Using a dynamic model of financing, investment, and macroeconomic risk, we investigate when firms sell assets to fund investments (financing asset sales) across the business cycle. Equity financed investment transfers wealth from equity to debt because asset volatility declines and earnings...

Tatjana-Xenia Puhan demonstrates that ambidexterity need not necessarily be implemented in one single organization but can also be realised in a network of associated organizations. She develops the concept of think tanks as organizations which concentrate on radical innovations while their...

This article analyzes the impact of credit risk transfer on banks' screening incentives on the primary loan market. While credit derivatives allow banks to transfer risk to investors, they negatively a ffect the incentive to screen due to the asymmetry of information between banks and investors....