Innovation is important for firm performance and broader economic growth. But breakthrough innovations necessarily … require greater risk-taking than more incremental approaches. To understand how managers respond to uncertainty when making … projects. The results suggest that the risk preferences of managers in charge of research investments may have an oversized …

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 …

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 …