We find a U-shaped relation between industry concentration and innovation. The relation is driven by neck-and-neck industries where firms operate with similar productivity. When industry concentration is low, innovation intensity decreases as concentration increases. However, when industry...

Digital disruption is a potent force. Advances in mobile technology and increasing use of social media have quickened the pace of customer adoption, giving rise to the age of digital disruption. It is important to note though that digital disruption is not a net negative force. For every...

Mission critical moats are one of the strongest forms of moats that we come across and also one of the least understood. There are four primary attributes to such moats, namely, product complexity, importance of reputation, low cost in relation to end product's total cost of production, and...

Something old and important is lost sight of in a case like Ohio v. American Express, the Supreme Court's recent adoption of "platform" or "two-sided market" theory in American antitrust, and in theoretical efforts like the one on which it is based. A rarely discussed idea built in to American...

The Strategies for Smart Specialisation platform exhibits an extensive policy framework that aims at stirring regional development and economic growth through integrated efforts of public administration agencies, business leaders and university establishments. Essential elements of the platform...

The rise of modern corporations has been accompanied by an expansion of salaried executives who have replaced owner-managers. With this expansion, the new class of managers/executives came to regard themselves as stewards of large and complex corporations, and not principally or exclusively as...

Horizontal shareholdings exist when a common set of investors own significant shares in corporations that are horizontal competitors in a product market. Economic models show that substantial horizontal shareholdings are likely to anticompetitively raise prices when the owned businesses compete...

A fundamental premise of the strategy field is the existence of persistent firm level differences in resources and capabilities. This property of heterogeneity should express itself in a variety of empirical “signatures”, such as firm performance and arguably systematic and persistent...

To introduce a novel generalization of economies of scope, the paper develops a theory of average cost reductions based on enabling products to have multiple features or functions. The process is labelled economies of score. Focusing production costs on the details of product features can lead...

The administrative state is leveraging algorithms to influence individuals' private decisions. Agencies have begun to write rules to shape for-profit websites such as Expedia and have launched their own online tools such as the Consumer Financial Protection Bureau's mortgage calculator. These...