Svájci és brit tudósok szűk körben publikált közös tanulmánya nyilvánvaló bizonyítékokat talált arra, hogy az árfolyamok az eltelt idő 60 százalékában "általában mindig szűk sávban oldalaznak". :)
A következtetéseik között egyebek mellett ez az állítás is megtalálható: "...Ha szignifikáns valószínűségi együttható mellett meghatározható a várható range-territórium időbeli kezdete, akkor az előbbiekben vázolt matematikai apparátus alapján semi-arbitratikus konstelláció alakul ki, melyet megfelelően előkészített algoritmikus pattern-ek segítségével lehet nyereséggel futtatni az elektronikus tőzsdéken".
(A tanulmány már megvásárolható.)
))
Törölt felhasználó2020. 07. 24. 12:48
#6
hogyan viszonyul egymáshoz az oldalazás, a részvényfelaprózás és a likviditás??...:))... a tőzsdetudomány már tuggya a választ!
"
2.2. Trading range hypothesis
Copeland (1979) argues that firms prefer to keep the prices of their stocks within a certain
range. He explains that keeping a certain price range can attract a specific kind of clientele or
disperse the ownership of the company. The kind of clientele attracted by the lower prices brought
about after a stock split is usually considered to be uninformed or small investors. Baker and
Gallagher (1980) make a survey on managements’ views on stock split. The survey reveals that
the majority of a firm’s financial officers believe that the stock split is a good device to bring
the stock price to an optimal trading range. A lower stock price will attract investors and then
enhance the ownership base. Evidence has been found to support this hypothesis. Lamoureux
and Poon (1987) find that the daily number of transactions along with the raw trading volume of
shares increases following splits. Kryzanowski and Zhang (1996) make use of the trading value
to measure small and large traders and find that small traders trade more frequently after stock split and that the trade direction changes significantly from sell to buy. Angel et al. (1997), Desai
et al. (1998), and Schultz (2000) also find evidence of changes in trading behavior after stock
splits.
But why would a company want to attract small or uninformed traders to invest in its stocks?
One of the most popular explanations is that the enlarged investor base will increase the liquidity
of the stock and thereby reduce the trading cost for the investors. Therefore, the motivation of the
managers to split stocks is to enhance liquidity. From the viewpoint of liquidity, the trading range
hypothesis is also called “liquidity hypothesis.” Merton (1987) sets up a model of capital market
equilibrium with incomplete information. The model indicates that an increase in the relative size
of the firm’s investor base will reduce the firm’s cost of capital and increase the market value of
the firm. It is also stated that managers have incentives to expand the firm’s investor base. This
theory can explain the reaction of stock prices to stock splits. Because lower prices attract small
investors to take part in buying or selling stocks after a split, the liquidity of the stock increases.
Small traders are also considered as noise traders in contrast to informed traders. Black (1986)
states that noise trading is essential to the existence of liquid markets, and the more noise trades
there are, the more liquid the markets will be. ..."
világos... már csak le kell kereskedni oszt... profit!!!... :Đ)
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