“…Of course, the primary source of rigidity likely differs by context, and the specific nature of other strategic changes will not always be closely mirrored by diversification activity. For example, hedge funds are inherently ambiguous organizational forms (Smith, 2011), perhaps with lesser exchange partner obligations than, say, airlines, for-hire trucking companies, or law firms-firms that prior work demonstrates to be rigid. And hedge fund product diversification is likely to be qualitatively different from technology innovation in manufacturing firms, for example, along a number of dimensions that should be considered carefully when applying our framework to other settings.…”