Identification through technical analysis : a study of the charting behaviour of UK non-professional investors.

Roscoe, P and Howorth, C A (2009) Identification through technical analysis : a study of the charting behaviour of UK non-professional investors. Accounting, Organizations and Society, 34 (2). pp. 206-221. ISSN 0361-3682

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Abstract

The usefulness of technical analysis, or charting, has been questioned because it flies in the face of the ‘random walk’ and tests present conflicting results. We examine chartists’ decision-making techniques and derive a taxonomy of charting strategies based on investors’ market ontologies and calculative strategies. This distinguishes between trend-seekers and pattern-seekers, and trading as a system or an art. We argue that interpretative activity plays a more important role than previously thought and suggest that charting’s main appeal for users lies in its power as a heuristic device regardless of its effectiveness at generating returns.

Item Type:
Journal Article
Journal or Publication Title:
Accounting, Organizations and Society
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/1400/1407
Subjects:
?? organizational behavior and human resource managementaccountingapplied psychologysociology and political scienceinformation systems and managementhb economic theorydiscipline-based research ??
ID Code:
26132
Deposited By:
Deposited On:
24 Mar 2009 09:20
Refereed?:
Yes
Published?:
Published
Last Modified:
15 Jul 2024 10:26