We investigate the joint impact of managers at different hierarchical levels on firm performance in Major League Baseball. We separately quantify the contribution of upper and middle managers and the impact of their match quality—the degree to which managers cooperate effectively across layers...

We test the integration of repeated decision making of influential agents in asset prices. Our approach exploits a natural experiment in the MLB betting market, in which umpire assignments are revealed only for certain games, using over 2.5 million influential decisions made by these officials....