers are continually assessing his ability. A rich literature has documented that this insight has profound implications for corporate governance because assessment generates incentives (good and bad), introduces assorted...

Persistent link: https://www.econbiz.de/10010950722

CEO Investment Cycles

Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2013

This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO investment cycle occurs for both firings and...

Persistent link: https://www.econbiz.de/10010950835

Who Says Yes When the Headhunter Calls? Understanding Executive Job Search Behavior

Hamori, Monika; Cappelli, Peter - National Bureau of Economic Research (NBER) - 2013

We examine an aspect of job search in the important context of executive-level jobs using a unique data set from a prominent executive search firm. Specifically, we observe whether or not executives pursue offers to be considered for a position at other companies. The fact that the initial call...

Persistent link: https://www.econbiz.de/10010951143

Learning about CEO Ability and Stock Return Volatility

Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2013

When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...

Persistent link: https://www.econbiz.de/10010951298

Bonus Culture: Competitive Pay, Screening, and Multitasking

Benabou, Roland; Tirole, Jean - National Bureau of Economic Research (NBER) - 2013

This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most talented workers leads to an escalating reliance on...

Persistent link: https://www.econbiz.de/10010821716

Forging a New Identity: The Costs and Benefits of Diversity in Civil War Combat Units for Black Slaves and Freemen

Costa, Dora L.; Kahn, Matthew E. - National Bureau of Economic Research (NBER) - 2004

By the end of the Civil War, 186,017 black men had fought for the Union Army and roughly three-quarters of these men were former slaves. Because most of the black soldiers who served were illiterate farm workers, the war exposed them to a much broader world. The war experience of these men...

Persistent link: https://www.econbiz.de/10005084617

Estimating the Productivity Selection and Technology Spillover Effects of Imports

Keller, Wolfgang; Acharya, Ram C. - National Bureau of Economic Research (NBER) - 2008

Economists emphasize two channels through which import liberalization affects productivity, one operating between and the other within firms. According to the former, import competition triggers market share reallocations between domestic firms with different technological capabilities...

Persistent link: https://www.econbiz.de/10005828515

Sources of U.S. Longevity Increase, 1960-1997

Lichtenberg, Frank - National Bureau of Economic Research (NBER) - 2002

models using annual U.S. time-series data on life expectancy, health expenditure, and medical innovation. Reliable annual … data are available for only one type of innovation - new drugs - but pharmaceutical R&D accounts for a significant fraction … innovation (in the form of new drug approvals) and expenditure on medical care (especially public expenditure) contributed to …

Persistent link: https://www.econbiz.de/10005828594

The Adoption and Diffusion of Organizational Innovation: Evidence for the U.S. Economy

Lynch, Lisa - National Bureau of Economic Research (NBER) - 2007

States during the 1990's, I examine the incidence and intensity of organizational innovation and the factors associated with … investments in organizational innovation. Past profits tend to be positively associated with organizational innovation. Employers … being part of a multi-establishment firm) are more likely to invest in organizational innovation. Investments in human …

Persistent link: https://www.econbiz.de/10005828796

The Output Contributions of Computer Equipment and Personnel: A Firm- Level Analysis

Lichtenberg, Frank - National Bureau of Economic Research (NBER) - 1993

This paper examines the output contributions of capital and labor deployed in information systems (IS) at the firm level during the period 1988-91 throughout the business sector, using two different sources of data on these inputs. Our production function estimates suggest that there are...

Persistent link: https://www.econbiz.de/10005828845