Greater skill of active investment managers can mean less fee revenue in a general equilibrium. Although more …-skilled managers earn more revenue than less-skilled managers, greater skill for active managers overall can imply less revenue for … their industry. Greater skill allows managers to identify mispriced securities more accurately and thereby make better …

Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has … picking skills and little evidence of timing skills among successful managers. This paper estimates skill separately in booms … and recessions and finds that the extent to which managers focus on stock picking or market timing fluctuates with the …

We examine the relationship between wages and skill requirements in a sample of over 50,000 managers in 39 companies …

possibilities are internalized in the market, and where managers are complementary inputs to non-managerial workers. The paper … illustrates why some countries may adopt modern technologies while others stay backwards. The paper also explains why managers may …