We propose a new estimator for average causal effects of a binary treatment with panel data in settings with general treatment patterns. Our approach augments the popular two‐way‐fixed‐effects specification with unit‐specific weights that arise from a model for the assignment mechanism....

This article argues that the historical stories of decline and revival in organisations are as important as the phenomenon itself. The complexity and humiliation of decline create strategic narratives which attempt to both clarify and justify events, but at the cost of over-simplification and...