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      Modelling the Behaviour of Technicians and Fundamentalists in the Shanghai Stock Market

      1 ,
      International Journal of Banking and Finance
      UUM Press

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          Abstract

          This paper provides empirical evidence on the role of fundamentalists and technicians in the Chinese stock market. Three econometric models are used to differentiate the stock price effect between the actions of traders who act on the basis of fundamental analysis and those acting on the basis of technical analysis. The models are estimated using randomly selected monthly and daily data on the stock prices of one hundred companies listed on the Shanghai Stock Exchange. The results reveal that both fundamentalists and technicians have roles to play in stock price formation, although technicians appear to play a more important role. This result holds even if the government intervention is allowed for. Some explanations are presented for the dominance of technicians.  

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          Author and article information

          Contributors
          Austria
          Australia
          Journal
          International Journal of Banking and Finance
          UUM Press
          August 20 2009
          : 6
          : 1-36
          Affiliations
          [1 ]Monash University
          Article
          8387
          10.32890/ijbf2009.6.2.8387
          771b7273-0298-4373-a068-b585540cf620

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          History

          General economics,Financial economics,International economics & Trade,Industrial organization,Macroeconomics,Microeconomics

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