A firm is more likely to reappoint a former CEO to its board of directors after retirement the better is the firm's market-adjusted stock performance and the more powerful is the former CEO. Firms benefit from the presence of former CEOs on their board. Firms with former CEO directors have...

We model the behavior of agents who care about receiving what they feel they deserve in a two-player rank-order tournament. Perceived entitlements are sensitive to how hard an agent has worked relative to her rival, and agents are loss averse around their meritocratically determined endogenous...

This study examines the effect of yardstick regulation in Japan's gas distribution sector, especially focusing on its effect of reducing the adverse selection problem. The Japanese government has regulated the price of city gas supplies by a combination of fixed-price regulation and ex-ante...