Until 1970, the New York Stock Exchange prohibited public incorporation of member firms. After the rules were relaxed to allow joint stock firm membership, investment-banking concerns organized as partnerships or closely-held private corporations went public in waves, with Goldman Sachs (1999)...

In human capital intensive industries where it is difficult to contract upon the training effort of skilled agents a socially suboptimal level of training may occur. We show how partnership organisations can overcome this problem by tying human and financial capital. Partnerships are opaque so...

This paper builds on the recent literature on the importance of occupational and industry experience on wages and extends Kambourov and Manovskii's (2002) study using British data. Occupational experience is estimated to make a significant contribution to wage growth, while the evidence on...

Previous studies assume that labor market skills are either fully general or specific to the firm. This paper uses patterns in mobility and wages to analyze how portable specific skills are in the labor market. The empirical analysis combines data on tasks performed in different jobs with a...

In this paper we argue that any meaningful bibliometric evaluation of researchers needs to take into account that research productivity follows distinct life cycles. Using an encompassing data set portraying the research behavior of German academic economists, we first show that research...

In human capital intensive industries where it is difficult to contract upon the training effort of skilled agents a socially suboptimal level of training may occur. We show how partnership organisations can overcome this problem by tying human and financial capital. Partnerships are illiquid...

Be it Olympics or tennis or any other sport, we see that few countries always have greater representation on the medals tally. Tennis is a sport that demands a high level of hard work and investment not just in coaching, but also for its accessories. ATP and WTA are two professional bodies that...

We construct a measure of the pairwise relatedness of firms' human capital to examine whether human capital relatedness is a key factor in mergers and acquisitions. We find that mergers are more likely and merger returns and post-merger performance are higher when firms have related human...

This is the Online Appendix to accompany the paper "Human Capital Relatedness and Mergers and Acquisitions". This appendix contains additional results that are referred to but not contained in the paper.Original paper available at: 'https://ssrn.com/abstract=2996878'...

Firms may be reluctant to provide general training if workers can quit and use their gained skills elsewhere. "Training contracts" that impose a penalty for premature quitting can help alleviate this inefficiency. Using plausibly exogenous contractual variation from a leading trucking firm, we...