Abstract
This study uses two popular technical trading rules to assess whether the gradual liberalization of Taiwan’s securities markets has improved the efficiency of its stock market. The results show that the two rules have considerable predictive power for 1983–1990, they become less predictive for 1991–1997, and they cannot predict the market for 1998–2005. These results indicate that the efficiency of Taiwan stock market has been greatly enhanced by the liberalization measures implemented over the last 20 years.
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