shareholders and managers in which managers have private benefits or private costs of investment. Managers overinvest when they …, in isolation, is insufficient to identify whether managers have private benefits or private costs of investment. In order … to identify whether managers have private benefits or costs, we estimate the joint relationships between incentives and …

performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year … -- implying that top executives in Germany have longer tenures than their counterparts in the U.S. and Japan. Turnover of the …

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 …

efficiency. First, treatment firms have higher productivity and quality after controlling for rug specifications. Second, when …

A distinct feature of MNCs is a three-tier organizational structure: foreign managers (FMs) supervise domestic managers …