摘要：We examine the relationship between price and volume in the Brazilian stock market. It tests the “V-shaped relationship” developed by Karpoff (1987), identified in several empirical papers for the U.S. market. This is expressed by positive covariance between a stock’s market turnover and the absolute value of that stock’s price change in the same period. This would contradict the implication from weak market efficiency that current price would impound all information. We analyze daily data for 47 stocks covering the period from January 04, 2010 to June 28, 2013. The results indicate that the V-shaped relationship is significant.
关键词：Weak-form efficiency;Technical analysis;Price-volume relationship;Eficiência de mercado;Análise técnica;Relação preço-volume de negócios
