Prior literature identifies great similarity in executive compensation packages of firms and has succeeded in hypothesizing but not in substantiating the responsible channel or channels. We introduce dynamic stochastic network techniques to directly analyze the following three possible channels...

DeAngelo and Roll (2015) observe that leverage cross-sections change significantly over even short periods. This finding is largely incompatible with existing models operating on the assumption that firms choose leverage levels in isolation. In this paper, we ask how executive networks might...