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Journal paper
Entry Year93
Journal level其他
Paper title (chapter)Fuzzy Genetic Programming Approach to Stock Valuation
Name of journalAsian Journal of Information Technology
Date of publication2004-02-00
number of chapters3
Issue No.5
Name of author (Chinese)Ping-Chen Lin
Name of author (English)Ping-Chen Lin
NoteAbstract
Stock valuation plays an important role in stock selection for fundamental investors. The Efficient Market Hypothesis (EMH) emphasizes that the intrinsic value of a stock will be reflected by its market price. Previous studies on stock valuation estimate a stock`s value as a single-valued number. Different models generate different estimates on the same stock. This may imply that the value of a stock should be multi-valued rather than single-valued. This study develops an intelligent stock valuation model to produce a multi-valued price for a stock by generalizing genetic programming to Fuzzy genetic programming. Since the stock value is estimated by a Fuzzy expression tree which calculates to a trapezoidal Fuzzy number, the stock value becomes multi-valued. In addition, the resulting trapezoidal Fuzzy stock value induces a natural trading strategy which can readily be executed and evaluated.
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