Die Post ist seit Jahrhunderten Überbringer guter wie schlechter Nachrichten für Menschen auf der ganzen Welt. Doch hinter dem Versand eines Briefes steht ein enormer technischer und organisatorischer Apparat, insbesondere dann, wenn Staatsgrenzen überschritten werden. Internationaler...

We examine how division managers' human capital affects internal capital allocation using a hand-collected data set of divisional managers at S&P 1,500 firms. Based on a novel measure of division-manager ability, we show that more able division managers receive substantially larger capital...

We examine how corporate diversification affects financial leverage. Our results suggest economically large financing advantages of diversified firms, which allow them to borrow more than comparable focused firms. We identify causal effects in a novel shock-based difference-in-differences design...

We examine how division managers' human capital affects internal capital allocation using a hand-collected data set of divisional managers at S&P 1,500 firms. Based on a novel measure of division-manager ability, we show that more able division managers receive substantially larger capital...