A 2006 rule change mandated that publicly traded companies provide more detailed disclosures about executives' compensation plans. In response to the new disclosure requirements, Cournot firms with large market shares add revenue-based pay to their CEOs' pay packages. This change in pay...

Exploiting reforms of state covenants-not-to-compete laws to capture exogenous variation in barriers to compete for talent, I show that firms increase cash holdings when talent competition intensifies. The effect is concentrated among firms for which talent is more important and in industries...

Exploiting reforms of state covenants-not-to-compete laws to capture exogenous variation in barriers to compete for talent, I show that firms increase cash holdings when talent competition intensifies. The effect is concentrated among firms for which talent is more important and in industries...

This article provides a tractable model of inter-temporal price-discrimination by heterogeneous firms, imperative for our understanding of advance purchase markets in the wake of entry. The pricing schedule of a more efficient entrant is found to differ systematically from the pricing schedule...

Despite a rise in scholarly interest in venture competitions, there is still no consensus on exactly why they affect startups’ business success. Some scholars argue that venture competitions’ main appeal lies in the cash prize they offer. Others claim that what matters most is the...

This paper centres around the question of ownership of firms and managerial competition and how these affect manager and employees' incentives to invest in human capital. We argue that employee's incentives in human capital investment are affected by both ownership and competition since both...

Epistemic arguments play a significant role in Hayek's defense of market liberalism. His claim that market competition is a discovery procedure that serves the common good is a case in point. The hypothesis of the markets' efficient use of existing knowledge is supplemented by the idea that...

Attracting attention is a basic feature of economic life but no standard economic problem. A new theoretical model is developed which describes the general structure of competition for attention and characterizes equilibria. The exogenous fundamentals of an attention economy are the space of...

Financial accounting affords considerable discretion to firms in aggregating internal information for external dissemination, yet little evidence exists about the consequences of such aggregation. We examine a central operational effect by studying whether withholding disaggregated cost...

Friendship is commonly assumed to reduce strategic uncertainty and enhance tacit coordination. However, this assumption has never been tested across two opposite poles of coordination involving either strategic complementarity or substitutability. We had participants interact with friends or...