This paper finds that the number of CEOs born in June and July is disproportionately small relative to the number of CEOs born in other months. Our evidence is consistent with the “relative-age effect” due to school admissions grouping together children with age differences up to one year,...

In questioning Kamstra, Kramer, and Levi’s (2003) finding of an economically and statistically significant seasonal affective disorder (SAD) effect, Kelly and Meschke (2010) make errors of commission and omission. They misrepresent their empirical results, claiming that the SAD effect arises...

There are many situations where policy makers would like to induce firms to make a major discrete conversion in production technology to help the environment. This paper examines how heterogeneity in the operating condition of firms' plant and equipment, which cannot be observed by policy...