Are technical trading strategies still profitable? Evidence from the Taiwan Stock Index Futures Market

Chiang, Yi-Chein; Ke, Mei-Chu; Liao, Tung Liang; Wang, Cin-Dian

doi:10.1080/09603107.2011.631893

Cited by 21 publications

(9 citation statements)

References 16 publications

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“…Previous research indicates that adopting the trading signals generated by the SOI might provide superior performance in forecasting stock prices ( Chiang et al., 2012 ); investment institutions frequently trade stocks using the SOI trading rule ( Wang et al., 2012 ).…”

Section: Data and Methodologiesmentioning

confidence: 99%

Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?

Chen¹,

Huang²,

Ku³

et al. 2022

Heliyon

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Section: Data and Methodologiesmentioning

confidence: 99%

Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?

Chen¹,

Huang²,

Ku³

et al. 2022

Heliyon

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“…However, Ni, Liao, and Huang (2015b) argue that the MA trading rule might not be as effective as before because investors might not easily benefit from this trading rules. In fact, Chiang, Ke, Liao, and Wang (2012) point out that the use of trading signals emitted by stochastic oscillator indicators (SOI) could deliver better performance in predicting share prices. Consequently, institutional investors often employ the SOI trading rule for trading stocks (Wang, Chiao, & Chang, 2012).…”

Section: Technical Indicators In Terms Of Stochastic Oscillator Indic...mentioning

confidence: 99%

Does board structure affect stock price overshooting informativeness measured by stochastic oscillator indicators?

Cheng

Liao

et al. 2020

Int. J Fin Econ

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We explore whether our proposed proxies for stock price overshooting informativeness and the days falling into overbought (oversold) zones defined by the SOI over the total number of trading days in a year (hereafter referred to as OB-ratio [OS-ratio]) would be affected by the function of the board structure and by financial performance. Results show that firms with high OS-ratio (OBratio) are those with ill-functioning (well-functioning) board structures and inferior (superior) financial performance. Thus, we argue that our new proxies could be employed to gauge board structure function and even financial performance.

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“…Breaches in technical trading indicators can be measured in a number of ways. Of the various technical indicators used by analysts, the Moving Average Convergence Divergence (MACD) indicator is amongst the most widely understood and used (Chiang et al, 2012;Chong et al, 2010;Coe and Laosethakul, 2010;Tung and Quek, 2011). The MACD "momentum" indicator displays the relationship between two moving price averages (Appel, 1979).…”

Section: Independent Variable Measurement -Breaches In Technical Trading Indicatorsmentioning

confidence: 99%

“…An alternative proxy is used to determine whether main results are robust to the choice of technical indicator utilised. Consistent with past literature (Chiang et al, 2012;Chong et al, 2010;Coe and Laosethakul, 2010;Tung and Quek, 2011), we use the Chande's TrendScore as an alternative. The Chande's…”

Section: Sensitivity Analysesmentioning

confidence: 99%

Corporate social responsibility: what motivates management to disclose?

Ling¹,

Sultana

2015

Social Responsibility Journal

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Purpose – The purpose of this paper is to provide empirical evidence on the significance of signal breaches from technical trading indicators in explaining variations in the level of corporate social responsibility disclosures (CSRD) by firms. The authors seek to determine whether firms disclose corporate social responsibility (CSR) information in a genuine attempt to report their impact on society and environment or whether firms use CSRD as a shield to legitimise their business operations. Design/methodology/approach – Signal breaches from the Moving Average Convergence Divergence and Chande’s TrendScore technical trading indicators were utilised, while the voluntary environmental and social accounting disclosure index developed by Williams (1998) was adapted to measure the extent of CSRD by Singaporean firms in 2011. Ordinary least squares regression was the principal multivariate statistical technique used to analyse the data collected. Findings – Findings of this paper indicate a positive and significant association between the number of technical indicator signal breaches for a firm and the level of CSRD by that firm, particularly in the environment, energy, human resources and products and customers categories. Research limitations/implications – The collection of CSRD information is based solely on annual reports and within the context of Singapore. Results, therefore, are not completely generalisable to different jurisdictional settings. Practical implications – Findings suggest that firms with a volatile stock price trend provide greater CSRD, possibly as a legitimacy strategy to distract or change the perceptions of investors from its current legitimacy status. Findings, therefore, highlight to regulators the need to strengthen regulatory requirements and implement stricter guidelines on CSR reporting, given the importance of CSRD to users. Social implications – Findings from this study have several implications for various stakeholders including investors, regulators and society in general. Overall, findings also suggest that stakeholders should not rely solely on CSRD in their decision-making process. Originality/value – This is the first paper that has proxied stock price movement by using breaches in technical trading indicators when examining reported levels of CSRD by firms. Moreover, results greatly build on the sparse CSR research on Singapore.

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Are technical trading strategies still profitable? Evidence from the Taiwan Stock Index Futures Market

Cited by 21 publications

References 16 publications

Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?

Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?

Does board structure affect stock price overshooting informativeness measured by stochastic oscillator indicators?

Corporate social responsibility: what motivates management to disclose?

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