An statistical evaluation of the technical analysis in the Brazilian stock market in the light of the efficient market hypothesis and the behavioral finance / Uma avaliação estatística da análise gráfica no mercado de ações brasileiro à luz da teoria dos mercados eficientes e das finanças comportamentais

AUTOR(ES)
DATA DE PUBLICAÇÃO

2003

RESUMO

Based on the principles established by the Efficient Market Hypothesis (EMH), which argues that the Technical Analysis is of no value in order to predict future prices of securities, and considering the criticism to the EMH by the advocates of the so called Behavioral Finance, and others, this work tried to detect the existence of a relationship between the graphic signals observed day by day in the Brazilian stock market and the trends which happen after these signals, within a period of 8 years, for a number of securities. The results obtained from this study offer evidence of the existence of such relationship, suggesting the validity of the Technical Analysis as an instrument to predict security prices in the Brazilian stock market within that period.

ASSUNTO(S)

efficient market hypothesis hipótese dos mercados eficientes technical analysis análise fundamentalista finance finanças comportamentais análise gráfica behavioral finance investment analysis análise de invesimentos finanças análise técnica security analysis

ACESSO AO ARTIGO

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