There is a long-standing debate about the special nature of banks. Based on a unique dataset of legislative changes in industrial countries, we identify events that strengthen competition policy, analyze their impact on banks and non-financial firms and explain the reactions observed with...

Established companies are facing an increasingly dynamic and globalized competitive environment. Radical innovations are considered a means to escape this trend. In particular, it is desirable for established companies to institutionalize systems to repeatedly create new business based on...