過去文獻皆針對市場指?研究技術交?法則之獲?性。與過去文獻?同之處，本研究計劃針對個別股票研究技術交?法則之獲?性，其主要原因乃是投資人交?個股應是比交?大盤指?頻繁。除此之外，因技術分析交?需要判斷股價之變動趨勢，而財務分析師之??扮演?一定程?之資訊傳遞之角色。本研究計劃討?資訊傳遞程?對技術交?法則獲?性之影響，資訊傳遞程?以財務分析師追蹤或報導一股票或企業之??為其代?變?(i.e.多少財務分析師分析或報導每一股票)。本研究計劃之樣本為全部台灣上市股票，先蒐集每股之財務分析師??，接著本研究計劃以多種長短期移動平均線所產生之獲?性討?與財務分析師??(資訊傳遞程?)之關?性。最後再以White (2000)之Reality Check 方法減低data snooping 之問題並挑選有卓越預測能?之技術交?法則。 Past studies use market indices to test the profitability of technical trading rules. This research, in contrary, applies technical trading rules to individual stocks since most investors trade individual stocks more often than trading indices. Besides, this research considers the effects of the degree of information dissemination on the profitability of technical trading rules. We propose to employ financial analysts’ coverage as the proxy of the degree of information dissemination since the number of financial analysts following a stock should deliver valuable information to market participants. The samples are the entire stock collection listed in Taiwan Stock Exchange. The approach to define the degree of information dissemination is to gain the number of financial analysts analyzing or reporting a stock. Once it is identified for each firm, this study will apply standard moving average rules to evaluate whether moving average rules demonstrate profitability under various degree of information dissemination. Finally this research will apply Reality Check established by White (2000) to ease the data snooping problems and to determine the moving average(s) that show superior predictive ability for each stock.
