responds more to increases in shareholders' return performance than to decreases. Further, this asymmetry is stronger when …

set their own pay, constrained somewhat by the availability of cash or by a fear of drawing shareholders' attention. To …

In this paper we examine the causal impact of competition on management quality. We analyze the hospital sector where … management quality - measured using a new survey tool - is strongly correlated with financial and clinical outcomes such as … a greater number of neighboring hospitals) is positively correlated with increased management quality, and this …

objectives among not-for-profit hospitals. Boards appear to fire the managers that are least able to compete in the new … competitive environment and reward incumbent managers more for achieving for-profit goals. Consistent with donors' belief that …