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Identification through technical analysis : A study of charting and UK non-professional investors

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Charting_AOS_08_author_version.pdf (142.5Kb)
Date
02/2009
Author
Roscoe, Philip John
Howorth, Carole
Keywords
Efficient capital-markets
Common-stock investment
Financial-markets
Performativity
Strategies
Economics
Sociology
Exchange
HF Commerce
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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.
Citation
Roscoe , P J & Howorth , C 2009 , ' Identification through technical analysis : A study of charting and UK non-professional investors ' , Accounting, Organizations and Society , vol. 34 , no. 2 , pp. 206-221 . https://doi.org/10.1016/j.aos.2008.05.003
Publication
Accounting, Organizations and Society
Status
Peer reviewed
DOI
https://doi.org/10.1016/j.aos.2008.05.003
ISSN
0361-3682
Type
Journal article
Rights
This is the author's version of this work. The published version copyright (c) 2008 Elsevier Ltd. is available from http://www.sciencedirect.com
Collections
  • University of St Andrews Research
URI
http://hdl.handle.net/10023/3417

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