We examine the impact on bank performance of the adoption of SWIFT, a network-based technological infrastructure and set of standards for worldwide interbank telecommunication. We construct a new longitudinal dataset of 6848 banks in 29 countries in Europe and the Americas with the full history...

We aim to model the "optimal" choice on internal versus external innovation for value capture of different-sized firms, in the context of multi-level bargaining. We find that size differentials are a major determinant for the choice in hand. We derive implications for "closed" versus "open"...