Financial and Actuarial Mathematics: Time Table (http://www.fam.tuwien.ac.at) PV Schachermayer (Tuesday 16:30-18:00, TU FH, Turm A, 6.Stock, Seminarraum 107) 04.07.2000 : Thorsten Rheinlaender Momentum Traders and Instabilities of Financial Markets There is empirical evidence that price processes of financial assets show stylized facts like volatility clusters and large price movements not accompanied by any dramatic news events. We discuss whether this observed behavior can be explained by the activity of momentum traders. These are agents which take past price movements as a signal for their investment decisions in a trend-chasing fashion. This is joint work together with Marcus Steinkamp, TU Berlin.