We develop a product market theory that explains why firms invest in general training of their workers. We consider a …

evaluates that literature, clarifies what tournament theory predicts about the relationship, identifies methodological pitfalls … relationship between pay disparity and firm performance. Tournament theory offers a unified framework that can explain an inverted …

extent to which managers' compensation was affected by the economic crisis and the extent to which it increased afterwards … perspective. We also examine that certain parts of managers seem to have more power to influence their compensation than others …. Inequality in managers' compensation decreased during the crisis. …

supply using a real effort experiment. Two results stand out. First, no one theory seems to fit the pooled data. On average … reciprocal or intrinsically motivated and, indeed, these types respond as theory would predict: reciprocators return wage gifts …