Biased Monitors: Corporate Governance When Managerial Ability is Mis-assessed

Benjamin Hermalin

NBER Working Paper No. 23776
Issued in September 2017

---- Acknowledgments ----

The author thanks Heather Montgomery for her helpful discussion of this paper at the NBER-TCER-CEPR (TRIO) Conference and the other participants at that conference for their comments. The author also gratefully acknowledges the financial support of the Thomas & Alison Schneider Distinguished Professorship in Finance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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