Highs and lows: a behavioural and technical analysis
We find that turnover rises on n-day highs and lows and is an increasing function of n. We offer several explanations from the technical and behavioural finance literature for why traders might use these signals. Turnover is persistent following these events, and new lows provide abnormal returns for up to 6 trading days. 'Technical analysis is about as useful as going to a fortuneteller, as far as I'm concerned. There is simply no evidence that these patterns mean anything…'1 (Burton Malkiel, 2003).
Year of publication: |
2009
|
---|---|
Authors: | Mizrach, Bruce ; Weerts, Susan |
Published in: |
Applied Financial Economics. - Taylor & Francis Journals, ISSN 0960-3107. - Vol. 19.2009, 10, p. 767-777
|
Publisher: |
Taylor & Francis Journals |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
Does the stock market punish corporate malfeasance? : A case study of Citigroup
Mizrach, Bruce Marshall, (2005)
-
Experts online : an analysis of trading activity in a public Internet chat room
Mizrach, Bruce Marshall, (2009)
-
Highs and lows : a behavioral and technical analysis
Mizrach, Bruce Marshall, (2007)
- More ...