How does the market for corporate control reallocate firm ownership in response to adverse aggregate financial shocks? To answer this question, we develop a tractable model of mergers and acquisitions (M&As) where firms facing different degrees of financial constraints acquire ownership of...

The paper distinguishes four views on the impact of the financial-economic crisis on sustainability transitions (operationalized as diffusion of green niche-innovations). The first three views highlight the possibility of positive impacts of the financial-economic crisis on sustainability...

Ongoing financial innovation and greater information availability increase the tradability of bank assets and reduce banks' dependence on individual bank managers as private information in the lending process declines. In this paper we argue that this has two effects on banks, with opposing...