Credit within the firm
---- Acknowledgements -----
We thank Joe Altonji, Costas Azariadis, Luca Deidda and Pierre-Andrè Chiappori for useful discussions and seminar participants at Stanford University, UC Davis, UCLA, the EUI, the 2009 Conference on Comparative Analysis of Enterprise Data in Tokyo, the 2009 Applied Micro Summer Conference at the Federal Reserve Bank of San Francisco and the 2009 Alghero conference "Financial market imperfections, corporate governance, and economic outcomes" for helpful comments. Luigi Guiso thanks the EUI and EIEF and Fabiano Schivardi the MIUR for funding. This paper was started when Schivardi was working at the Research Department of the Bank of Italy. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.