{"id":"https://openalex.org/W1816631597","doi":"https://doi.org/10.1108/s0196-3821(2013)0000029010","title":"Head and Shoulders above the Rest? The Performance of Institutional Portfolio Managers Who Use Technical Analysis","display_name":"Head and Shoulders above the Rest? The Performance of Institutional Portfolio Managers Who Use Technical Analysis","publication_year":2013,"publication_date":"2013-07-10","ids":{"openalex":"https://openalex.org/W1816631597","doi":"https://doi.org/10.1108/s0196-3821(2013)0000029010","mag":"1816631597"},"language":"en","primary_location":{"id":"doi:10.1108/s0196-3821(2013)0000029010","doi":"https://doi.org/10.1108/s0196-3821(2013)0000029010","is_oa":false,"landing_page_url":"https://doi.org/10.1108/s0196-3821(2013)0000029010","pdf_url":null,"source":{"id":"https://openalex.org/S4306463236","display_name":"Emerald Group Publishing Limited eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Research in Finance","raw_type":"book-chapter"},"parent_works":[{"id":"https://openalex.org/W4243761163","display_name":"Research in Finance","relationship":"volume"}],"lineage":["https://openalex.org/W1816631597","https://openalex.org/W4243761163"],"child_works_count":0,"type":"book-chapter","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.2202060","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5076572211","display_name":"David M. Smith","orcid":"https://orcid.org/0000-0002-1502-676X","observed_orcids":["https://orcid.org/0000-0002-1502-676X","https://orcid.org/0000-0002-5359-1583"]},"institutions":[{"id":"https://openalex.org/I1327163397","display_name":"State University of New York","ror":"https://ror.org/01q1z8k08","country_code":"US","type":"education","lineage":["https://openalex.org/I1327163397"]},{"id":"https://openalex.org/I392282","display_name":"University at Albany, State University of New York","ror":"https://ror.org/012zs8222","country_code":"US","type":"education","lineage":["https://openalex.org/I392282"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"David M. Smith","raw_affiliation_strings":["State University of New York at Albany - School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"State University of New York at Albany - School of Business","institution_ids":["https://openalex.org/I1327163397","https://openalex.org/I392282"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5048985573","display_name":"Christophe Faug\u00e8re","orcid":"https://orcid.org/0000-0002-8566-5620","observed_orcids":["https://orcid.org/0000-0002-8566-5620"]},"institutions":[{"id":"https://openalex.org/I51205905","display_name":"Kedge Business School","ror":"https://ror.org/00wk3s644","country_code":"FR","type":"education","lineage":["https://openalex.org/I51205905"]}],"countries":["FR"],"is_corresponding":false,"raw_author_name":"Christophe Faug\u00e8re","raw_affiliation_strings":["Kedge Business School Bordeaux"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Kedge Business School Bordeaux","institution_ids":["https://openalex.org/I51205905"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5100347037","display_name":"Ying Wang","orcid":"https://orcid.org/0000-0001-9986-4252","observed_orcids":["https://orcid.org/0000-0001-9986-4252","https://orcid.org/0000-0002-3756-4593"]},"institutions":[{"id":"https://openalex.org/I1327163397","display_name":"State University of New York","ror":"https://ror.org/01q1z8k08","country_code":"US","type":"education","lineage":["https://openalex.org/I1327163397"]},{"id":"https://openalex.org/I392282","display_name":"University at Albany, State University of New York","ror":"https://ror.org/012zs8222","country_code":"US","type":"education","lineage":["https://openalex.org/I392282"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Ying Wang","raw_affiliation_strings":["State University of New York at Albany - School of Business"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"State University of New York at Albany - School of Business","institution_ids":["https://openalex.org/I1327163397","https://openalex.org/I392282"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":5.139,"has_fulltext":false,"cited_by_count":11,"citation_normalized_percentile":{"value":0.96241876,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":null,"issue":null,"first_page":"167","last_page":"189"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11326","display_name":"Stock Market Forecasting Methods","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/technical-analysis","display_name":"technical analysis","score":0.9990000128746033},{"id":"https://openalex.org/keywords/active-equity-funds","display_name":"active equity funds","score":0.5860000252723694},{"id":"https://openalex.org/keywords/balanced-funds","display_name":"balanced funds","score":0.8880000114440918},{"id":"https://openalex.org/keywords/fund-performance","display_name":"fund performance","score":0.8539999723434448},{"id":"https://openalex.org/keywords/alpha","display_name":"alpha","score":0.7490000128746033},{"id":"https://openalex.org/keywords/performance-variation","display_name":"performance variability","score":0.8759999871253967},{"id":"https://openalex.org/keywords/skewness","display_name":"skewness","score":0.6779999732971191},{"id":"https://openalex.org/keywords/kurtosis","display_name":"kurtosis","score":0.9959999918937683},{"id":"https://openalex.org/keywords/market-downturn","display_name":"market decline","score":0.4359999895095825}],"concepts":[{"id":"https://openalex.org/C117245426","wikidata":"https://www.wikidata.org/wiki/Q235038","display_name":"Technical analysis","level":2,"score":0.8577797412872314},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.579108715057373},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.5272927284240723},{"id":"https://openalex.org/C122342681","wikidata":"https://www.wikidata.org/wiki/Q330828","display_name":"Skewness","level":2,"score":0.5218731164932251},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5154774785041809},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.4818207323551178},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4434022307395935},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.41601356863975525},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4029029607772827},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.36721330881118774},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.35639244318008423},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.3254185914993286},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2185315489768982},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1108/s0196-3821(2013)0000029010","doi":"https://doi.org/10.1108/s0196-3821(2013)0000029010","is_oa":false,"landing_page_url":"https://doi.org/10.1108/s0196-3821(2013)0000029010","pdf_url":null,"source":{"id":"https://openalex.org/S4306463236","display_name":"Emerald Group Publishing Limited eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Research in Finance","raw_type":"book-chapter"},{"id":"doi:10.2139/ssrn.2202060","doi":"https://doi.org/10.2139/ssrn.2202060","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.2202060","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"}],"best_oa_location":{"id":"doi:10.2139/ssrn.2202060","doi":"https://doi.org/10.2139/ssrn.2202060","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.2202060","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":54,"referenced_works":["https://openalex.org/W66483636","https://openalex.org/W99037232","https://openalex.org/W1499550068","https://openalex.org/W1568788023","https://openalex.org/W1963593775","https://openalex.org/W1966179084","https://openalex.org/W1969489455","https://openalex.org/W1989275788","https://openalex.org/W1995834279","https://openalex.org/W2005556724","https://openalex.org/W2028785873","https://openalex.org/W2033742340","https://openalex.org/W2041462006","https://openalex.org/W2061137367","https://openalex.org/W2070891096","https://openalex.org/W2090637028","https://openalex.org/W2096416445","https://openalex.org/W2097152068","https://openalex.org/W2100376816","https://openalex.org/W2101544483","https://openalex.org/W2103879574","https://openalex.org/W2112246152","https://openalex.org/W2113687945","https://openalex.org/W2116148007","https://openalex.org/W2116912141","https://openalex.org/W2129697657","https://openalex.org/W2131773668","https://openalex.org/W2134658143","https://openalex.org/W2135606128","https://openalex.org/W2136120210","https://openalex.org/W2138293190","https://openalex.org/W2143152597","https://openalex.org/W2148412466","https://openalex.org/W2160683585","https://openalex.org/W2166215547","https://openalex.org/W2171211281","https://openalex.org/W2312251498","https://openalex.org/W2940897671","https://openalex.org/W3022375498","https://openalex.org/W3121738594","https://openalex.org/W3122009142","https://openalex.org/W3122118888","https://openalex.org/W3122597312","https://openalex.org/W3124041622","https://openalex.org/W3124333692","https://openalex.org/W3125021062","https://openalex.org/W3125881063","https://openalex.org/W3151910759","https://openalex.org/W4230871672","https://openalex.org/W4243705210","https://openalex.org/W4246390368","https://openalex.org/W4255461888","https://openalex.org/W4285719527","https://openalex.org/W4300006923"],"related_works":["https://openalex.org/W1507873017","https://openalex.org/W3123216984","https://openalex.org/W1830269347","https://openalex.org/W3020510622","https://openalex.org/W2552204258","https://openalex.org/W3204602082","https://openalex.org/W7042924262","https://openalex.org/W2201076974","https://openalex.org/W7054738217","https://openalex.org/W7139321123"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"study":[2],"takes":[3],"a":[4,104,165],"novel":[5],"approach":[6],"to":[7,149,162,168],"testing":[8,16],"the":[9,25,45,74],"efficacy":[10],"of":[11,44,55,62,77,107],"technical":[12,41,70,81,110,140,155,159],"analysis.":[13,71,156],"Rather":[14],"than":[15,57],"specific":[17],"trading":[18],"rules":[19],"as":[20],"is":[21,115,133],"typically":[22],"done":[23],"in":[24,47,172],"literature,":[26],"we":[27],"rely":[28],"on":[29,139],"institutional":[30],"portfolio":[31],"managers\u2019":[32],"statements":[33],"about":[34,60],"whether":[35],"and":[36,66,92,95,145],"how":[37],"intensely":[38],"they":[39,49],"use":[40,69,80,154],"analysis,":[42,111],"irrespective":[43],"form":[46],"which":[48],"implement":[50],"it.":[51],"In":[52],"our":[53],"sample":[54],"more":[56],"10,000":[58],"portfolios,":[59],"one-third":[61],"actively":[63],"managed":[64],"equity":[65],"balanced":[67],"funds":[68,78,108],"We":[72],"compare":[73],"investment":[75],"performance":[76,113],"that":[79,85,134,151],"analysis":[82,141,160],"versus":[83],"those":[84],"do":[86,152],"not,":[87],"using":[88,109,158],"five":[89],"metrics.":[90],"Mean":[91],"median":[93],"(3":[94],"4-factor)":[96],"alpha":[97],"values":[98],"are":[99,120,127],"generally":[100],"slightly":[101],"higher":[102],"for":[103],"cross":[105],"section":[106],"but":[112],"volatility":[114],"also":[116,121],"higher.":[117],"Benchmark-adjusted":[118],"returns":[119],"higher,":[122],"particularly":[123],"when":[124],"market":[125],"prices":[126],"declining.":[128],"The":[129],"most":[130],"remarkable":[131],"finding":[132],"portfolios":[135,150],"with":[136],"greater":[137],"reliance":[138],"have":[142,163],"elevated":[143],"skewness":[144],"kurtosis":[146],"levels":[147],"relative":[148],"not":[153],"Funds":[157],"appear":[161],"provided":[164],"meaningful":[166],"advantage":[167],"their":[169],"investors,":[170],"albeit":[171],"an":[173],"unexpected":[174],"way.":[175]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":3}],"updated_date":"2026-11-14T11:04:58.165337","created_date":"2016-06-24T00:00:00"}
