Talent in distressed firms

Funding Information: Ramin P. Baghai is with the Stockholm School of Economics. Rui C. Silva is with the Nova School of Business and Economics. Viktor Thell is with Finansinspektionen (Sweden's financial supervisory authority). Vikrant Vig is with the London Business School and the Kellogg School of Management at Northwestern University. We thank the Editor (Stefan Nagel), two anonymous referees, Ashwini Agrawal, Xavier Giroud, David Matsa, Gordon Philips, Fabiano Schivardi, Amit Seru, Henri Servaes, Elena Simintzi, Martin Strieborny, Geoffrey Tate, Luigi Zingales, and seminar and conference participants at the CSEF‐EIEF‐SITE conference on Labor and Finance (2015), Finance, Organizations and Markets Conference…