firms (entrepreneurship) and the average quality of management (meritocracy). Legal reform also reduces financial … constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers … improve meritocracy at the expense of entrepreneurship. As a result, legal reform encounters less political opposition than …

that this demographic group makes the best business managers. I suggest that this in turn is not because they are …

We examine the relationship between wages and skill requirements in a sample of over 50,000 managers in 39 companies …

respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of … policy basis, and, more importantly, they have provided managers with a wider and more open-ended latitude to engage in …

managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of … diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives …