دانلود Do Japanese candlesticks help solve the trader’s dilemma

ترجمه مقاله Do Japanese candlesticks help solve the trader’s dilemma
قیمت : 360,000 ریال
شناسه محصول : 2009553
نویسنده/ناشر/نام مجله : Journal of Banking & Finance
سال انتشار: 2014
تعداد صفحات انگليسي : 10
نوع فایل های ضمیمه : pdf+word
حجم فایل : 776 Kb
کلمه عبور همه فایلها : www.daneshgahi.com
عنوان انگليسي : Do Japanese candlesticks help solve the trader’s dilemma

چکیده

Abstract

In this paper, we investigate whether Japanese candlesticks can help traders to find the best trade-off between market timing and market impact costs. Based on fixed-effect panel regressions on a sample of 81 European stocks, we show that implicit transaction costs are better characterized by using specific Japanese candlesticks patterns. Although market timing costs are not lower when Hammer-like and Doji configurations occur, market impact costs are significantly lower when and after a Doji structure occurs. We further check the potential gains through order submission simulations and find that submission strategies based on the occurrence of Doji result in significantly lower market impact cost than random submission strategies. These findings are of great interest for investors who look for occasional liquidity pools to execute their orders inexpensively such as institutional traders or hedgers.

 

Keywords: Liquidity Japanese candlesticks Transaction costs
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