We investigate managers' decisions to supplement their firms' management earnings forecasts. We classify these supplementary disclosures as either qualitative "soft talk" disclosures or verifiable forward-looking statements. We find that managers provide "soft talk" disclosures with similar...

Transferring individuals who possess relevant knowledge from one organizational unit to another – a form of resource redeployment – may help to overcome impediments to knowledge transfer. Despite the promise of this mechanism, which often occurs through intra-firm geographic mobility,...

We study the effects of going public using a unique panel of firms in 16 European countries for which we observe financial data before and after firms' initial-public-offering (IPO) attempts. We compare firms that complete their IPO with firms that withdraw their IPO. We instrument the going...

We track firms at birth and compare the growth and responsiveness to demand shocks of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to go public. Firms in the top percentile of predicted propensity to go public grow 29...

An extensive empirical literature in strategy and finance studies the performance implications of corporate diversification. Two core debates in the literature concern the existence of a diversification discount and the relative importance of industry relatedness and market structure for the...

Prior studies show that the risk level of each new cohort of listed firms is higher than its predecessor's. We find that these risk differences are persistent and investigate two potential explanations: (1) Each cohort adopts and retains operating innovations that are associated with higher...

We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...

For firms at the center of platform-based ecosystems, Teece (2017a) argues that dynamic capabilities can enable the firms to create and capture value by building ecosystems and designing appropriate business models. In line with the original Profiting From Innovation (PFI) framework, Teece...