On Technical Analysis

David P. Brown; Robert H. Jennings

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Review of Financial ...arrow_drop_down

Review of Financial Studies

Article . 1989 . Peer-reviewed

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https://dx.doi.org/10.1093/rfs...

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On Technical Analysis

descriptionPublicationkeyboard_double_arrow_right Article 01 Oct 1989 English Publisher:Oxford University Press (OUP)Journal:Review of Financial Studies, volume 2, pages 527-551 (issn: 0893-9454, eissn: 1465-7368,

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Authors: David P. Brown; Robert H. Jennings;

doi: 10.1093/rfs/2.4.527

On Technical Analysis

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Abstract

Technical analysis, or the use ofpastprices to infer private information, has value in a model in which prices are not fully revealing and traders have rational conjectures about the relation between prices and signals. A two-period dynamic model of equilibrium is used to demonstrate that rational investors use historical prices in forming their demands and to illustrate the sensitivity of the value of technical analysis to changes in the values of the exogenous parameters.

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Indiana University
United States

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