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A Comparison of Relative Predictive Power for Financial Models of Rates of Return

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  • Udinsky, Jerald H.
  • Kirshner, Daniel

Abstract

The need for an empirical measure of the relative value of financial theories becomes more important as we increase their number and sophistication. Although there are several methods of determining value, here we emphasize relative predictive power. According to this single criterion, a theory is insignificant if it fails to increase our present ability to predict future events. We recognize, however, that a theory can be useful if it merely increases our understanding of real events, or if it is based upon realistic assumptions.

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  • Udinsky, Jerald H. & Kirshner, Daniel, 1979. "A Comparison of Relative Predictive Power for Financial Models of Rates of Return," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 14(2), pages 293-315, June.
    • Handle: RePEc:cup:jfinqa:v:14:y:1979:i:02:p:293-315_00
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    Cited by:

    1. Robert T. Daigler & Bruce D. Fielitz, 1981. "A Multiple Discriminant Analysis Of Technical Indicators On The New York Stock Exchange," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 4(3), pages 169-182, September.

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