Purpose: Extant research on business models does not address the question of business model evolution. Therefore, the purpose of this paper is to explore how we can capture the dynamism of business models. Approach: We examine the applicability of the principles of complexity theory as an...

As the global economy incurs a process of transformation by the ongoing ‘fourth industrial revolution’, competition law is traversing a ‘liminal’ moment, a period of transition during which the normal limits to thought, self-understanding and behaviour are relaxed, opening the way to...

This article analyzes the long-term financial sustainability of small tuition-based colleges in the context of rapid and accelerating transformation caused by demographic changes in the undergraduate student market

The development of technology is unbelievably rapid. From limited local networks to high speed Internet, from crude computing machines to powerful semi-conductors, the world had changed drastically compared to just a few decades ago. In the constantly renewing process of adapting to such an...

We study the loosening of restrictions on the use of leverage, derivatives, and illiquid assets by mutual funds. In contrast to previous studies, we find that the allowance of these complex instruments is associated with poor performance and higher risk. The underperformance is most acute during...

Intra-firm replication of complex knowledge is difficult yet critical to firm growth and the exploitation of competitive advantage. Inter-unit organizational structures can facilitate the replication of complex knowledge between a source unit and a recipient unit. This study examines how...

We study the effects of delivering a shock to a complex system comprising components ('agents') that interact in a pairwise fashion, independent of other parts of the system and with no central control. Such pairwise interactions ensure that the system develops with time in a self-determining...

This paper proposes a new academic discipline of computational entrepreneurship, which centers on: i) An exponentially growing (and less expensive) computing power, to the extent that almost everybody in a modern society can own and use that; ii) Omnipresent high-speed Internet connectivity,...

Complex risks differ from simple risks in that agents facing them only possess imperfect information about the underlying objective probabilities. This paper studies how complex risks are priced by and shared among heterogeneous investors in a Walrasian market. I apply decision theory under...

Which countries currently have the productive capabilities to thrive in the green economy? How might countries reorient their existing industrial structures to be more competitive in an environmentally friendly world? To investigate these questions, this paper develops a novel methodology for...