codified knowledge determine the returns on different occupational choices in different environments. The data are drawn from … privileged access to tacit knowledge, thus confirming previous analyses on the role of social learning (e.g. Guiso and Schivardi …, 2005). On the other hand, we show that the returns on codified knowledge in entrepreneurial activities increase in more …

tacit knowledge in inexperienced auditors but do value it in experienced auditors. We update the former and extend the … latter. Our paper predicts and finds that audit firms now do value tacit knowledge in inexperienced auditors, especially when … their supervisors have higher tacit knowledge. Our proxies of value include higher promotability assessments, annual …