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 …

promoted management training trips for European managers at US firms. Through the analysis of reports compiled by UK, France …, Germany, and Italian participating firms, I first document that these companies claimed between 5 and 10% yearly productivity …

respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of … state takeover law, we argue, is consistent with our theory. States have adopted antitakeover statutes that have little … policy basis, and, more importantly, they have provided managers with a wider and more open-ended latitude to engage in …

costlessly hardened' and passed along within the hierarchy. As a concrete application of the theory, the paper discusses the …, this is exactly what the theory would lead one to expect …

managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of … diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives …

competitive industries, the negative relation between past returns and current leverage will be attenuated. Theory suggests that …

executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution …

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 …