סמינר במימון חשבונאות

Joined work with: Doron Avramov , Haim levy

Speaker: Guy Kaplanski

Abstract:

This paper studies the real-time value of technical and fundamental investment recommendations broadcasted simultaneously on the TV show “Talking Numbers.” Considering individual stocks, technicians outperform leading fundamental analysts in predicting upward and downward price movements over investment horizons of one to twelve months. Technicians also deliver a significant alpha with respect to the Fama–French and momentum benchmarks. Regarding market indexes, other equity indexes, Treasuries, and commodities, both technicians and fundamental analysts deliver poor forecasts. The evidence supports the notion that technicians can detect insider buying and selling of individual stocks, whereas fundamental analysis is virtually worthless.

The article is available from the finance-accounting seminar website:

https://en-recanati.tau.ac.il/Finance-Accounting-Seminars