Efficient Markets, Behavioral Finance and a Statistical Evidence of the Validity of Technical Analysis
General Finance
2013-02-07 v1 Pricing of Securities
Abstract
This work tried to detect the existence of a relationship between the graphic signals - or patterns - observed day by day in the Brazilian stock market and the trends which happen after these signals, within a period of 8 years, for a number of securities. The results obtained from this study show evidence of the existence of such a relationship, suggesting the validity of the Technical Analysis as an instrument to predict the trend of security prices in the Brazilian stock market within that period.
Keywords
Cite
@article{arxiv.1302.1228,
title = {Efficient Markets, Behavioral Finance and a Statistical Evidence of the Validity of Technical Analysis},
author = {Marco Antonio Penteado},
journal= {arXiv preprint arXiv:1302.1228},
year = {2013}
}
Comments
20 pages; Keywords: Efficient Markets, Behavioral Finance, Technical Analysis