Firms' competitive advantages are unsustainable when competitors hire their employees away to study and recreate those advantages. We document inter-firm knowledge spillovers through labor mobility in the mutual fund industry, which result in performance improvement at the recipient family. This...

We examine how labor mobility restrictions in the form of non-compete clauses in employment contracts affect employee behavior. Using the mutual fund industry as testing laboratory, we show that fund managers respond to higher job termination costs due to increased enforceability of non-compete...

Firms' competitive advantages are unsustainable when competitors poach their employees away to study and recreate those advantages. We document inter-firm knowledge spillovers through labor mobility in the mutual fund industry. About one quarter of the competitive advantage of the originating...

This paper examines how labor mobility restrictions such as non-compete clauses in employment contracts affect the incentives and resulting behavior of employees. Using the investment industry as a testing laboratory, we find that mutual fund managers respond to heightened career concerns due to...

Firms' competitive advantages are unsustainable when competitors poach their employees away to learn about their organization processes. We document inter-firm knowledge spillovers through such personnel moves in the mutual fund industry. Almost two thirds of the competitive advantage of the...