Management Quality and Firm Hierarchy in Industry Equilibrium
将基于监控的企业层级结构纳入行业均衡模型，研究全经济监控效率提升的总体影响，发现该冲击有利于层级更多的企业，且异质性选择至关重要。
I incorporate a monitoring-based firm hierarchy into an industry equilibrium model with heterogeneous firms. I then use the theory to study aggregate impacts of an economy-wide improvement in monitoring efficiency. This shock generates a selection effect, which favors more hierarchical (i.e., more layers) firms. Interestingly, these implications depend on firms' heterogeneous choices about their hierarchy and completely disappear when firms are homogeneous in terms of the number of layers inside the hierarchy.