We study a worker's incentives to invest in non-verifiable skills. We do this within the context of recent innovative work practices, where jobs have become more flexible. When jobs are flexible, standard approaches in the literature for firms to credibly reward skills (i.e. committing ex-ante...

This study investigates the effects of human capital, social capital and their interaction on the performance of 1,398 Vietnamese new-born firms. Operating profit is used as the measure of success. Human capital is captured by individual-level professional education, start-up experience, and...

A large literature, both theoretical and empirical, suggests that delegation of authority and incentives should have a positive relationship. Using data from a large cross section of British establishments, we show that the positive relationship between incentives and delegation that has been...

I develop an agency model of job assignments where jobs differ based on the breadth of tasks. A tradeoff between task complementarities and relative abilities of workers results in those with balanced skills being assigned to multitask jobs. The same tradeoff between complementarities and...

We examine how banks and financial markets interact with one another to provide liquidity to investors. The critical assumption is that financial markets are characterized by limited enforcement of contracts, and in the event of default only a fraction of borrowers' assets can be seized. Limited...