Capital Allocation and Delegation of Decision-Making Authority within Firms
---- Acknowledgments ----
We thank Andy Clifton, Kees Koedijk, Peter Roosenboom, Susan Simko and Cheri Varnadoe for their help in implementing the survey, and Chief Executive magazine, CFO magazine, CFO Asia, and CFO Europe for allowing us to survey their subscribers. We thank Patrick Bolton, Bob Gibbons, Oliver Hart, Jennifer Huang, Mike Minnis, Oguz Ozbas, Zekiye Selvili, Jeremy Stein, Julie Wulf, Marc Zenner, and seminar participants at Duke University, the Harvard/MIT Organizational Economics seminar, North Carolina State University, Penn State, SMU, and University of Texas-Austin for providing helpful comments. Special thanks to Martine Cools, Abe de Jong, Frank Ecker, Nadja Guenster, and Bruno Laranjeira for translating the survey. We appreciate the excellent research assistance of Ben Ee and Nikhil Sharma. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.