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A Repeated Principal-Agent Model with On-the-Job Search
(2014-08-01)
This paper analyzes how on-the-job search (OJS) by an agent impacts the moral hazard problem in a repeated principal-agent relationship. OJS is found to constitute a source of agency costs because efficient search incentives ...
The Forward-looking Disclosures of Corporate Managers: Theory and Evidence
(2016-07-15)
We consider an infinitely repeated game in which a privately informed, long-lived manager raises funds from short-lived investors in order to finance a project. The manager can signal project quality to investors by making ...
The Impact of Job Referrals on Employment Outcomes in Top Corporate Positions
(2020-03-01)
Using an original dataset on professional networks of directors sitting on the boards of large US corporations, we examine how personal relationships are used by firms to improve job match quality in the high-skill segment ...