We provide evidence of a causal effect of anticipated election closeness on voter turnout, exploiting the precise day-level timing of the release of Swiss national poll results for high-stakes federal referenda, and a novel dataset on daily mail-in voting for the canton of Geneva. Using an event...

Models of voting, including the canonical rational voter model, predict that voters are more likely to turn out when they anticipate a closer election. Yet, evidence of a causal effect of anticipated election closeness on voter turnout is limited. We exploit naturally occurring variation in the...

We present a mechanism based on managerial incentives through which common ownershipaffects product market outcomes. Firm-level variation in common ownership causes varia-tion in managerial incentives and productivity across firms, which leads to intra-industryand intra-firm cross-market...

We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...

When one firm's strategy affects other firms' value, optimal executive incentives depend on whether shareholders have interests in only one or in multiple firms. Performance-sensitive contracts induce managerial effort to reduce costs, and lower costs induce higher output. Hence, greater...