from trade under Bertrand and Cournot oligopoly. Firms differentiate their products to mitigate competition, but only if …

We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …

1990s by a sample of over 2000 middle-level managers from a large, established firm outside of manufacturing. Exercise …