The Evolution of Technical Analysis Financial Prediction from Babylonian Tablets to Bloomberg Terminals

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2010-09-22
  • Publisher: Bloomberg Press
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Throughout its history, technical analysis has flourished on the outskirts of the financial establishment, passing from one generation to the next through apprenticeships and confabulations.The authors ofThe Heretics of Financepresent the creation and evolution of technical analysis, spanning civilizations from the most ancient to the rise of Wall Street as the world's financial center. Beginning with the rise of speculative trading in ancient Babylon, the narrative arcs through the Middle Ages, Renaissance, and the Industrial revolution to the modern era. The authors also explore the Eastern markets of China and Japan, and compare and contrast them to Western practices.

Author Biography

Andrew W. Lo is the Harris & Harris Group Professor of Finance at the MIT Sloan School of Management and the Director of MIT's Laboratory for Financial Engineering. His previous books include The Heretics of Finance (Bloomberg Press), The Econometrics of Financial Markets, A Non-Random Walk Down Wall Street, and Hedge Funds: An Analytic Perspective. He is the founder and chief investment strategist of AlphaSimplex Group, LLC, a quantitative investment management company in Cambridge, Massachusetts.

Jasmina Hasanhodzic, co-author with Lo of The Heretics of Finance (Bloomberg Press), is a research scientist at AlphaSimplex Group, LLC, where she develops quantitative investment strategies. She received her PhD  from MIT’s Department of Electrical Engineering and Computer Science. Her works on technical analysis and alternative market betas have appeared in the Journal of Investment Management. She also serves on the board of directors of the Market Technicians Association Educational Foundation.

Table of Contents

Introductionp. vii
Ancient Rootsp. 1
The Beginningsp. 2
Ancient Babylonp. 5
Ancient Greecep. 11
Ancient Romep. 15
Negative Attitudes toward Tradersp. 18
The Middle Ages and the Renaissancep. 21
Western Europep. 22
Technical Analysisp. 32
Societal Attitudesp. 39
Asiap. 43
Japanp. 44
Chinap. 49
The New Worldp. 59
Wall Streetp. 60
Societal Attitudesp. 73
A New Age for Technical Analysisp. 81
Dow Theoryp. 82
Relative Strengthp. 91
Market Cycles and Wavesp. 92
Chart Patternsp. 94
Volume of Tradingp. 96
Market Breadthp. 99
Nontechnical Analysisp. 99
Technical Analysis Todayp. 105
Trendsp. 106
Patternsp. 109
Strengthp. 111
Cyclesp. 112
Wall Street's Reinterpretation of Technical Analysisp. 114
A Brief History of Randomness and Efficient Marketsp. 131
Prices As Objects of Studyp. 134
The Emergence of Efficient Marketsp. 137
What Is Random?p. 141
Academic Approaches to Technical Analysisp. 149
Theoretical Underpinningsp. 150
Empirical Evaluationp. 151
Adaptive Markets and Technical Analysisp. 161
Notesp. 167
Bibliographyp. 191
Acknowledgmentsp. 199
About the Authorsp. 203
Indexp. 205
Table of Contents provided by Ingram. All Rights Reserved.

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