Price clustering was found to be a major artifact of securities trading over many decades. In the literature several conjectures about the origin of these effects have been put forward. However, most explanations are not applicable anymore since today a great share of the trading activity is due...

Academic literature suggests that Technical Analysis (TA) plays a role in the decision making process of some investors. If TA traders act as uninformed noise traders and generate a relevant amount of trading volume, market quality could be affected. We analyze moving average (MA) trading...

Technical Analysis (TA) is a security analysis methodology based on the study of past market data. Although it has been criticized by academics and the profitability of many related strategies has been statistically rejected, TA remains highly popular among practitioners and retail investors, in...

We study the intraday pricing of exchange traded bank-issued financial products in Germany. We decompose traded prices into two parts; (1) the theoretical value; and (2) the product premium. We find, consistent with the previous literature, positive premiums that suggest issuers are earning...