Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market
This paper provides empirical evidence on the role of fundamentalists and technicians in the Chinese stock market. Three econometric models are used to differentiate the stock price effect between the actions of traders who act on the basis of fundamental analysis and those acting on the basis of te...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Universiti Utara Malaysia
2009
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| Online Access: | https://repo.uum.edu.my/id/eprint/25067/1/IJBF%206%202%202009%201%2036.pdf |
| _version_ | 1825805216372490240 |
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| author | Moosa, Imad Li, Larry |
| author_facet | Moosa, Imad Li, Larry |
| author_sort | Moosa, Imad |
| collection | UUM |
| description | This paper provides empirical evidence on the role of fundamentalists and technicians in the Chinese stock market. Three econometric models are used to differentiate the stock price effect between the actions of traders who act on the basis of fundamental analysis and those acting on the basis of technical analysis. The models are estimated using randomly selected monthly and daily data on the stock prices of one hundred companies listed on the Shanghai Stock Exchange. The results reveal that both fundamentalists and technicians have roles to play in stock price formation, although technicians appear to play a more important role. This result holds even if the government intervention is allowed for. Some explanations are presented for the dominance of technicians. |
| first_indexed | 2024-07-04T06:28:40Z |
| format | Article |
| id | uum-25067 |
| institution | Universiti Utara Malaysia |
| language | English |
| last_indexed | 2024-07-04T06:28:40Z |
| publishDate | 2009 |
| publisher | Universiti Utara Malaysia |
| record_format | eprints |
| spelling | uum-250672018-10-29T03:17:29Z https://repo.uum.edu.my/id/eprint/25067/ Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market Moosa, Imad Li, Larry HG Finance This paper provides empirical evidence on the role of fundamentalists and technicians in the Chinese stock market. Three econometric models are used to differentiate the stock price effect between the actions of traders who act on the basis of fundamental analysis and those acting on the basis of technical analysis. The models are estimated using randomly selected monthly and daily data on the stock prices of one hundred companies listed on the Shanghai Stock Exchange. The results reveal that both fundamentalists and technicians have roles to play in stock price formation, although technicians appear to play a more important role. This result holds even if the government intervention is allowed for. Some explanations are presented for the dominance of technicians. Universiti Utara Malaysia 2009 Article PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/25067/1/IJBF%206%202%202009%201%2036.pdf Moosa, Imad and Li, Larry (2009) Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market. The International Journal of Banking and Finance, 6 (2). pp. 1-36. ISSN 1617-722 http://ijbf.uum.edu.my/index.php/previous-issues/138-the-international-journal-of-banking-and-finance-ijbf-vol-6-no-2-february-march-2009 |
| spellingShingle | HG Finance Moosa, Imad Li, Larry Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market |
| title | Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market |
| title_full | Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market |
| title_fullStr | Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market |
| title_full_unstemmed | Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market |
| title_short | Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market |
| title_sort | modelling the behaviour of technicians and fundamentalists in the shanghai stock market |
| topic | HG Finance |
| url | https://repo.uum.edu.my/id/eprint/25067/1/IJBF%206%202%202009%201%2036.pdf |
| work_keys_str_mv | AT moosaimad modellingthebehaviouroftechniciansandfundamentalistsintheshanghaistockmarket AT lilarry modellingthebehaviouroftechniciansandfundamentalistsintheshanghaistockmarket |