and within firms, including variation in debt conservatism and in pecking-order behavior. Managers who believe that their …

and over time. The theory also predicts a positive relationship between pay volatility and firm volatility, and that risk …

constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers …

This paper examines managerial compensation in an environment where managers may take a hidden action that affects the … contract in this setting, and demonstrate that contracts contingent on reported earnings cannot provide managers with the …

particularly attractive locations to offshore? In this paper we address these questions with a theory of international production … hierarchies in which organizations arise endogenously to make efficient use of agents' knowledge. Our theory highlights the role … managers improves the efficiency of the transmission of knowledge across countries. The model further delivers the prediction …

the family. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European …

respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of … state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … policy basis, and, more importantly, they have provided managers with a wider and more open-ended latitude to engage in …

costlessly hardened' and passed along within the hierarchy. As a concrete application of the theory, the paper discusses the …, this is exactly what the theory would lead one to expect …