{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,10]],"date-time":"2026-01-10T08:01:33Z","timestamp":1768032093477,"version":"3.49.0"},"reference-count":60,"publisher":"Wiley","issue":"1","license":[{"start":{"date-parts":[[2019,7,3]],"date-time":"2019-07-03T00:00:00Z","timestamp":1562112000000},"content-version":"vor","delay-in-days":183,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/100006369","name":"George Mason University","doi-asserted-by":"publisher","id":[{"id":"10.13039\/100006369","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["Complexity"],"published-print":{"date-parts":[[2019,1]]},"abstract":"<jats:p>The unexplained and inconsistent behavior of financial markets provides the motivation to engage interdisciplinary approaches to understand its intricacies better. A proven approach is to consider investors as heterogeneous interacting agents who form information networks to inform their investment decisions. The rationale is that the topology of these networks has contributed to a better understanding of the erratic behavior of financial markets. Introducing investor heterogeneity also allows researchers to identify the characteristics of higher performing investors and the implications of investors exhibiting short\u2010termism, a feature recognized by some as detrimental to the performance of the economy. To address these topics, an agent\u2010based artificial stock market is implemented, where investors utilize various information sources, including advice from investors in their network, to inform their investment decisions. Over time investors update their trust in their information sources and evolve their network by connecting to outperforming investors\u2014Oracles\u2014and discarding poor advisers, thereby simulating the evolution of an investor network. The model\u2019s most significant finding is uncovering how the market\u2019s behavior is materially affected by the time\u2010horizon of investors, with short\u2010term behavior resulting in greater volatility in the market. Another finding is the reason why short\u2010term investors generally outperform their long\u2010term counterparts, particularly in more volatile environments. By providing significant insights into the formation of an investor network and its ramifications for market volatility and wealth creation (destruction), this paper provides crucial clues regarding the empirical data that needs to be collected, assessed, and tracked to ensure policymakers and investors better understand the dynamics of financial markets.<\/jats:p>","DOI":"10.1155\/2019\/1715624","type":"journal-article","created":{"date-parts":[[2019,7,3]],"date-time":"2019-07-03T23:30:39Z","timestamp":1562196639000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Understanding How Short\u2010Termism and a Dynamic Investor Network Affects Investor Returns: An Agent\u2010Based Perspective"],"prefix":"10.1155","volume":"2019","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-2440-8444","authenticated-orcid":false,"given":"Matthew","family":"Oldham","sequence":"first","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2019,7,3]]},"reference":[{"key":"e_1_2_11_1_2","first-page":"25","article-title":"Proof that properly anticipated prices fluctuate randomly","volume":"6","author":"Samuelson P. 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