NBER WORKING PAPER SERIES CAPITAL ALLOCATION AND DELEGATION OF DECISION-MAKING AUTHORITY WITHIN FIRMS

comments. Special thanks to Martine Cools, Abe de Jong, Frank Ecker, Nadja Guenster, and Bruno Laranjeira for translating the survey. We appreciate the excellent research assistance of Ben Ee and Nikhil Sharma. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications