Abstract
The paper describes a Multicriteria Decision Support System which aims at presenting a complete and spherical evaluation of the Athens Stock Exchange stocks. The system evaluates the stocks on the basis of three approaches: Fundamental Analysis, Technical Analysis and Stock-Exchange Analysis.
The system introduced in this paper utilises Multicriteria Analysis methods and embodies a large volume of relevant information. It is a ‘live’ system and operates in ‘real world conditions’ since its data are updated on a daily basis through a multitude of sources.
The final output of the system is an overall evaluation of the ASE stocks and a stock ranking with the best stock first and the worst last, in order to be used in supporting investment decision-making. Finally, the system is intended for both institutional and private investors.
Similar content being viewed by others
References
Achelis, St. (2000),Technical Analysis from A to Z, McGraw-Hill.
Colson, G. and De BruynC. (1989), “Models and Methods in Multiple Objectives Decision Making”, Mathematical Computing and Modelling, Vol. 12(11/12), 1201–1211.
Conso, P. (1981),la gestion financiere de l’entreprise: les techniques et l’analyse financiere(tome 1), Dunod.
Depallens, G. (1980),gestion financiere de l’entreprise, Editions Sirey.
Devaud, J.M., Groussaud, G. and Jacquet-Lagrèze, E. (1980), “UTADIS: Une méthode de construction de fonctions d’ utilité additives rendant compte de jugements globaux”, European Working Group on Multicriteria Decision Aid, Bochum.
Edwards, R.D. and J. Magge (1992),Technical Analysis of Stock Trends, John Magee Inc, Boston.
Giese, F. (1981),Pratique De L’Analyse Financiere Des Bilans, CLET, Editions BANQUE.
Gualino, Ph. and M. Remilleret (1979),Entrainement a l’Analyse des Bilans, CLET, Editions BANQUE.
Hurson, C. and Zopounidis, C. (1997), “Gestion de Portfeuilles et Analyse Multicritère”, Economica, Paris.
Jacquet-Lagrèze, E. and Siskos, J. (1982), “Assessing a set of additive utility functions for multicriteria decision-making: The UTA method”, EJOR, Vol. 10, 151–164.
Jacquet-Lagrèze, E. and Siskos, J. (2001), “Preference disaggregation: 20 years of MCDA experience”, European Journal of Operational Research, Vol. 130, 233–245
Keeney, R. and Raiffa, H. (1976), “Decision with Multiple Objectives: Preferences and Value Tradeoffs”, John Wiley & Sons.
Keeney, R. L. (1992),Value Focused Thinking, Harvard University Press, Cambridge, MA.
Kostkowski, M. and Slowinski, R. (1996), “UTA+ Application (V. 1.20)-User’s Manual. Document du LAMSADE, No. 95, Université de Paris-Dauphine, Paris.
Lee, S.M. and Chesser, D.L. (1980), “Goal programming for portfolio selection”, The Journal of Portfolio Management, Spring, 22–26.
Markowitz H. (1952), “Portfolio selection”,Journal of Finance, 7(1), 77–91.
Murphy, J. (1986),Technical Analysis of the Financial Markets, NY: New York Institute of Fianance.
Nison, St. (1991),Japanese Candlstick Charting Techniques, NY: New York Institute of Fianance.
Pardalos, P., M. Sandstrom and C. Zopounidis (1994), “On the use of optimization models for portfolio selection: a review and some computational results”, Computational Economics, vol. 7, no. 4, 227–244.
Roy, B. (1968), “Classement et choix en présence de points de vue multiples (la méthode Electre)”, Revue Francaise d’Informatique et de, Vol. 8, 57–75.
Roy, B. (1978), “ELECTRE III: algorithme de classement basé sur une représentation flou des préférences en présence de critères multiples”, Cahiers du CERO, Vol. 20(1), 3–24.
Roy, B. and Bertier, P. (1971), “La méthode ELECTRE II”, Note de travail, No. 142, SEMA.
Samaras, G.D. and N.F. Matsatsinis (2003), “INTELLIGENT INVESTOR: An Intelligent DSS for Portfolio Management”,16th National Conference on Operational Research in Project Management, TEI of Larissa, September 25–27, 2003.
Sharpe, W.F (1964), “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk”, The Journal of Finance, Vol. 19, No. 3, pp. 425–442.
Siskos, J. and Despotis, D. K. (1989), “A DSS oriented method for multiobjective linear programming problems”, Decision Support Systems, Vol. 5, 47–55.
Siskos, J. and Matsatsinis, N.F. (1993), “A DSS for market analysis and new product design”, Journal of Decision Systems, Vol. 2(1), 35–60.
Siskos, Y. (1980), “Comment modéliser les préférences au moyen de fonctions d’ utilité additives », RAIRO Récherche Opérationnelle, Vol. 14, 53–82.
Siskos, Y. and Yannacopoulos, D. (1985), “UTASTAR: An ordinal regression method for building additive value functions”, InvestigaÇão Operacional, Vol. 5(1), 39–53.
Siskos, Y., Grigoroudis, E., Zopounidis, C. and Saurais, O. (1998), “Measuring customer satisfaction using a syrvey based preference diasaggregation model”, Journal of Global Optimization Vol. 12(2), 175–195.
Siskos, Y., Spyridakos, A. and Yannacopoulos, D. (1993), “MINORA: A Multicrite- ria Decision Aiding System for Discrete Alternatives”, Journal of Information Science and Technology, in Siskos, Y and C. Zopounidis (eds), Special Issue on Multicriteria Decision Support Systems, Vol. 2(2), 136-149.
Siskos, Y., Spyridakos, A. and Yannacopoulos, D. (1999), “Using artificial intelligent and visual techniques into preference disaggregation analysis: The MIIDAS system”, European Journal of Operational Research, Vol. 113, 236–246.
Spronk, J. and W. Hallerbach (1997), “Financial modeling: Where to go? With an illustrator for portfolio management”, EJOR, No 99, pp. 113–125.
Turban, E. and Aronson, E. J. (2001), “Decision Support Systems and Intelligent Systems”, Prentice Hall International, Inc.
Vincke, Ph. (1992), “Multicriteria Decision Aid”, Wiley, New York.
Vizzanova, P. (1981), Gestion Financiere: Analyse Statique, Analyse Dynamique, Librairies Techniques.
Vranes, S., Stanojevic, M., Stevanovic, V. and Lucin, M. (1996), “INVEX: Investment advisor expert system”, Expert Systems Vol. 13(2), 105–119.
Weston, F. and E. Brigham (1986), Βασικές Αρχές της Χρηματοοικονομικής Διαχείρισης και Πολιτικής, Εκδόσεις Παπαζήση.
Yu, W. (1992), “ELECTRE TRI: Aspect méthodologiques et manuel d’ utilization”, Document du Lamsade, 74, Université Paris-Dauphine.
Zopounidis C, Matsatsinis, N. F. and Doumpos, M. (1996), “Developing a multicriteria knowledge-based decision support system for the assessment of corporate performance and viability: The FINEVA system”, Fuzzy Economic Review 1/2, 35–53.
Zopounidis, C. and Doumpos, M. (1998), “Developing a multicriteria decision support system for financial classification problems: the FINCLAS system”, Optimization Methods and Software, Vol. 8, 277–304.
Zopounidis, C. and Doumpos, M. (1999), “Business failure prediction using UTADIS multicriteria analysis”, Journal of the Operational Research Society, Vol. 50(11), 1138–1148.
Zopounidis, C. and Doumpos, M. (2000a), “PREFDIS: A multicriteria decision support system for sorting decision problems”, Computers and Operations Research, Vol. 27(7–8), 779–797.
Zopounidis, C. and Doumpos, M. (2000b), “INVESTOR: A decision support system based on multiple criteria for portfolio selection and composition”, in A. Colorni, M. Paruccini and B. Roy (eds.), A-MCDA-A, European Commission, Joint Research Centre, 371–381.
Zopounidis, C, Despotie, D.K. and Kamaratou, I. (1998), “Portfolio Selection Using the ADEL AIS Multiobjective Linear Programming System”, in Computational Economics (Kluwer Academic Press), Vol. 11, 189–204.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
About this article
Cite this article
Samaras, G.D., Matsatsinis, N.F. & Zopounidis, C. A multicriteria DSS for a global stock evaluation. Oper Res Int J 3, 281–306 (2003). https://doi.org/10.1007/BF02936406
Issue Date:
DOI: https://doi.org/10.1007/BF02936406