Exporters to Angola that hired managers with specific types of experience were more likely to succeed, write Giordano Mion, Luca David Opromolla and Alessandro Sforza.

The enormous variation in firm performance has become a focus of empirical and theoretical interest throughout the social sciences, including economics. ... We believe the next question to be addressed in this literature is what happens when managers move from one firm to another. Does a firm hiring a good manager improve its performance? How much? If yes, is it due to the manager intrinsic capabilities or is it due to the knowledge and abilities the manager has learned in previous firms? What happens to the firm when the “good” manager leaves?

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