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Title: stock market analysis with text data: a review.

Abstract: Stock market movements are influenced by public and private information shared through news articles, company reports, and social media discussions. Analyzing these vast sources of data can give market participants an edge to make profit. However, the majority of the studies in the literature are based on traditional approaches that come short in analyzing unstructured, vast textual data. In this study, we provide a review on the immense amount of existing literature of text-based stock market analysis. We present input data types and cover main textual data sources and variations. Feature representation techniques are then presented. Then, we cover the analysis techniques and create a taxonomy of the main stock market forecast models. Importantly, we discuss representative work in each category of the taxonomy, analyzing their respective contributions. Finally, this paper shows the findings on unaddressed open problems and gives suggestions for future work. The aim of this study is to survey the main stock market analysis models, text representation techniques for financial market prediction, shortcomings of existing techniques, and propose promising directions for future research.

Subjects:	Statistical Finance (q-fin.ST); Machine Learning (cs.LG)
Cite as:	[q-fin.ST]
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Technical Analysis in the Stock Market: A Review

34 Pages Posted: 24 May 2021 Last revised: 23 Sep 2022

University of North Carolina (UNC) at Charlotte - Finance

Hunan University - College of Finance and Statistics

Washington University in St. Louis - John M. Olin Business School

Tsinghua University - School of Economics & Management

Date Written: May 21, 2021

Technical analysis is the study for forecasting future asset prices with past data. In this survey, we review and extend studies on not only the time-series predictive power of technical indicators on the aggregated stock market and various portfolios, but also the cross-sectional predictability with various firm characteristics. While we focus on reviewing major academic research on using traditional technical indicators, but also discuss briefly recent studies that apply machine learning approaches, such as Lasso, neural network and genetic programming, to forecast returns both in the time-series and on the cross-section.

Keywords: Technical Analysis, Machine Learning, Genetic Programming, Cross-sectional Returns, Predictability

JEL Classification: G12, G14, G15

Suggested Citation: Suggested Citation

University of North Carolina (UNC) at Charlotte - Finance ( email )

9201 University City Boulevard Charlotte, NC 28223 United States

Hunan University - College of Finance and Statistics ( email )

Changsha China

Guofu Zhou (Contact Author)

Washington university in st. louis - john m. olin business school ( email ).

Washington University Campus Box 1133 St. Louis, MO 63130-4899 United States 314-935-6384 (Phone) 314-658-6359 (Fax)

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Tsinghua University - School of Economics & Management ( email )

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What Is a Market Analysis?

by Alecia Mouhanna , on April 10, 2019

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The Office of the Chief Economist produces original research papers on a broad range of topics relevant to the CFTC’s mandate to foster open, transparent, competitive, and financially sound markets in U.S. futures, option on futures, and U.S. swaps markets. In this role, the papers are written, in part, to inform the public on derivatives market issues and can be freely accessed below. They are commonly presented at academic conferences, universities, government agencies, and other research settings. The papers help inform the agency’s policy and regulatory work, and many are published in peer-review journals and other scholarly outlets.

The analyses and conclusions expressed in the papers are those of the authors and do not reflect the views of other members of the Office of Chief Economist, other Commission staff or the Commission itself.

Date	Author Names	Title
	Lihong McPhail, Philipp Schnabl, Bruce Tuckman

	Esen Onur, David Reiffen, Rajiv Sharma

	Christopher Burns, Daniel Prager

	Alex Ferko, Scott Mixon, Esen Onur

	Eleni Gousgounis, Esen Onur
Forthcoming at the American Journal of Agricultural Economics:
	John Coughlan, Allen Carrion

	Alexei Orlov, Rajiv Sharma

	Pankaj Jain, Ayla Kayhan, Esen Onur
The Financial Review (forthcoming) • We examine systematic and idiosyncratic determinants of Amihud price impact and microstructure noise proxying for permanent and transitory components of commodity futures liquidity. • For idiosyncratic factors, we identify that excess hedging demand increases price impact and noise while active position taking (by market-makers) in excess of the hedging demand reduces noise. • For systematic factors, lack of competition among liquidity providers adversely impact liquidity, but this effect is mitigated if liquidity providers are well capitalized. • We also show that the Supplementary leverage ratio (SLR) makes holding inventory costlier and is associated with lower liquidity.
	Esen Onur, David Reiffen, Rajiv Sharma

	John Coughlan, Alexei Orlov

How Are Insurance Markets Adapting to Climate Change? Risk Selection and Regulation in the Market for Homeowners Insurance

As climate risk escalates, property insurance is critical to reduce the risk exposure of households and firms and to aid recovery when disasters strike. To perform these functions efficiently, insurers need to access high quality information about disaster risk and set prices that accurately reflect the costs of insuring this risk. We use proprietary data on parcel-level wildfire risk, together with insurance premiums derived from insurers' regulatory filings, to investigate how insurance is priced and provided in a large market for homeowners insurance. We document striking variation in insurers' risk pricing strategies. Firms that rely on coarser measures of wildfire risk charge relatively high prices in high-risk market segments -- or choose not to serve these areas at all. Empirical results are consistent with a winner's curse, where firms with less granular pricing strategies face higher expected losses. A theoretical model of a market for natural hazard insurance that incorporates both price regulation and asymmetric information across insurers helps rationalize the empirical patterns we document. Our results highlight the underappreciated importance of the winner's curse as a driver of high prices and limited participation in insurance markets for large, hard-to-model risks.

We thank seminar participants at the NBER Summer Institute, NBER Insurance Working Group, the 2023 ASSA meetings, the 2024 AERE Summer Conference, TWEEDS, University of Chicago, Harvard University, MIT, Indiana University, Resources for the Future, the New York Federal Reserve, the San Francisco Federal Reserve, Stanford University, University of Alaska Anchorage, UC Berkeley, UC Davis, UC Santa Barbara, University of Southern California, University of Wisconsin, University of Illinois, University of Calgary, Georgia State University, and Oregon State University. We thank Josh Aarons, Kaleb Javier, and Kendra Marcoux for outstanding research assistance. We thank Benjamin Collier, Chris Costello, Mark Duggan, Penny Liao, Philip Mulder, and Joel Sobel for helpful discussions. This work received generous financial support from the University of California Office of the President Laboratory Fees Program (LFR-20-652467). Boomhower gratefully acknowledges funding via an Andrew Carnegie Fellowship from the Carnegie Corporation of New York. CoreLogic, Inc. is a source of data for this analysis. CoreLogic was not involved in the preparation of any aspect of the report. Any conclusions/interpretations of the CoreLogic data are those of the authors of the report, and not CoreLogic. CoreLogic is not responsible for any use of, nor any decisions based on or in reliance on, the CoreLogic data used in the report. CoreLogic does not represent or warrant that the CoreLogic data is complete or free from error and does not assume, and expressly disclaims, any liability to any person or entity for any loss or damage caused or resulting in whole or in part by any reliance on the CoreLogic data including, but not limited to, any loss or damage caused or resulting in whole or in part by errors or omissions in the CoreLogic data, whether such errors or omissions result from negligence, accident, or other cause. CoreLogic® is the registered trademark of CoreLogic, Inc. and/or its subsidiaries or affiliates. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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Why Are Companies That Lose Money Still So Successful?

Vijay Govindarajan,
Shivaram Rajgopal,
Anup Srivastava,
Aneel Iqbal,
Elnaz Basirian

New research on how to identify investments that produce delayed but real profits — not just those that produce short-term accounting profits.

In a well-functioning capital market, profits should be the sole criterion for firm survival; that is, firms reporting losses should disappear. Of late, however, loss-making firms are highly sought after by investors — often more than some profitable firms. Unicorns, or startups with valuations exceeding a billion dollars, are examples of such loss-making firms. What has changed over time? When and why did losses lose their meaning? The authors’ series of new research papers provide some answers, guiding managers to make the right investments: those that produce delayed but real profits — not just those that produce short-term accounting profits but decimate shareholder wealth in long run.

In 1979, psychologists Daniel Kahneman and Amos Tversky famously posited that losses loom larger than gains in human decision-making. For example, a dollar of loss affects our behavior more than a dollar of profits . Likewise, when a firm announces losses, its stock price declines more dramatically than it increases for the same dollar amount of profits. Investors abandon and lenders tend to stop financing loss-making firms , which then start restructuring their business lines and laying off employees. Some firms go even further, conducting M&A transactions without substance and “managing earnings” to report profits instead of a loss.

Vijay Govindarajan is the Coxe Distinguished Professor at Dartmouth College’s Tuck School of Business, an executive fellow at Harvard Business School, and faculty partner at the Silicon Valley incubator Mach 49. He is a New York Times and Wall Street Journal bestselling author. His latest book is Fusion Strategy: How Real-Time Data and AI Will Power the Industrial Future . His Harvard Business Review articles “ Engineering Reverse Innovations ” and “ Stop the Innovation Wars ” won McKinsey Awards for best article published in HBR. His HBR articles “ How GE Is Disrupting Itself ” and “ The CEO’s Role in Business Model Reinvention ” are HBR all-time top-50 bestsellers. Follow him on LinkedIn . vgovindarajan
Shivaram Rajgopal is the Roy Bernard Kester and T.W. Byrnes Professor of Accounting and Auditing and Vice Dean of Research at Columbia Business School. His research examines financial reporting and executive compensation issues and he is widely published in both accounting and finance.
Anup Srivastava holds Canada Research Chair in Accounting, Decision Making, and Capital Markets and is a full professor at Haskayne School of Business, University of Calgary. In a series of HBR articles, he examines the management implications of digital disruption. He specializes in the valuation and financial reporting challenges of digital companies. Follow Anup on LinkedIn .
Aneel Iqbal is an assistant professor at Thunderbird School of Global Management, Arizona State University. He examines the accounting measurement and financial disclosures for new-economy firms and incorporates his wide-ranging industry experience into his research and teaching. He is a seasoned accounting and finance professional with diverse experience in auditing, financial analysis, business advisory, performance management, and executive training. Follow Aneel on LinkedIn .
Elnaz Basirian is a PhD student at the Haskayne School of Business. She examines the influence and role of intangibles in accounting and finance, aimed at improving valuation and market efficiency. She brings a decade of work experience in international financial markets. Follow Elnaz on LinkedIn .

Article Contents

“ keep it a secret ”: leaked documents suggest philip morris international, and its japanese affiliate, continue to exploit science for profit.

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Sophie Braznell, Louis Laurence, Iona Fitzpatrick, Anna B Gilmore, “ Keep it a secret ”: leaked documents suggest Philip Morris International, and its Japanese affiliate, continue to exploit science for profit, Nicotine & Tobacco Research , 2024;, ntae101, https://doi.org/10.1093/ntr/ntae101

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The tobacco industry has a long history of manipulating science to conceal the harms of its products. As part of its proclaimed transformation, the world’s largest tobacco company, Philip Morris International (PMI), states it conducts “ transparent science ”. This paper uses recently leaked documents from PMI and its Japanese affiliate, Philip Morris Japan (PMJ), to examine its contemporary scientific practices.

23 documents dating 2012 through 2020 available from Truth Tobacco Industry Documents Library were examined using Forster's hermeneutic approach to analysing corporate documentation. Thematic analysis using the Science for Profit Model was conducted to assess whether PMI/PMJ employed known corporate strategies to influence science in their interests.

PMJ contracted a third-party external research organisation, CMIC, to covertly fund a study on smoking cessation conducted by Kyoto University academics. No public record of PMJ’s funding or involvement in this study was found. PMJ paid life sciences consultancy, FTI-Innovations, ¥3,000,000 (approx. £20,000) a month between 2014 and 2019 to undertake extensive science-adjacent work, including building relationships with key scientific opinion leaders and using academic events to promote PMI’s science, products and messaging. FTI-Innovation’s work was hidden internally and externally. These activities resemble known strategies to influence the conduct, publication and reach of science, and conceal scientific activities.

The documents reveal PMI/PMJ’s recent activities mirror past practices to manipulate science, undermining PMI’s proclaimed transformation. Tobacco industry scientific practices remain a threat to public health, highlighting the urgent need for reform to protect science from the tobacco industry’s vested interests.

Implications: Japan is a key market for PMI, being a launch market for IQOS and having the highest heated tobacco product use globally. Our findings, in conjunction with other recent evidence, challenge PMI’s assertion that it is a source of credible science and cast doubt on the quality and ethical defensibility of its research, especially its studies conducted in Japan. This, in turn, brings into question the true public health impacts of its products. There is urgent need to reform the way tobacco-related science is funded and conducted. Implementation of models through which research can be funded using the industry’s profits while minimising its influence should be explored.

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Sustainable methanol production from carbon dioxide: advances, challenges, and future prospects

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Published: 04 July 2024

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Tushar Patil 1 ,
Arkan Naji 1 ,
Ujjal Mondal 2 ,
Indu Pandey 3 ,
Ashish Unnarkat 1 &
Swapnil Dharaskar ORCID: orcid.org/0000-0001-9996-3541 1

The urgent need to address global carbon emissions and promote sustainable energy solutions has led to a growing interest in carbon dioxide (CO 2 ) conversion technologies. Among these, the transformation of CO 2 into methanol (MeOH) has gained prominence as an effective mitigation strategy. This review paper provides a comprehensive exploration of recent advances and applications in the direct utilization of CO 2 for the synthesis of MeOH, encompassing various aspects from catalysts to market analysis, environmental impact, and future prospects. We begin by introducing the current state of CO 2 mitigation strategies, highlighting the significance of carbon recycling through MeOH production. The paper delves into the chemistry and technology behind the conversion of CO 2 into MeOH, encompassing key themes such as feedstock selection, material and energy supply, and the various conversion processes, including chemical, electrochemical, photochemical, and photoelectrochemical pathways. An in-depth analysis of heterogeneous and homogeneous catalysts for MeOH synthesis is provided, shedding light on the advantages and drawbacks of each. Furthermore, we explore diverse routes for CO 2 hydrogenation into MeOH, emphasizing the technological advances and production processes associated with this sustainable transformation. As MeOH holds a pivotal role in a wide range of chemical applications and emerges as a promising transportation fuel, the paper explores its various chemical uses, transportation, storage, and distribution, as well as the evolving MeOH market. The environmental and energy implications of CO 2 conversion to MeOH are discussed, including a thermodynamic analysis of the process and cost and energy evaluations for large-scale catalytic hydrogenation.

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Patil, T., Naji, A., Mondal, U. et al. Sustainable methanol production from carbon dioxide: advances, challenges, and future prospects. Environ Sci Pollut Res (2024). https://doi.org/10.1007/s11356-024-34139-3

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News Release FHFA and CFPB Release Updated Data from the National Survey of Mortgage Originations for Public Use

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Washington, D.C. – The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally representative sample of mortgage borrowers from 2013 to 2021.

Since 2014, FHFA and CFPB have sent quarterly surveys to borrowers who recently obtained mortgages. These surveys gather feedback on borrowers’ experiences during the mortgage process, their perceptions of the mortgage market, and their future expectations. Today’s release adds one additional year of new mortgage data through 2021.

“The NSMO provides a unique view of mortgage borrowers, helping illustrate underlying trends that can identify emerging issues in mortgage lending,” said Saty Patrabansh, FHFA Associate Director for the Office of Data and Statistics. “The data released today will provide insights into consumer behavior and borrowers’ experiences, leading to better analysis of how mortgage processes could be improved for future borrowers.”

“This year’s survey provides new insights into appraisal satisfaction and willingness to move for borrowers with new mortgages," said Jason Brown, CFPB Assistant Director for Research. “With the release of the public use file, we invite researchers to help us understand the challenges facing consumers and help us to find ways to improve the market for consumers.”

Today’s release features data on three new survey questions first asked of mortgage borrowers in 2021.

When asked about appraisal satisfaction, 70 percent of respondents reported being very satisfied with their property appraisal, 23 percent reported being somewhat satisfied, and 6 percent were not at all satisfied.
When questioned on their willingness to move from their primary residence, 50 percent of respondents reported being unwilling to move, 20 percent were unsure about moving, 25 percent were willing and able to move, and 5 percent were willing but unable to move.
When prompted to select from a list of factors important to borrowers choosing a mortgage lender/broker, 8 percent of respondents selected accommodations for people with disabilities as an important factor in their choice.

The NSMO is a component of the National Mortgage Database (NMDB®), the first comprehensive repository of detailed mortgage loan information designed to support policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends.

The NMDB is designed to fulfill the requirements of the Housing and Economic Recovery Act (HERA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). HERA mandated that FHFA conduct a monthly mortgage survey of all residential mortgages, including those not eligible for purchase by Fannie Mae and Freddie Mac. The Dodd-Frank Act mandated that CFPB monitor the primary mortgage market, in part through the use of the survey data.

Access the NSMO Public Use File

The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $8.4 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov , on Twitter @FHFA , YouTube , Facebook, and LinkedIn .

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Real Time Stock Market Analysis
The stock market is extremely important in the financial component of the country's growth, but it is also extremely dynamic and unpredictable. Significant political concerns, investor calls, journal stories, the company's restructuring and development strategies, and many other factors will quickly affect it. Single business day, thousands of investors invest in the stock market. Some of ...
What Is a Market Analysis?
A market analysis can identify not only what the industry is presently doing but where it is going, highlighting areas with the most promising growth opportunities. Thus, companies that utilize market research are better equipped to make informed decisions regarding research and development and manufacturing investments, regional market entries ...
Market research and competitive analysis
Market research blends consumer behavior and economic trends to confirm and improve your business idea. It's crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye. Gather demographic information to better understand opportunities and ...
Research Papers
The Office of the Chief Economist produces original research papers on a broad range of topics relevant to the CFTC's mandate to foster open, transparent, competitive, and financially sound markets in U.S. futures, option on futures, and U.S. swaps markets. In this role, the papers are written, in part, to inform the public on derivatives ...
PDF Technical Analysis and Its Use in The Stock Markets
Technical Analysis is used in various time frames, ranging from intraday (1 minute, 5 minutes, etcetera) to daily, weekly, monthly and years. Technical Analysis is one of the two methods (Fundamental Analysis is the other one) used for analysing investment decisions in the securities market. Technical Analysis is built on these premises - 1.
PDF Strategic Analysis Of Starbucks Corporation
industry with a market share of 36.7%, Dunkin Brands with 24.6% and other competitors like McDonalds, Costa Coffee, Tim Horton's etc. taking the rest as shown in Appendix 1.4 2.2) Industry Life Cycle and Market Share Concentration: This industry is in a mature stage with a medium level concentration. Starbucks and Dunkin Brands make up
1111 PDFs
Explore the latest full-text research PDFs, articles, conference papers, preprints and more on MARKET BASKET ANALYSIS. Find methods information, sources, references or conduct a literature review ...
How Are Insurance Markets Adapting to Climate Change? Risk Selection
A theoretical model of a market for natural hazard insurance that incorporates both price regulation and asymmetric information across insurers helps rationalize the empirical patterns we document. Our results highlight the underappreciated importance of the winner's curse as a driver of high prices and limited participation in insurance ...
Market Basket Analysis: Identify the Changing Trends of Market Data
This paper discusses the data mining technique i.e. association rule mining and provide a new algorithm which may helpful to examine the customer behaviour and assists in increasing the sales. ... Association Rule â€" Extracting Knowledge Using Market Basket Analysis.Research Journal of Recent Sciences 2012:1(2):19-27. 2. Verma Sheenu ...
Retailing Market Research Reports & Industry Analysis
The retailing market has seen significant changes in recent years, driven by advancements in technology, changing consumer preferences, shifting economic conditions, and increased competition. The rise of e-commerce and online shopping has disrupted traditional retail models, and retailers now face the challenge of adapting to this new reality ...
Why Are Companies That Lose Money Still So Successful?
The authors' series of new research papers provide some answers, guiding managers to make the right investments: those that produce delayed but real profits — not just those that produce short ...
"Keep it a secret": leaked documents suggest Philip Morris
The tobacco industry has a long history of manipulating science to conceal the harms of its products. As part of its proclaimed transformation, the world's largest tobacco company, Philip Morris International (PMI), states it conducts "transparent science".This paper uses recently leaked documents from PMI and its Japanese affiliate, Philip Morris Japan (PMJ), to examine its contemporary ...
Services
Deloitte's ongoing focus on research and development (R&D) is what has inspired us to carry out this survey - our first research project of this kind since the outbreak of COVID-19 in 2020. ... Around the globe, Deloitte delivers industry-specific insights and solutions to serve nearly every sector to help solve some of business' challenges.
(PDF) Market Basket Analysis Approach to Machine Learning
Market Basket Analysis Approach to Machine. Learning. Abu Hasnat Patw ary. Department of Computer Scienc e and. Engineering. Daffodil Interna tional Unive rsity. Dhaka, Bangladesh. abul15-9807@diu ...
Scientist defeats J&J lawsuit over cancer research
A New Jersey federal judge has dismissed a lawsuit brought by a Johnson & Johnson subsidiary against a scientist who published a paper linking talc-based consumer products to cancer, finding that ...
Sustainable methanol production from carbon dioxide: advances
The urgent need to address global carbon emissions and promote sustainable energy solutions has led to a growing interest in carbon dioxide (CO2) conversion technologies. Among these, the transformation of CO2 into methanol (MeOH) has gained prominence as an effective mitigation strategy. This review paper provides a comprehensive exploration of recent advances and applications in the direct ...
FHFA and CFPB Release Updated Data from the National Survey of Mortgage
Joint Release Consumer Financial Protection Bureau Federal Housing Finance Agency Washington, D.C. - The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information ...