I explore CEOs' incentives to select firm strategies and to acquire firm-specific skills when CEOs have job-hopping opportunities. Several features of managerial compensation, such as benchmarking of pay to larger and more prestigious companies, payments unrelated to past performance,...

This paper studies the link between hourly wages and workers' subjective assessments of how easy it would be to find another job as good as the present one, and how easy it would be for an enployer to replace an employee. First, using high-quality data, I study the correlates of these two...

This paper studies the efficient agreements about the dependence of workers' earnings on employment, when the employment level is controlled by firms. The firms ' superior information about profitability conditions is responsible for this form of contract governance. Under plausible assumptions,...