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Our\r research goals are, first, to study what consequences the introduction of heterogeneous\r investment horizons has for agent-based financial market models and second, how\neffective transaction taxes are in stabilizing financial markets. In detail, we are\ninterested in how the popularity of different trading rules and investment horizons\r change due to taxation and how emergent properties from the interaction of traders like\r bubbles and crashes, excess volatility, excess kurtosis and volatility clustering change.\r Numerical simulations reveal that under taxation traders abstain from short-term\r trading in favour of longer investment horizons. This change in behavior leads to less\r excess volatility and diminishing volatility clusters for small\ntax rates. When the tax\r rate exceeds a certain threshold, excess volatility and misalignments increase as also\r found in Westerhoff (Heterogeneous Traders and the Tobin Tax). The reason is, that\r the longer term fundamentalist trading rule becomes unpopular in favor of the longer\r term trend-chasing rule."},"dsDescriptionDate":{"typeName":"dsDescriptionDate","multiple":false,"typeClass":"primitive","value":"2009"}}]},{"typeName":"keyword","multiple":true,"typeClass":"compound","value":[{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Financial market stability"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Heterogeneous interacting Agents Model"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Speculative bubbles"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Stylized facts"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Technical and fundamental analysis"}},{"keywordValue":{"typeName":"keywordValue","multiple":false,"typeClass":"primitive","value":"Transaction taxes"}}]},{"typeName":"topicClassification","multiple":true,"typeClass":"compound","value":[{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"C15"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}},{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"D84"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}},{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"G01"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}},{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"G15"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}},{"topicClassValue":{"typeName":"topicClassValue","multiple":false,"typeClass":"primitive","value":"G18"},"topicClassVocab":{"typeName":"topicClassVocab","multiple":false,"typeClass":"primitive","value":"JEL"}}]},{"typeName":"publication","multiple":true,"typeClass":"compound","value":[{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Markus Demary (2010). Transaction Taxes and Traders with Heterogeneous Investment Horizons in an Agent-Based Financial Market Model. Economics: The Open-Access, Open-Assessment E-Journal, Vol. 4, 2010-8. <a href=\"http://www.economics-ejournal.org/economics/journalarticles/2010-8\"> http://www.economics-ejournal.org/economics/journalarticles/2010-8</a>"}},{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Markus Demary (2010). Transaction Taxes and Traders with Heterogeneous Investment Horizons in an Agent-Based Financial Market Model. Economics: The Open-Access, Open-Assessment E-Journal, Vol. 4, 2010-8. <a href=\"http://www.economics-ejournal.org/economics/journalarticles/2010-8\"> http://www.economics-ejournal.org/economics/journalarticles/2010-8</a>"}},{"publicationCitation":{"typeName":"publicationCitation","multiple":false,"typeClass":"primitive","value":"Markus Demary (2009). Transaction Taxes and Traders with Heterogeneous Investment Horizons in an Agent-Based Financial Market Model. Economics Discussion Papers, No 2009-47. <a href=\"http://www.economics-ejournal.org/economics/discussionpapers/2009-47\">http://www.economics-ejournal.org/economics/discussionpapers/2009-47 </a>"}}]},{"typeName":"productionDate","multiple":false,"typeClass":"primitive","value":"2009"},{"typeName":"distributor","multiple":true,"typeClass":"compound","value":[{"distributorName":{"typeName":"distributorName","multiple":false,"typeClass":"primitive","value":"Economics: The Open-Access, Open-Assessment E-Journal"},"distributorURL":{"typeName":"distributorURL","multiple":false,"typeClass":"primitive","value":"http://www.economics-ejournal.org"},"distributorLogoURL":{"typeName":"distributorLogoURL","multiple":false,"typeClass":"primitive","value":"http://www.economics-ejournal.org/logo.png"}}]},{"typeName":"distributionDate","multiple":false,"typeClass":"primitive","value":"2009"},{"typeName":"dateOfDeposit","multiple":false,"typeClass":"primitive","value":"2009-11-20"}]},"socialscience":{"displayName":"Social Science and Humanities Metadata","name":"socialscience","fields":[{"typeName":"timeMethod","multiple":false,"typeClass":"primitive","value":"Time series"}]}},"files":[{"description":"Computer code that can be used to simulate the figures used in the article. 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