Abstract
Using an original data set matching individual birthdays to Vietnam War draft lottery numbers, I study how wartime draft risk affects representation in a sample of top corporate executives decades after the war's end. I find that men with lottery numbers placing them at risk of induction are underrepresented among top U.S. executives in the 1990s. Furthermore, I find that differences in lottery numbers explain differences in executives' compensation and age of entry into the top executive ranks in a way that is consistent with draft-induced differences in incentives to acquire human capital early in their careers.
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