Market Efficiency and the Returns to Technical Analysis
Can technical analysis be used to forecast price changes in fianncial markets> Until 1992, that question was answered with a resounding "no." This paper presents additional empirical evidence that simple technical rules do possess statistically different forecast power. However, the returns do not appear large enough to outweigh the trading costs involved.
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Volume (Year): 27 (1998)
Issue (Month): 2 (Summer)
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- Gray, Philip K & Gray, Stephen F, 1997. " Testing Market Efficiency: Evidence from the NFL Sports Betting Market," Journal of Finance, American Finance Association, vol. 52(4), pages 1725-1737, September.
- Knez, Peter J & Ready, Mark J, 1996. "Estimating the Profits from Trading Strategies," Review of Financial Studies, Society for Financial Studies, vol. 9(4), pages 1121-1163.
- Chan, Louis K. C. & Lakonishok, Josef, 1993. "Institutional trades and intraday stock price behavior," Journal of Financial Economics, Elsevier, vol. 33(2), pages 173-199, April.
- Golec, Joseph & Tamarkin, Maurry, 1991. "The degree of inefficiency in the football betting market : Statistical tests," Journal of Financial Economics, Elsevier, vol. 30(2), pages 311-323, December. Full references (including those not matched with items on IDEAS)
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