We use a comprehensive dataset from a German discount brokerage firm to investigate both the prevalence and effects of moving average trading heuristics among individual investors. We document an abnormal increase of 30% in individuals' trading volume on signal days. More than one in 10...

We investigate the trading volume effects of moving average heuristics drawn from technical analysis. Our empirical analyses demonstrate that these heuristics lead to significant abnormal trading activity. In comparison to normal levels, trading activity increases by a significant 25-55% on buy...

This paper investigates market-level and private investor trading patterns and performance around earnings announcements. We document clear evidence for abnormal trading around earnings announcements for both the entire market and households in Germany and observe that private investor...