Do psychological barriers exist in Latin American stock markets?

Júlio Lobão; Natércia Fortuna; Franklin Silva

doi:10.4067/S0718-88702020000200029

Autores/as

Júlio Lobão Universidade do Porto - Faculdade de Economia do Porto, (University of Porto – School of Economics and Management)
Natércia Fortuna Universidade do Porto - Faculdade de Economia do Porto (University of Porto – School of Economics and Management)
Franklin Silva Universidade do Porto - Faculdade de Economia do Porto (University of Porto – School of Economics and Management)

DOI:

https://doi.org/10.4067/S0718-88702020000200029

Palabras clave:

Mercados latinoamericanos, barreras psicológicas, índices bursátiles, psicología de mercado, números redondos

Resumen

Examinamos por primera vez los principales mercados bursátiles de ocho países latinoamericanos para indicación de barreras psicológicas en los números redondos. Probamos la uniformidad en los dígitos finales de los índices y usamos regresións y análisis GARCH para evaluar el impacto diferencial de estar por encima o debajo de una posible barrera. El mercado de valores chileno parece ser significativamente diferente de sus contrapartes, ya que es el único que prácticamente no mostró señales de barreras psicológicas. Hay evidencia leve a fuerte de barreras en los restantes mercados. Estos hallazgos desafían la noción de que la mayoría Los mercados latinoamericanos son impredecibles y otorgan crédito al reclamo que las estrategias de análisis técnico pueden ser útiles en algunos de estos mercados.

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