IDEAS home Printed from https://ideas.repec.org/a/gam/jrisks/v11y2023i8p142-d1210437.html
   My bibliography  Save this article

Technical Analysis, Fundamental Analysis, and Ichimoku Dynamics: A Bibliometric Analysis

Author

Listed:
  • Luís Almeida

    (GOVCOPP Unit Research, ISCA—Aveiro University, 3810-193 Aveiro, Portugal)

  • Elisabete Vieira

    (GOVCOPP Unit Research, ISCA—Aveiro University, 3810-193 Aveiro, Portugal)

Abstract

This article aims to contribute to the academic knowledge in the field of scientific production regarding decision support tools for investments in the capital market, specifically focusing on fundamental analysis, technical analysis, and Ichimoku dynamics. Bibliometric analysis, following the three main laws (Bradford’s Law, Lotka’s Law, and Zipf’s Law), was employed to evaluate scientific production, identify publication patterns, and uncover gaps and collaboration networks over the last thirty years. To achieve these objectives, 1710 relevant academic publications on the topic were analyzed and retrieved from the Web of Science (WOS) database, pertaining to the last 30 years, between 1990 and 22 May 2023. The significance of this article lies in the contributions of the findings, which advance scientific knowledge by identifying gaps in the knowledge and research, particularly in the limited literature on Ichimoku; our review reveals a growing trend of research in this area. Another notable conclusion is the emergence of new research topics and areas of interest, as well as the identification of collaboration networks among authors, institutions, and countries. Moreover, the article provides valuable insights for financial professionals and investors who are interested in applying these methodologies as methods for price forecasting. The highlighted results support investment decision making, trading strategies, and portfolio management.

Suggested Citation

  • Luís Almeida & Elisabete Vieira, 2023. "Technical Analysis, Fundamental Analysis, and Ichimoku Dynamics: A Bibliometric Analysis," Risks, MDPI, vol. 11(8), pages 1-24, August.
    • Handle: RePEc:gam:jrisks:v:11:y:2023:i:8:p:142-:d:1210437
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-9091/11/8/142/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-9091/11/8/142/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ryan Sullivan & Allan Timmermann & Halbert White, 1999. "Data‐Snooping, Technical Trading Rule Performance, and the Bootstrap," Journal of Finance, American Finance Association, vol. 54(5), pages 1647-1691, October.
    2. Gerritsen, Dirk F. & Bouri, Elie & Ramezanifar, Ehsan & Roubaud, David, 2020. "The profitability of technical trading rules in the Bitcoin market," Finance Research Letters, Elsevier, vol. 34(C).
    3. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    4. Taylor, Mark P. & Allen, Helen, 1992. "The use of technical analysis in the foreign exchange market," Journal of International Money and Finance, Elsevier, vol. 11(3), pages 304-314, June.
    5. Junwen Zhu & Weishu Liu, 2020. "A tale of two databases: the use of Web of Science and Scopus in academic papers," Scientometrics, Springer;Akadémiai Kiadó, vol. 123(1), pages 321-335, April.
    6. Jegadeesh, Narasimhan & Titman, Sheridan, 1993. "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency," Journal of Finance, American Finance Association, vol. 48(1), pages 65-91, March.
    7. Stephen Brown & William Goetzmann & Alok Kumar, 1998. "The Dow Theory: William Peter Hamilton's Track Record Re-Considered," Yale School of Management Working Papers ysm85, Yale School of Management, revised 01 Apr 2008.
    8. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Riaz Ud Din & Salman Ahmed & Saddam Hussain Khan, 2024. "A Novel Decision Ensemble Framework: Customized Attention-BiLSTM and XGBoost for Speculative Stock Price Forecasting," Papers 2401.11621, arXiv.org.
    2. Olcay Ozupek & Reyat Yilmaz & Bita Ghasemkhani & Derya Birant & Recep Alp Kut, 2024. "A Novel Hybrid Model (EMD-TI-LSTM) for Enhanced Financial Forecasting with Machine Learning," Mathematics, MDPI, vol. 12(17), pages 1-36, September.
    3. Yensen Ni, 2024. "Navigating Energy and Financial Markets: A Review of Technical Analysis Used and Further Investigation from Various Perspectives," Energies, MDPI, vol. 17(12), pages 1-22, June.
    4. Purity Maina & Balázs Gyenge & Mária Fekete-Farkas & Anett Parádi-Dolgos, 2024. "Analyzing Trends in Green Financial Instrument Issuance for Climate Finance in Capital Markets," JRFM, MDPI, vol. 17(4), pages 1-25, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gerritsen, Dirk F., 2016. "Are chartists artists? The determinants and profitability of recommendations based on technical analysis," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 179-196.
    2. Ivanova, Yuliya & Neely, Christopher J. & Weller, Paul & Famiglietti, Matthew T., 2021. "Can risk explain the profitability of technical trading in currency markets?," Journal of International Money and Finance, Elsevier, vol. 110(C).
    3. Chen, Cheng-Wei & Huang, Chin-Sheng & Lai, Hung-Wei, 2009. "The impact of data snooping on the testing of technical analysis: An empirical study of Asian stock markets," Journal of Asian Economics, Elsevier, vol. 20(5), pages 580-591, September.
    4. Fernando Rubio, 2005. "Eficiencia De Mercado, Administracion De Carteras De Fondos Y Behavioural Finance," Finance 0503028, University Library of Munich, Germany, revised 23 Jul 2005.
    5. Detlef Seese & Christof Weinhardt & Frank Schlottmann (ed.), 2008. "Handbook on Information Technology in Finance," International Handbooks on Information Systems, Springer, number 978-3-540-49487-4, November.
    6. Shi, Huai-Long & Zhou, Wei-Xing, 2022. "Factor volatility spillover and its implications on factor premia," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    7. Eero Pätäri & Timo Leivo, 2017. "A Closer Look At Value Premium: Literature Review And Synthesis," Journal of Economic Surveys, Wiley Blackwell, vol. 31(1), pages 79-168, February.
    8. John H. Cochrane, 1999. "New facts in finance," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 23(Q III), pages 36-58.
    9. Park, Cheol-Ho & Irwin, Scott H., 2004. "The Profitability Of Technical Trading Rules In Us Futures Markets: A Data Snooping Free Test," 2004 Conference, April 19-20, 2004, St. Louis, Missouri 19011, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    10. Taufiq Choudhry & Ranadeva Jayasekera, 2015. "Level of efficiency in the UK equity market: empirical study of the effects of the global financial crisis," Review of Quantitative Finance and Accounting, Springer, vol. 44(2), pages 213-242, February.
    11. Stephan Schulmeister, 2000. "Technical Analysis and Exchange Rate Dynamics," WIFO Studies, WIFO, number 25857, April.
    12. Linnenluecke, Martina K. & Chen, Xiaoyan & Ling, Xin & Smith, Tom & Zhu, Yushu, 2017. "Research in finance: A review of influential publications and a research agenda," Pacific-Basin Finance Journal, Elsevier, vol. 43(C), pages 188-199.
    13. Gikas Hardouvelis & George Papanastasopoulos & Dimitrios D. Thomakos & Tao Wang, 2007. "Accruals, Net Stock Issues and Value-Glamour Anomalies: New Evidence on their Relation," Working Paper series 47_07, Rimini Centre for Economic Analysis.
    14. Adam Zaremba & Jacob Koby Shemer, 2018. "Price-Based Investment Strategies," Springer Books, Springer, number 978-3-319-91530-2, February.
    15. Kentaro Imajo & Kentaro Minami & Katsuya Ito & Kei Nakagawa, 2020. "Deep Portfolio Optimization via Distributional Prediction of Residual Factors," Papers 2012.07245, arXiv.org.
    16. Tobias Wiest, 2023. "Momentum: what do we know 30 years after Jegadeesh and Titman’s seminal paper?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 37(1), pages 95-114, March.
    17. David G. McMillan, 2003. "Non‐linear Predictability of UK Stock Market Returns," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(5), pages 557-573, December.
    18. Stefan Nagel, 2013. "Empirical Cross-Sectional Asset Pricing," Annual Review of Financial Economics, Annual Reviews, vol. 5(1), pages 167-199, November.
    19. Ryan Bartens & Shakill Hassan, 2010. "Value, size and momentum portfolios in real time: the cross section of South African stocks," Australian Journal of Management, Australian School of Business, vol. 35(2), pages 181-202, August.
    20. Bartram, Söhnke M. & Grinblatt, Mark, 2018. "Agnostic fundamental analysis works," Journal of Financial Economics, Elsevier, vol. 128(1), pages 125-147.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jrisks:v:11:y:2023:i:8:p:142-:d:1210437. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.