We discover that letting agents pairwise sequentially exchange at "wrong" prices has a robust effect on prices at convergence. If the initial relative price for a good is cheaper than the equilibrium walrasian price due to initial endowments, the initial excess demand effect pushes resource...

Can stock price movements be traced back partially to interpersonal utility effects? That is, are shareholders also chasing nonfinancial goals apart from generating profit under risk that can be ascribed neither to findings of behavioral finance nor to traditional economical theories? Inspired...

The primary means of enforcement of legal liabilities is through the seizure of debtors' assets. However, debtors can shield their assets in various ways and thereby reduce the power of enforcement. This paper studies the circumstances under which a debtor would choose to shield assets and the...

This research seeks the effect of behavioural and non-behavioural factors of SME's owners and their business characteristic on the financing decisions. Moreover, this research categorized SMEs owners based on their behavioural aspects on establishing a behavioural mapping in SMEs industry. The...

In this paper, we study individual trading behaviors by cumulative trading volume distribution over a price range. We select intraday volume distribution as individual revealed preferences over a price range and determine beliefs by the maximum volume price in stock market. We propose a coherent...

The current study investigates the impact of substantial economic fluctuations on household portfolios and analyzes how the fluctuations influence households' propensities to meet the capital accumulation ratio threshold of 25%. The 1992 to 2007 Survey of Consumer Finances datasets were analyzed...

We explore effects of simultaneous price changes for the demand of a group of goods, which we refer to as a compound commodity. Specifically, we consider unit and proportional cost components (e. g., taxes, transportation costs, etc.) imposed on the compound commodity. We find that there is a...

In this paper, we investigate whether capital structure differs between for-profit and nonprofit sectors by focusing on two key aspects of the latter: the non-distribution constraint and the stakeholder oriented governance system. We develop a theoretical model and show that the former...

This paper provides evidence that a firm's stock price movements affect its customer demand. I develop a model in which customers learn about a firm's product quality partially from its stock price. This learning induces feedback from the price to customer demand. Furthermore, the firm manager...