Highs and lows: a behavioural and technical analysis

Bruce Mizrach and Susan Weerts

Applied Financial Economics, 2009, vol. 19, issue 10, 767-777

Abstract: We find that turnover rises on n-day highs and lows and is an increasing function of n. We offer several explanations from the technical and behavioural finance literature for why traders might use these signals. Turnover is persistent following these events, and new lows provide abnormal returns for up to 6 trading days. 'Technical analysis is about as useful as going to a fortuneteller, as far as I'm concerned. There is simply no evidence that these patterns mean anything…'1 (Burton Malkiel, 2003).

Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/09603100802199679 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Highs and Lows: A Behavioral and Technical Analysis (2006)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:apfiec:v:19:y:2009:i:10:p:767-777

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAFE20

DOI: 10.1080/09603100802199679

Access Statistics for this article

Applied Financial Economics is currently edited by Anita Phillips

More articles in Applied Financial Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().