{"id":"https://openalex.org/W23440256","doi":"https://doi.org/10.35808/ersj/210","title":"Profitability of the Moving Average Strategy and the Episodic Dependencies: Empirical Evidence from European Stock","display_name":"Profitability of the Moving Average Strategy and the Episodic Dependencies: Empirical Evidence from European Stock","publication_year":2009,"publication_date":"2009-11-01","ids":{"openalex":"https://openalex.org/W23440256","doi":"https://doi.org/10.35808/ersj/210","mag":"23440256"},"language":"en","primary_location":{"id":"doi:10.35808/ersj/210","doi":"https://doi.org/10.35808/ersj/210","is_oa":true,"landing_page_url":"https://doi.org/10.35808/ersj/210","pdf_url":"http://www.ersj.eu/repec/ers/papers/09_1_p4.pdf","source":{"id":"https://openalex.org/S2764563877","display_name":"EUROPEAN RESEARCH STUDIES JOURNAL","issn_l":"1108-2976","issn":["1108-2976"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","norway-1","poland-100"],"host_organization":"https://openalex.org/P4323995299","host_organization_name":"University of Piraeus","host_organization_lineage":["https://openalex.org/P4323995299"],"host_organization_lineage_names":["University of Piraeus"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"EUROPEAN RESEARCH STUDIES JOURNAL","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"http://www.ersj.eu/repec/ers/papers/09_1_p4.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5013925254","display_name":"Alexandru Todea","orcid":"https://orcid.org/0000-0001-8396-8663","observed_orcids":["https://orcid.org/0000-0001-8396-8663"]},"institutions":[{"id":"https://openalex.org/I3125347698","display_name":"Babe\u0219-Bolyai University","ror":"https://ror.org/02rmd1t30","country_code":"RO","type":"education","lineage":["https://openalex.org/I3125347698"]}],"countries":["RO"],"is_corresponding":false,"raw_author_name":"Alexandru Todea","raw_affiliation_strings":["\" Babe\u015f-Bolyai\" University of Cluj-Napoca"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"\" Babe\u015f-Bolyai\" University of Cluj-Napoca","institution_ids":["https://openalex.org/I3125347698"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5032677282","display_name":"Adrian Zoicas\u2010Ienciu","orcid":"https://orcid.org/0000-0001-9049-1373","observed_orcids":["https://orcid.org/0000-0001-9049-1373"]},"institutions":[{"id":"https://openalex.org/I3125347698","display_name":"Babe\u0219-Bolyai University","ror":"https://ror.org/02rmd1t30","country_code":"RO","type":"education","lineage":["https://openalex.org/I3125347698"]}],"countries":["RO"],"is_corresponding":false,"raw_author_name":"Adrian Zoicas-Ienciu","raw_affiliation_strings":["\" Babe\u015f-Bolyai\" University of Cluj-Napoca"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"\" Babe\u015f-Bolyai\" University of Cluj-Napoca","institution_ids":["https://openalex.org/I3125347698"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5008622330","display_name":"Angela-Maria Filip","orcid":"https://orcid.org/0000-0002-5329-5944","observed_orcids":["https://orcid.org/0000-0002-5329-5944"]},"institutions":[{"id":"https://openalex.org/I3125347698","display_name":"Babe\u0219-Bolyai University","ror":"https://ror.org/02rmd1t30","country_code":"RO","type":"education","lineage":["https://openalex.org/I3125347698"]}],"countries":["RO"],"is_corresponding":false,"raw_author_name":"Angela-Maria Filip","raw_affiliation_strings":["\" Babe\u015f-Bolyai\" University of Cluj-Napoca"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"\" Babe\u015f-Bolyai\" University of Cluj-Napoca","institution_ids":["https://openalex.org/I3125347698"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I3125347698"],"apc_list":null,"apc_paid":null,"fwci":0.5033,"has_fulltext":true,"cited_by_count":16,"citation_normalized_percentile":{"value":0.78853628,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":87,"max":95},"biblio":{"volume":"XII","issue":"Issue 1","first_page":"63","last_page":"72"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9980000257492065,"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":0.9980000257492065,"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":0.00139999995008111,"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/T10282","display_name":"Financial Risk and Volatility Modeling","score":9.999999747378752e-05,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/moving-average-strategy","display_name":"moving average strategy","score":0.9179999828338623},{"id":"https://openalex.org/keywords/trading-strategy-profitability","display_name":"trading strategy profitability","score":0.7089999914169312},{"id":"https://openalex.org/keywords/adaptive-market-hypothesis","display_name":"adaptive market hypothesis","score":0.75},{"id":"https://openalex.org/keywords/stock-price-behavior","display_name":"stock price behavior","score":0.5770000219345093},{"id":"https://openalex.org/keywords/european-stock-markets","display_name":"European stock markets","score":0.8579999804496765},{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.3869999945163727}],"concepts":[{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.8659050464630127},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.629235029220581},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5943698287010193},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4793868064880371},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.44788405299186707},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.43846043944358826},{"id":"https://openalex.org/C121194460","wikidata":"https://www.wikidata.org/wiki/Q856741","display_name":"Random walk","level":2,"score":0.42885535955429077},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.41167503595352173},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.40064769983291626},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.32023394107818604},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.2462758719921112},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.22290509939193726},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.2089264988899231},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1707884669303894},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.10898351669311523},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.35808/ersj/210","doi":"https://doi.org/10.35808/ersj/210","is_oa":true,"landing_page_url":"https://doi.org/10.35808/ersj/210","pdf_url":"http://www.ersj.eu/repec/ers/papers/09_1_p4.pdf","source":{"id":"https://openalex.org/S2764563877","display_name":"EUROPEAN RESEARCH STUDIES JOURNAL","issn_l":"1108-2976","issn":["1108-2976"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","norway-1","poland-100"],"host_organization":"https://openalex.org/P4323995299","host_organization_name":"University of Piraeus","host_organization_lineage":["https://openalex.org/P4323995299"],"host_organization_lineage_names":["University of Piraeus"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"EUROPEAN RESEARCH STUDIES JOURNAL","raw_type":"journal-article"},{"id":"pmh:oai:www.um.edu.mt:123456789/31840","doi":null,"is_oa":true,"landing_page_url":"https://www.um.edu.mt/library/oar//handle/123456789/31840","pdf_url":"https://www.um.edu.mt/library/oar//handle/123456789/31840","source":{"id":"https://openalex.org/S4306400782","display_name":"OAR@UM (University of Malta)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I197854408","host_organization_name":"University of Malta","host_organization_lineage":["https://openalex.org/I197854408"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:RePEc:ers:journl:v:xii:y:2009:i:1:p:63-72","doi":null,"is_oa":false,"landing_page_url":"http://www.ersj.eu/repec/ers/papers/09_1_p4.pdf","pdf_url":"http://www.ersj.eu/repec/ers/papers/09_1_p4.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"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":"article"}],"best_oa_location":{"id":"doi:10.35808/ersj/210","doi":"https://doi.org/10.35808/ersj/210","is_oa":true,"landing_page_url":"https://doi.org/10.35808/ersj/210","pdf_url":"http://www.ersj.eu/repec/ers/papers/09_1_p4.pdf","source":{"id":"https://openalex.org/S2764563877","display_name":"EUROPEAN RESEARCH STUDIES JOURNAL","issn_l":"1108-2976","issn":["1108-2976"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","norway-1","poland-100"],"host_organization":"https://openalex.org/P4323995299","host_organization_name":"University of Piraeus","host_organization_lineage":["https://openalex.org/P4323995299"],"host_organization_lineage_names":["University of Piraeus"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"EUROPEAN RESEARCH STUDIES JOURNAL","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W23440256.pdf","grobid_xml":"https://content.openalex.org/works/W23440256.grobid-xml"},"referenced_works_count":15,"referenced_works":["https://openalex.org/W607804540","https://openalex.org/W1580540756","https://openalex.org/W1982793507","https://openalex.org/W1986943398","https://openalex.org/W2010997253","https://openalex.org/W2015539243","https://openalex.org/W2017339966","https://openalex.org/W2032066116","https://openalex.org/W2055136834","https://openalex.org/W2064874542","https://openalex.org/W2101544483","https://openalex.org/W2102791579","https://openalex.org/W2133700609","https://openalex.org/W2501560009","https://openalex.org/W3122305330"],"related_works":["https://openalex.org/W7033381258","https://openalex.org/W1215817609","https://openalex.org/W7097418582","https://openalex.org/W1481657484","https://openalex.org/W2128336495","https://openalex.org/W2564453907","https://openalex.org/W7048142127","https://openalex.org/W1982793507","https://openalex.org/W1984961676","https://openalex.org/W2159848758"],"abstract_inverted_index":{"Numerous":[0],"recent":[1],"studies":[2,30],"are":[3,79],"emphasizing":[4],"the":[5,44,57,63,71,81,85,94,107,111],"existence":[6],"of":[7,46,66,90,113],"different":[8],"stock":[9],"price":[10],"behaviors,":[11],"namely":[12],"long":[13],"random":[14],"walk":[15],"sub":[16],"periods":[17],"alternating":[18],"with":[19],"short":[20],"ones":[21],"characterized":[22],"by":[23,84],"strong":[24],"linear":[25,67],"and/or":[26,68],"nonlinear":[27,69,120],"correlations.All":[28],"these":[29,33],"suggest":[31],"that":[32,96,110],"serial":[34],"dependencies":[35],"have":[36],"an":[37,47],"episodic":[38,64,121],"nature.In":[39],"this":[40],"paper":[41,108],"we":[42],"investigate":[43],"profitability":[45,112],"optimum":[48],"moving":[49],"average":[50],"strategy":[51],"selected":[52],"from":[53,101],"15,000":[54],"combinations":[55],"on":[56],"main":[58],"European":[59],"capital":[60],"markets":[61],"considering":[62],"character":[65],"dependencies,":[70],"period":[72],"under":[73],"study":[74],"being":[75],"1997-2008.The":[76],"empirical":[77],"results":[78],"consistent":[80],"assumptions":[82],"made":[83],"Adaptive":[86],"Markets":[87],"Hypothesis":[88],"(AMH)":[89],"Lo":[91],"(2004)":[92],"regarding":[93],"fact":[95],"profit":[97],"opportunities":[98],"do":[99],"exist":[100],"time":[102],"to":[103,119],"time.More":[104],"than":[105],"that,":[106],"proves":[109],"those":[114],"strategies":[115],"is":[116],"mainly":[117],"due":[118],"dependencies.":[122]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":2},{"year":2017,"cited_by_count":1},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":1}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}
