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 …

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. …

impacts negatively on productivity only when the prize at stake is big enough. Responses to luck are more persistent and …

generally, incorporating random selection in organizational design can generate a less-is-more effect: deciding by blind luck …