On Technical Analysis

被引：208

作者：

Brown, David P. ^{[1
]}

Jennings, Robert H. ^{[1
]}

机构：

[1] Indiana Univ, Bloomington, IN 47405 USA

来源：

REVIEW OF FINANCIAL STUDIES | 1989年 / 2卷 / 04期

关键词：

D O I：

10.1093/rfs/2.4.527

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Technical analysis, or the use of past prices to infer private information, has value in a model in which prices are not fully revealing and traders have rational conjectures about the relation between prices and signals. A two-period dynamic model of equilibrium is used to demonstrate that rational investors use historical prices in forming their demands and to illustrate the sensitivity of the value of technical analysis to changes in the values of the exogenous parameters.

引用

页码：527 / 551

页数：25

共 27 条

[1] A MONOPOLISTIC MARKET FOR INFORMATION [J].