Assessing Managerial Ability: Implications for Corporate Governance
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Forthcoming in The Handbook of the Economics of Corporate Governance. The authors thank Vivian Fang, Jongha Lim, Yihui Pan, Miriam Schwartz-Ziv, Berk Sensoy, Léa Stern, Luke Taylor, Ralph Walkling, and Tracy Wang for helpful comments on an earlier draft, and Shan Ge for excellent research assistance. Hermalin gratefully acknowledges the financial support of the Thomas & Alison Schneider Distinguished Professorship in Finance and the hospitality of Nuffield College, Oxford, where work on this chapter began. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.