We provide the rationale for the existence of yes-men and no-men in an organization or a group. On one hand, a person is inclined to conform to the instruction of another, because he cannot ignore the information contained in the instruction, even though his own evidence contradicts the...

In this paper, we revisit an old issue on the relation between management ownership and firm’s value. The Korean panel data on the business group firms, allows us to compute ownership right and control right separately for each business group affiliated firm. Our measures are different from...

Beauty has been shown to be valuable in many markets and supposedly can be improved through plastic surgery. This raises the question of how effective plastic surgery is in improving a person’s beauty and economic outcomes. We find empirical evidence that while people improve their facial...

This paper analyses corporate loan guarantees among the Korean chaebol affiliates. Loan guarantees are found to be efficiency-neutral under a set of ideal conditions characterized by perfect and symmetric information, no agency problem, and no governmental interference in private financial...

In Silicon Valley's computer cluster, skilled employees are reported to move rapidly between competing firms. This job-hopping facilitates the reallocation of resources towards firms with superior innovations, but it also creates human capital externalities that reduce incentives to invest in...

Observers of Silicon Valley's computer cluster report that employees move rapidly between competing firms, but evidence supporting this claim is scarce. Job-hopping is important in computer clusters because it facilitates the reallocation of talent and resources toward firms with superior...

Economists have studied the potential effects of shifts in the age distribution on the unemployment rate for more than 50 years. Most of this analysis uses a "shift-share" method, which assumes that the demographic structure has no indirect effects on age-specific unemployment rates. This paper...