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The Market Quality to Technical Analysis Performance: Intercountry Analysis

Gadjah Mada International Journal of Business (GamaIJB) · Vol. 16 No. 3 (2014) · pp. 243–254

DOI
10.22146/gamaijb.5658
ISSN
2338-7238, 1411-1128
Published
2014-12-11
Publisher
Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
Language
eng

Abstract

The main objective of this research is to discuss the impact of market quality on technical analysis profitability using inter-country analysis. Market quality is proxied by market capitalization. Technical analysis performance (profitability) is calculated using technical analysis return for MA5 indicator and short transaction strategy. This study uses the OSIRIS and Yahoo Finance databases. Using 21 countries with 50 companies for each country, this study finds that market quality affects technical analysis performance. Robustness tests are conducted for longer moving average indicators that are MA10 and MA15. To make sure that the results are not sensitive toward the strategy used, other robustness tests are conducted by using short and long-short transaction strategies. All robustness tests confirm the findings.

Collaboration network of the authors

20 authors · 37 co-authorship links · 11 across different organisations

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Universitas Gadjah Mada
  • Universitas Teknologi Yogyakarta
  • University of Surabaya
  • Atma Jaya University Yogyakarta
  • University of Bradford
  • Perbanas Institute
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Eduardus TandelilinUniversitas Gadjah Mada1
Mamduh Mahmadah HanafiUniversitas Gadjah Mada1
Setiyono SetiyonoUniversitas Gadjah Mada1
Dewi RatnaningsihAtma Jaya University Yogyakarta1
Achmad DjunaediUniversitas Gadjah Mada1
Hargo UtomoUniversitas Gadjah Mada1
Wahyuni ReksoatmodjoUniversitas Gadjah Mada1
Slamet SugiriUniversitas Gadjah Mada1
Sumiyana SumiyanaUniversitas Gadjah Mada1
Zaki BaridwanUniversitas Gadjah Mada1
Nofie ImanUniversity of Bradford1
Luciana Spica AlmiliaPerbanas Institute1
Ertambang NahartyoUniversitas Gadjah Mada1
. SupriyadiAffiliation unknown1
Junaidi JunaidiUniversitas Teknologi Yogyakarta1
Setiyono MiharjoUniversitas Gadjah Mada1
Bambang HartadiUniversitas Teknologi Yogyakarta1
Eko SuwardiUniversitas Gadjah Mada1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.ugm.ac.id/gamaijb/oai, first harvested 28 Okt 2026, last seen 28 Okt 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">The Market Quality to Technical Analysis Performance: Intercountry Analysis</dc:title>
	<dc:creator>Hartono, Jogiyanto</dc:creator>
	<dc:creator>Sulistiawan, Dedhy</dc:creator>
	<dc:description xml:lang="en-US">The main objective of this research is to discuss the impact of market quality on technical analysis profitability using inter-country analysis. Market quality is proxied by market capitalization. Technical analysis performance (profitability) is calculated using technical analysis return for MA5 indicator and short transaction strategy. This study uses the OSIRIS and Yahoo Finance databases. Using 21 countries with 50 companies for each country, this study finds that market quality affects technical analysis performance. Robustness tests are conducted for longer moving average indicators that are MA10 and MA15. To make sure that the results are not sensitive toward the strategy used, other robustness tests are conducted by using short and long-short transaction strategies. All robustness tests confirm the findings.     </dc:description>
	<dc:publisher xml:lang="en-US">Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada</dc:publisher>
	<dc:contributor xml:lang="en-US"></dc:contributor>
	<dc:date>2014-12-11</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.ugm.ac.id/gamaijb/article/view/5658</dc:identifier>
	<dc:identifier>10.22146/gamaijb.5658</dc:identifier>
	<dc:source xml:lang="en-US">Gadjah Mada International Journal of Business; Vol 16, No 3 (2014): September-December; 243-254</dc:source>
	<dc:source>2338-7238</dc:source>
	<dc:source>1411-1128</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.ugm.ac.id/gamaijb/article/view/5658/4635</dc:relation>
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