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This paper investigates the resource allocation decisions in conglomerates when managers are motivated by career concerns. The output of a conglomerate division is determined by the unknown ability of corporate management, the capital employed in the division, and intangible resources that the manage ment allocates to the division. While capitaldoi:10.1093/rfs/hhg043 fatcat:r5uxjbivhvhm7gku6vsxa3wwce