Standard & Poor's provides corporate governance ratings to firms who can, upon learning those, decide to reveal them or not to the market. This paper identifies the circumstances under which such a simple ownership contract over ratings can emerge as the optimal arrangement. Firms hiding their...

Using data from a natural experiment with high payoffs in education, we examine whether the competitive nature of tournament structure explains the performance gender-gap. We find that performance is statistically lower for women, the variance of performance is higher for men, and the tails of...