We develop a new theory of the firm where asset owners sometimes want to change partners ex-post. The model identifies … differs from the received theories of the firm because of our emphasis on dynamic partner changes. …

Contractual theories of vertical integration derive firm boundaries as an efficient response to market transaction … is that empirical applications often must consider firm structure together with industry structure. Research in …

Business strategy can be defined as a firm's plan to generate economic profits based on lower cost, better quality, or … new products. The analysis of business strategy is thus at the intersection of market competition and a firm's efforts to …, internal firm organization, performance and innovation, which is representative of the entire Canadian economy. Our empirical …

We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least … 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst … its mutual fund managers. We find no evidence of a similar effect when a firm hires managers from another firm. We …

misvaluation, we provide consistent evidence that firm performance is impacted by governance when firms become overvalued … - overvaluation causes weaker performance in poorly governed firms. Our findings imply that firm oversight is important during market …