Too Many Managers: The Strategic Use of Titles to Avoid Overtime Payments

We are grateful for comments from Jim Albertus, Ilona Babenko (Discussant), Nina Baranchuk, Lucian Bebchuk, Alma Cohen, Matt Denes, Zoran Filipovic (Discussant), John Griffin, Mark Huson (Discussant), Oguzhan Karakas, Lars-Alexander Kuehn, Bryan Routledge, Chester Spatt, Jin Xu (Discussant), and seminar participants at The Wharton School at University of Pennsylvania, Harvard Law School, Carnegie Mellon University, Florida International University, University of Illinois at Urbana-Champaign, University of Miami, Georgia State University, University of St. Gallen, University of Missouri-Columbia, University of Ottawa, CUNEF/Toulouse/ESCP Paris Corporate Finance Webinar, University of Nottingham, Singapore Management University, Ozyegin University, Universidad Adolfo Ibenez, Society of Labor Economists Annual Meeting, Financial Management Association Annual Meeting, Northern Finance Association Annual Conference, Conference on Financial Economics and Accounting, Florida State University Suntrust Beach Conference. We thank Audrey Burke and Peiran Li for superb research assistance. Please send correspondence to Lauren Cohen (Harvard Business School, Baker Library 279, Soldiers Field, Boston, MA 02163, phone: 617-4953888, email: lcohen@hbs.edu), Umit G. Gurun (University of Texas at Dallas, 800 W Campbell Rd, SM 41, Richardson, TX 75080, phone: 972-8835917, email: umit.gurun@utdallas.edu), Bugra Ozel (University of Texas at Dallas, 800 W Campbell Rd, SM 41, Richardson, TX 75080, phone: 972-8835910, email: naim.ozel@utdallas.edu). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.