Results

CEP discussion paper

Counting the costs: a quantitative assessment of Brexit?s effect on UK regional economies

This paper examines the implications of the EU-UK Trade and Cooperation Agreement (TCA) using a dynamic spatial general equilibrium model. Unlike previous studies that primarily projected potential impacts of Brexit base...Read more...

CEP discussion paper

Evading the ban: smuggling, pollution, and the welfare effects of China?s waste import restrictions

While import restrictions are increasingly deployed to achieve non-trade objectives such as environmental protection, they often create distortions and leakage through illicit trade. We examine this trade-off in the cont...Read more...

Journal article

European Economic Review:

Gender stereotypes, language and performance

This paper examines how gender stereotypes about competence and language in perfor- mance evaluations influences the assessment of man and women employees. Using a unique dataset of reviews annotated by expert linguists,...Read more...

Journal article

Journal of International Economics:

Tickets to the global market: first US patent award and Chinese firm exports

We investigate how international patent activity enables firms from emerging economies to thrive in the global marketplace. We match Chinese customs data to US patent records, and leverage the quasi-random assignment of ...Read more...

CEP discussion paper

Meaning at work

We evaluate a firm's unusual, worker-centered, solution to the agency problem: enabling employees to reduce the cost of effort rather than pushing them with performance rewards. We randomize the roll-out of the firm's "D...Read more...

Journal article

The Review of Economics and Statistics :

The value of managers' export experience: lessons from the Angolan civil war

We investigate how managers help firms grow by entering a new export market. We conduct an event study on the decision to export to Angola using data on Portuguese firms and workers. We evaluate the impact of the presenc...Read more...

CentrePiece article

Revving up wages: How rising productivity has benefited car industry workers

Fast productivity growth in the UK car industry led to staff in the sector earning about 37% more than the average manufacturing employee by the 2010s. But Andreas Teichgraeber and Tim Obermeier show that while wages wen...Read more...

Journal article

Economics of Education: An Introductory Textbook:

Gender gaps in education

International data stubbornly show that boys perform worse than girls in school and that women continue to be under-represented in university and professional careers related to STEM disciplines (Science, Technology, Eng...Read more...

CEP discussion paper

An engine of (pay) growth? Productivity and wages in the UK auto industry

When labour market competition is imperfect, positive industry (and firm) productivity shocks can be passed through to workers in the form of higher wages. We document how the UK auto industry, following a period of decl...Read more...

CEP discussion paper

Disaster management

Climate change is making natural disasters more frequent, yet little is known about the capacity of firms to withstand such disasters and adapt to their increased frequency. We examine this issue using the latest wave of...Read more...

Journal article

Management Science:

Does employee happiness have an impact on productivity?

This paper provides evidence from a natural experiment on the relationship between positive affect and productivity. We link highly detailed administrative data on the behaviors and performance of all telesales workers a...Read more...

CEP discussion paper

Does subsidising business advice improve firm performance? Evidence from a large RCT

We evaluate the impact of the UK's Growth Vouchers Programme, which offered subsidised business advice to 15,207 randomly selected small and medium size enterprises. Using administrative and survey data, we show that the...Read more...

CEP discussion paper

Tickets to the global market: first US patent awards and Chinese firm exports

We investigate how international patent activity enables firms from emerging economies to thrive in the global marketplace. We match Chinese customs data to US patent records and leverage the quasi-random assignment of U...Read more...

Journal article

American Economic Review :

The impact of regulation on innovation

We present a framework that can be used to assess the equilibrium impact of regulation on endogenous innovation with heterogeneous firms. We implement this model using French firm-level panel data, where there is a sharp...Read more...

Journal article

Oxford Research Encyclopedia of Economics and Finance:

Explaining the mathematics gender gap: the role of stereotypes

Descriptive stereotypes such as ?girls are not good at mathematics? or prescriptive stereotypes, that is, fixed views about women?s societal roles, can explain the persistent gender gap in mathematics. Stereotypes lower ...Read more...

Journal article

The Economic Journal:

Unraveling firms: demand, productivity and markups heterogeneity

We develop a novel framework that simultaneously allows recovering heterogeneity in demand, quantity TFP and markups across firms while leaving the correlation between the three dimensions unrestricted. We accomplish thi...Read more...

CEP discussion paper

Gender stereotypes in the family

We investigate gender-stereotyped beliefs about children's academic abilities among parents. Leveraging survey and school administrative data, we document that parents underestimate girls' mathematical skills and overest...Read more...

CentrePiece article

Drivers of bad management: evidence from Mexican firms

The management of firms in developing countries is typically of lower quality than in richer parts of the world. A study of Mexico by Nicholas Bloom, Leonardo Iacovone, Mariana Pereira-Lopez and John Van Reenen indicates...Read more...

Journal article

Labour Economics:

The gender reveal: the effect of sons on young fathers' criminal behavior and labor market activities

Based on New Zealand's administrative court charges data, we document child gender-specific differences in future criminal behavior of young fathers. The deterrent impact of having a son on the future likelihood of recei...Read more...

CEP discussion paper

Acquisitions, management and efficiency in Rwanda's coffee industry

Well-functioning markets allocate assets to owners that improve firms' management and performance. We study the effects of ownership changes on coffee mills in Rwanda - an industry in which managing relationships with fa...Read more...

Journal article

Review of Economics and Statistics :

Does evaluation change teacher effort and performance? Quasi-experimental evidence from a policy of retesting students

We document measurable, lasting gains in student achievement caused by a change in teachers' evaluation incentives. A short-lived rule created a discontinuity in teachers' incentives when allocating effort across their a...Read more...

Blog

VoxEU:

Opening the black box of hospital mergers

Despite the current wave of US hospital mergers, it is unclear how they change behaviour and performance. Martin Gaynor, Adam Sacarny, Raffaella Sadun, Chad Syverson and Shruthi Venkatesh show that while mergers have ach...Read more...

CEP Covid-19 analysis

Real-time updates on the UK economy: trends, expectations and implications from business survey data

Covid-19 has caused substantial shocks to the UK economy, highlighting a need for real-time data to analyse trends. We use monthly business survey data from the Confederation of British Industry (CBI) to document recent ...Read more...

Journal article

Management Science:

Building a productive workforce: the role of structured management practices

In an influential study, Bender et al. [Bender S, Bloom N, Card D, Van Reenen J, Wolter S (2018) Management practices, workforce selection, and productivity. J. Labor Econom. 36(S1):S371-S409] document consistent relatio...Read more...

Journal article

Journal of Public Economics:

Learning from praise: evidence from a field experiment with teachers

Financial incentive programs for teachers are increasingly common, but little is known about the effectiveness of non-monetary incentives in improving educational outcomes. This field experiment measures how repeated pub...Read more...

Journal article

British Journal of Industrial Relations:

Introduction to symposium on the impact of employee influence

The three papers contained in this Symposium are the final products of a lengthy and fruitful research Odyssey. In retrospect, uncharacteristic almost to the point of surreal, the new incoming, post-Brexit referendum, Br...Read more...

Journal article

Energy Economics:

Power outages and firm performance: a hydro-IV approach for a single electricity grid

We estimate the impact of power outages on firm performance using a hydro-instrumental variable strategy which integrates a river flow with a hydropower generation model and an electricity-grid-based distance interpolati...Read more...

Journal article

Oxford Research Encyclopedia of Economics and Finance:

The effects of parental job loss on children's outcomes

Severe economic downturns are typically characterized by a high incidence of job losses. The available evidence suggests that job losers suffer short-run earning losses that persist in the long run, are more likely to re...Read more...

Journal article

China Economic Review:

Compensating for academic loss: online learning and student performance during the Covid-19 pandemic

The COVID-19 pandemic has led to widespread school shutdowns, with many continuing distance education via online-learning platforms. We here estimate the causal effects of online education on student exam performance usi...Read more...

Journal article

Journal of Economic Behavior and Organization:

Born in the family: preferences for boys and the gender gap in math

We study the effect of preferences for boys on the performance in mathematics of girls, using evidence from two different data sources. In our first set of results, we identify families with a preference for boys by usin...Read more...

Journal article

Quarterly Journal of Economics:

Competition and relational contracts in the Rwanda coffee chain

How does competition affect market outcomes when formal contracts are not enforceable and parties resort to relational contracts? Difficulties with measuring relational contracts and dealing with the endogeneity of compe...Read more...

CentrePiece article

Innovation in the time of Covid-19

Businesses have rapidly adopted new technologies and new ways of working in response to the massive disruptions caused by the pandemic. A CEP report by Capucine Riom and Anna Valero suggests that if such innovation conti...Read more...

CEP Covid-19 analysis

The business response to Covid-19: the CEP-CBI survey on technology adoption

We present new data from a survey of 375 UK businesses conducted in July 2020 in partnership with the Confederation of British Industry (CBI), which seeks to understand the way in which firms have innovated in response t...Read more...

Journal article

SERIEs:

Job loss at home: children's school performance during the Great Recession

This paper studies the intergenerational impact of parental job loss on school performance during the Great Recession in Spain. Collecting data through parental surveys in a school in the province of Barcelona, I obtain ...Read more...

CEP Covid-19 analysis

Covid-19 and Brexit: Real-time updates on business performance in the United Kingdom

Nearly four months have passed since the UK went into lockdown to restrict the spread of Covid-19. The health effects have been severe, and an inevitable consequence of the lockdown was a huge 20 per cent decline in GDP ...Read more...

CEP occasional paper

Labour markets in the time of Coronavirus: measuring excess

Recessions are usually accompanied by some combination of job loss, hiring freezes, wage cuts or hours reductions. In a rapidly evolving economic crisis there is a need for timely information to assess labour market perf...Read more...

Journal article

The Economic Journal:

Autonomous schools and strategic pupil exclusion

This paper studies whether pupil performance gains in autonomous schools in England can be attributed to the strategic exclusion of poorly performing pupils. England has had two phases of academy school introduction, the...Read more...

Journal article

Management Science:

What you don't know. . .can't hurt you? A natural field experiment on relative performance feedback in higher education

This paper studies the effect of providing feedback to college students on their position in the grade distribution by using a natural field experiment. This information was updated every six months during a three-year p...Read more...

Journal article

Economica:

Special economic zones and WTO compliance: evidence from the Dominican Republic

Special economic zones (SEZ), one of the most important instruments of industrial policy used in developing countries, often impose export share requirements (ESR). That is, firms located in SEZ are required to export mo...Read more...

CentrePiece article

Employee wellbeing: the impact on productivity and firm performance

Does having happier staff mean higher productivity and improvements in companies' bottom line? A study of over 1.8 million employees across 73 countries by Christian Krekel, George Ward and Jan-Emmanuel De Neve detects a...Read more...

CEP discussion paper

Employee wellbeing, productivity and firm performance

Does higher employee wellbeing lead to higher productivity, and, ultimately, to tangible benefits to the bottom line of businesses? We survey the evidence and study this question in a meta-analysis of 339 independent res...Read more...

Journal article

The Quarterly Journal of Economics:

Firming up inequality

We use a massive,matched employer-employee database for the United States to analyze the contribution of firms to the rise in earnings inequality from 1978 to 2013. We find that one-third of the rise in the variance of (...Read more...

Journal article

Economics of Education Review:

The threat of competition and public school performance: evidence from Poland

Theoretical literature on whether school competition raises public school productivity is ambiguous (e.g. MacLeod & Urquiola, 2015) and empirical evidence is mixed (e.g. Hsieh and Urquiola, 2006). Moreover, competition m...Read more...

Blog

ESRC blog:

Becoming a Research Institute: the Centre for Economic Performance

by Stephen Machin As Director of the Centre for Economic Performance (CEP) at LSE, I am delighted that the Centre has been named as one of the two inaugural ESRC Research Institutes. This is testament to the achievements...Read more...

CEP discussion paper

Special economic zones and WTO compliance: evidence from the Dominican Republic

Special economic zones (SEZ), one of the most important instruments of industrial policy used in developing countries, often impose export share requirements (ESR). That is, firms located in SEZ are required to export mo...Read more...

CentrePiece article

Industry in Britain: an atlas

The UK?s financial services industry is not nearly as London-centric as the creative industries. Rather than the South East of England being the country?s productivity engine, it is a band stretching west from the capita...Read more...

Journal article

Journal of Political Economy:

Gender gaps in performance: evidence from young lawyers

This paper documents the gender gap in performance among highskilled professionals in the United States. On the basis of widely used performance measures in law firms, we find that male lawyers bill 10 percent more hours...Read more...

CEP report

Industry in Britain - an atlas

Living near a productive company can have considerable economic benefits. It means the chance of well-paid jobs, creates opportunities for suppliers of goods and services, and can be a boost to local retailers. This comm...Read more...

Journal article

The Review of Economic Studies:

"High" achievers? Cannabis access and academic performance

This paper investigates how legal cannabis access affects student performance. Identification comes from an exceptional policy introduced in the city of Maastricht in the Netherlands that discriminated access via license...Read more...

Journal article

Research Policy:

The long-term effect of digital innovation on bank performance: an empirical study of SWIFT adoption in financial services

We examine the impact on bank performance of the adoption of SWIFT, a network-based technological infrastructure and set of standards for worldwide interbank telecommunication. We construct a new longitudinal dataset of ...Read more...

CEP discussion paper

The hospital as a multi-product firm: the effect of hospital competition on value-added indicators of clinical quality

There is increasing international interest in using Patient Reported Outcome Measures (PROMs) to assess health care provider performance. PROMs are a fundamental advance on existing indicators of health care quality in t...Read more...

Blog

ESRC blog:

How English care homes have coped with the National Living Wage

Giulia Giupponi is an ESRC-funded PhD student at the London School of Economics and a research assistant at the Centre for Economic Performance. Stephen Machin is Professor of Economics at the London School of Economics ...Read more...

CentrePiece article

Does teacher turnover affect young people's academic achievement?

Do educational results suffer in schools where there is a high turnover among the teaching staff? Shqiponja Telhaj and colleagues explore this question by analysing data from all state secondary schools in England....Read more...

CEP discussion paper

The diffusion of knowledge via managers' mobility

Better managers and managerial practices lead to better firm performance. Yet, little is known about what happens when managers move across firms. Does a firm hiring a good manager improve its performance? If yes is ther...Read more...

CentrePiece article

Primary academies in England

Attendance at a primary academy leads to no discernible improvement in pupils? test scores, according to research by Andrew Eyles, Stephen Machin and Sandra McNally. This suggests that further extension of the academies ...Read more...

Journal article

Journal of the European Economic Association:

Gender differences in response to big stakes

It is commonly perceived that increasing incentives improves performance. However, the reaction to increased incentives might differ between men and women, leading to gender differences in performance. In a natural exper...Read more...

Journal article

Environment and Planning A:

Ethnic diversity and business performance: Which firms? Which cities?

A growing literature examines how ethnic diversity influences economic outcomes in cities and inside firms. However, firm?city interactions remain more or less unexplored. Ethnic diversity may help firm performance by in...Read more...

Journal article

Economics of Education Review:

Assessing the effect of school days and absences on test score performance

While instructional time is viewed as crucial to learning, little is known about the effectiveness of reducing absences relative to increasing the number of school days. Using administrative data from North Carolina publ...Read more...

CEP discussion paper

Unexpected school reform: academisation of primary schools in England

The change of government in 2010 provoked a large structural change in the English education landscape. Unexpectedly, the new government offered primary schools the chance to have `the freedom and the power to take contr...Read more...

Blog

ESRC blog:

The `photo-finish effect?: when third place winners are happier than second

Laura Kudrna, a London School of Economics scholarship PhD candidate, researches the effects of achievement on happiness, particularly focusing on examples of when greater success ? be it financial, academic, romantic, o...Read more...

Journal article

Labour Economics:

School reforms and pupil performance

The relationship between school reforms, specifically those involving the introduction of new school types, and pupil performance is studied. The particular context is the introduction of academy schools in England, but ...Read more...

Journal article

Economic Policy:

Academies, charter and free schools: do new school types deliver better outcomes?

School reforms featuring the introduction of new types of schools have occurred in the education systems of a number of countries. The most well-known of these new school types to be recently introduced are charter schoo...Read more...

CEP discussion paper

Rethinking deindustrialization

Manufacturing in high-income countries is on the decline and Denmark is no exception. Manufacturing employment and the number of firms have been shrinking as a share of the total and in absolute levels. This paper uses a...Read more...

Journal article

Labour Economics:

Ill communication: technology, distraction and student performance

This paper investigates the impact of schools banning mobile phones on student test scores. By surveying schools in four English cities regarding their mobile phone policies and combining it with administrative data, we ...Read more...

CentrePiece article

In brief... Rapid response policing: the impact on crime detection

Rapid response policing not only boosts crime detection but also reduces the time it takes to find the offenders. That is the central finding of analysis of data from the Greater Manchester Police by Jordi Blanes i Vidal...Read more...

CentrePiece article

In brief... Parental job loss: the impact on children's school performance

Unemployment is bad news not just for the individuals who lose their jobs but also for their families. Jenifer Ruiz-Valenzuela examines this underemphasised cost of economic downturns by measuring the impact of parental ...Read more...

CentrePiece article

In brief... Under pressure: gender differences in responding to exam stakes

Do girls and boys respond differently to exam pressure, perhaps depending on the subject and whether or not the tests are 'high stakes'? Ghazala Azmat and colleagues consider evidence for secondary school age children ...Read more...

CentrePiece article

Academy schools and pupil outcomes

Nearly two thirds of secondary schools in England now have academy status. Andrew Eyles and Stephen Machin are tracking the impact of this unprecedented educational reform on pupil outcomes - in both the first wave of '...Read more...

CEP discussion paper

The effect of police response time on crime detection

Police agencies devote vast resources to minimising the time that it takes them to attend the scene of a crime. Despite this, the long-standing consensus is that police response time has no meaningful effect on the likel...Read more...

Blog

ESRC blog:

Making the world a happier place

Professor Lord Richard Layard directs the Wellbeing Programme at the ESRC Centre for Economic Performance, and has made major contributions on unemployment, inflation, inequality and post-Communist reform. Author of the ...Read more...

CEP discussion paper

The introduction of academy schools to England's education

We study the origins of what has become one of the most radical and encompassing programmes of school reform seen in the recent past amongst advanced countries ? the introduction of academy schools to English secondary e...Read more...

CentrePiece article

In brief... Phone home: should mobiles be banned in schools?

Louis-Philippe Beland and Richard Murphy look at the impact of mobile phone bans on pupils' academic achievement in four cities in England....Read more...

CentrePiece article

Happier workers, higher profits

Alex Bryson and colleagues find that UK employees' job satisfaction is positively associated with workplace financial performance....Read more...

CEP discussion paper

Does worker wellbeing affect workplace performance?

This paper uses linked employer-employee data to investigate the relationship between employees? subjective well-being and workplace performance in Britain. The analyses show a clear, positive and statistically-significa...Read more...

CEP discussion paper

Job loss at home: children's school performance during the great recession in Spain

This paper studies the effect of parental job loss on children's school performance during the Great Recession in Spain, using an original panel dataset for students observed since the beginning of the crisis in a school...Read more...

CEP discussion paper

Ill communication: technology, distraction and student performance

This paper investigates the impact of schools banning mobile phones on student test scores. By surveying schools in four English cities regarding their mobile phone policies and combining it with administrative data, we ...Read more...

Journal article

The Economic Journal:

Does management matter in schools?

We collect data on management practices in over 1,800 high schools in eight countries. We show that higher management quality is strongly associated with better educational outcomes. The UK, Sweden, Canada and the US obt...Read more...

CEP discussion paper

Has performance pay increased wage inequality in Britain?

Using data from the British Household Panel Survey (BHPS) we show performance pay (PP) increased earnings dispersion among men and women, and to a lesser extent among full-time working women, in the decade of economic gr...Read more...

CEP discussion paper

'High' achievers? Cannabis access and academic performance

This paper investigates how legal cannabis access affects student performance. Identification comes from an exceptional policy introduced in the city of Maastricht which discriminated legal access based on individuals? n...Read more...

CEP election analysis

Productivity and Business Policies

UK productivity stagnated after the Great Recession of 2008-09 and remains about 15 percent below historical trends. This 'productivity puzzle' is due to a mixture of cyclical and structural effects - the fall is not ent...Read more...

CEP discussion paper

All-star or benchwarmer? Relative age, cohort size and career success in the NHL

We analyze the performance outcomes of National Hockey League (NHL) players over 18 seasons (1990-1991 to 2007-2008) as a function of the demographic conditions into which they were born. We have three main findings. Fir...Read more...

CentrePiece article

Educational efficiency: value for money in public spending on schools

Which national education systems deliver the best value for money? Peter Dolton and colleagues rank 30 of the world?s richest countries based on their expenditure on teacher costs (which account for 80% of education budg...Read more...

CEP discussion paper

Gender differences in response to big stakes

It is commonly perceived that increasing incentives improves performance. However, the reaction to increased incentives might differ between men and women, leading to gender differences in performance. In a natural exper...Read more...

Journal article

Feature Issue:

What predicts a successful life? A life-course model of well-being

Policy makers who care about well-being need a recursive model of how adult life-satisfaction is predicted by childhood influences, acting both directly and (indirectly) through adult circumstances. We estimate such a mo...Read more...

CEP discussion paper

Relaxing credit constraints in emerging economies: the impact of public loans on the performance of Brazilian manufacturers

n emerging economies credit constraints are often perceived as one of the most important market frictions hampering firm innovation and productivity growth in manufacturing. Huge amounts of public money are devoted to th...Read more...

CEP discussion paper

Are firms paying more for performance?

Despite its potential to raise productivity, performance-related-pay (PRP) is not widespread in market-oriented economies. Furthermore, despite secular changes conducive to its take-up, there is mixed evidence as to whet...Read more...

CentrePiece article

In brief... Does management matter in schools?

Better school management is associated with better pupil achievement, according to CEP analysis of the quality of management practices in schools in a range of developed and developing countries. Renata Lemos notes that ...Read more...

Journal article

American Economic Review:

Monopolistic competition and optimum product selection

We provide novel insights on the decentralization of optimal outcomes under monopolistic competition with nonseparable utility, variable demand elasticity, and endogenous firm heterogeneity. Relative to the unconstrained...Read more...

CentrePiece article

Human resource management: how much do firms really need?

More complete systems of human resource management (HRM) could deliver really extensive gains in employee motivation, according to an analysis of representative data from British workplaces by Michael White and Alex Brys...Read more...

SERC/Urban and Spatial Programme Discussion Paper

Immigrant Diversity and Economic Development in Cities: A Critical Review

This paper reviews a growing literature investigating how `immigrant? diversity relates to urban economic performance. As distinct from the labor-supply focus of much of the economics of immigration, this paper reviews w...Read more...

CEP discussion paper

What predicts a successful life? A life-course model of well-being

If policy-makers care about well-being, they need a recursive model of how adult life-satisfaction is predicted by childhood influences, acting both directly and (indirectly) through adult circumstances. We estimate such...Read more...

CEP occasional paper

Extreme wage inequality: pay at the very top

We provide new evidence on the growth in pay at the very top of the wage distribution in the UK. Sectoral decompositions show that workers in the financial sector have accounted for the majority of the gains at the top o...Read more...

CEP occasional paper

What do we know about China's CEO's? Evidence from across the whole economy

All that we know about the CEO labour market in China comes from studies of public listed companies and state-owned enterprises (SOEs). This paper is the first to examine the operation of the CEO labour market across all...Read more...

CentrePiece article

Gender gaps in performance

Ghazala Azmat and Rosa Ferrer analyse data on young lawyers to understand what drives differences in earnings between highly skilled men and women....Read more...

CEP discussion paper

On the Measurement of Trade Costs: Direct vs. Indirect Approaches to Quantifying Standards and Technical Regulations

In this article, we review the literature on the measurement of trade costs in international trade with a special emphasis on nontariff measures and in particular on standards and technical regulations. We distinguish `d...Read more...

CentrePiece article

In brief... UK chief executives: paid for performance?

Does it matter whether you work for a successful company? And if so, does it matter who you are? To answer these questions we construct a unique panel dataset covering the pay of all CEOs, senior managers and a fully rep...Read more...

CentrePiece article

Growth and productivity: UK economic performance since 1997

A common view is that the performance of the UK economy between 1997 and 2010 under Labour was very weak and that the current economic problems are a consequence of poor policies in this period. In this report, we analys...Read more...

CEP discussion paper

Matching Firms, Managers, and Incentives

We exploit a unique combination of administrative sources and survey data to study the match between firms and managers. The data includes manager characteristics, such as risk aversion and talent; firm characteristics, ...Read more...

CEP discussion paper

Gender Gaps in Performance: Evidence from Young Lawyers

This paper documents and studies the gender gap in performance among associate lawyers in the United States. Unlike other high-skilled professions, the legal profession assesses performance using transparent measures tha...Read more...

CEP discussion paper

CEO Bonding: Who Posts Performance Bonds and Why?

Despite their theoretical value in tackling principal-agent problems at low cost to firms there is almost no empirical literature on the prevalence and correlates of performance bonds posted by corporate executives. Usin...Read more...