Trading on Noise: Moving Average Trading Heuristics and Private Investors
作者： Thomas Etheber , Andreas Hackethal , Steffen Meyer
DOI: 10.2139/SSRN.2520346
关键词:
摘要: We use a comprehensive dataset from German discount brokerage firm to investigate both the prevalence and effects of moving average trading heuristics among individual investors. document an abnormal increase 30% in individuals’ volume on signal days. More than one 10 investors repeatedly places trades according these heuristics. However, returns technical are found be insignificant. Hence, our results consistent with interpretation that some -- contrary factual evidence believe signals extent trade noise.
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