Local and regional policy makers are acquiring an increasingly active role in affecting firms' specialization decisions that in turn influence firms' vertical organization. We analyse the relation between vertical integration incentives and trade liberalization in the presence of glocal...

This paper develops a theoretical analysis of share market price formation driven by accounting and market structures. Heterogeneous investors are assumed to discover and process fundamental information disclosed by accounting system of share-issuing entity. Information set available to share...

Financial economic models often assume that investors know (or agree on) the fundamental value of the shares of the firm, easing the passage from the individual to the collective dimension of the financial system generated by the Share Exchange over time. Our model relaxes that heroic assumption...