Using an original data set matching individual birthdays to Vietnam War draft lottery numbers, I study how wartime draft risk affects representation in a sample of top corporate executives decades after the war's end. I find that men with lottery numbers placing them at risk of induction are...

This paper explores conflicting implications of firm-specific human capital (FSHC) for firm performance. Existing theory predicts a productivity effect that can be enhanced with strong incentives. We propose an offsetting agency effect: FSHC may facilitate more sophisticated “gaming” of...