Cognitive hierarchy theory, a collection of structural models of non-equilibrium thinking, in which players' best responses rely on heterogeneous beliefs on others' strategies including naive behavior, proved powerful in explaining observations from a wide range of games. We propose an inclusive...

We examine the effect of hierarchy on analyst teams' performance using a large sample of financial analysts from China. Hierarchy, defined as the disparity in power or status within a group, which we operationalise as the difference in experience between the senior and junior analyst in a team,...

We investigate how crackdowns on regulatory enforcement dynamically influence firm behavior by linking the timing of centralized dispatch of environmental inspectors to cities in China with high-frequency observations of air pollution at coal power plants. During weeks when inspection teams are...

If Anne knows more than Bob about the state of the world, she may or may not know what Bob thinks, but it is always possible that she does. In other words, if the distribution of Anne's belief about the state is a mean-preserving spread of the distribution of Bob's belief, we can construct...

New forms of labour intermediation through digital platforms such as Uber, Deliveroo or Amazon Mechanical Turk can be conceptualised as the latest stage of a long-lasting process of disaggregation of the firm and “disorganisation of labour law.” In particular, the rise of platform-mediated...

One of the persistent gaps between FDI spill overs and firm competitive advantage literature is a unified analysis of the role that various factors play in the local firms' ability to maintain or enhance performance in their competitive environment. This study examines foreign competition,...

In this paper, we investigate the place of Islamic investment securities (sukuk) in firms' financial hierarchy using the modified pecking order theory. We study the external funding preferences of Malaysian firms using quarterly data of 112 firms for the period between 2005 and 2017. We find...

Organizations are hierarchies with leaders at the top. Why do we have leaders instead of an algorithm making decisions? The theory of the firm recognizes benefits to centralizing authority but these organizational benefits from hierarchy have not been clearly separated from the specific...

The paper contributes to the scholarly debate on cross-court variations in referral rates by exploring the role of the judicial hierarchy on the propensity of national judges to refer legal questions to the CJEU. The novelty of the paper lies in placing a particular emphasis on the cooperation...