Taking advantage of the staggered timing of shocks to the availability of wage information for US academics we show that, across a range of metrics, transparency causes no decrease and, in some cases, results in an increase in performance outcomes. However, productivity responses predictably...

Scientists and engineers in small firms are far more likely than their large firm counterparts to enter entrepreneurship, a phenomenon we label the small firm effect. We explore the origins of this small firm effect, identify four classes of explanations - preference sorting, ability sorting,...

To truly create new value, you need a theory. A theory helps you to see what others can’t. Through contrarian or unique beliefs, a firm creates the underlying raw material for its theory of value. But unless you identify the specific obstacles to your contrarian beliefs, they are no more than...

In this paper we argue that managers confront a paradox in selecting strategy. On the one hand, capital markets systematically discount uniqueness in the investment strategy choices of firms. Uniqueness in strategy heightens the cost of collecting and analyzing information to evaluate a firm's...

Hybrid governance forms that seek to meld the virtues of both market control and traditional hierarchical control are alluring. Comparatively little research, outside of the M-form literature, has examined internal hybrids - hierarchical forms infused with elements of market control. This paper...