Enjoying the Quiet Life: Corporate Decision-Making by Entrenched Managers
---- Acknowledgments ----
We would like to thank Shin-ichi Fukuda, Masaharu Hanazaki, Takeo Hoshi, Takatoshi Ito, Alexander Ljungqvist, Hideaki Miyajima, Masao Nakamura, Kazunori Suzuki, Konari Uchida, Yupana Wiwattanakantang and participants at the 2016 Nippon Finance Association Conference and the 26th NBER-TCER-CEPR Conference. All of these individuals provided valuable comments and suggestions. This work was supported by JSPS KAKENHI Grant No.15H0337. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Kotaro Inoue is the corresponding author of this paper.