In defense of technical analysis

Article Abstract:

Stock prices are frequently affected by events, and foreknowledge of these events can allow traders to realize large profits on their stock trades. For advance knowledge to be economically useful in this way, it must be accurate and it must not be generally known by other market participants. A model is developed that allows investors to estimate the likelihood of the market's learning of stock-price affecting events. The model indicates that although analysis of past stock prices can allow profitable portfolio management, the non-price events affecting stock prices actually provide the greatest opportunity for profit. The effects of past stock prices and company-specific knowledge on stock trading prices are further discussed following the presentation of the research.

Stock transfer

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Do demand curves for stocks slope down?

Article Abstract:

As stocks earn the distinction of being included in Standard & Poor's 500, their return rates have been affected positively. This phenomenon of abnormal return due to inclusion in the S & P 500 has been observed since September 1976. To assess the validity of stock demand curves being projected downward, the phenomenon mentioned was analyzed, with the following results indicated: the abnormal return generally lasts for ten days once the stock is on the S & P 500, the abnormal returns encourage buying of indexed funds, and the abnormal returns are unrelated to S & P bond ratings. This analysis, especially the point related to the purchase of indexed funds, supports the theory that stock demand curves indeed slope down.

Conferences, meetings and seminars, Reports, Marketing, Securities, Standard & Poor's Corp., American Finance Association

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A survey of corporate governance

Article Abstract:

This article surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world. (Reprinted by permission of the publisher.)

Corporate governance

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