unusually low CEO turnover and rely on internal management promotions. Their managers exercise stock options faster than … managers of other firms. Cartel firms are large donors to political candidates. While our results are based only upon firms … engaged in price fixing, we expect that they should apply generally to all companies in which managers seek to conceal poor …

, preferences, prejudice, or systematically biased beliefs about the ability of female managers. Disentangling these theories would … require data on productivity, on the preferences of those who interact with managers, and on perceptions of productivity …