Why Stars Matter
AbstractThe growing peer effects literature pays particular attention to the role of stars. We decompose the causal effect of hiring a star in terms of the productivity impact on: 1) co-located incumbents and 2) new recruits. Using longitudinal university department-level data we report that hiring a star does not increase overall incumbent productivity, although this aggregate effect hides offsetting effects on related (positive) versus unrelated (negative) colleagues. However, the primary impact comes from an increase in the average quality of subsequent recruits. This is most pronounced at mid-ranked institutions, suggesting implications for the socially optimal spatial organization of talent.
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Date of creation: Mar 2014
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- I23 - Health, Education, and Welfare - - Education - - - Higher Education; Research Institutions
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
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- NEP-ALL-2014-04-05 (All new papers)
- NEP-EFF-2014-04-05 (Efficiency & Productivity)
- NEP-LAB-2014-04-05 (Labour Economics)
- NEP-LMA-2014-04-05 (Labor Markets - Supply, Demand, & Wages)
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