The rise of the network as a form of economic organization renders problematic our standard understanding of how capitalism is governed. As the governance of production shifts from vertical integration to horizontal contract, a puzzle arises: how do contracts, presumed to be susceptible to...

Banking systems have historically evolved toward their present state in response to particular economic or institutional challenges and through legislative or regulatory intervention. Drawing on the evolution of the German financial system toward universal financial intermediation in the second...

A motivation for the paper is to reveal the "calculative silences" of scholars who limit their research and teaching to organisations that are centralised command and control hierarchies favoured by dictators. Centralisation introduces systemic unethical and dysfunctional relationships from the...

The nature of disruptive innovation, first studied by Joseph Schumpeter, has changed dramatically in the wake of rapidly and predictably deflating costs for embedded digital technology. New disruptors now enter the marker both better and cheaper than existing products. The result is devastating...

Motivated by empirical evidence I document on local credit markets in France using data on more than 3.5 million bank-firm relationships, I propose a theory of bank-firm matching, subject to search frictions. Firms undergo a costly search process to locate and match with the right banking...

The role played in the last decades by contract research organizations (CROs) has been almost completely neglected by the economic and managerial literature. At most they are presented as firms performing routine clinical tasks, a portrait which is largely outdated and misleading. Thus the main...

This paper analyzes the formation of networks in which each agent is assumed to possess some information of value to the other agents in the network. Agents derive payoff from having access to the information of others through communication or spillovers via the links between them. Linking...

In this paper we introduce a stochastic network formation model where agents choose both actions and links. Neighbors in the network benefit from each other's action levels through local complementarities and there exists a global interaction effect reflecting a strategic substitutability in...

We propose a stylized model of a problem-solving organization whose internal communication structure is given by a fixed network. Problems arrive randomly anywhere in this network and must find their way to their respective specialized solvers by relying on local information alone. The...

We study how a preferential trade agreement (PTA) affects international sourcing decisions, aggregate productivity and welfare under incomplete contracting and endogenous matching. Contract incompleteness implies underinvestment. That inefficiency is mitigated by a PTA, because the agreement...