本研究以台灣五十成分股為研究樣本，來探討是否投資人可以透過使用布林通道 Bollinger Bands 作為交易買賣指標來獲取超額報酬。在本實證研究中，發現若股價跌落布林通道下軌線時可視為買進的信號 ，因為買進持有後，會有不菲的超額報酬；然而若當股價突破布林通道的上軌線時，則賣出持股或放空持股並沒有正向的超額異常報酬，反而採用動能策略對股市加碼反而會有超額異常報酬。

By employing the constitutent stock of Taiwan 50 as investigated samples, this study explores whether investors are able to beat the market by trading these stocks in accordance with the trading signals emitted by Bollinger Bands (BB). The results reveal that investors might beat the market by buying stocks as the share prices falling down the lothis studyr band of BB as revealed significantly positive abnormal returns. Hothis studyver, investors might not beat the market by selling even short-sell stocks as the share prices rising up the upper band of BB; on the country, they might beat the markets by buying rather than short-seling stocks as revealed significantly positive abnormal returns, i.e. momentum strategies are appropriate in this case.

Contents
Chapter 1. Introduction ..................... 1
1.1 Motivation .............................. 1
1.2 Purpose ................................. 2
1.3 The Flow Chart of This Research ......... 3
1.4 The Outline of This research ............ 4
Chapter 2 Literature Reviews ................ 5
2.1 Literature Review Related to Market Efficiency and Inefficiency ................................ 5
2.2 Literature Review Related to Technical Analysis ................................ ............ 6
2.3 Literature Review Related to Investing Strategies................................... 7
2.4 Literature Review Related to Overreaction and Herding Behavior .................................... 8
Chapter 3 Hypotheses and Methodolgy ......... 10
3.1 Data and Variable ....................... 10
3.2 Bollinger Band Introduced ............... 10
3.3 Hypotheses Proposed ..................... 11
3.4 Event Study Methodology ..................12
Chapter 4 Empirical results and analyses..................................... 15
4.1 Descriptive statistics .................. 15
4.2 Samples employed ........................ 17
4.3 Emipical Results..........................18
Chapter 5 Conclusion ........................ 22
5.1 The Conclusion of This Study ............ 22
5.2 The Implication of This Study ............23
5.3 Limitation and Further Studies............24
Reference................................... .25
List of Tables
Table 4-1 Summary statistics ................ 15
Table 4-2 BBs upper band and lothis studyr band samples ............................................. 17
Table 4-3 CARs and ARs of upper BB bands .... 18
Table 4-4 CARs ,ARs of lothis studyr-bandBBs .20
List of Figures
Figure 1-1 Flow chart of the study ........... 3
Figure 4-1 Trends of Tawian indices from 2007 to 2016 ............................................. 16
Figure 4-2 CARs and ARs for upper BB bands for daily data ............................................. 19
Figure 4-3 CARs and ARs for upper BB bands for this studyekly data ........................................ 19
Figure 4-4 CARs and ARs for lothis studyr BB bands for daily data......................................... 21
Figure 4-5 CARs and ARs for lothis studyr BB bands for this studyekly data .............................. 21

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