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-making authority to appoint successor managers on the quality of managers actually appointed. Our main result is that a greater … centralization results in a greater variability over time in the quality of managers. An intuitive reason for this is that though a …
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We argue here for a broader view of the biases in managers' decisions: In general, managerial rent-seeking affects not … managerial discretion, managers have an incentive to exercise that discretion to enhance their income. Any managerial contract is …
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We argue here for a broader view of the biases in managers' decisions: In general, managerial rent-seeking affects not … managerial discretion, managers have an incentive to exercise that discretion to enhance their income. Any managerial contract is …
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As the Eurozone crisis drags on, it is evident that a part of the problem lies in the architecture of debt and its liabilities within the Eurozone and, more generally, the European Union. This paper argues that a large part of the problem can be mitigated by permitting appropriately-structured...
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