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Performance-based promotion schemes in administrative hierarchies have limitations. Chinese provincial leaders, despite facing strong career concerns, make different policy decisions depending on thei...
I develop a model in which career concerns lead to inefficient reinvestment decisions. Managers have incentives to inflate interim returns by continuing bad projects and delaying write-offs. In the ve...
We examine securityanalysts’career concerns byrelating their earnings forecasts to job separations. Relativelyaccurate forecasters are more likelyto experience favorable career outcomes like moving up...
Several theories of reputation and herd behavior (e.g., Scharfstein and Stein (1990),and Zwiebel (1995)) suggest that herding among agents should vary with career concerns. Our goal is to document whe...

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