The Empirical of Investment Performance of Taiwan Over-the- Counter Market
碩士 === 文化大學 === 會計研究所 === 85 === The purposes of the paper emphasize on exploring the vailidity oftechnical index in the over-the-counter market in Taiwan. and examinethe efficiency of the market further. we compare five technical indexes as following:RSI...
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ndltd-TW-085PCCU03850032016-07-01T04:15:53Z http://ndltd.ncl.edu.tw/handle/94241143663328298482 The Empirical of Investment Performance of Taiwan Over-the- Counter Market 臺灣店頭市場投資績效之實證研究 Lin, Wang-sang 林旺生 碩士 文化大學 會計研究所 85 The purposes of the paper emphasize on exploring the vailidity oftechnical index in the over-the-counter market in Taiwan. and examinethe efficiency of the market further. we compare five technical indexes as following:RSI.DMI.MACD.%R.KD with buy-and- hold strategyunder considering stock dividends,cash dividends and transaction costconditions.The paper includes two parts. First, we choose corporateswhich have listed in the over-the- counter market above one year asthe sample, and then compare the investment performance of technicalindex with that of buy-and- hold strategy. In the second part, we dividethe selected sample into two groups,one is choosen according funda-mental principle, the rest is the other group. we conduct simulationanalysis to compare the performance of both group samples.The paper has two conclusions: first, the performance of buy-and-holdstrategy is better than that of technical index over the reserch period. Therfore, we accept the hypothsis that the over-the-counter market inTaiwan accords with weak-efficiency. However, if we only consider the perfomance of technical index, after considering investment risk, theDMI is better than any other index. The second conclusion addresses:no matter using the technical index or buy-and-hold strategy theperformance of the group which is choosen by fundamental principle isbetter than the other group over the reserch period, and under funda-mental selected group if we consider the investment risk, the performanceof MACD is the best, but under the other group, the performance of DMI is the best. Fujiing Shiue 薛富井 1997 學位論文 ; thesis 80 zh-TW |
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碩士 === 文化大學 === 會計研究所 === 85 === The purposes of the paper emphasize on exploring the vailidity
oftechnical index in the over-the-counter market in Taiwan. and
examinethe efficiency of the market further. we compare five
technical indexes as following:RSI.DMI.MACD.%R.KD with buy-and-
hold strategyunder considering stock dividends,cash dividends
and transaction costconditions.The paper includes two parts.
First, we choose corporateswhich have listed in the over-the-
counter market above one year asthe sample, and then compare the
investment performance of technicalindex with that of buy-and-
hold strategy. In the second part, we dividethe selected sample
into two groups,one is choosen according funda-mental principle,
the rest is the other group. we conduct simulationanalysis to
compare the performance of both group samples.The paper has two
conclusions: first, the performance of buy-and-holdstrategy is
better than that of technical index over the reserch period.
Therfore, we accept the hypothsis that the over-the-counter
market inTaiwan accords with weak-efficiency. However, if we
only consider the perfomance of technical index, after
considering investment risk, theDMI is better than any other
index. The second conclusion addresses:no matter using the
technical index or buy-and-hold strategy theperformance of the
group which is choosen by fundamental principle isbetter than
the other group over the reserch period, and under funda-mental
selected group if we consider the investment risk, the
performanceof MACD is the best, but under the other group, the
performance of DMI is the best.
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author2 |
Fujiing Shiue |
author_facet |
Fujiing Shiue Lin, Wang-sang 林旺生 |
author |
Lin, Wang-sang 林旺生 |
spellingShingle |
Lin, Wang-sang 林旺生 The Empirical of Investment Performance of Taiwan Over-the- Counter Market |
author_sort |
Lin, Wang-sang |
title |
The Empirical of Investment Performance of Taiwan Over-the- Counter Market |
title_short |
The Empirical of Investment Performance of Taiwan Over-the- Counter Market |
title_full |
The Empirical of Investment Performance of Taiwan Over-the- Counter Market |
title_fullStr |
The Empirical of Investment Performance of Taiwan Over-the- Counter Market |
title_full_unstemmed |
The Empirical of Investment Performance of Taiwan Over-the- Counter Market |
title_sort |
empirical of investment performance of taiwan over-the- counter market |
publishDate |
1997 |
url |
http://ndltd.ncl.edu.tw/handle/94241143663328298482 |
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