We examine the performance life cycle of hedge funds. Performance declines with age are pervasive, not just for the average fund, but also for past winners and for funds with characteristics that predict cross-sectional returns. Fund growth and decreasing performance incentives appear to...

We empirically study the relation between managerial ownership and firm performance in a unique private firm setting. The simplicity of the ownership structure and nature of our sample firms helps isolate the incentive-aligning effect of managerial ownership from the influence of other effects....

This study examines the role of reputation on decision making under ambiguity. Drawing on social cognition and behavioral theories, we propose that a firm's reputation exerts dual pressures on its decision making under ambiguity. On the one hand, reputation increases firm aspirations for future...