ingredients: (a) decision rights can be transferred ex ante through ownership, (b) managers (and possibly workers) enjoy private … integrated firm can internalize such externalities, but it does not put enough weight on the private benefits of managers and …

We present a model in which managers are risk-averse and firms compete for scarce managerial talent ("alpha"). When … managers are not mobile across firms, firms provide efficient compensation, which allows for learning about managerial talent … and for insurance of low-quality managers. When instead managers can move across firms, firms cannot offer co …

Managerial delegation is essential for firm growth. While firms in poor countries often shun outside managers and … entrepreneurs have fixed-time endowments to run their daily operations. As firms grow larger, the need to delegate decision …

learning algorithm. The algorithm uncovers two distinct behavioral types: “leaders” and “managers”. Leaders focus on multi …-function, high-level meetings, while managers focus on one-to-one meetings with core functions. Firms with leader CEOs are on average …