Market Efficiency and the Returns to Technical Analysis

Hendrik Bessembinder and Kalok Chan

Financial Management, 1998, vol. 27, issue 2

Abstract: Can technical analysis be used to forecast price changes in fianncial markets> Until 1992, that question was answered with a resounding "no." This paper presents additional empirical evidence that simple technical rules do possess statistically different forecast power. However, the returns do not appear large enough to outweigh the trading costs involved.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:fma:fmanag:bessembinder98

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