Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has … picking skills and little evidence of timing skills among successful managers. This paper estimates skill separately in booms … and recessions and finds that the extent to which managers focus on stock picking or market timing fluctuates with the …

document that investors recognize this skill and reward it by investing more capital with skilled managers. Higher skilled … managers are paid more and there is a strong positive correlation between current managerial compensation and future …

possibilities are internalized in the market, and where managers are complementary inputs to non-managerial workers. The paper … illustrates why some countries may adopt modern technologies while others stay backwards. The paper also explains why managers may …

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …