Gencay, Ramazan; Stengos, Thanasis - In: Studies in Nonlinear Dynamics & Econometrics 2 (1997) 2, pp. 23-34
Among analysts, technical trading rules are widely used for forecasting security returns. Recent literature provides evidence that these rules may provide positive profits after accounting for transaction costs. This would be contrary to the theory of the efficient market hypothesis which states...
