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The literature on managerial style posits a linear relation between a chief executive officer's (CEOs) past experiences and firm risk. We show that there is a nonmonotonic relation between the intensity of CEOs' early-life exposure to fatal disasters and corporate risk-taking. CEOs who experience fatal disasters without extremely negative consequences lead firms that behave more aggressively, whereas CEOs who witness the extreme downside of disasters behave more conservatively. These patterns manifest across various corporate policies including leverage, cash holdings, and acquisition activity. Ultimately, the link between CEOs' disaster experience and corporate policies has real economic consequences on firm riskiness and cost of capital.

Entrepreneurship requires energy and creativity as well as business acumen. Some factors that contribute to entrepreneurship decline with age, but business skills increase with experience in high-level positions. Having too many older workers in society slows entrepreneurship. When older workers occupy key positions, they block younger workers from acquiring skills. A theory is formulated and tested using the Global Entrepreneurship Monitor data. A one standard deviation decrease in a country’s median age increases new business formation by 2.5 percentage points, which is about 40 percent of the mean rate. Furthermore, older societies have lower rates of entrepreneurship at every age.

Individual earnings are higher in bigger cities. We consider three reasons: spatial sorting of initially more productive workers, static advantages from workers' current location, and learning by working in bigger cities. Using rich administrative data for Spain, we find that workers in bigger cities do not have higher initial unobserved ability as reflected in fixed effects. Instead, they obtain an immediate static premium and accumulate more valuable experience. The additional value of experience in bigger cities persists after leaving and is stronger for those with higher initial ability. This explains both the higher mean and greater dispersion of earnings in bigger cities.

Although scholars have long recognized the consequences of sex-based labor market segregation for gendered outcomes in conventional wage-and-salary employment, comparatively little is known about the implications for entrepreneurship. We call attention to implications stemming from manifestations at distinct levels of analysis, specifically to the differential structural positions that men and women are likely to occupy as employees and to the degree of sexbased labor market segregation in a country overall. We hypothesize that the gendering of labor market positions will have the first-order effect of reducing women’s likelihood of acquiring entrepreneurship-relevant resources, experiencing entrepreneurial career previews, and being exposed to industry opportunity spaces for launching new firms, which will have the second-order effect of lowering their start-up ease perceptions relative to men’s. We further suggest that this gender gap will widen in societies with more highly sex-segregated labor markets. Data from 15,742 employees in 22 European countries provide strong support for these claims. By demonstrating how pre-entry assessments of entrepreneurship are influenced by gendered employment experiences at the individual level and gendered labor market regimes at the country level, this study lays a foundation for further multilevel research on the relationship between institutionalized labor market practices and entrepreneurial activity.

Labor is supplied because most of us must work to live. Indeed, it is called “work” in part because without compensation, the overwhelming majority of workers would not otherwise perform the tasks. The theme of this essay is that incentives affect behavior and that economics as a science has made good progress in specifying how compensation and its form influences worker effort. This is a broad topic, and the purpose here is not a comprehensive literature review on each of many topics. Instead, a sample of some of the most applicable papers are discussed with the goal of demonstrating that compensation, incentives, and productivity are inseparably linked.

Hiring inexperienced workers generates information about their abilities. If this information is public, workers obtain its benefits. If workers cannot compensate firms for hiring them, firms will hire too few inexperienced workers. I determine the effects of hiring workers and revealing more information about their abilities through a field experiment in an online marketplace. I hired 952 randomly-selected workers, giving them either detailed or coarse public evaluations. Both hiring workers and providing more detailed evaluations substantially improved workers' subsequent employment outcomes. Under plausible assumptions, the experiment's market-level benefits exceeded its cost, suggesting that some experimental workers had been inefficiently unemployed.

We track the employment history of over 9,000 managers to study the effects of professional experiences on corporate policies. Our identification strategy exploits exogenous CEO turnovers and employment in other firms and in non-CEO roles. Firms run by CEOs who experienced distress have less debt, save more cash, and invest less than other firms, with stronger effects in poorly governed firms. Experience has a stronger influence when it is more recent or occurs during salient periods in a manager's career. We find similar effects for CFOs. The results suggest that policies vary with managers' experiences and throughout managers' careers.

The present study investigates teacher diagnostic skills when observing student engagement and inferring to underlying student characteristic profiles. Five student profiles as empirically determined in previous studies are selected: three incoherent (overestimating, uninterested, and underestimating) and two coherent (strong and struggling) profiles. Teacher professional vision and underlying assumptions about processes of noticing and reasoning about the chosen diagnostic situation serve as a conceptual basis. In the empirical study (N = 41 participants), it is investigated to what extent expert and novice teachers differ with regard to judgment accuracy of underlying student profiles, observed student cues used for judgment, and teacher gaze as perceptual indicator. The study task involved observing a video clip and diagnosing five marked students based on their underlying profiles. First, findings of the study suggest that expert teachers are more accurate in judging incoherent profiles compared to novices. Second, both novices as well as experts state valid behavioral cues when inferring from student engagement to underlying student profile. Third, experts spend more teacher gaze on student profiles which might need adaptive pedagogical action (struggling, underestimating, uninterested student). The study provides first evidence on teacher gaze during the professional task of diagnosing individual students in the process of teaching. Regarding the conceptual model of teacher professional vision teacher gaze can serve as an additional operationalization of the noticing component of teacher professional vision. (ZPID).

This paper documents how life cycle wage growth varies across countries. We harmonize repeated cross-sectional surveys from a set of countries of all income levels and then measure how wages rise with potential experience. Our main finding is that experience-wage profiles are on average twice as steep in rich countries as in poor countries. In addition, more educated workers have steeper profiles than the less educated; this accounts for around one-third of cross-country differences in aggregate profiles. Our findings are consistent with theories in which workers in poor countries accumulate less human capital or face greater search frictions over the life cycle.

We estimate a dynamic model of employment, human capital accumulation—including education, and savings for women in the United Kingdom, exploiting tax and benefit reforms, and use it to analyze the effects of welfare policy. We find substantial elasticities for labor supply and particularly for lone mothers. Returns to experience, which are important in determining the longer-term effects of policy, increase with education, but experience mainly accumulates when in full-time employment. Tax credits are welfare improving in the U.K., increase lone-mother labor supply and marginally reduce educational attainment, but the employment effects do not extend beyond the period of eligibility. Marginal increases in tax credits improve welfare more than equally costly increases in income support or tax cuts.