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En studie om hur finansanalytiker tillämpar aktievärderingsmodellerNielsen, Judith January 2012 (has links)
Background: The interest in shares has increased over the years, despite several stock market crashes. One reason for this is the emergence of stock trading online,which makes it easier for individuals to trade in shares. However, there has been much criticism towards financial analyst with the lack of fundamental basis to support their recommendations. Objective: The purpose of this study is to examine the share valuation models swedish financial analysts today applies and consider appropriate. A comparison will also be carried out in previous studies, to see if the application of the modelsand their suitability has changed. Method: The study used a qualitative approach with deductive approach. Semistructured interviews were conducted and the basis for the study's primary data.The theories and previous studies obtained through secondary data. Results: Our results demonstrate that no single model applied, is appropriate. Therefore, the financial analyst combines the models. Financial analysts place great emphasis on the macro-economic aspects in the valuation of shares. Macroeconomic analyses underlying fundamental valuation models.
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Market efficiency in the portfolio strategy of technical indicators in the bull and bear stock marketsChang, Tze-Wei 26 June 2012 (has links)
The study uses Moving Average, On Balance Volume, and KD (Stochastic Oscillator) to analyze that the technical analysis in which the bull or bear stock markets is efficiency. Also, verifies the changes of market efficiency before and after the financial crisis and whether it can earn excess returns or not by using technical analysis. That is, the returns earned by using technical analysis significantly greater than buy and hold which means the efficiency of technical analysis. Nevertheless, the study also aims to realize that whether the returns of the portfolio of technical indicators better than unit indicator.
The companies in our samples are selected by the size of market value top 30 companies in the industries of electronic and finance in order to avoid the effect of market micro structure.
Our results are as follows:
(1) The returns in bear market are significantly higher than bull market by using MA6-144.
(2) The MA6-72 and MA6-144 of financial stock before financial crisis, the returns of technical analysis are significantly better than buy and hold. In the other hand, in the electronic stock, we can use MA6-22-250, KD, and OBV to beat the buy and hold strategy and verify that the market efficiency does not exist.
(3) The returns which combine of KD and OBV indicators are significantly higher than KD.
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Material Characterization Of Ancient Mural Paintings And Related Base Materials: A Case Study Of Zeugma Archaeological AreaAkyol, Ali Akin 01 September 2009 (has links) (PDF)
In this study, two sample sets from Zeugma Archaeological Area had been
examined. The sample Set I includes 7 sediment, 18 stone, 4 brick/roof tile, 9 mortar,
4 plaster samples and the sample Set II consists of 24 mural painting samples.
Samples were examined to get their raw material characteristics, mineralogical and
chemical compositions, and microstructural properties using various analytical
techniques such as Optical Microscopy, XRD, FTIR, PED-XRF, SEM-EDX and
Raman Spectroscopy. In addition, mikroclimatic monitorings for temperature and
relative humidity were also performed in that area.
Sediments were calcereous soils of Eocene. Rock types of stones were mainly
limestone which had 3 subgroups: micritic, biomicritic and recrytallised micritic
limestones. The source of the limestones should be from the local formation.
The firing temperature of brick/roof tile samples were estimated as 800-850° / C.
Binder of mortar samples were mainly lime.
Aggregate materials of brick/roof tiles, mortars, plasters and mural paintings may
come from the river deposites of Euphrates.
Mural painting samples have one intonaco layer, and single or double arriccio layers.
The mural painting technique was fresco technique.
Calcite was common mineral identified for all pigments. The sources of white, black
and green coloured pigments were found as vaterite, graphite and malachite
respectively. The sources of yellow coloured pigments were identified as ankerite,
siderite and goethite. The red colours were identified as hematite, jasper and red
earth/ochre. Jasper and vaterite, jasper and calcite, red earth/ochre and calcite, and
hematite were the colour forming minerals of pink coloured pigments.
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The examination of technical trading rules, time - series trading rules and combined technical and time - series trading rules, using DAX, CAC40, FTSE100, NASDAQ and S&P500Σκέντζου, Δέσποινα 05 February 2015 (has links)
This thesis investigates the predictability of trading strategies in the European and American stock market from 2001 to 2013. More specific, we examine the indices CAC40, DAX, FTSE100, NASDAQ and S&P500 first with the simple moving averages, then with trading rules based on the forecasts of time – series models and finally with the combination of the technical trading rules and time –series models. The significance of the examined trading rules tested with standard t – tests. The standard tests results show that technical trading rules are the most profitable strategy, second follows the combined and then the time – series rules as the least profitable trading strategy related to buy – and – hold strategy. / Σκοπός της παρούσας εργασίας είναι η διερεύνηση της προβλεπτικής δυνατότητας στρατηγικών επενδύσεων που εφαρμόζονται στην Ευρωπαϊκή και Αμερικάνικη χρηματιστηριακή αγορά, για τη χρονική περίοδο 2001-2013. Πιο συγκεκριμένα θα εξετασθούν οι δείκτες CAC 40, DAX, FTSE 100, NASDAQ και S&P 500, με κανόνες κινητών μέσων όρων, με κανόνες που βασίζονται σε μοντέλα πρόβλεψης χρονολογικών σειρών και με κανόνες συνδυαστικών των δύο ανωτέρω. Οι παραπάνω στρατηγικές θα συγκριθούν με την στρατηγική διακράτησης (Buy-and-Hold), που έχει ορισθεί ως benchmark στρατηγική και η σημαντικότητα των αποτελεσμάτων θα εξετασθεί με στατιστικούς ελέγχους t-statistics.
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FOREX trading strategy formation using technical analysis / Prekybos strategijos formavimas FOREX rinkoje naudojant techninę analizęKlimavičius, Domas 28 June 2010 (has links)
FOREX technical analysis indicators, their characteristics and capabilities are researched in this final master thesis. The main goal of this thesis is to determine if technical analysis indicators can recognise patterns in price movements and if they can predict future price movement. The first part of the thesis presents with FOREX theoretical aspects, its characteristics and participants. In the second part of the thesis FOREX analysis tools are overviewed, focusing on technical analysis. Most popular technical analysis indicators are analyzed. The third part of the thesis provides with the essentials of FOREX trading strategy creation using technical analysis. In the fourth part the FOREX trading strategy using technical analysis is created and tested. The results of the trading strategy are presented and analyzed. Last part of the thesis contains the summary of the thesis, conclusions and suggestions. Thesis has 6 parts: introduction, theoretical and practical sections, conclusions and suggestions, references. Structure: introduction, theoretical and practical sections, conclusions and suggestions, references. Thesis consist of: 66 p. text without appendixes, 23 pictures, 5 tables, 62 bibliographical entries. Appendixes included. / Šiame baigiamajame magistro darbe nagrinėjami FOREX rinkos analizei naudojami techniniai indikatoriai, jų savybės bei galimybės. Pagrindinis baigiamojo darbo tikslas yra nustatyti, ar techninės analizės indikatoriai gali nustatyti vaiutų kainų kitimo pasikartojančius modelius ir ar jie gali numatyti kainų judėjimą ateityje. Pirmojoje baigiamojo darbo dalyje pristatomi teoriniai FOREX rinkos aspektai, jos dalyviai bei charakteristika. Antrojoje baigiamojo darbo dalyje apžvelgiami FOREX analizės įrankiai, išskiriant techninę analizę. Aprašomi populiariausi techninės analizės indikatoriai. Trečiojoje baigiamojo darbo dalyje nagrinėjami pagrindiniai prekybos FOREX rinkoje strategijos kūrimo naudojant techninę analizę elementai. Ketvirtojoje baigiamojo darbo dalyje kuriama ir testuojama prekybos FOREX rinkoje strategija naudojant techninę analizę. Pateikiami prekybos strategijos rezultatai bei jų analizė. Paskutinėje baigiamojo darbo dalyje, remiantis gautais rezultatais, pateikiamos išvados ir pasiūlymai. Darbą sudaro 6 dalys: įvadas, teorinė, praktinė dalys, išvados ir siūlymai, literatūros sąrašas. Darbo apimtis – 66 p. teksto be priedų, 23 iliustr., 5 lent., 62 bibliografiniai šaltiniai. Atskirai pridedami darbo priedai.
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Investavimo strategijų Forex rinkoje formavimas ir vertinimas taikant techninę analizę / Investment strategies based on technical analysis forming and evaluationMockus, Dovydas 26 June 2013 (has links)
Šiame baigiamajame bakalauro darbe tiriamas strategijų, paremtų technine analize, taikymas prekyboje Forex rinkoje. Pirmiausia teorinėje dalyje nagrinėjama pasaulinės valiutų rinkos sistema, aptariami privataus asmens dalyvavimo šioje rinkoje aspektai. Po to atskleidžiama techninės analizės specifika, pateikiant jos sampratą, pagrindines priemones bei teorinius, techninės analizės pagrindu sudarytos, strategijos formavimo principus. Praktinėje dalyje vertinamos, pagal teorinėje dalyje atskleistus principus, sudarytų strategijų efektyvumas Forex rinkoje analizuojant istorinius duomenis. Atliekant tyrimą buvo naudojamos šešios valiutų poros, siekiant įvertinti techninės analizės efektyvumo priklausomybę nuo valiutų poros likvidumo. Rašant darbą buvo naudotasi Lietuvos bei užsienio autorių moksline literatūra, internetiniais portalais bei Meta Trader 4 programa analizuojant istorinius duomenis. / This Bachelor's thesis analyses on technical analysis based strategies usage in Forex market. At first in theoretical part author looks into the system of Forex market, and presents it from private investor point of view. Later the particularity of technical analysis is presented by inducting it‘s definition, basic instruments and theoretical on technical analysis based strategies forming principles. In practical part the efficiency of technical analysis strategies is tested by analysing historical data. In this research six currencies pairs were used in order to value the relation between efficency of technical analysis and currency pair liquidity. In writing of thesis author used Lithuanian and foreigner authors literature, internet sites and Meta Trader 4 program by analysing historical data.
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Vertybinių popierių portfelio optimizavimas / Stock portfolio optimizationJankauskas, Rolandas 12 June 2008 (has links)
Magistriniame darbe nagrinėjamas vertybinių popierių portfelio optimizavimas panaudojant saviorganizuojančius neuroninius tinklus (SOM). Darbe supažindinta su SOM algoritmu, neuroninio tinklo struktūra. Aprašytas SOM panaudojimas finansinėse operacijose. Detaliai aprašyta vertybinių popierių analizės specifika. Supažindinama su technin��, bei finansine analizėmis, bei jų metodais ir indikatoriais. Atlikta teorinė finansinių rodiklių analizė, kurios metu, naudojant OMX Vilnius vertybinių popierių biržos istorinius duomenis, nustatyta finansinių rodiklių tinkamumas vertybinių popierių portfelio optimizavimo uždaviniams spręsti. Projektinių sprendimų dalyje aprašytos finansinių rodiklių modifikacijos, bei pritaikymas vertybinių popierių portfelio optimizavimui. Sukurtas VP portfelio optimizavimo modelis. Modelio teisingumas pagrįstas atliktais praktiniais eksperimentais naudojant istorinius duomenis. Parašytos praktinės VP portfelio optimizavimo modelio taikymo rekomendacijos. Suformuluotos magistrinio darbo išvados. / There is analyzed stock portfolio optimization by using self-organizing maps (SOM) in Master thesis. It introduce with SOM algorithm neuron network structure. Also there is described SOM usage in financial operations. Particularity of stock analysis is described. There are introduction with technical, financial analysis and their methods and indicators. It was performed theoretical financial indicators analysis using OMX Vilnius stock market historical data and find out financial indicators suitability for stock portfolio optimization problem solving. Financial indicators modifications and their usage in stock portfolio optimization are described in project decision chapter. VP portfolio optimization model was created and models correctness based on practical experiments using historical data. Practical VP portfolio optimization usage recommendations are given there. Master thesis conclusions are defined in this work.
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Techninės analizės taikymas valiutų prekyboje / Technical analysis in ForexBaltėnas, Mindaugas 02 July 2012 (has links)
Šiame baigiamajame bakalauro darbe nagrinėjamas techninės analizės taikymas valiutų prekyboje. Dažniausiai pasitaikantys grafikų modeliai, techniniai indikatoriai, ir jų savybės bei galimybės. Pagrindinis baigiamojo darbo tikslas yra išanalizuoti techninės analizės patikimumą euro ir dolerio poroje 4 valandų grafike. Pirmoje baigiamojo darbo dalyje pristatomi techninės analizės pradininkai, taip pat pristatoma techninė analizė teoriniu aspektu. Antroje darbo dalyje analizuojami grafiniai modeliai buvę 2011 metais, pateikiami pavyzdžiai su galimais pelno tikslais. Pateikiama populiariausių indikatorių gaunami signalai pirkti – parduoti valiutų porą. Pateikiama lentelė pagal ,,MacD‘‘ histogramos divergencijos 2011 metų parodymus. Paskutinėje baigiamojo darbo dalyje pateikiamos išvados ir pasiūlymai. / Bachelor’s Final Work presents the research of technical analysis in currency trading. The most common graphic patterns, technical indicators, and their properties and possibilities are described. The main goal of this thesis is to analyze the technical analysis of the reliability of the euro-dollar pair of 4-hour chart. The first part presents technical analysis pioneer, also presents a theoretical analysis of the technical aspect. The second part of the thesis provides graphic patterns which were in 2011, are examples of the potential for profit. Provides the most popular indicators has signaled buy - sell currency pair. A table according to,, MACD histogram divergence'' of 2011 signals have been showed. Last part of the thesis contains the summary of thesis, conclusions and suggestions, references.
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Posouzení efektivnosti akciového trhu a výběr vhodné investiční strategie / The Assessment of the Efficiency of the Stock Market and Selecting the Appropriate Investment StrategyKASANDA, Jan January 2018 (has links)
This diploma thesis aims at assessing stock market efficiency using seventeen shares and stock index S&P 500 which represents whole market. Selected shares were traded using several tools from technical analysis from 2012 to 2016. Trading is based on buy / sell signals. These signals were generated by 38 automatic trading strategies, created from crossing rates and sliding averages, by crossing two different sliding averages and based on technical indicators MACD, RSD and Momentum. Theoretical part of this work is dedicated to capital market, stock market efficiency assessment, shares and different types of analysis, mainly to technical. Results of stock market efficiency assessment of finances when trading all tested strategies can be found in the practical part. Random movements of rates were proven, this implies that market is slightly effective. Best trading strategy cannot be determined, because there are too many factors influencing results. Passive strategy achieved better profit. According to complete average results, MACD a 50+200EMA has highest success rate. Least appropriate strategies were MACD+SL and RSI_30+70_2. The worst shares for active trading were EBS and MRK, best LCI, ABC and VRX.
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Aplicação da análise gráfica no mercado de opções / Technical analysis application in the options marketAndré Ricardo Adamo Idoeta 06 October 2009 (has links)
A versatilidade do mercado de opções o torna atrativo para diversos perfis de investidores. Especuladores e hedgers dispõem de uma grande variedade de estratégias e conseguem modelar uma relação risco-retorno apropriada para o seu perfil de investimento. Operar nesse mercado, no entanto, exige do investidor muito cuidado em suas análises, já que uma operação malsucedida pode ter um efeito muito mais desastroso do que no mercado à vista. Surge, então, o interesse no uso da Análise Gráfica, como uma poderosa ferramenta de reconhecimento de tendências, para a identificação de melhores oportunidades de operação. O objetivo deste estudo foi avaliar a eficiência da aplicação da Análise Gráfica no mercado de opções. A estratégia adotada foi a de realizar operações com opções a partir da Análise Gráfica dos ativos no mercado à vista. Foram estudadas séries históricas das cotações da Petrobras PN (2004 a 2008), Telemar PN (2004 a 2006) e Vale do Rio Doce PNA (2006 a 2008). Foram identificadas 79 oportunidades de operação e seus resultados variaram entre um prejuízo de 95,72% e um lucro de 801,96%. Os resultados sugerem que operar no mercado de opções a partir da Análise Gráfica dos ativos no mercado à vista pode ser uma estratégia muito lucrativa, desde que alguns cuidados fundamentais sejam tomados para amenizar a exposição ao grande risco imposto pelas operações com opções. / The versatility of the options market makes it attractive to investors of various profiles. Speculators and hedgers hold a great variety of strategies and manage to model an appropriate risk-return relationship which fits their investment profile. Nevertheless, in order to trade in this market, an investor must be very careful in his analysis, once an unsuccessful trade might have a much more disastrous effect than in the stock market. It comes to light, then, the interest in the usage of the Technical Analysis as a powerful tool for spotting trends in order to identify the best trade opportunities. The objective of this study was to evaluate the efficiency of the application of the Technical Analysis in the options market. The adopted strategy was to trade options based on the Technical Analysis of its underlying instrument. A variety of historical prices of Petrobras PN (2004 to 2008), Telemar PN (2004 to 2006) and Vale do Rio Doce PNA (2006 to 2008) were studied. Seventy-nine trade opportunities were identified and their results varied from a 95.72% loss to an 801.96% profit. The results suggest that trading in the options market based on the Technical Analysis of its underlying instrument might be a very profitable strategy, provided that some fundamental precautions are taken in order to minimize the exposure to the great risk presented by the options trading.
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