managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …

Managerial delegation is essential for firm growth. While firms in poor countries often shun outside managers and …

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 …

, and market opportunities. This know-how can be reallocated across countries as managers acquire control of factors of …

Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …

"spinouts": managers of input divisions can start their own firms, making customized inputs formerly provided internally subject … lead to inefficiently low entry. Vertically integrated firms can fight back by hiring managers for their input divisions …

We develop a theory of interstate conflict in which the degree of genealogical relatedness between populations has a …