We document a stylized fact that more than 10% of S&P 1500 companies have hired a CEO who starts the job near or above the retirement age of 65 years old (Retiring CEOs). This phenomenon exists among all industries and persists over time. This finding is puzzling because conventional wisdom...

This paper studies, in a world with differing priors, the role of organizational beliefs and managerial vision in the behavior and performance of corporations. The paper defines vision operationally as a very strong belief by the manager about the right course of action for the firm. The...

Can managers have an impact on their firm that goes beyond their direct actions and decisions? This article shows that a manager with strong beliefs about the right course of action will attract, through sorting in the labor market, employees with similar beliefs. This alignment of beliefs gives...