The Empirical Study for the Efficiency of Technical Analysisin Taiwan Stock Market during the Financial Crisis-- Evidence in the Underlying Stocks of Taiwan 50 ETFs

• Main Authors: TUO-HAN HSU, 許鐸瀚
• Other Authors: Chun-An Li
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/25047885502320853681

碩士 === 國立雲林科技大學 === 財務金融系碩士班 === 97 === The U.S. sub-prime events in early 2007 lead to global financial crisis latter. At the beginning, because of the presidential election, the Taiwan government had intentionally involved into stock market, the market did not substantial decline immediately by the global financial crisis. Up to May 2008, the Taiwan stock market impacted by the financial tsunami eventually. During 2007-2008, if investors buy and hold their investment, most of them will face a lot of loss. This study use 30 of Taiwan 50 Index stocks as subject, based on technical indicators KD, MACD, William index, RSI, and DMI to test whether the return based on technical analysis better than the return of buy and hold strategy and risk-free rate or not. The simulated trading results show that, in addition to the performance by the DMI signal is better than about half of the buy and hold and the risk-free interest rates, other indicators all show poor performance. Further to three kinds of indicators, and multiple targets with the medium-term trend of "strategic multi-target" comprehensive judgments come out of the stock market, found that compared to the guidance of a single technical indicators, the move will help to enhance investment performance.