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Technical Analysis Seems To Be A Valuable Investment Tool In The Athens And Frankfurt Stock Exchanges

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  • Michael Glezakos
  • Petros Mylonas

Abstract

This study investigates the forecast power of technical analysis in the equity markets by applying simple technical trading rules to the Athens General Index and DAX. The results produce evidence that technical analysis is a valuable investment tool, especially in the case of the Athens Stock Exchange. Moreover, the ability of simple moving average rules appears to be dominant in the last few years, when excess returns are earned over a naive buy-and-hold strategy even after the deduction of transaction costs.

Suggested Citation

  • Michael Glezakos & Petros Mylonas, 2003. "Technical Analysis Seems To Be A Valuable Investment Tool In The Athens And Frankfurt Stock Exchanges," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 169-192, January -.
    • Handle: RePEc:ers:journl:v:vi:y:2003:i:1-2:p:169-192
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    Citations

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    Cited by:

    1. Giuseppe Galloppo, 2009. "Dynamic Asset Allocation Using a Combined Criteria Decision System," Accounting & Taxation, The Institute for Business and Finance Research, vol. 1(1), pages 29-44.
    2. Sobolev, Daphne, 2017. "The effect of price volatility on judgmental forecasts: The correlated response model," International Journal of Forecasting, Elsevier, vol. 33(3), pages 605-617.

    More about this item

    Keywords

    Technical analysis; stock exchange; effective investment;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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