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  • Andreas Oehler (6)
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  • Arbeitspapier (15) (remove)

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  • English (15) (remove)

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  • Capital-Asset-Pricing Modell ; Mehragentensystem ; Volabilität ; Online-Publikation (1)
  • Deutschland ; Arbeitswelt ; Berufserfolg ; Online-Publikation (1)
  • Goods market, stock market, heterogeneous speculators, stability analysis, complex dynamics (1)
  • Gütermarkt ; Aktienmarkt ; Börsenspekulation ; Dynamisches Modell ; Online-Publikation (1)
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  • Structural stochastic volatility; method of simulated moments; autocorrelation pattern; fat tails; bootstrapped p-values (1)
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  • employment (1)
  • financial markets; autocorrelations; artificial intelligence; agent-based modeling (1)
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  • Lehrstuhl für Betriebswirtschaftslehre, insbesondere Finanzwirtschaft (6)
  • Lehrstuhl für Volkswirtschaftslehre, insbesondere Wirtschaftspolitik (4)
  • Lehrstuhl für Volkswirtschaftslehre, insbesondere Empirische Mikroökonomik (2)
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  • Lehrstuhl für Volkswirtschaftslehre, insbesondere Finanzwissenschaft (1)
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  • Wissenschaftliches Institut für Hochschulsoftware der Universität Bamberg (ihb) (1)

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Gender differences in residential mobility : the case of leaving home in East Germany (2012)
Ferdinand Geißler Thomas Leopold Sebastian Pink
Liquidity Transformation Factors of Islamic Banks: An Empirical Analysis (2012)
Andreas Oehler Mahir Alman
Entrepreneurial Literacy: Empirical Evidence (2012)
Andreas Oehler Andreas Höfer Henrik Schalkowski
Insider Stock Trading and the Bond Market (2012)
Andreas Oehler Kuntara Pukthuanthong Thomas J. Walker Stefan Wendt
Effects of Election Results on Stock Price Performance: Evidence from 1976 to 2008 (2012)
Andreas Oehler Thomas J. Walker Stefan Wendt
Analysts and regulation: Scopes for European policy makers to enhance investor protection (2012)
Andreas Höfer Andreas Oehler
Does experience affect security analysts accuracy? Empirical evidence (2012)
Andreas Höfer Andreas Oehler
The bull and bear market model of Huang and Day: some extensions and new results (2012)
Fabio Tramontana Frank Westerhoff Laura Gardini
Show/Hide Abstract Removing systematic patterns in returns in a financial market model by artificially intelligent traders (2012)
Björn-Christopher Witte
The unpredictability of returns counts as a stylized fact of financial markets. To reproduce this fact, modelers usually implement noise terms − a method with several downsides. Above all, systematic patterns are not eliminated but merely blurred. The present article introduces a model in which systematic patterns are removed endogenously. This is achieved in a reality-oriented way: Intelligent traders are able to identify patterns and exploit them. To identify and predict patterns, a very simple artificial neural network is used. As neural network mimic the cognitive processes of the human brain, this method might be regarded as a quite accurate way of how traders identify patterns and forecast prices in reality. The simulation experiments show that the artificial traders exploit patterns effectively and thereby remove them, which ultimately leads to the unpredictability of prices. Further results relate to the influence of pattern exploiters on market efficiency.
Show/Hide Abstract Interactions between the real economy and the stock market (2012)
Frank Westerhoff
We develop a simple behavioral macro model to study interactions between the real economy and the stock market. The real economy is represented by a Keynesian goods market approach while the setup for the stock market includes heterogeneous speculators. Using a mixture of analytical and numerical tools we find, for instance, that speculators may create endogenous boom-bust dynamics in the stock market which, by spilling over into the real economy, can cause lasting fluctuations in economic activity. However, fluctuations in economic activity may, by shaping the firms’ fundamental values, also have an impact on the dynamics of the stock market.

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