We investigate the emergence of a global industry based on digital innovation by studying how the international expansion of pioneering firms relates to their characteristics and strategies for capability development and deployment. Using detailed archival data on mobile money, we classify...

Aside from the equilibrium that Hotelling (1931) displayed, his model of non-renewable resources also contains a continuum of bubble equilibria. In all the equilibria the price of the resource rises at the rate of interest. In a bubble equilibrium, however, the consumption of the resource peters...