has a negative impact on firm performance and having external hired managers significantly improves investment performance …

information asymmetries between shareholders and managers and, consequently, the potential for managerial opportunism, reducing …

provide higher quality services to all consumers. The externality renders the market outcome inefficient. Price regulation …, price regulation should be accompanied by licensing arrangements that cap the number of experts in the market. Our theory … provides a novel rationale for the wide-spread use of price regulation and licensing in real-world markets for expert services. …