Steven Gold Headshot

Steven Gold

Interim Department Chair

Department of Finance and Accounting
Saunders College of Business

585-475-2318
Office Location

Steven Gold

Interim Department Chair

Department of Finance and Accounting
Saunders College of Business

Education

BA, BS, Rutgers University; MA, Ph.D., State University of New York at Binghamton

Bio

Steven Gold is a professor of economics in the Saunders College of Business at the Rochester Institute of Technology. His administrative experience includes serving as the current team leader in the finance and quantitative analysis area; and previously as the department chair of finance, accounting and MIS, faculty director of the college's management development program, and vice-president of the faculty senate at RIT. The focus of his research has been in the field of business simulations and gaming. He has published over 30 referred journal articles and proceedings on the topics of simulation and gaming, and the modeling of demand, production and finance algorithms. He is the author of 4 computerized business and economic simulation games with publishers including MacMillan, Random House, and McGraw-Hill. His most recent simulation game is called Beat the Market which is an interactive game used for teaching and learning economics (www.goldsimulatons.com). , , He is a fellow and past-president of the national Association of Business Simulations and Experiential Learning (ABSEL). A bibliometric co-citation study cited Steven Gold as one of the most 'influential' authors in simulation research with this association. He has received three best research paper awards, and in 2008 was recognized as one of the outstanding reviewers in the simulation research track. Steven Gold has presented his research abroad at the International Simulation and Gaming Association in Weimar, Germany; as a lecturer at Scheffield Polytechnic Institute in England; and in Prague, Czech Republic. For many years, he was an associate editor of Simulation & Gaming: An International Journal of Theory, Design, and Research; and is currently one of the reviewers. He received his B.A. in economics and B.S. in industrial engineering at Rutgers University in New Brunswick; and his M.A. and Ph.D. degrees in economics from the State University of New York in Binghamton.

585-475-2318

Areas of Expertise

Select Scholarship

Articles
Gold, S., (2019). Integrating Volatility and Trend Conditions in the Design of an Effective Stock Market Algorithmic Trading System. Journal of Applied Financial Research. 1. 17-33.
Gold, S., (2018). Stock Market Algorithmic Trading: A Test of Bollinger Bands incorporating the Squeeze Effect and MACD Conditions. Journal of Applied Financial Research. 1. 13-28.
Gold, S., & Wolfe, J. (2017). Predicting Business College Retention and Persistence: Game-Based Behavioral indicators. Academy of Business Journal. 7-24.
Gold, S., (2015). The Viability of Six Popular Technical Analysis Trading Rules in Determining Effective Buy and Sell Signals: MACD, AROON, RSI, SO, OBV, AND ADL. Journal of Applied Financial Research. 8-29.
Boehner, R., & Gold, S. (2014). An Evaluation of the Causes, Extent, and Initiators of Herding Behavior. Journal of Applied Financial Research.
Wolfe, J., Biggs, W., & Gold, S. (2013). A replication and expansion of Teach and Patel's discovery of early-determined endgame finishes. Simulation & Gaming. 44. 493-513.
Boehner, R., & Gold, S. (2013). Herding Behavior in the DJIA 2005-2009: An Application of the Bass Model. Journal of Applied Financial Research. 2. 51-67.
Gold, S., (2013). Economics Online Simulation Game: Beat The Market for Perfect Competition, Monopoly, Monopolisitc Competition &amp&#x3b; Oligopoly. Multimedia Educational Resources for Learning and Online Teaching.
Gold, S., (2012). The Impact of Trading Volume on Next Day Stock Returns in the DJIA 2007-2009. Journal of Applied Financial Research. 1. 28-36.
Gold, S., & Wolfe, J. (2012). The Validity and Effectivness of a Business Game Beta Test. Simulation & Gaming. 43. 481-505.
Boehner, R., & Gold, S. (2012). The Influence of the Marketing Mix on the Diffusion of Innovation: Bass Model Redux. Academy of Business Journal. 42-68.
Gold, S., & Gold, H. (2010). Beat the Market: An Interactive Microeconomics Simulation. Journal of Economics Education. 41.
Gold, S., Faria, A., Hutchinson, D., & Wellington, W. (2009). Developments in Business: A Review of the Past 40 Years. Simulation & Gaming. 40. 464-487.
Gold, S., & Wolfe, J. (2007). A Study of Business Game Stock Price Algorithms. Simulation & Gaming. 38. 153-167.
Gold, S., (2005). System-Dynamics-Based Modeling of Business Simulation Algorithms. International Journal of Simulation and Gaming. 36. 203-218.
Gold, S., (2004). Price-Volume Relationships and Stock Returns. Journal of Accounting and Finance Research. 12. 85-94.
Gold, S., & Pray, T. (2001). Historical Review of Algorithm Development For Computerized Business Simulations. Simulation & Gaming. 30. 264-282..
Gold, S., & Lebowitz, P. (1999). Computerized Stock Screening Rules for Portfolio Selection. Financial Services Review. 8. 61-70.
Gold, S., & Pray, T. (1999). Changing Customer Preferences and Product Characteristics in the Design of Demand Functions. Simulation & Gaming.
Books
(2007). Beat the Market Online: An Interactive Microeconomics Game. Gold Simulations LLC. Gold, S.,
(2004). Beat The Market: An Interactive Microeconomic Game. Gold Simulations LLC. Gold, S.,
Chapters
(2007). Beat the Market Online: An Interactive Microeconomics Game. Gold, S.,
(2004). Beat The Market: An Interactive Microeconomic Game. Gold, S.,
Journals
Gold, S., (2019). Integrating Volatility and Trend Conditions in the Design of an Effective Stock Market Algorithmic Trading System. Journal of Applied Financial Research. 1. 17-33.
Gold, S., (2018). Stock Market Algorithmic Trading: A Test of Bollinger Bands incorporating the Squeeze Effect and MACD Conditions. Journal of Applied Financial Research. 1. 13-28.
Gold, S., & Wolfe, J. (2017). Predicting Business College Retention and Persistence: Game-Based Behavioral indicators. Academy of Business Journal. 7-24.
Gold, S., (2015). The Viability of Six Popular Technical Analysis Trading Rules in Determining Effective Buy and Sell Signals: MACD, AROON, RSI, SO, OBV, AND ADL. Journal of Applied Financial Research. 8-29.
Boehner, R., & Gold, S. (2014). An Evaluation of the Causes, Extent, and Initiators of Herding Behavior. Journal of Applied Financial Research.
Wolfe, J., Biggs, W., & Gold, S. (2013). A replication and expansion of Teach and Patel's discovery of early-determined endgame finishes. Simulation & Gaming. 44. 493-513.
Boehner, R., & Gold, S. (2013). Herding Behavior in the DJIA 2005-2009: An Application of the Bass Model. Journal of Applied Financial Research. 2. 51-67.
Gold, S., (2013). Economics Online Simulation Game: Beat The Market for Perfect Competition, Monopoly, Monopolisitc Competition &amp&#x3b; Oligopoly. Multimedia Educational Resources for Learning and Online Teaching.
Gold, S., (2012). The Impact of Trading Volume on Next Day Stock Returns in the DJIA 2007-2009. Journal of Applied Financial Research. 1. 28-36.
Gold, S., & Wolfe, J. (2012). The Validity and Effectivness of a Business Game Beta Test. Simulation & Gaming. 43. 481-505.
Boehner, R., & Gold, S. (2012). The Influence of the Marketing Mix on the Diffusion of Innovation: Bass Model Redux. Academy of Business Journal. 42-68.
Gold, S., & Gold, H. (2010). Beat the Market: An Interactive Microeconomics Simulation. Journal of Economics Education. 41.
Gold, S., Faria, A., Hutchinson, D., & Wellington, W. (2009). Developments in Business: A Review of the Past 40 Years. Simulation & Gaming. 40. 464-487.
Gold, S., & Wolfe, J. (2007). A Study of Business Game Stock Price Algorithms. Simulation & Gaming. 38. 153-167.
Gold, S., (2005). System-Dynamics-Based Modeling of Business Simulation Algorithms. International Journal of Simulation and Gaming. 36. 203-218.
Gold, S., (2004). Price-Volume Relationships and Stock Returns. Journal of Accounting and Finance Research. 12. 85-94.
Gold, S., & Pray, T. (2001). Historical Review of Algorithm Development For Computerized Business Simulations. Simulation & Gaming. 30. 264-282..
Gold, S., & Lebowitz, P. (1999). Computerized Stock Screening Rules for Portfolio Selection. Financial Services Review. 8. 61-70.
Gold, S., & Pray, T. (1999). Changing Customer Preferences and Product Characteristics in the Design of Demand Functions. Simulation & Gaming.
Presentations
Gold, S., (2019). The importance of integrating advanced order placements in the design of an algorithmic trading system: A pilot study testing automated stop-limit orders and volume slicing. Academy of Business Research.
Gold, S., (2018). Importance of Incorporating Volatility and Trend Conditions in the Design of an Effective Stock Market Trading System. Academy of Business Research.
Gold, S., (2017). A Walk-ForwardTest of Bollinger Bands incorporating the Squeeze Effect and MACD. Academy of Business Research.
Gold, S., (2015). The Viability of Six Highly Popular Elemental Technical Trading Rules in Determining Effective Buy and Sell Signals. Academy of Business Research.
Gold, S., (2015). A Pilot Study Enhancing and Assessing Topic-Specific Student Learning Using an Economic Simulations. ABSEL, Association of Business Simlations and Experiential Learning.
Gold, S., (2014). Growth and Impact of Algorithmic Trading. Academy of Business Research.
Gold, S., Markulis, P., & Strang, D. (2014). ABSEL Research - A Perspective on the Quality of the Research Presented in the Proceedings. ABSEL, Association of Business Simlations and Experiential Learning.
Strang, D., Markulis, P., & Gold, S. (2013). Follow the Leader II. ABSEL, Association of Business Simlations and Experiential Learning.
Gold, S., & Boehner, R. (2013). Key Market Financials of the DOW Companies Ranked by Herding Effect for the Years 2007 to 2011. Academy of Business Research.
Gold, S., & Boehner, R. (2012). Herding Behavior in the DJIA 2005-2009: An Application of the Bass Model. Academy of Business Research.
Critelli, M., Schwartz, D., & Gold, S. (2012). Serious Social Games: Designing a Business Simulation Game. IEEE International Games Innovation Conference.
Gold, S., & Boehner, R. (2012). Modeling the Impact of the Marketing Mix on the Diffusion of Innovation in the Generalized Bass Model of Firm Demand. ABSEL, Association of Business Simlations and Experiential Learning.
Gold, S., (2011). The Impact of Trading Volume on Next Day Stock Returns in the DJIA. Academy of Business Research.
Gold, S., & Strang, D. (2011). Demand Equation Redux: The Design and Functionality of the Gold-Pray Model in Computerized Business Simulations. ABSEL, Association of Business Simlations and Experiential Learning.
Gold, S., (2009). Beat the Market. Association of Business Simulations and Experiential Learning.
Gold, S., (2008). Design of an Online Managerial Economics Game. Association of Business Simulations and Experiential Learning.
Gold, S., Goosen, K., & Wolfe, J. (2007). Alternative Ways of Using the Internet for Business Simulations to Input Decisions, Process and Present Financial and Economic Data. Association of Business Simulatons and Experiential Learning.
Gold, S., (2006). The Use of an Interactive Simulation Game to Teach Microeconomics. American Economics Association.
Gold, S., (2005). The Design and Use of a Microeconomics Simulation: A Pilot Study. Southern Economics Association.
Gold, S., (2005). Simulating the Four Market Structures: Perfect Competition, Monopoly, Oligopoly, and Monopolistic Competition. Association of Business Simulations and Experiential Learning.
Gold, S., (2005). Demonstration of a Microeconomics Games as a Learning and Assessment Tool. Western Economics Association.
Gold, S., & Wolfe, J. (2004). A Study of Business Game Price Algorithms. Association of Business Simulations and Experiential Learning.
Gold, S., (2004). Beat-the-Market: An Interactive Microeconomics Game. Teaching Economics Conference, California State University and McGraw-Hill.
Gold, S., (2003). Price-Volume Relationships and Stock Returns. American Academy of Accounting and Finance.
Gold, S., (2003). The Design of Business Simulations Using a Systems Dynamic Based Approach. Association of Business Simulations and Experiential Learning.
Gold, S., (2001). E-Learning: The Next Wave of Experiential Learning. ABSEL, Association of Business Simlations and Experiential Learning.
Proceedings
Gold, S., (2019). The importance of integrating advanced order placements in the design of an algorithmic trading system: A pilot study testing automated stop-limit orders and volume slicing. Academy of Business Research.
Gold, S., (2015). Design and Effectiveness of a Self-Study Pedagogical Approach to using a Simulation in the Classroom. ABSEL, Association of Business Simlations and Experiential Learning. 43.
Gold, S., (2015). A Pilot Study Enhancing and Assessing Topic-Specific Student Learning Using an Economic Simulations. ABSEL, Association of Business Simlations and Experiential Learning.
Gold, S., (2015). WITH SIMULATIONS, IT IS NOT THE WAND BUT THE MAGIC IN THE MAGICIAN: A PILOT STUDY ENHANCING AND ASSESSING TOPIC-SPECIFIC STUDENT LEARNING USING AN ECONOMIC SIMULATION. ABSEL, Association of Business Simlations and Experiential Learning. 42. 69-75.
Gold, S., Markulis, P., & Strang, D. (2014). ABSEL Research -- A Perspective on the Quality of the Research Presented in the Proceedings. ABSEL, Association of Business Simlations and Experiential Learning. 41. 15-29.
Gold, S., (2013). Follow the Leader II. ABSEL, Association of Business Simlations and Experiential Learning.
Critelli, M., Schwartz, D., & Gold, S. (2012). Serious Social Games: Designing a Business Simulation Game. IEEE International Games Innovation Conference.
Gold, S., & Boehner, R. (2012). Modeling the Impact of the Marketing Mix on the Diffusion of Innovation in the Generalized Bass Model of Firm Demand. ABSEL, Association of Business Simlations and Experiential Learning. 39. 75-91.
Gold, S., Strang, D., & Markulis, P. (2011). Demand Equation Redux: The Design and Functionality of the Gold-Pray Model in Computerized Business Simulations. ABSEL, Association of Business Simlations and Experiential Learning. 38. 28-35.
Wolfe, J., & Gold, S. (2010). Examining a Beta Test. ABSEL, Association of Business Simlations and Experiential Learning. 37. 129-140.
Gold, S., (2008). Design and Demonstration of an Online Managerial Economics Game with automated Coaching for Learning and Graded Exercises for Assessment. Developments in Business Simulations and Experiential Learning. 35. 336-339.
Gold, S., & Snarr, H. (2006). The Design and Use of a Macroeconomics Simulation Using Maple Software: A Pilot Study. Developments in Business Simulation and Experiential Learning , Vol. 33, (2006): pp. 253-262.. 33.
Gold, S., & Wolfe, J. (2004). A Study of Business Game Stock Price Algorithms. Developments in Business Simulations and Experiential Learning. 31. 190-196.
Gold, S., (2003). The Design of Business Simulations Using A System-Dynamics Based Approach. Developments in Business Simulations & Experiential Exercises. 30.
Software
2012: StoreWorld.

Currently Teaching

FINC-425
3 Credits
The course is a “hands-on” lab-based class designed to help students develop algorithmic trading strategies to invest in the stock market that can be implemented by retail and professional traders.The course has a strong emphasis on practical application with the purpose of building marketable skills for careers in finance. Students learn how to design algorithmic trading models through the use of a computerized trading platform that allows back-testing of data on thousands of different stocks. The software platform includes an automated wizard for building advanced technical trading models without programming knowledge; but also has an embedded programming language, similar to C-sharp, for those students that have those skills and elect to use them. (Knowledge of programming is not required; and there are no pre or co-requisites; but a laptop is strongly recommended.).

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