We conducted preference assessments with 4 typically developing children to identify potential reinforcers and assessed the reinforcing efficacy of those stimuli. Next, we tested two predictions of economic theory: that overall consumption (reinforcers obtained) would decrease as the unit price (response requirement per reinforcer) increased and that the cost and benefit components that defined...

China's stock market was formally established in late 1990, and the regulation of manipulation began 1993. Both formation have a relatively short history, there is great room for improvement. In Chinese market, general perception existence main forces, which play decisive role prices. Obviously, principal phenomenon extremely detrimental to healthy development market. For sake development, regu...

The campaign to curb cigarette smoking in Britain is gaining momentum. So far the main emphasis has been on alerting the public to the health hazards. There has also been pressure for restrictions on smoking in public places and for greater control over tobacco sales promotion. Despite the fact that the expense of smoking is a major disincentive, especially for the teenager (McKennell and Thoma...

The widespread use of accounting information by investors and financial analysts to help value stocks creates an incentive for managers to manipulate earnings in an attempt to influence short-term stock price performance. This paper examines the role of earnings management in affecting a firm’s cost of capital. Using an agency model with multiple firms whose cash flows are correlated, we demons...

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Six hens pecked a key (Experiment 1) or pushed a door (Experiment 2) to obtain food reinforcement. In both experiments and as an analogue of price changes, the response requirements were varied in two ways: by increasing the number of responses required and by increasing the required force of each response. The two price manipulations (response number and response force) had different effects o...

To improve the efficiency of closing price, many equity exchanges apply volatility extensions to their call auctions (CCAs). If an imminent auction execution implies a large price change, order submission period is extended let traders reconsider orders. This paper uses introduction at NASDAQ Nordic provide first analysis effects such mechanisms. We find that reduce transitory and deter manipul...

We study the manipulation of prices in a dynamic version Glosten and Milgrom (1985) model with long-lived informed trader. clarify conditions under which unique equilibrium exists show that when is unique, bid ask are monotonically increasing functions market maker’s belief about value asset. also characterize situations this involves by Finally, we describe computational method to find equilib...