technologies display learning effects and agents’ rate of learning is private knowledge. In a simple two-period model with full … commitment available to the principal, we show that whether learning effects are over- or under-exploited crucially depends on … whether learning effects increase or decrease the principal’s uncertainty about agents’ costs of production. Hence, what …

information via 8-Ks. Next, using INF, we find evidence of managerial learning from stock prices, as the sensitivity of firm …