This paper reconciles two pronounced trends in U.S. corporate governance: the increase in pay levels for top executives, and the increasing prevalence of appointing CEOs through external hiring rather than internal promotions. We propose that these trends reflect a shift in the relative...

How and whether judges should be held accountable is a key issue in the design of a legal system. Thirty-seven of the forty-eight continental states use some method of judicial selection which involves a direct role for citizens in selecting or re-appointing the judiciary. We identify two...

I study the size and sources of the monetary return to college achievement as measured by cumulative Grade Point Average (GPA). I first present evidence that the return to achievement is large and statistically significant. I find, however, that this masks variation in the return across...

Nearly half of U.S. employers test job applicants and workers for drugs. I use variation in the timing and nature of drug testing regulation to study discrimination against blacks related to perceived drug use. Black employment in the testing sector is suppressed in the absence of testing,...

Die unternehmensinterne Besetzung von Stellen gilt als der Standardfall und wird auch im Bereich des Topmanagements empfohlen. Empirische Untersuchungen zeigen jedoch, dass ein nennenswerter Anteil der Spitzenführungskräfte über Unternehmensgrenzen hinweg rekrutiert wird. Dieser Beitrag...

Jean Pisani-Ferry prepared this note for a hearing before the Committee on Economic and Monetary Affairs of the European Parliament.

Im vorliegenden Beitrag wird das französische Bildungssystem daraufhin untersucht, inwiefern es arbeitgeberseitiges Screening bei der Einstellung von Führungsnachwuchskräften begünstigt. Die Analyse kommt zu dem Ergebnis, dass die Differenziertheit der Hochschullandschaft sowie die in ihr...

Objectives: We examine decision factors of family firm owners for hiring a non-family Chief Financial Officer (CFO). We explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company-specific goals relate to the employment of a...