Torben Juul Andersen is Professor of Strategy and International Management and Director of the Global Strategic Responsiveness Initiative, Department of International Economics, Government and Business at the Copenhagen Business School, Denmark.

The research presented here is developed from analyses of extensive European and North American datasets (1995-2019) spanning periods of economic expansion, recession, and recovery and explores how firms manage in a world with extreme exposures and how their failure and success affect the distribution of financial returns.