Purpose: When confronted by high-stakes challenges that require a change of course leaders need fast, high-quality decisions and genuine team alignment on the path forward. To address this problem, we offer an experience-tested framework for confronting defining moments of high complexity, low...

In recent research on financial crises, large exogenous shocks to total factor productivity (TFP) are used as the driving force accounting for large output falls. TFP fell 3% after the Korean 1997 financial crisis. We find evidence that the large fall in TFP is mostly due to a sectoral...