Although the relationship between religion and economic development on the macro-level has been investigated, it is less clear how religious background influences economic attitudes and financial decision-making on the level of the individual or household, the micro-level. We use panel data from...

This paper develops a framework which analyzes how a population's culture affects the decisions of rational profit maximizing firms, while simultaneously exploring how the actions of these firms in turn affect the population's culture.By endogenizing culture as well as the more usual economic...

Many argue that elements of a society s norms, culture or social capital are central to understanding its development.However, these notions have been difficult to capture in economic models.Here we argue that trustworthiness is the economically relevant component of a society s culture and...

This study investigates how investments in painted arts compare to those in stocks in terms of risk return trade off using Sharpe and Treynor ratios and Markowitz efficient frontiers. A large database was analysed consisting of more than 10500 auction prices of Belgian painted art over the...

The financial services sector has internationalized over the last few decades.Important differences and similarities in financial behavior can be anticipated between both consumers within a particular country and those living in different countries.For companies in this market, the appropriate...

Abstract: Theoretical and empirical research has shown that a sound and effective financial system is critical for economic development and growth. The financial system, however, is also subject to boom and bust cycles and fragility, with negative repercussions for the real economy. Further, the...

Cooperative behavior as well as other cultural rules and values are made explicit in organizational units that procure and provide a common service. The common service is procured by a club, which consists of a user-value function, a representation governance, and a budget-allocation function....

Purpose – Provide insight into the determinants or constructs that enable informally networked supply chains to operate in order to achieve improved operational performance. Design/methodology/approach – The research is based on a wide literature review, focused on the identification of...

The neoclassical way to cope with firms providing services, or with clubs procuring services, is restricted by the lack of institutional features. An institutional approach is introduced that requires a cooperative governance to realize the potential value-production by firms, or to realize the...