{"id":49259,"date":"2023-11-20T15:47:55","date_gmt":"2023-11-20T14:47:55","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/stabilizing-asset-prices-through-transition-from-continuous-trading-to-electronic-auctions\/"},"modified":"2024-04-21T11:58:40","modified_gmt":"2024-04-21T09:58:40","slug":"stabilizing-asset-prices-through-transition-from-continuous-trading-to-electronic-auctions","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/49259\/","title":{"rendered":"Stabilizing Asset Prices through Transition from Continuous Trading to Electronic Auctions"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-49259","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The paper deals with the pattern of asset price dynamics as sequence of \"bull markets\" and \"bear markets\" and with stabilising these\" long swings\" through replacing continuous asset trading with electronic auctions. First, the paper sketches the channels through which the \"overshooting\" of exchange rates, commodities prices, and stock prices but also of EU carbon prices dampens the real economy and hampers fighting global heating. Second, a theoretical alternative to the still dominating \"efficient market hypothesis\" is presented, the \"bull-bear-hypothesis\". Third, the paper discusses the role of \"technical\" or \"algorithmic\" trading strategies in exploiting short-term asset price trends and strengthening them at the same time. Fourth, it is shown that bulls (bear) markets result from (verry) short-term trends (\"runs\") in line with the prevailing (bullish or bearish) market sentiment lasting longer than counter-movements. Fifth, to mitigate the extent of the \"long swings\" of asset prices one needs to restrict (super) fast speculation unrelated to market fundamentals thereby dampening the short-term trending of asset prices. Instead of implementing a financial transactions tax, one could achieve this objective also through replacing continuous trading with electronic auctions, e.g., every three hours. This approach is theoretically more appealing, technically easy to implement and has so far not seriously been discussed.","onlinedate":"2023-08-08 12:00:00","lang":"English","publication_series":"","publication_date":"20230801","publication_date_year":"","publication_date_full":false,"publication_num_pages":"29","keywords":"[\"Asset price dynamics\",\"Technical or algorithmic trading\"]","jelcodes":"[\"D44\",\"G12\",\"G14\",\"G41\"]","related_publications":"[]","pdf":257283,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"666","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":"2023-08-08 12:00:00","types":[44410],"research_groups":[],"collaboration":"","persons":[3841],"persons_data":"[{\"personId\":3841,\"personName\":\"Stephan Schulmeister\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Schulmeister, S.<\\\/span> (2023). <span>Stabilizing Asset Prices through Transition from Continuous Trading to Electronic Auctions<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (666).<\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Schulmeister S<\\\/span>. <span class=\\\"title\\\"><span>Stabilizing Asset Prices through Transition from Continuous Trading to Electronic Auctions<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2023 Aug;(666).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{ba93ca7184d5479b94dbe4101aa4e367,<\\\/div><div>  title    = \\\"Stabilizing Asset Prices through Transition from Continuous Trading to Electronic Auctions\\\",<\\\/div><div>  abstract = \\\"The paper deals with the pattern of asset price dynamics as sequence of {\\\"}bull markets{\\\"} and {\\\"}bear markets{\\\"} and with stabilising these{\\\"} long swings{\\\"} through replacing continuous asset trading with electronic auctions. First, the paper sketches the channels through which the {\\\"}overshooting{\\\"} of exchange rates, commodities prices, and stock prices but also of EU carbon prices dampens the real economy and hampers fighting global heating. Second, a theoretical alternative to the still dominating {\\\"}efficient market hypothesis{\\\"} is presented, the {\\\"}bull-bear-hypothesis{\\\"}. Third, the paper discusses the role of {\\\"}technical{\\\"} or {\\\"}algorithmic{\\\"} trading strategies in exploiting short-term asset price trends and strengthening them at the same time. Fourth, it is shown that bulls (bear) markets result from (verry) short-term trends ({\\\"}runs{\\\"}) in line with the prevailing (bullish or bearish) market sentiment lasting longer than counter-movements. Fifth, to mitigate the extent of the {\\\"}long swings{\\\"} of asset prices one needs to restrict (super) fast speculation unrelated to market fundamentals thereby dampening the short-term trending of asset prices. Instead of implementing a financial transactions tax, one could achieve this objective also through replacing continuous trading with electronic auctions, e.g., every three hours. This approach is theoretically more appealing, technically easy to implement and has so far not seriously been discussed.\\\",<\\\/div><div>  keywords = \\\"Asset price dynamics, Technical or algorithmic trading\\\",<\\\/div><div>  author   = \\\"Stephan Schulmeister\\\",<\\\/div><div>  note     = \\\"Stabilizing Asset Prices through Transition from Continuous Trading to Electronic Auctions\\\",<\\\/div><div>  year     = \\\"2023\\\",<\\\/div><div>  month    = aug,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Stabilizing Asset Prices through Transition from Continuous Trading to Electronic Auctions<\\\/p><p>AU  - Schulmeister, Stephan<\\\/p><p>N1  - Stabilizing Asset Prices through Transition from Continuous Trading to Electronic Auctions<\\\/p><p>PY  - 2023\\\/8<\\\/p><p>Y1  - 2023\\\/8<\\\/p><p>N2  - The paper deals with the pattern of asset price dynamics as sequence of \\\"bull markets\\\" and \\\"bear markets\\\" and with stabilising these\\\" long swings\\\" through replacing continuous asset trading with electronic auctions. First, the paper sketches the channels through which the \\\"overshooting\\\" of exchange rates, commodities prices, and stock prices but also of EU carbon prices dampens the real economy and hampers fighting global heating. Second, a theoretical alternative to the still dominating \\\"efficient market hypothesis\\\" is presented, the \\\"bull-bear-hypothesis\\\". Third, the paper discusses the role of \\\"technical\\\" or \\\"algorithmic\\\" trading strategies in exploiting short-term asset price trends and strengthening them at the same time. Fourth, it is shown that bulls (bear) markets result from (verry) short-term trends (\\\"runs\\\") in line with the prevailing (bullish or bearish) market sentiment lasting longer than counter-movements. Fifth, to mitigate the extent of the \\\"long swings\\\" of asset prices one needs to restrict (super) fast speculation unrelated to market fundamentals thereby dampening the short-term trending of asset prices. Instead of implementing a financial transactions tax, one could achieve this objective also through replacing continuous trading with electronic auctions, e.g., every three hours. This approach is theoretically more appealing, technically easy to implement and has so far not seriously been discussed.<\\\/p><p>AB  - The paper deals with the pattern of asset price dynamics as sequence of \\\"bull markets\\\" and \\\"bear markets\\\" and with stabilising these\\\" long swings\\\" through replacing continuous asset trading with electronic auctions. First, the paper sketches the channels through which the \\\"overshooting\\\" of exchange rates, commodities prices, and stock prices but also of EU carbon prices dampens the real economy and hampers fighting global heating. Second, a theoretical alternative to the still dominating \\\"efficient market hypothesis\\\" is presented, the \\\"bull-bear-hypothesis\\\". Third, the paper discusses the role of \\\"technical\\\" or \\\"algorithmic\\\" trading strategies in exploiting short-term asset price trends and strengthening them at the same time. Fourth, it is shown that bulls (bear) markets result from (verry) short-term trends (\\\"runs\\\") in line with the prevailing (bullish or bearish) market sentiment lasting longer than counter-movements. Fifth, to mitigate the extent of the \\\"long swings\\\" of asset prices one needs to restrict (super) fast speculation unrelated to market fundamentals thereby dampening the short-term trending of asset prices. Instead of implementing a financial transactions tax, one could achieve this objective also through replacing continuous trading with electronic auctions, e.g., every three hours. 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