| Summary: | 碩士 === 國立中正大學 === 國際經濟研究所 === 92 === New classical economics supposes that it is to set out by reason that people''s all economy makes policy while analysing the economic phenomenon, and suppose that all investment has the same expectancy per capitaly , and all behaviors regard pursueing utility criterion greatly as. But not an '' the economic person '' of complete reason just as the ordinary person , the market is unable to totally accord with the condition of '' the complete competitive market ''. So there is space of development all the time on the stock market of Taiwan in technological analysis, it is generally acknowledged that clicks when technological analysis lies in buying and selling grasping, really have its value consulted . So the investment performances of the main research momentums tactics of this text and reverse tactics.
This paper utilizes De Bondt and Thaler ( 1985) contrarian strategies and Jegadeesh and Titman ( 1993) Probe into the bull of stock market of Taiwan , above-mentioned investment tactics of the nominal market from January of the 84th year of the Republic of China to March of the 93rd year of the Republic of China in momentum strategies, winner can obtain excess remuneration or have overreaction, assay Taiwan stock market conform with efficiency market hypothesis.
We can sum up the following three points in this study ：
First , the stock market of Taiwan rises , the momentum strategies of
the price exists .
Second, behind research this consider season factor , scale factor and systemic risk factor, find that most type stock do not have a phenomenon of the overreaction .
The third, we can find out by this text result behind the research Taiwan stock market does not accord with getting weak efficiency market hypothesis, namely no matter in stock market bull or nominal market, investor can use various kinds of technological analytical method to security price is it analyse and after predicting to engaged in in the past, and we can raise its ability to choose securities and obtain excess remuneration .
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