We exploit cross-sectional mortgage data to investigate the importance of liquidity constraints and a precautionary motive in the demand for housing. Households that are not liquidity constrained consume housing services essentially as the life cycle hypothesis suggests but with a significant...

We use the resource-based theory of the firm as our primary orienting device, but we also stress the inescapable paradoxes of strategic thinking. The basic idea is that strategic leadership is needed precisely because there are no easy formulas to navigate complex settings. We emphasize that...