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Technical analyses and order submission behaviors: Evidence from an emerging market

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  • Wang, Zi-Mei
  • Chiao, Chaoshin
  • Chang, Ya-Ting

Abstract

The usefulness of technical analyses has never reached a consensus. Unlike most literature studying stock price behaviors surrounding the presence of technical trading signals, this paper examines the heterogeneity in order submission behaviors of investors in the Taiwan Stock Exchange. Our results show that professional institutional investors, particularly foreign investors, behave in a manner consistent with the suggested strategy by the KD trading rule. Namely, after the presence of buy (sell) signals, they intend to buy (sell) the stocks. Conversely, individual investors, acting like liquidity suppliers, tend to net sell (buy) those stocks.

Suggested Citation

  • Wang, Zi-Mei & Chiao, Chaoshin & Chang, Ya-Ting, 2012. "Technical analyses and order submission behaviors: Evidence from an emerging market," International Review of Economics & Finance, Elsevier, vol. 24(C), pages 109-128.
    • Handle: RePEc:eee:reveco:v:24:y:2012:i:c:p:109-128
    DOI: 10.1016/j.iref.2011.12.002
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    More about this item

    Keywords

    Technical analysis; KD; MA; Order imbalance; Marketable order imbalance;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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