Business complexity is an important informational friction but challenging to measure. We use a GPT large language model fine-tuned on narrative disclosures and inline XBRL tags to measure business complexity from a user perspective. Our measure negatively correlates with the speed of capital...

(Korean Abstract) 최근 세계적으로 금융위기의 그림자가 아른거리고 있다. 주식, 채권, 디지털자산, 부동산 등 거의 모든 자산가격이 급락하고, 일부 취약한 신흥국은 외환위기에 빠졌다. 민간에 대한 신용공급도 둔화되고...

This study examines how organization complexity influences financial reporting complexity (FRC) and information environment. The results suggest that the positive association between organization complexity and FRC is much more nuanced than portrayed in the literature. An organizationally...

Public choice theory was initiated by economists and political scientists in the late-1950s and early 1960s and is generally described as the application of economic concepts and formulations to political phenomena. This essay explains that economizing action and public choice are universal...

To study the effects of reminder nudges in complex environments, we apply a novel experimental approach based on a computer game in which decision makers have to pay attention to and perform multiple actions within a short period of time. The set-up allows us, first, to test the effect of...

We provide experimental evidence that core intertemporal choice anomalies – including extreme short-run impatience, structural estimates of present bias, hyperbolicity and transitivity violations – are driven by complexity rather than time or risk preferences. First, all anomalies also arise...