Outlines previous research on stock market efficiency and technical trading rules in both developed and emerging markets. Uses variable moving average (VMA) models to develop five technical trading rules and applies them to markets in Taiwan, Thailand and The Phillippines 1994‐1999. Compares results with the US and Japan indices and a simple buy and hold strategy. Finds the VMA rules gave higher returns in Taiwan and very much higher returns in Thailand and The Phillippines, even after transaction costs, but not in Japan and the USA. Considers the reasons why and calls for further research.
Ahmed, P., Beck, K. and Goldreyer, E. (2000), "Can moving average technical trading strategies help in volatile and declining markets? a study of some emerging Asian markets", Managerial Finance, Vol. 26 No. 6, pp. 49-62. https://doi.org/10.1108/03074350010766747Download as .RIS
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