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...

A theoretical analysis is provided of the accounting framework and rules applied to the annual accounts of the European Communities (EC) since 2004. This accounting system draws upon International Public Sector Accounting Standards (IPSAS) and is based on accrual accounting, under a dual...

Wealth inequality is an important matter for economic theory and policy. Ongoing debates have been discussing recent rise in wealth inequality in connection with recent development of active financial markets around the world. Existing literature on wealth distribution connects the origins of...