Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent

We are grateful to Ulf Axelson, Marco Battaglini, Philip Bond, Mike Burkart, Adolfo de Motta, David Dicks, Michael Fishman, Hendrik Hakesen, Hugo Hopenhayn, Giancarlo Spagnolo and participants in the 2010 AEA Meetings, 2012 AFA Meetings, the Third Conference on Financial Integration and Stability in Mannheim, 2010 EFA Meetings, 2010 Mitsui Conference at University of Michigan, the 2011 WFA Meetings, the 2011 ESSET in Gerzensee, the 2012 CSEFIGIER Symposium on Economics and Institutions, the 2013 Econometric Society Meetings in San Diego, and in seminars at Arizona State University, Bocconi University, Boston College, INSEAD, New York University for helpful comments and discussions. We acknowledge financial support from the Fondation Banque de France, ERC (FINLAB project no. 295709), Europlace Institute of Finance, Inquire Europe, and BNP Paribas Hedge Fund Center (HEC Paris). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.