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We propose a theory that emphasizes the role of managers for the production and allocation of human capital in ...rms. Managers invest time to train junior employees, and acquire information about the juniors'abilities that is valuable for job assignments. This dual role of managers matters especially in the modern, multidivisional ...rm, whose internal labor market can be structured in two distinct ways. In a "silo" or traditional job ladder, junior workers remain in the same division; in adoi:10.2139/ssrn.2363492 fatcat:byggxbfmr5havpcfjqc5fqe3fu