Olivier Chatain

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for their extremely helpful comments and suggestions on this paper. I would also like to thank the various people at Croesus, who helped me access and understand the data. ABSTRACT Individuals often enter similar jobs via two very different routes: internal mobility (promotions and transfers) and external hiring. Yet we know little about how the differences(More)
This paper studies inherited agglomeration effects, how human capital that accrues to managers while working at a parent firm in an industry hub can be subsequently transferred to a spinoff. We test for inherited agglomeration effects in the context of the hedge fund industry and find that hedge fund managers who previously worked in New York and London(More)
We examine how information technology (IT) influences asset ownership through its impact on firms' and agents' capabilities. In particular, we propose that when IT is a substitute for agents' industry-specific human capital, IT adoption leads to increased vertical integration. We test this prediction using micro data on vehicle ownership patterns from the(More)
Horizontal scope – the set of products and services o¤ered – is an important dimension of …rm strategy and a potentially signi…cant source of competitive advantage. On the one hand, the ability to build close buyer-supplier relationships over multiple transactions can give an advantage to broad …rms that o¤er buyers " one-stop-shopping. " On the other hand,(More)
We examine how parent firm location influences the performance of entrepreneurial spawns in the hedge fund industry. We find that hedge fund managers who previously worked for parent firms located in the industry hubs—New York and London—outperform their peers, regardless of where the hedge fund is located. These results are robust to controls for selection(More)
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