model, managers are dismissed after poor performance, but also when an alternative manager is more capable of growing the … severance to incentivize their managers to report truthfully the arrival of growth opportunities. By ignoring the externality of … the dismissal policy onto future managers, the optimal contract implies excessive retention. …

We present a model of labor market equilibrium in which managers are risk-averse, managerial talent (‘alpha’) is scarce …, and firms seek alpha, that is, compete for this talent. When managers are not mobile across firms, firms provide efficient … long-term compensation, which allows for learning about managerial talent and insures low-quality managers. In contrast …

We propose estimating gender peer effects in school by exploiting within-school variation in gender composition across …