We experimentally explore how common knowledge provided by accounting systems affects investors' decision and shapes the formation of security prices over time. We design alternative accounting structures and run experiments in artificial security markets framed by these structures. In sessions...

ERPs offer a two-fold answer to the need for integration. The first is technical in nature, since the architecture of these programs is designed to ensure the compatibility of their software components and the transparency of their data. They also offer a dynamic approach, because ERPs are...

A number of phenomena are responsible for market crashes, but an analysis of investor behavior will tell us more than the valuation of securities on their fundamentals. In this regard, the interpretation of information seems to play a central role in these exceptional events. One specific type...