While previous research suggests that CEO turnover correlates with strategic changes in firm's operations such as discontinuation of operations, we demonstrate that such findings apply only to specific types of CEO turnover, and only if non-CEO members of the top management team also exit the...

This paper examines the optimal equity compensation for executives. When executives choose a level of effort to devote to gathering information and a criterion for acting on the information gathered, the optimal exercise price involves a trade-off; a higher exercise price moves the executive's...

In response to a price change by a single seller, it is common for the density of sellers in the market to influence both the quantity response of consumers and the price response of other sellers. Using field experiment data collected around a series of exogenously imposed price changes we find...

We introduce a simple allocation-of-time model to explain the high school athletic participation choice and the implications of this choice for educational and labor market outcomes. Four different factors that could explain athletic participation are identified in the context of this model. A...