Ask any group of organizational leaders from any business sector what keeps them awake at night and arguably 'managing the pace of change' will appear at the top of the list. The concern does not focus on one or two strategic changes. Rather the concern is whether every program, unit,...

This paper develops a relational contracting model to show how fiat - a principal's ability to dictate her agent's performance - emerges in equilibrium under vertical integration, even when integration does not allocate distinctive formal authority to the principal. In a vertical structure, an...

This article studies how franchise contracts adapt to temporal and local conditions in the shadow of the law. I theoretically show that when the law protects franchisees from unequal treatment, the subsequent changes to the franchisees' standards tend to be too rigid, both across stores and over...