Technological innovation sometimes requires industry incumbents to shift to a completely new core technology. In order to successfully navigate a technological transition, firms often face the ambidextrous challenge of "exploiting" existing complementary assets in order to support the new...

The mutual fund industry consists of heterogeneous managers and investors. Hence, traditional models of delegated portfolio management need to be extended to allow heterogeneity. We propose that this extension can be modeled as a dual matching-contracting problem of endogenously repeated trust...