The Study on Investment Performance of Warrants in Taiwan based on the Perspective of Technical Analysis

• Main Authors: Ma Siao-Li, 馬小莉
• Other Authors: Yan-Sin Cheng
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/w25gff

碩士 === 國立高雄應用科技大學 === 金融資訊研究所 === 100 === In this research, the electronic and non-electronic stocks as the empirical samples, rising trend, the consolidation trend, down trend as three empirical sections, there are three strategies selected for analyzing and comparing Investment strategy return. Three strategies are as follows: Strategy I: trading signals operating in accordance with the respective index warrants; Strategy II: according to the individual Indicators signal trading of spot and with the operation warrants hedging; Strategy III: buy and warrants held by the fixed two months. The validation results showed that warrants the reward is better by <Strategy I> while the market trend is up. When the market trend for consolidation, the deviation of the warrant price and the theoretical price, it is better remuneration that holds a fixed time by <strategy III> attainable. When the market trend is down, <strategy II> operation shares with warrants, will have a high degree of hedging role, compensation of losses to a minimum. The value of technical indicators to judge the signal quality is also vital to reward performance, while the market trend is up, to the using 9KD signal <strategy I> reward for the best; any indicators are not collected when the market trend for consolidation, a fixed time transaction <Strategy III> reward is good; <strategy I> reward when the market trend is falling, collected 15% of the R signal is the best way. The industrial property is one of the factors affecting trading strategy portfolio profitability when the market trend is up, the electronic share purchase warrants reward is better by using <strategy I>.