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This study tests four prevalent moving average technical trading rules for Taiwan stock markets. More notably, cross-national information from the US stock markets is also incorporated in our technical trading rules to project Taiwan stock market movements. We then design trading strategies and investigate their predictive power over buy-and-hold strategy. Our results suggest that technical trading rules are predictive for Taiwan stock markets. Applying the information reflected in the US stock markets to project Taiwan stock market movements is comparable to using Taiwan stock market information in isolation because these two markets are strongly correlated. Finally our results indicate that Leverage/Money strategy helps investors to beat buy-and-hold strategy.

The authors have reviewed over 60 texts on the subject of Enterprise Risk Management (ERM). In this paper they set out a summary of ERM based on three of those sources, selected for their relevance and breadth of view. The paper observes that the approaches described vary widely in nature. A separate ‘on-line” source is provided, which summarises key readings from the 60 texts. Combining findings from these texts with the authors' own experiences, the paper suggests some best practice checklists, designed to enable organisations to take stock of their current ERM frameworks. It discusses other aspects of ERM for practitioners, including extreme events, opportunity management and the link with corporate strategy. The paper looks at immediate and longer-term implications for actuaries in the United Kingdom, and then poses questions about future professional development and education. It suggests an emerging role for the ‘ERM actuary’, and, finally, it suggests future work to progress the development of ERM and the actuaries' role.

We evaluate the association between the pace of the adjustment toward target capital structure and the extent to which equity prices reflect firm-specific information. The evidence indicates that firm-specific stock return variation explains significantly the pace of the adjustment toward target capital structure. We also show that the financing decisions of most Taiwanese firms support trade off theory. Only the samples of high (low) firm-specific stock return variation support pecking order (market timing) theory. Our findings suggest that firm-specific stock return variation provides considerable insight to capital structure decisions. In other words, corporate financing decisions cannot divorce from the efficiency of capital markets.