A note on the weak form efficiency of capital markets: the application of simple technical trading rules to UK stock prices - 1935 to 1994

Article Abstract:

Previous studies have shown that technical trading rules possess a high predictive ability when used on the Dow Jones Index. A new study was conducted to determine the applicability of technical trading rules on UK stock prices. Technical trading rules were applied to UK stock prices dating from 1935 to 1994. Results showed that the rules possessed a similar predictive ability with regards to UK stocks. However, the long time series needed to generate accurate predictions limits the use of trading rules in UK stock trading.

Stocks, Capital market, Capital markets

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Discount rate changes, stock market returns, volatility, and trading volume: evidence from intraday data and implications for market efficiency

Article Abstract:

Research was conducted to examine the impact unexpected Federal Reserve discount rate changes on stock market volatility, trading volume and returns using intraday data. The study focused on stock market price discovery process related to the discount rate changes. Results suggest that equity returns respond negatively and rapidly to unexpected changes in discount rates. Unexpected discount rate changes also induce trading and contribute to higher market volatility.

Federal Reserve Banks, Monetary Authorities - Central Bank, Economic aspects, Economic policy, Discount rates

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