This paper disproves the implication by Modigliani and Miller (1958) that taxation with interest deductibility is an advantage. This paper shows that government and bank are two robbers. Firms and consumers should avoid both of them. This paper advocates that firms should borrow less with there...

"We perform an experimental study of complexity to assess its effect on trading behavior, price volatility, liquidity, and trade efficiency. Subjects were asked to deduce the value of a particular asset from information they were given about the composition and price of several portfolios....

In this paper we experimentally test skewness preferences at the individual level. Several prospects that can be ordered with respect to the third-degree stochastic dominance (3SD) criterion are ranked by the participants of the experiment. We find that the skewness of a distribution has a...