Showing papers on "Algorithmic trading published in 1968"
TL;DR: In this paper, the technical trading rules were discussed and discussed in terms of technical trade rules and their application in the context of trading in financial markets, and the following comments were made.
Abstract: (1968). Technical Trading Rules: A Comment. Financial Analysts Journal: Vol. 24, No. 4, pp. 128-132.
38 citations
TL;DR: The random walk theory of stock price behavior has been applied to the stock market as mentioned in this paper, which implies that past stock-price movements cannot be used to predict future market prices in such a way as to "profit" from the predictions.
Abstract: In recent years, there has been considerable interest in the random walk theory of stock price behavior. This theory, as applied to the stock market, implies that past stock-price movements cannot be used to predict future market prices in such a way as to “profit” from the predictions. By not “profiting,” we mean that a trader using the past history of stock prices cannot apply mechanical decision rules that result in a consistently better performance than a simple buy and hold strategy. If stock price movements were to become systematic so that a “profit” were possible, proponents of the random walk theory argue that a sufficient number of market participants would quickly recognize the recurring pattern and exploit it. In exploiting it, they would drive out the opportunity for “profit,” causing the price series to approximate a random walk.
9 citations
Book•
01 Jan 1968
7 citations
TL;DR: In this paper, the authors explore the nature of these cycles and draw implications about future trading from them, and show that these surges have recurred frequently enough to create a cycle in the NYSE turnover rate (the number of shares traded annually as a per cent of the shares listed).
Abstract: THE SHARP INCREASE in stock market trading during 1967 and 1968 astonished Wall Street observers and forced unprecedented closings of the New York Stock Exchange to enable brokers to catch up with the attendant paperwork. Yet, the last half century has provided numerous instances of sharp increases in trading similar to that of 1967 and 1968. In fact, these surges have recurred frequently enough to create a cycle in the NYSE turnover rate (the number of shares traded annually as a per cent of the shares listed). This paper explores the nature of these cycles and draws implications about future trading from them.
1 citations
1 citations