We examine how division managers' human capital affects internal capital allocation using a hand-collected data set of … divisional managers at S&P 1,500 firms. Based on a novel measure of division-manager ability, we show that more able division … managers receive substantially larger capital allocations. This effect is robust to controlling for the possibility of …

investment methods, and reallocation policies in internal capital markets. CFOs see the main financial benefits of being …

I examine the effects of entrenchment on corporate investment and firm performance. To achieve identification, I use a …. These findings are consistent with the shirking hypothesis that entrenchment enables managers to evade the responsibilities … of overseeing investment projects …

We examine the effects of entrenchment on corporate investment and firm performance. To achieve identification, we use … firm value. These findings are consistent with the shirking hypothesis that entrenchment enables managers to slack off and … dodge responsibilities of overseeing investment projects …

I document that for a group of 38 countries ranging from low to high income: (1) the share of skilled managers is … higher in richer countries, (2) the relative income of managers to non-managers is lower in richer countries, and (3) the … relative income of skilled to unskilled individuals is lower in richer countries. In addition, the share of managers is lower …

We show that executives cut investment when their incentives become more short-term. We examine a unique event in which … exploits that FAS 123-R's adoption was staggered almost randomly by firms' fiscal year-ends. CEOs cut investment and reported …

migration redistribution and investment process. This topic was chosen because in the modern conditions human potential … investment process that implies expansion of investment instruments, market infrastructure subjects development all this may …