results indicate that the risk tolerance of fundamentalists and the relative funding rate of positive‐feedback traders versus … fundamentalists are key factors determining the path of price fluctuations. Fundamentalists are more able to dominate the market when …‐feedback traders face higher funding costs compared to fundamentalists. Our model suggests that fundamentalists cause heavier tails …

We model a scenario in which there are three types of investors: fundamentalists, speculators, and trend-followers and … an intermediary who cares about his reputation. Fundamentalists are rational investors with long horizons who are …