The Long-Term Effects of Management and Technology Transfers
利用美国对意大利的技术援助项目中的意外预算削减，发现管理培训使企业绩效提升至少十五年，而机器设备的效果随时间递减，且两者互补。
This paper examines the long-run causal effects of management on firm performance. Under the United States Technical Assistance and Productivity Program (1952–1958), the United States organized management training trips for Italian managers to US firms and granted technologically advanced machines to Italian companies. I exploit an unexpected budget cut that reduced the number of participating firms and find that, compared to businesses excluded by the budget cut: performance of Italian firms that sent their managers to the United States increased for at least fifteen years after the program; performance of companies that received new machines increased, but flattened out over time; management and new machines were complementary.