Estimating the portion of technical analysts in a market

Jonathan Cook

Applied Economics, 2017, vol. 49, issue 41, 4127-4137

Abstract: This article presents structural estimates of the portion of technical analysts in six markets. I find that the portion of technical analysts in the U.S. equity market has been decreasing since the 1970s. A simple asset pricing model predicts that both risk and return are increasing in the portion of technical analysts. This prediction is confirmed across stock market indexes for six countries.

Date: 2017
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DOI: 10.1080/00036846.2016.1276274

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