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...

We test for the role of homophily in the appointments of CEOs in India by empirically examining the preference for same caste/religion CEOs by the largest firms. We find that caste/religion plays an important role in CEO selection. However, the evidence is not consistent with its use as a...

We study how competition for talent affects CEO compensation, taking into consideration that CEO decisions and CEO skills or talent are not observable, and CEOs can manipulate performance as measured by outsiders. Firms compete by offering contracts that generate rents for the CEO. We derive the...

Abstract: Top-Manager von Großunternehmen gehören nach allgemeiner Einschätzung zu den Gewinnern der mit der Globalisierung verbundenen gesellschaftlichen und ökonomischen Umbrüche. Sind damit unerwünschte wirtschaftliche Machtspielräume und eine Privilegiengesellschaft entstanden? In...