There is a debate on whether executive pay reflects rent extraction due to managerial power or is the result of arms-length bargaining in a principal-agent framework. In this paper we offer a test of the managerial power hypothesis by empirically examining the CEO compensation of U.S. public...

There is a debate on whether executive pay reflects rent extraction due to "managerial power" or is the result of arms-length bargaining in a principal-agent framework. In this paper we offer a test of the managerial power hypothesis by empirically examining the CEO compensation of U.S. public...

There is a debate on whether executive pay reflects rent extraction due to "managerial power" or is the result of arms-length bargaining in a principal-agent framework. In this paper we offer a test of the managerial power hypothesis by empirically examining the CEO compensation of U.S. public...

We estimate the relative contribution of mobile scientists who leave academia for the privatesector on the subsequent innovative performance of the firms they join. We use data on thepopulation of Danish firms and their R&D workers for the period 1999-2004 and measureinnovation performance by...

We study the mapping between labor mobility and industrial innovative activity for thepopulation of R&D active Danish firms observed between 1999 and 2004. Our studydocuments a positive relationship between the number of workers who join a firm and thefirm’s innovative activity. This...

We analyze how an entry regulation that imposes a mandatory educational standard affectsentry into self-employment and occupational mobility. We exploit the German reunification asa natural experiment and identify regulatory effects by comparing differences betweenregulated occupations and...

This paper uses an overlapping generations model with international labor mobility and apolitically responsive fiscal policy to examine aging in developed and developing regions.Migrant workers change the political structure composed of young and elderly voters in bothlabor-receiving and...