Fundamental and technical analysis: substitutes or complements?

Bettman, Jenni L.; Sault, Stephen J.; Schultz, Emma

doi:10.1111/j.1467-629x.2008.00277.x

Cited by 56 publications

(37 citation statements)

References 38 publications

(46 reference statements)

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“…In fact, results from previous studies show that the capability of accounting variables, together with market-wide impact, such as S&P500, is limited in explaining stock price movements (cf. Chen & Zhang, 2007;Bettman et al, 2009). This, to some extent, demonstrates the existence of other factors, such as sector-wide common shocks, that influence stock price movements.…”

Section: Introductionmentioning

confidence: 79%

Capturing the Impact of Unobserved Sector‐Wide Shocks on Stock Returns with Panel Data Model

2015

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Unobserved industry-wide common shocks cause issue of cross-sectional dependence (CSD) in panel data modelling of stock returns. In this study we apply two econometric techniques: SUR approach and a Bayesian estimator for panel data model with factor structural errors, to allow for CSD within a particular industry. By applying these models to monthly stock returns of S&P100 companies from six industries over 10 years, we can capture and measure the heterogeneous impacts of not only observed individual company accounting fundamentals and market-wide common shocks, but also the unobservable industry-wide common shocks.Results from the empirical study show that the impacts from both observed factors and unobserved industry-wide common shocks vary markedly across companies. After controlling observed accounting fundamentals and market-wide common factors, considerable proportions of variations in stock returns can be attributed to unobservable industry-wide common shocks.JEL classification: C11, C13, G12

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Section: Introductionmentioning

confidence: 79%

Capturing the Impact of Unobserved Sector‐Wide Shocks on Stock Returns with Panel Data Model

2015

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“…It is a criterion of the pessimist, but pessimist is too rich considering that the most terrible outcome is to miss a prize. In our case the decision based on Savage criterion, will not allow the considerable deviations from the minimum possible sum necessary for the purchase of the given sum in the currency different from that the company has (Bettman, Salut and Schultz, 2009).…”

Section: Decision's Prerequisitesmentioning

confidence: 97%

Minimizing the Maximum Risk of Currency Conversion for a Company Buying Abroad

Maron¹,

Maron²

2019

ERSJ

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Purpose:The relevance of the study is due to the fact that the task of determining the moment of transition from one currency to another arises for each organization, which is not limited to work in the domestic market. This article is aimed at solving the problem of performing the operation of required sale (exchange) of the available currency to pay for goods to a foreign supplier. Design/Methodology/Approach: There are two days to complete the exchange, which must be completed in no more than two steps. In the literature, the leading approach to solving this problem is the prediction of the exchange rate. Findings: The solution proposed in this article is based on Savage's criteria (regret metric). We minimize the maximum risk of unprofitable exchange. This allows you to prevent large deviations from the minimum possible amount of sale of the available currency necessary to purchase a given amount in another currency. Practical Implications: The article presents the prerequisites for the emergence of the task of determining the moment of transition from one currency to another, reveals the specifics of this task in Russian companies, identifies the main tools for solving problems of this type, justifies the use of the proposed approach to solve this problem. Originality/Value: Article submissions are of practical value for managers of companies trading with constant foreign partners, especially under the condition that the operations of converting a significant sum fulfil often, but not daily.

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“…Da bi se prilikom fundamentalne analize izbegla zamka mnoštva razmatranja zbog velikog broja informacija 4 , fokusiraćemo se na glavne pokretače cena kao osnove portfolija HoV. Autori smatraju da optimalni set faktora i pokazatelja prilikom fundamentalne analize treba da se primeni po principu top to bottom.…”

Section: Tehnička Analizaunclassified

Fundamental and technical analysis as a means of efficient portfolio management of securities

Dželetović¹,

Milosevic²

2017

Posl ekonom

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SAŽETAK:Predmet istraživanja u radu je analiziranje metoda fundamentalne i tehničke analize HoV na primeru kompanija koje se kotiraju u okviru indeksa Belex 15. Cilј istraživanja jeste dolaženje do niza konkretnih informacija, u praksi testiranih, o mogućnostima unapređenja efikasnog upravljanja portfoliom sa posebnim fokusom na optimalni odabir tehnika i metoda fundamentalne i tehničke analize HoV. Fundamentalna analiza HoV bavi se u osnovi izučavanjem ekonomskih, političkih i socijalnih pokazatelja nacionalne ekonomije sa ciljem da se predvide kretanja na finansijskom tržištu u budućnosti. Za razliku od fundamentalne, tehnička analiza proučava istorijske i aktuelne podatke o cenama i obimu sa namerom da se predvide aktivnosti na tržištu u budućem periodu. Dakle, istorijski podaci o cenama su osnova i najčešće korišćeni podaci tehničke analize. Metodologija korišćena u istraživanju obuhvata metode analize, sinteze, eksplorativne i induktivno-deduktivne tehnike. Zbog velikog broja informacija koje se mogu dobiti korišćenjem svih metoda i tehnika, u radu ćemo prikazati najoptimalniju kombinaciju pokazatelja fundamentalne i tehničke analize koji će biti u funkciji efikasnog upravljanja portfoliom. Kao uzorak za 1 milenko.dzeletovic@gmail.com 2

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Fundamental and technical analysis: substitutes or complements?

Cited by 56 publications

References 38 publications

Capturing the Impact of Unobserved Sector‐Wide Shocks on Stock Returns with Panel Data Model

Capturing the Impact of Unobserved Sector‐Wide Shocks on Stock Returns with Panel Data Model

Minimizing the Maximum Risk of Currency Conversion for a Company Buying Abroad

Fundamental and technical analysis as a means of efficient portfolio management of securities

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