This paper investigates the impact of luck, defined as global economic growth, and competence, defined as the … right is found to be sensitive to luck, whereas that of incumbent parties of the left is not. This is consistent with the … Clientele Hypothesis given electorates which fail to perfectly distinguish luck from competence. Economic competence plays a …

expanding coal exports, Australia emerged as a net energy exporter. But both these forms of good luck are now running out ? and …

significant alphas by luck alone, to evaluate the performance of actively managed U.S. domestic-equity mutual funds during the …

failure for investors’ decisions. Our motivating insight is that failure can be due to bad luck, lack of skill or both … of failure into luck and skill. Our results indicate that investors discount entrepreneurs who have experienced failure … entrepreneurial failure is prevalent, we find that investors are sensitive to its core drivers: luck and skill. …

CEO pay structure and sensitivity to performance and luck. Thus, we address three ultimate questions; Are CEOs rewarded … for luck? Does institutional features matter for CEO pay for luck? How do systematic incentive effect is sensitive to … third question provide evidence that pay for luck is asymmetric. That is, executives are rewarded for good luck but they are …

luck. We show theoretically that meritocrats in such situations can become very egalitarian in their behavior, and that the …