In the dynamic world of construction projects, fostering innovation is paramount. This study investigates the transformative potential of shared leadership as a catalyst for team innovation. We examine knowledge-sharing density as a critical mediator through the lens of knowledge management. We...

Uninformed investors (the principal) often delegate investments to institutions (the agent) with information advantages. However, conventional linear benchmarked contracts tend to cause excessive pegging to the benchmark and thus price distortion of stocks in the benchmark. This paper studies...

We ask why we observe multiple layers of decision-making in fund management with investors, sponsors, fund managers, and consultants, even if additional decision-makers are costly and do not contribute to superior performance. In our model, an investor hires a wealth manager (“sponsor”), who...

Despite the importance of internal decision-making for corporate tax outcomes, we know little about the role of within-firm delegation of decision rights. Using confidential survey data, we examine the relation between corporate tax effectiveness and the extent to which capital investments,...

We employ a novel dataset that allows us to study the risk-taking of institutional investors managing collective retirement savings plans on behalf of individuals. Unobservable factors (heterogeneous expectations, risk preferences of institutional investors) explain most of the variation in risk...