MIT economist Darrón Asamo Glue and his co-authors wanted to know what happens when a CEO with a business degree like an MBA takes over from a CEO without. They found that once you control for all other factors, employees at the firms run by business school managers saw their wages fall over the following five years compared to similar firms in Denmark. The researchers also found that paying workers less does make those firms a bit more profitable - but they don't actually increase output.