Large-scale increases in discrimination can lead to dismissals of highly qualified managers. We investigate how … expulsions of senior Jewish managers, due to rising discrimination in Nazi Germany, affected large corporations. Firms that lost … Jewish managers experienced persistent reductions in stock prices, dividends, and returns on assets. Aggregate market value …

, using a sample of managers and employees from a large company. We exogenously vary whether managers are informed about … matched to informed managers learn that the manager could base their incentive choice on cooperation levels. We find no … information. The absence of the signaling effect seems related to the perception of managers’ intentions, a mitigating but …

the role of institutional actors, and that we ‘misinterpret’ history. This brief response addresses these allegations and … critique is misguided and based on a misrepresentation of Weimar history, especially when it comes to the case of Bavaria. In …

formal theory), and, most important, scrupulous attention to history and to the limitations of historical data …