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vious that trading rules not derived from a mathematically well-defined econometric or economic model, are bound not to be very informative.
Thus, the information content of trading signals concerning asset-price fundamentals is still viewed as largely worthless and often referred to as noise. This view was seriously challenged by a large body of empirical studies showing that, that standard martingale models do not adequately describe short-run price movements (Lewis, 1995). On the other hand, the introduction of TA into financial-market models seems to be justified by the results of a micro survey data (Taylor & Allen, 1992), which sustained ex post profits, and the overall ability of heterogeneous-agent models to explain the stylized facts of the set of financial time series.
 Explanations of the presence of chartists are generally based on sequential trading and asymmetric information. I本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。