Why? I think the real TA can be perfectly quantified. The strategy I'm trading is pure math based. No subjective judgements. The conditions are met - buy/sell. Time elapses - close the position. The real arb opportunities are quanitifiable. I think the reasons TA might not be getting too much attention in academic press are: 1) It doesn't work. At least not on the scale that is worth discussing in press. 2) If you do find something that truly works, you'd not pubish it but go trade it instead. 3) There is no consistent theory that would show why it would work. The theories that are advanced are ad-hoc hodge-podges that are usually devised restrospectively once someone bumps into some "anomaly" that is usually a result of data-snooping. Academic research is not just about documenting smth, it's about find developing an argument for why something might take place, and then checking to see that it does to prove or disprove the hypothesis. There is NO all-empbracing alternative to EHM (again, I'm speaking about the Grossman-Stiglitz version of EMH here) that would work EVEN REMOTELY as well. My contributions to this thread cease b/c all the answers are already on this board.
Listen, moron, I have already mentioned elsewhere that English is my 4th language and until a few years ago I only <b>K</b>new (emphasis added for the overly-concerned-with-my-spelling-Doggie Hopper ) a couple of swearings in it. My spelling and grammar are usually better than those of native speakers. My American friends come to me to check their spelling or to ask for a synonym. If I make a mistake here it's usually b/c I never re-read what I just typed, type fast and don't care as much about the little errors. So shove your smirks up your behind.
You are just so full of yourself, aren't ya? Trust me, kid, my vocabulary will make yours pale. If I do take time and think through what I write (e.g. if you read a paper of mine), you'd never think it was written by a foreigner, not to mention one who knew absolutely no English a few years ago. My accent is telling sometimes. Not always though. PS BTW, there's a test for foreign speakers of English called TOEFL, I only made 2 or 3 mistakes in the listening comprehension part b/c I took it a few years ago and didn't know some of the colloquial stuff. 99th percentile still. "Native speakers" who take this test almost never get there. ...I actually had an American student ask me a few days ago was "ulterior motive" and "negligible" meant. I rest my case.
BEcause they are a bunch of pussys!! they sit in their comfortable white ivy towers with their patheitic pensions and tenures afraid to get down & dirty. PUSSYS! Get in the trenches you pathetic cowards, i'll EAT YOU FOR LUNCH! HA!