Lum, S K (2003) Market efficiency and technical analysis in the Singapore property market. Journal of Financial Management of Property and Construction, 8(1), pp. 29-39. ISSN 1366-4387
Abstract
This paper empirically investigates the returns to a simple form of technical analysis in the Singapore property market. Overall, the results provide strong support for the forecast power of the Trading Range Break rule at the individual stock level. Compared to a buy-hold strategy, the excess profits generated by the technical systems after transaction costs are economically relevant. The presence of predictable variation in property stock returns based on past price data provide persuasive evidence of weak form informational inefficiencies.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | technical analysis, Singapore property stocks, return predictability, informational inefficiencies, transaction costs |
| Index terms: | property market, Singapore, presence, variation, efficiency, profit, evidence, transaction cost, strategy |
| Subjects: | performance management, Geography, environmental science, real estate economics, evaluation and assessment methods, contractual condition, economic analysis, financial analysis, management |
| Topics: | Geographical Context, Cost Management, Research Practice, Urban Studies, Contract Administration, Business Strategy, Quality Management, Sustainability |
| Descriptive scope: | 4 PCTA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here