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,...

This study investigates whether product market competition reduces agency problems between controlling shareholders and minority shareholders in Japan. In particular, we examine firms' dividend policies in competitive versus concentrated industries. In a large sample of Japanese firms we find...