that this demographic group makes the best business managers. I suggest that this in turn is not because they are …

firms (entrepreneurship) and the average quality of management (meritocracy). Legal reform also reduces financial … constraints on entry, but in addition it facilitates transfers of control of incumbent firms, from untalented to talented managers … improve meritocracy at the expense of entrepreneurship. As a result, legal reform encounters less political opposition than …

both managers and firms, and affects the contractual relationships between those parties in important ways. Assessment (or …

In this study, we empirically test “quiet life hypothesis,” which predicts that managers who are subject to weak … behaviors and the results indicate that entrenched managers who are insulated from disciplinary power of stock market avoid … making difficult decisions such as large investments and business restructures. However, when managers are closely monitored …

An important aspect of corporate governance is the assessment of managers. When managers vary in ability, determining …