Does Technical Analysis Win?

2022 ◽  
pp. 354-383
Author(s):  
Maria Elisabete Neves ◽  
Joana Leite ◽  
Renato Neves
Keyword(s):  
International Economic ◽  
Technical Analysis ◽  
Investment Strategies ◽  
Entry And Exit ◽  
Recent Period ◽  
Bull Market ◽  
The Us ◽  
Political Uncertainties

The main goal of this chapter is to analyze the performance of four investment strategies within a recent period of international political uncertainties. RSI and MACD supported three competing investment strategies, which were compared to the conservative Buy and Hold strategy. Euro Stoxx 50 Index was selected through the Markowitz Theory, and the DAX index was established as a benchmark. The period considered was between the start of Donald Trump's official campaign to the US elections and the first date set for Brexit. Two subsequent additional studies were performed to evaluate their profitability. The entry and exit points were determined by international economic reports. Alternative time lengths for the RSI window were considered. The results suggest that, when the market is bear or undefined, the investor should have a strategy supported on technical analysis and he should consider more than one indicator to increase the information that is taken from the market. The passive Buy and Hold strategy should be considered when the market is considered a bull market.

The Diminishing Acts of the State. Or, Is It?

2012 ◽  
pp. 687-717
Author(s):  
Francis N. Botchway
Keyword(s):  
International Economic ◽  
International Law ◽  
The State ◽  
Police Powers ◽  
Economic Law ◽  
Role Of The State ◽  
International Economic Law ◽  
The Us

The Act of state doctrine essentially serves to truncate or end proceedings against a state in the court of another state for actions attributed to or owned by the first state. Originally, the actions against which the defense could be raised were wide and all encompassing. It included exercise of police powers, takings, maritime and commercial acts. However, starting with cases such as Bernstein, Dunhill and others, and goaded in part by legislation such as the second Hickenlooper Amendment in the US, a number of exceptions have been carved into the doctrine. It is such that some academics have called for the end of the doctrine. This paper argues that although the doctrine is now limited, compared to its original compass, it is resilient. That resilience, this paper contends, is predicated on its International law pedigree. It is further argued that the swings in the role of the state in economic matters accounts for the growth, downturn and upturn in the viability of the doctrine as a defense in international economic law.

scholarly journals FLIGHT TRAJECTORIES COMPARISON IN THE BALTIC FAB / BALTIJOS FUNKCINIO ORO ERDVĖS BLOKO SKRYDŽIŲ TRAJEKTORIJŲ PALYGINIMAS

2018 ◽  
Vol 10 (0) ◽  
pp. 1-6
Author(s):  
Anrieta Dudoit ◽  
Jonas Stankūnas
Keyword(s):  
Service Providers ◽  
Great Circle ◽  
Flight Distance ◽  
Optimal Trajectories ◽  
Entry And Exit ◽  
Fuel Burn ◽  
The Us ◽  
Navigation Service ◽  
The Baltic ◽  
National Borders

Aviation is one of the types of transport which has a crucial role in the modern world and develops with unprecedent speed. As the number of flights tends to increase, the Air Traffic Management (ATM) system has to ensure the safety of these flights and effectiveness of them. The design and use of the European routes and use of the air route network are considered to be a major causal factor of flight inefficiencies in the continent. The present ATM system needs to be reorganised to satisfy airspace operator needs and maintain safety levels, because of the recent and future predicted traffic growth and not always satisfactory indicators of the efficiency of the ATM system.The airspace is currently fragmented along national borders that is why the efficiency of flights is not assured i.e. to perform flights along optimal trajectories avoiding delays, excessive fuel burn and emissions. One of the conditions for ATM system to be more effective is connection of the airspace blocks, into Functional Airspace Blocks (FAB), within which more efficient flight could be conducted based on more direct routes connecting entry and exit points of the FAB. According to the analysis on European and US ATM systems, where the European ATM system is the sum total of a large number of separate Air Navigation Service Providers (ANSP) whereas the US system is operated by a single ANSP, it was analysed and stated that the less fragmentation there is, the more efficient flights are.The focus of this paper is to show the differences between fixed routes and direct trajectories (Great Circle) in the Baltic FAB in terms of flight distance, fuel burn and emission. The airspace is currently fragmented along national borders that is why the efficiency of flights is not assured i.e. to perform flights along optimal trajectories avoiding delays, excessive fuel burn and emissions. One of the conditions for ATM system to be more effective is connection of the airspace blocks, into Functional Airspace Blocks (FAB), within which more efficient flight could be conducted based on more direct routes connecting entry and exit points of the FAB. According to the analysis on European and US ATM systems, where the European ATM system is the sum total of a large number of separate Air Navigation Service Providers (ANSP) whereas the US system is operated by a single ANSP, it was analysed and stated that the less fragmentation there is, the more efficient flights are. The focus of this paper is to show the differences between fixed routes and direct trajectories (Great Circle) in the Baltic FAB in terms of flight distance, fuel burn and emission. Santrauka Aviacija – viena iš greitai augančių transporto šakų, kuri yra svarbi šiuolaikiniame moderniajame pasaulyje. Kadangi skrydžių nuolatos daugėja, oro eismo valdymo (OEV) sistema turi užtikrinti skrydžių saugą ir efektyvumą. Europos oro maršrutų išdėstymas ir naudojimas laikomi svarbiausiais skrydžių neefektyvumo veiksniais žemyne. Dėl esamo ir numatomo oro eismo augimo ir ne visados patenkinamų OEV sistemos efektyvumo rodiklių esama OEV sistema turi būti reorganizuota, siekiant užtikrinti oro erdvės naudotojų poreikius ir palaikyti reikalingą saugos lygį.Šiuo metu oro erdvė yra sudalyta pagal kiekvienos šalies valstybines ribas, dėl to skrydžių efektyvumas nėra optimalus, t. y. atliekami skrydžiai nevykdomi pagal optimalias trajektorijas vengiant užlaikymų, mažinant naudojamo kuro sąnaudas ir emisijas. Viena sąlyga, siekiant OEV sistemą padaryti efektyvesnę, – sujungti oro erdvės blokus į funkcinius oro erdvės blokus (FOEB), kur skrydžiai būtų vykdomi tiesesniais maršrutais tarp įskridimo ir išskridimo į FOEB taškų.Atlikus Europos OEV ir JAV sistemų analizę matyti, kad Europos OEV sistema susideda iš daugybės atskirtų oro navigacijos paslaugų teikėjų, o JAV sistemą valdo vienas oro navigacijos paslaugų teikėjas. Konstatuota, kad ten, kur fragmentacija mažesnė, skrydžių efektyvumas didesnis.Straipsnio tikslas – parodyti skirtumus tarp fiksuotųjų ir laisvųjų maršrutų Baltijos funkciniame oro erdvės bloke skrydžių atstumo, sunaudojamo kuro ir emisijų faktoriais.

scholarly journals Machine learning applied in the stock market through the Moving Average Convergence Divergence (MACD) indicator

2020 ◽  
Vol 17 (4) ◽  
pp. 44-60
Author(s):  
Alberto Antonio Agudelo Aguirre ◽  
Ricardo Alfredo Rojas Medina ◽  
Néstor Darío Duque Méndez
Keyword(s):  
Machine Learning ◽  
Genetic Algorithms ◽  
Stock Market ◽  
Moving Average ◽  
Asset Price ◽  
Technical Analysis ◽  
Investment Strategies ◽  
Historical Data Analysis ◽  
Financial Asset Returns ◽  
Technical Indicator

The implementation of tools such as Genetic Algorithms has not been exploited for asset price prediction despite their power, robustness, and potential application in the stock market. This paper aims to fill the gap existing in the literature on the use of Genetic Algorithms for predicting asset pricing of investment strategies into stock markets and investigate its advantages over its peers Buy & Hold and traditional technical analysis. The Genetic Algorithms strategy applied to the MACD was carried out in two different validation periods and sought to optimize the parameters that generate the buy-sell signals. The performance between the machine learning-based approach, technical analysis with the MACD and B&H was compared. The results suggest that it is possible to find optimal values of the technical indicator parameters that result in a higher return on investment through Genetic Algorithms, beating the traditional technical analysis and B&H by around 4%. This study offers a new insight for practitioners, traders, and finance researchers to take advantage of Genetic Algorithms for trading rules application in forecasting financial asset returns under a more efficient and robust methodology based on historical data analysis.

Antitrust Regulation and the Restructuring of Grocery Retailing in Britain and the USA

1992 ◽  
Vol 24 (5) ◽  
pp. 727-749 ◽  
Author(s):  
N Wrigley
Keyword(s):  
Regulatory Environment ◽  
Postwar Period ◽  
Recent Period ◽  
Grocery Retailing ◽  
The Us ◽  
Return On Capital ◽  
The Usa ◽  
Corporate Concentration ◽  
Antitrust Regulation ◽  
Regulatory Convergence

In this paper it is demonstrated how disparities which emerged between British and US grocery retailing in the 1980s—in corporate concentration, power relations, profitability, return on capital employed, and in geographical structure—owe a considerable amount to the differential nature of the regulatory environments in which the industries operated. In particular, the author focuses upon antitrust (competition) legislation and its differential interpretation and enforcement in the two countries. Following a survey of that legislation, the regulatory experience of grocery retailing in the postwar period is considered in detail. The hostility of the US regulatory environment to the development of big capital in retailing throughout much of the period is contrasted with the benign regulatory environment experienced by UK grocery retailers. Finally, the implications of this differential regulatory experience during a more recent period of nonenforcement and regulatory convergence are considered.

scholarly journals Forced Technology Transfer and the US–China Trade War: Implications for International Economic Law

2019 ◽  
Vol 22 (4) ◽  
pp. 743-762 ◽  
Author(s):  
Julia Ya Qin
Keyword(s):  
International Economic ◽  
Technology Transfer ◽  
Proper Function ◽  
The European Union ◽  
International Regulation ◽  
Economic Law ◽  
China Trade ◽  
International Economic Law ◽  
The Us ◽  
Trade War

Abstract Forced technology transfer has emerged from the US–China trade war as a new issue of systemic importance. The USA, the European Union, and Japan have jointly condemned forced technology transfer as a practice undermining the proper function of international trade and called for new WTO rules to discipline the practice. This article examines the issue in the broad context of international economic law. It seeks to address the following questions: What does ‘forced technology transfer’ mean? Where did this practice come from? Why is there insufficient international regulation on the issue? What exactly are the problems inherent in such practice? And what can be done to improve the relevant international regulation?

Co-movements between the British pound, the euro and the Japanese yen: the Brexit impact

2019 ◽  
Vol 46 (2) ◽  
pp. 467-481 ◽  
Author(s):  
Susana Alvarez-Diez ◽  
J. Samuel Baixauli-Soler ◽  
Maria Belda-Ruiz
Keyword(s):  
Negative Impact ◽  
Individual Investors ◽  
Investment Strategies ◽  
Conditional Correlation ◽  
Content Type ◽  
Dynamic Conditional Correlation ◽  
The Us ◽  
International Trading ◽  
Portfolio Managers ◽  
Japanese Yen

PurposeThe purpose of this paper is to analyze the Brexit effect – pre-Brexit and post-Brexit referendum periods – on the co-movements between the British pound (GBP), the euro (EUR) and the yen (JPY) against the US dollar (USD).Design/methodology/approachTo ascertain the asymmetric behavior of dynamic correlations, the authors use the dynamic conditional correlation (DCC) model, the asymmetric dynamic conditional correlation (A-DCC) model and the diagonal BEKK model assuming Gaussian and Student’stdistribution. Several dummy variables have been included in order to identify the main periods related to Brexit.FindingsFindings show a negative impact of the pre-Brexit referendum period on the correlation between GBP and EUR, while there is no significant effect on GBP–JPY and EUR–JPY pairs. The loss of correlation in the GBP–EUR pairing has not recovered during the post-Brexit referendum period, which could be attributed to the uncertainty about the final impact of Brexit on British and Eurozone economies.Practical implicationsThe loss of correlation in the GBP–EUR pair has important implications for individual investors, portfolio managers and traders with respect to hedging activities, international trading and investment strategies.Originality/valueThe results are the first to address how Brexit has impacted on the co-movements between exchange rates using different multivariate models that allow for correlations to change over time.

scholarly journals An Analysis of Stock Return Transmission in North and Latin America

2019 ◽  
Vol 10 (6) ◽  
pp. 14
Author(s):  
Chikashi Tsuji
Keyword(s):  
Latin America ◽  
Stock Returns ◽  
Latin American ◽  
Stock Markets ◽  
Stock Return ◽  
The Other ◽  
Var Model ◽  
Recent Period ◽  
The Us ◽  
Standard Vector

This study empirically examines the return transmission effects between the four North and Latin American stock markets in the US, Canada, Brazil, and Mexico. More specifically, applying a standard vector autoregression (VAR) model, we obtain the following interesting findings. First, (1) the return transmission effects between the four North and Latin American stock markets became much tighter in our second subsample period. Second, (2) in particular, US and Mexican stock markets are strong return transmitters in the recent period. Furthermore, (3) both in our first and second subsample periods, Brazilian stock returns do not transmit to the other three stock returns, although the other three North and Latin American stock markets affect the Brazilian stock market.

US sanctions pressure on Russia will not let up

2019 ◽  
Keyword(s):  
International Economic ◽  
Content Type ◽  
The Us ◽  
Us Government ◽  
The Stability ◽  
The Eu

Significance One bill would prohibit the US government from ever recognising the 2014 annexation of Crimea. Two others instruct the Director of National Intelligence to report on President Vladimir Putin's wealth and on Russian efforts to spread disinformation and undermine the stability of European allies. The fourth is a resolution condemning Putin and subordinates for the 2015 killing of opposition politician Boris Nemtsov. These measures come as larger sanction packages are under discussion. Impacts A proposed US boycott of the St Petersburg International Economic Forum in June will mark a further downward turn in relations. The EU will retain existing sanctions but new measures mirroring US actions are unlikely. Moscow will focus on replacing Western technological imports with Chinese alternatives and domestic manufacture.

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