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Evaluated on a set of large capitalisation stocks on the Australian market, specifically the components of the ASX20, ELM-trained SFNNs showed superior performance over RNNs for individual stock price prediction. While this conclusion of efficacy holds generally, long short-term memory (LSTM) RNNs were found to outperform for a small subset of stocks. Subsequent analysis identified several areas of performance deviations which we highlight as potentially fruitful areas for further research and performance improvement.\n<\/jats:p>","DOI":"10.1007\/s00521-022-07792-3","type":"journal-article","created":{"date-parts":[[2022,10,1]],"date-time":"2022-10-01T07:11:37Z","timestamp":1664608297000},"page":"1581-1605","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":12,"title":["Empirical validation of ELM trained neural networks for financial modelling"],"prefix":"10.1007","volume":"35","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-1418-4686","authenticated-orcid":false,"given":"Volodymyr","family":"Novykov","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Christopher","family":"Bilson","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Adrian","family":"Gepp","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Geoff","family":"Harris","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Bruce James","family":"Vanstone","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2022,10,1]]},"reference":[{"issue":"2","key":"7792_CR1","doi-asserted-by":"publisher","first-page":"157","DOI":"10.1109\/72.279181","volume":"5","author":"Y Bengio","year":"1994","unstructured":"Bengio Y, Simard P, Frasconi P (1994) Learning long-term dependencies with gradient descent is difficult. 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