Do Firms Proactively Build Internal Markets for Redeployment? Evidence from a Natural Experiment

The authors thank Alfonso Gambardella (the department editor), an anonymous associate editor, and three anonymous referees for their helpful comments. The authors also thank seminar audiences at Bayes Business School, Cambridge Judge Business School, Chapman University, Colegio Universitario de Estudios Financieros, Duke University, École des hautes études commerciales de Paris, Instituto de Empresa Business School, Temple University, and the University of California, Los Angeles as well as participants of the Lehigh University Conference on Strategic Leadership, Entrepreneurship, and Innovation; the 2019 Academy of Management Annual Conference; the 2019 Wharton Corporate Strategy & Innovation Conference; and the 2021 Strategic Management Society Annual Conference for their helpful comments. The authors also benefitted from discussions with Coletta Frenzel Baudisch, Jeffrey Cohen, Mircea Epure, Marcelo Ortiz, Cesare Righi, Luis Rios, and Theodor Vladasel. Additionally, the authors thank the Research Data and Service Centre of the Deutsche Bundesbank for their hospitality and for access to the Corporate Balance Sheets (Ustan) data.