羞羞视频

Citation

Thesis Title
Essays on technical analysis in stock markets

Read article at Massey Research Online:

Technical analysis is one of the oldest tools that investors use to predict future returns. Although academics have long debated its efficiency, investors still widely use technical analysis in practice. Ms. Fang investigated possible explanations for such controversy from four different perspectives. Firstly, she examined whether the previous results were driven by data-snooping bias. Secondly, she examined the profitability of one of the most comprehensive ranges of technical market indicators. Thirdly, she considered whether investors'' overuse gradually arbitraged away trading opportunities of historically profitable trading strategies. Lastly, she used several factors to explain the cross-country differences in the profitability of technical analysis. Overall, despite the academic scrutiny technical analysis has received, Ms. Fang suggested technical analysis still had considerable practical value in international stock markets. Nevertheless, the danger of data-snooping and investors'' overuse should be carefully considered before interpreting the results.

Supervisors
Associate Professor Yafeng Qin
Professor Ben Jacobsen