This paper studies the market provision of a specific type of public good: radio and television broadcasts. Its main … focus is to explore the ability of the market to provide broadcasting efficiently in a world in which broadcasters earn …

This paper finds that globalization is contributing to the rapid increase in executive compensation over the last few … executives at firms with poor corporate governance, as one would expect if globalization has enhanced rent-capture opportunities …. Overall, these results indicate that globalization has played a more central role in the rapid growth of executive …

We develop a neoclassical trade model with heterogeneous factors of production. We consider a world with two factors …, labor and "managers", each with a distribution of ability levels. Production combines a manager of some type with a group of …

We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …

Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …

managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …