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Talking Numbers: Technical versus fundamental investment recommendations


  • Avramov, Doron
  • Kaplanski, Guy
  • Levy, Haim


Market efficiency is often evaluated through the ability of fundamental analysis or technical trading rules to exploit predictable patterns in asset prices. The evidence following decades of empirical research is mixed. This paper reexamines the evidence using a novel database from the TV show “Talking Numbers.” We assess the performance of 1,599 investment recommendations, where each recommendation features a fundamental and a technical forecast. We show that technicians are able to predict individual stock returns to economically significant degrees up to a one-year horizon. Beyond that, the null hypothesis of market efficiency is not rejected for market-wide indices, equity sectors, bonds, or commodities.

Suggested Citation

  • Avramov, Doron & Kaplanski, Guy & Levy, Haim, 2018. "Talking Numbers: Technical versus fundamental investment recommendations," Journal of Banking & Finance, Elsevier, vol. 92(C), pages 100-114.
  • Handle: RePEc:eee:jbfina:v:92:y:2018:i:c:p:100-114
    DOI: 10.1016/j.jbankfin.2018.05.005

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    More about this item


    Fundamental analysis; Technical rules; Market efficiency; Market anomalies;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage


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