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 …

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 … with the experimental micro evidence on managerial efficiency and firm growth reported in Bloom et al. (2013). Our … quantitative analysis shows that the low efficiency of delegation in India can account for 5% of productivity and 15% of income …

the executive. Agency theory remains the only viable candidate for answering the question about how executive compensation … compensation, in the context of agency theory. We suggest two fertile areas for research regarding the improvement of executive …

, selection does not impede the promotion of behavioral managers. Instead, competitive environments oftentimes promote their …

conform to theory. We survey some literature in this area and suggest areas for further research …

to forgo the potentially valuable private information of their managers. We study the introduction of job testing across … 15 firms employing low-skilled service sector workers. When faced with similar applicant pools, we find that managers who … appear to hire against test recommendations end up with worse average hires. This suggests that managers often overrule test …