<abstract xmlns="http://www.w3.org/1999/xhtml"><p>In the article, several methods of taking investment decisions are described: a fundamental, portfolio, and technical analysis. They constitute different approaches which are convenient for different types of investors with various expectations and time horizons of their investments. The simultaneous combination of these three analyses is not popular. The aim of this study is to test the effectiveness of simultaneous use of a fundamental analysis, portfolio analysis, and technical analysis for shares quoted on the Warsaw Stock Exchange (WSE) in 2000–2007. The research hypothesis is advanced that the concurrent-linked application of a fundamental, portfolio, and technical analysis brings better results than the separate use of these analyses. Models of capital market, such as CAPM and APT, have been used, as well as P/E ratio, Return on Equity (RoE), Relative Strength Index (RSI), and Exponential Moving Average (EMA). The combination of a financial analysis, technical indicators, and models of the capital market in order to invest on the stock exchange is author’s own method. In general, the survey has been carried out on the grounds of quantitative methods (financial analysis, regression model, and multi regression model) and a comparative analysis. The results of the research have been used to create diversified portfolios on the WSE. It occurs that the concurrent use of the three analyses brings the highest rate of return of a portfolio.</p></abstract>

In the article, several methods of taking investment decisions are described: a fundamental, portfolio, and technical analysis. They constitute different approaches which are convenient for different types of investors with various expectations and time horizons of their investments. The simultaneous combination of these three analyses is not popular. The aim of this study is to test the effectiveness of simultaneous use of a fundamental analysis, portfolio analysis, and technical analysis for shares quoted on the Warsaw Stock Exchange (WSE) in 2000–2007. The research hypothesis is advanced that the concurrent-linked application of a fundamental, portfolio, and technical analysis brings better results than the separate use of these analyses. Models of capital market, such as CAPM and APT, have been used, as well as P/E ratio, Return on Equity (RoE), Relative Strength Index (RSI), and Exponential Moving Average (EMA). The combination of a financial analysis, technical indicators, and models of the capital market in order to invest on the stock exchange is author’s own method. In general, the survey has been carried out on the grounds of quantitative methods (financial analysis, regression model, and multi regression model) and a comparative analysis. The results of the research have been used to create diversified portfolios on the WSE. It occurs that the concurrent use of the three analyses brings the highest rate of return of a portfolio.

The Profitability of the Strategy Linking Fundamental, Portfolio and Technical Analysis on the Polish Capital Market

Poznań University of Economics and Business, Faculty of Economics, Department of Money Policy and Financial Markets, Al. Niepodległości 10, 61-875 Poznań,

Folia Oeconomica Stetinensia

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

In the article, several methods of taking investment decisions are described: a fundamental, portfolio, and technical analysis. They constitute different...

The Profitability of the Strategy Linking Fundamental, Portfolio and Technical Analysis on the Polish Capital Market

Data publikacji: 30 gru 2016

Zakres stron: 113 - 146

Otrzymano: 21 paź 2015

Przyjęty: 22 cze 2016

DOI: https://doi.org/10.1515/foli-2016-0008

Słowa kluczowe
fundamental analysis, portfolio analysis, technical analysis, the Warsaw Stock Exchange, CAPM

© 2016 University of Szczecin

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

The Profitability of the Strategy Linking Fundamental, Portfolio and Technical Analysis on the Polish Capital Market

Data publikacji: 30 gru 2016

Zakres stron: 113 - 146

Otrzymano: 21 paź 2015

Przyjęty: 22 cze 2016

DOI: https://doi.org/10.1515/foli-2016-0008

Słowa kluczowefundamental analysis, portfolio analysis, technical analysis, the Warsaw Stock Exchange, CAPM

© 2016 University of Szczecin

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Słowa kluczowe
fundamental analysis, portfolio analysis, technical analysis, the Warsaw Stock Exchange, CAPM