Abstract
The main objective of the Taiwan Government in reforming the Taiwan Stock Exchange (TSE) has been to establish Taiwan as an Asia-Pacific financial centre. A number of policies to liberalise and internationalise the market have been promulgated and implemented after the Security Exchange Law Amendment (SELA). The liberalisation and internationalisation of TSE is expected to make it informationally efficient. Theoretically, the technical analysis should lose its effectiveness if a market is efficient. This study, using the serial correlation test, the run test and the normality test and simulation on mechanical rules that adopted stochastic and moving average convergence and divergence, examines the efficiency of the TSE in the period after financial deregulation and liberalisation.
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© 2000 Springer Science+Business Media Dordrecht
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Gupta, J.P., Pandey, I.M., Chao-Fu, C. (2000). Is the Taiwan Stock Market Efficient?. In: Zanakis, S.H., Doukidis, G., Zopounidis, C. (eds) Decision Making: Recent Developments and Worldwide Applications. Applied Optimization, vol 45. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-4919-9_13
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DOI: https://doi.org/10.1007/978-1-4757-4919-9_13
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