We analyze the relative advantage of option grants compared to stock compensation when shareholders are diversified. Our analysis recognizes a conflict that is largely neglected in the corporate finance literature. Shareholders want to maximize their portfolio value while capital budgeting rules...

This paper highlights a new driver of inequality, that may become increasingly prominent over the years: the inequality between skilled workers graduating from elite universities and those from standard institutions. This paper emphasizes that heterogeneity in higher education is a key factor in...

This paper highlights a new driver of inequality, that may become increasingly prominent over the years: the inequality between skilled workers graduating from elite universities and those from standard institutions. This paper emphasizes that heterogeneity in higher education is a key factor in...