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UID:20251011T014436EDT-65523H8FMk@132.216.98.100
DTSTAMP:20251011T054436Z
DESCRIPTION:Daniel Wolfenzon\n\nColumbia University \n\nThe Talent Gap in F
 amily Firms \n\nDate: Friday\, October 10\, 2025\n	Time: 10:30-11:45 am\n	Lo
 cation: Bronfman Bldg. (1001 Sherbrooke St. West)\, Room 046\n\nAll are co
 rdially invited to attend.\n\nAbstract:\n\nWe investigate whether family f
 irms attract talented employees using comprehensive Danish administrative 
 data including IQ scores from mandatory military draft sessions and high s
 chool grades. We document a substantial talent gap: family firm employees 
 have lower IQ scores and lower academic achievement. This gap is most pron
 ounced among senior managers and high-skill workers. Using event studies a
 round CEO successions and instrumental variables\, we establish that famil
 y control causally reduces employee talent. We identify two mechanisms dri
 ving this gap. First\, nepotism reduces the available promotion opportunit
 ies for nonfamily members\, causing high-ability individuals to avoid fami
 ly firms. Second\, family firms pay lower wages for equivalent talent\, wi
 th compensation penalties particularly severe for high-ability workers. Ou
 r findings demonstrate that family governance imposes significant costs on
  firms’ ability to compete for human capital.\n
DTSTART:20251010T143000Z
DTEND:20251010T154500Z
LOCATION:Room 046\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar
URL:/desautels/channels/event/desmarais-global-finance
 -research-centre-dgfrc-seminar-368220
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