產品標準在現今社會中扮演非常重要的角色，但也容易造成許多技術性貿易障礙。醫藥產品由於攸關人類身體的健康及安全，因此相較於其他行業，各國對藥品皆設有許多嚴格的產品標準及技術法規，對藥品的國際貿易產生嚴重的技術性貿易障礙。PIC/S制定共通的GMP標準，並且旨在降低醫藥產品在國際貿易及流通上所面臨的非關稅貿易障礙。台灣藥物食品檢驗局於2007年公告實施PIC/S GMP，預計於2013年開始全面實施。本研究關注的核心議題，主要將以WTO對技術性貿易障礙的主要規範原則，分析探討PIC/S降低醫藥產品技術性貿易障礙的功能。另外，台灣製藥業由於缺乏關鍵技術、藥廠家數眾多、生產規模小，惡性競爭十分激烈，未來實施PIC/S GMP後，對我國製藥業的衝擊不容小覷，因此本研究另一項主要議題是PIC/S GMP對我國製藥業及藥品貿易之可能影響。 / Product standards play an important role in modern societies. However, they also raise many concerns about technical barriers to trade, particularly for pharmaceutical products which must comply with numerous stringent product standards, such as GMP standards. Therefore, PIC/S aims at reducing the technical barriers to pharmaceutical trade by providing a common GMP standard, which the Bureau of Food and Drug Analysis of Taiwan declared to introduce PIC/S GMP in 2007, and to fully enforce in 2013. This study will examine how PIC/S decreases technical barriers to trade for pharmaceutical products with principals in the WTO TBT Agreement. In addition, since Taiwan pharmaceutical industry has low competitiveness for a long time, how PIC/S GMP will affect the pharmaceutical industry and international trade of Taiwan is another main issue of this study.

智慧財產權利人有多種方式利用其智慧財產權。最直接的方式是將智慧財產權出售予他人，以獲得價金之報酬。權利人透過一次獲得相當金額，而滿足其創新的對價；但也有可能由於創新尚未獲得市場肯定，而無法獲得他人提供足以滿足其目的之對價。另種方式是自行設廠製造，不過，一方面權利人未必有足夠的財力投資於生產，而另一方面權利人未必了解經營或未必有意願承擔經營之風險。折衷的方式就是將智慧財產權授權他人使用，而不移轉所有權，以獲得持續的報酬給付，並不喪失其最終的權利。 然而，智慧財產權具有排他效力，只有特定權利人可以使用，他人除非經過權利人同意，否則無法使用，限制或排除他人進入該智慧財產權所涉及之商品市場與權利人自由競爭，而形成限制競爭之效果。此種結果是賦予具有排他效力之智慧財產權所必然產生者，如果因而被認定違反競爭法，恐將導致智慧財產權之規範目的無法達成。因此，對於「智慧財產權法對於智慧財產權利人之保護」與「公平交易法對於公平交易秩序之維護」兩者界限該如何權衡，當為十分重要的課題。 本文經由探討美國、歐盟及日本等國家現行競爭法對於技術授權行為之規範：美國”Antitrust Guidelines for the Licensing of Intellectual Property（1995）”、” Antitrust Enforcement and Intellectual Property Rights: Promoting Innovation and Competition（2007）”，歐盟” Commission Regulation (EC) No 772/2004 of 27 April 2004 on the application of Article 81(3) of the Treaty to categories of technology transfer agreements”及其Guidelines，日本2007年新修訂「知的財産の利用に関する独占禁止法上の指針」，以及參考我國公平會（Fair Trade Commission）執法實務之案例經驗，俾掌握技術授權行為如何在鼓勵創新與促進技術流通兩者間加以權衡題，進而試就我國技術授權協議案件處理原則（Fair Trade Commission Guidelines on Technology Licensing Arrangements），提供具體修正建議： 一、適用範圍：歐盟及日本於新修訂的技術授權處理規範中，均將適用客體進一步擴大適用至新式樣專利與軟體著作權（software copyright）。然而，我國公平會目前相關案件量甚少，故是否要隨外國立法例擴大適用範圍，應視我國國情及執法實務加以考量，仍有斟酌餘地。 二、建立「安全區」：適度將對於市場競爭程度影響輕微之案件排除，不但增加執法透明度與明確性，同時避免行政資源錯置，應屬可行。衡諸國情及促進產業發展之考量，本文建議立法初期，針對公平交易法第19條限制競爭或妨礙公平競爭行為，於授權人市場占有率10%以下者，認定較無限制競爭或妨礙公平競爭疑慮，而不須加以審查。 三、不須區分黑（違法）、灰（可能違法）條款：現行技術授權處理原則第6點及第7點規定若從法律效果來看，應無區分必要，亦即無區分黑、灰條款之必要。若競爭法主管機關有意區別兩類行為之非難程度，則可在立法說明或處理原則中對於個別行為之競爭評價，詳為敘明，俾讓業者遵循。倘公平會對於特定行為欲採取較為嚴格的執法立場，採取當然違法之判斷者，條文用語應修改為「授權協議當事人○○行為時，即得認定該行為對特定市場供需功能產生影響…」，亦即不須判斷該行為對於市場競爭實質影響程度，只要當事人行為合致構成要件，即屬違法，如此始有區分規範之必要。 四、修正個別條款內容：針對現行第5點至第7點規定，「不構成違法」共11款，及修正後「可能構成違反公平交易法第19條第6款規定」共12款行為類型，就其條文內容或立法說明提供具體修正意見。 五、標準化與專利聯盟(standardization and patent pool)：從廣受各界關注的「飛利浦案」，公平會對於科技產業的標準化與專利聯盟情形，如何建構妥適的聯合行為管制模式，首要之務是要確立執法立場。對於專利聯盟可能存有惡性卡特爾之風險，一方面仍保有競爭法主管機關的介入空間，亦不能動輒讓產業承擔過高法律風險，導致阻礙創新或影響商機。美國、歐盟、日本立法例多肯定透過專利聯盟集中授權模式，有助減少交易成本等效益，亦建立不少規範與案例，可供公平會借鏡參考。然而，不能忽視的是我國廠商多處於被授權人地位，在高度仰賴技術輸入之現況，如何確保我國廠商得以在公平競爭環境，得以提升產業發展，競爭法主管機關於制定相關法規時，亦須一併加以重視。

受新公共管理思潮影響，政府組織部門近年積極向企業私部門學習 創新改革，惟創新範圍與方式廣泛，且隨組織結構及需求不同而有所差 異。就組織經營管理內涵而言，創新的引用涵括了管理創新與技術創新， 主要目的乃在回應外在環境變遷及需求，並藉由資源的重新整合與運作 ，以提升組織內部整合及外部生存之有效運作，亦即達成整體組織效能 之有效發揮。 本研究以臺北市立圖書館為研究主體，以服務之館員為實證對象 ，同時以組織創新、組織效能及人口統計資料為研究變項，歸納研究架 構，旨在探討： 一、臺北市立圖書館館員對組織創新認知程度 二、臺北市立圖書館館員對組織效能認知程度 三、臺北市立圖書館不同背景之館員對組織創新認知差異情形 四、臺北市立圖書館不同背景之館員對組織效能認知差異情形 五、臺北市立圖書館組織創新與組織的相關性 本研究採用問卷調查法蒐集資料，經篩取有效樣本265份，並以SPSS for Windows 12.0統計軟體進行資料分析，研究結果發現： 一、不同年齡館員對組織創新、組織效能認知程度具顯著差異。 二、不同服務年資館員對組織創新、組織效能認知程度具顯著差異。 三、不同工作職位館員對組織創新程度具顯著差異，但對組織效能則無 顯著差異。 四、圖書館組織創新各構面與組織效能各構面具有顯著相關。 關鍵字：組織創新、技術創新、管理創新、組織效能 / Under the impact of the new public management ideas, government departments have been actively learning innovative reforms from the private sector in recent years. But the scope and ways of innovation are broad and multiple and they vary when the organizational structures and needs have changed. As for the content of the operational management of an organization, innovative applications cover managerial and technological innovation. The main purpose is to respond to a changed external environment and its needs. Organizations increase their internal integration and external survival and achieve higher organizational efficiency through the renewed integration and operation of resources. This study mainly focuses on the Taipei City Library and makes its librarians as the empirical objects. At the same time, organizational innovation, effectiveness and demographic information are used as variables and the research structure is summarized to example: 1.The level of cognition over organizational innovation of the librarians of the Taipei City Library. 2.The level of cognition over organizational effectiveness of the librarians of the Taipei City Library. 3.The different cognition over organizational innovation among the librarians of the Taipei City Library. 4.The different cognition over organizational effectiveness among the librarians of the Taipei City Library. 5.The connection between the organizational innovation and effectiveness of the Taipei City Library. This study has used a questionnaire to collect information, which includes 265 valid samples selected from a poll and has been analyzed by the statistics software SPSS for Windows 12.0. The study has found: 1.Librarians of different ages have significantly different cognition over organizational innovation and effectiveness. 2.Librarians of different seniorities have significantly different cognition over organizational innovation and effectiveness. 3.Librarians of different positions have significantly different cognition over organizational innovation but not significantly different cognition over organizational effectiveness. 4.Library’s organizational innovative dimensions and effective dimensions are significantly correlation. Keywords: Organizational innovation; technological innovation; managerial innovation; organizational effectiveness

近年來越來越多資訊應用領域，開始採用領域特定語言（Domain Specific Language）以表達並解決其領域問題。然而這些特定領域語言多數卻缺乏可大大提升生產力的高品質編輯輔助工具。其主因乃因為從頭開發一套高品質編輯輔助工具所費不貲，然這些特定領域語言普及程度卻遠不如一般通用語言，是以缺乏誘因驅使軟體商開發相關工具。為能快速開發輔助工具，現今的工具開發平台如Eclipse、IDEA，以及NetBeans等，均提供整合開發環境(IDE)的發展支援，以利開發者在平台上快速擴增新語言之編輯環境。即使如此，要發展一套IDE，開發者不僅需深入熟悉所用平台，而且仍需繁瑣與長時間之開發過程。基於此，為求更簡化IDE開發過程，本研究嘗試增強、重構先前開發之雛型系統EGOE【9】，發展出一套遵循模型驅動架構(MDA)之高品質語言編輯環境生成系統：EGOE II。經由此系統的輔助，IDE開發者僅需提供程式語言文法定義(Grammar)及IDE輔助機制客制化資訊，即能套用系統內部的模型轉換程式及程式樣板(Templates)，自動生成以Eclipse為平台的高效能、高品質，且提供豐富編輯輔助的程式語言IDE。 / In recent years more and more fields of applications began to use DSLs(Domain Specific Language) to solve their problems. However, most of these languages were created without accompanying high-quality language specific editors(LSE) to help increase the productivity of the language. The reason for the lack of such tools is mostly economic consideration: because of the very high cost of developing a LSE from scratch, it is not worthwhile to invest a LSE on a less frequently used language. To avoid developing an LSE from scratch, however, most present tool platforms such as Eclipse, IDEA or NetBeans have offered required editor frameworks and APIs to help developers to be able to build LSEs on these platform more quickly and easily. Even so, however, it is still thought hard to develop a LSE by way of platform support since developers need a long and steep learning before they can get adept at a platform and, moreover, the process of developing a LSE remains long, tedious and error-prone. Accordingly, to enable even quicker development of LSEs, we proposed and have developed in this paper a high quality editing environment generating system called EGOE II, which follows the MDA approach and is the refactoring and enhancement of our previous prototype EGOE system. With EGOE II, the developer need only offer an editor-specific specification of the target language, which includes the grammar and editor-related customization informations; he can then apply to it the model translator and program templates provided by the system to automatically produce a high-quality editor on Eclipse platform for the target language.

隨著全球資訊網的發展，人們享受了資訊快速流通的便利，也造就了搜尋引擎的發展。針對學術文獻，ACM, IEEE等學術組織也將學術文獻數位化，並提供關鍵字查詢文獻的功能。此外，Google也發展了Google Scholar搜尋全球資訊網上的學術文獻。Google在回傳查詢結果時，除了考慮文獻內容與查詢關鍵字的相似度之外，也利用PageRank技術來考量文獻間的引用關係。但是，有時後使用者想查詢的是與查詢相關的重要參考文獻。這些文獻的內容與查詢未必有很高的相似度。 因此本論文的研究目的在研究並發展推薦重要參考文獻的技術。我們先利用蜘蛛程式( spider)與剖析程式( parser)擷取分析ACM Digital Library上所收錄的論文後設資料，並解析出論文篇名、作者、摘要、關鍵字、分類、參考文獻等論文的重要組成要素。接著利用Mixed Media Graph（MMG）以描述關鍵字與參考文獻間關係的MMG 模型。當使用者輸入關鍵字，利用MMG做random walk因此可以找出與輸入關鍵字相關性最高的參考文獻。 / The rapid development of the Internet, people enjoy the rapid flow of information to facilitate, but also created a search engine of development. ACM and IEEE have developed the digital libraries to provide literature search. Moreover, there exist some search engines for academic literature, such as Google Scholar. Google Scholar collects academic literatures from WWW and provides users the capability to query literatures by keywords. However, sometimes what users need is to search for important citations specified by authors, such as seminal survey papers or books. The aim of this thesis is to investigate and develop the mechanism for search for important citations. In the developed mechanism, first the spider crawls and collects the literature from ACM Digital Library. Then the parser parse and extract the meta information for each literature. The Mixed Media Graph is employed to capture the relationships between keywords and citations. Given a set of query keywords, the important citations are generated by random walk over the constructed Mixed Media Graph. Performance analysis shows that the proposed mechanism performs well.

伊底帕斯解答斯芬克斯之謎，同時拯救了人民的恐慌，但亦使自己陷入更驚駭的悲痛之中，這表現了斯芬克斯之謎本身蘊含歧義的意義；海德格繼《存有與時間》後的重要作品〈藝術作品起源〉中提出，可以發現與展開存有整體的是藝術作品，藝術作品的起源－藝術乃是謎，此謎可為謎，筆者認為即是海德格試圖說的處在拒絕被我們穿透的情況下才得以彰顯的「大地」之說，換言之，斯芬克斯之謎與藝術之謎的歧義是來自大地本身的狀態，由此，筆者以同時交織這兩件作品中謎的意義，作為本論文獨特的創作方式，如此寫作的安排是由於，一、筆者將伊底帕斯王的故事，作為海德格所強調的「藝術作品是存有物之真理的置入」的偉大作品，來理解海德格想要努力說而又難以說的〈起源〉中大地蘊含的深層意義。二、相較於單以海德格個人作品的論述，並連結評論者對〈起源〉的闡釋，以伊底帕斯之悲劇作為真理置入其中的藝術作品，除了要以蘊含真理的作品將大地意義拉出比〈起源〉本身未說出而更為廣大的理解領域外，同時也使海德格難懂的〈起源〉更為平易近人些。三、如此，除了闡釋與理解〈起源〉之大地，同時本文亦以此方式創建與表達出使大地成為大地的實踐意義。 論文前兩章是將海德格於三十年代使用「大地」一詞的來源詳加說明，首章即是由一個故事開始說起，繼之筆者將伊底帕斯故事中分為三部曲，相應於〈起源〉中三大段落的方式進行。首先，第一部曲是伊底帕斯解答斯芬克斯之謎語，這相應於〈物與作品〉中海德格說明傳統哲學對物之為何之解答，形同為走至娶母般的悲劇之中，但卻又富含歧義的蘊義。第二部曲是伊底帕斯通過祭司之語才發現自己到底是誰的轉折，而這連繫著人與神的祭司之語即為〈起源〉中的第二大段－〈作品與真理〉中所強調的，藝術作品乃可開展出存有整體之意義，最後，當伊底帕斯自掘雙目，浪跡天涯之際，以自身生命保持著大地的無可穿透的張顯狀態，即呈現了〈真理與藝術〉中所要闡釋的此有使大地成為大地。 在論文最後一章中，除了回應評論者們對大地諸多相異的看法外，筆者說明此論文的排序是要突顯起源就是其呈現，呈現的無非就是來自起源。起源的豐沛元素就由此有所擁有的世界中呈現，換言之，此文所展開的，只是開始創建我們自身故事的序幕。 關鍵詞：Heidegger、earth、the Origin of Work of Art、Oedipus

生技新藥產業是指使用於人類及動植物用之新藥及高風險醫療器材之產業。而生技新藥產業與醫藥產業，在目的上均與人類及動植物用藥或醫療儀器相關；差異之處在於目前的生技醫藥產業相較於20餘年前的醫藥產業，多了生物技術的應用，產業結構由大型藥廠垂直整合演變為非營利組織、生物技術公司、大型藥廠分工的形態。總結來說，生物技術是生技新藥產業的重要組成要素，而生物技術的興起，則改變了過去醫藥產業產品與技術的組成，也改變了產業結構。 生物技術產業或醫藥產業是全球各國競相發展的產業類別，我國亦不例外；其中，美國無論於生物技術或醫藥產業的發展，均居於全球領先的地位，其成功必然有可以提供我們討論或學習之處。而在知識價值鏈的體系中，美國大學更扮演著提供創新以及產學合作的重要角色，對於全球生技新藥產業的進步有重要的貢獻。從而本研究以美國為標的，研究產業的發展歷程，並進一步以產業之觀點，探討大學產學合作的模式以及智慧財產管理，希望能供我國大學與產業實務發展的參考。 從美國生物技術與醫藥產業發展的歷史與經驗，本研究歸納出生物技術產業興起的因素，與1980年代發生的基礎科學上的突破性發展、拜杜法案的通過、專利法將生物技術的發明納入保護範圍，三項因素有關。另外，由大學所提供的創新，透過密切的產學合作、授權與技術移轉、企業間的策略聯盟等方式，於知識的價值鏈中流動並增加價值，而大學提供創新的人才，往往也是創業者和重要的經營者。 本研究認為，美國大學對生物技術發展具有重要性的貢獻，其中，大學內部創業與大學智慧財產的管理特別值得討論。在大學內部創業方面，美國大學不但鼓勵創業，並制定股權政策，允許新創公司以股權取代部分的授權報酬，給予新創公司實際的協助。透過限制大學持股比例與禁止大學擔任董事或參與董事投票活動之原則，則可兼顧大學避免利益衝突與公司專業經營的需求。 在大學智慧財產管理的部份，本研究認為加州大學系統的智慧財產管理方式，採用網路式的授權與技術移轉組織，將各校區共同的需求如政策、法務、資訊技術與通訊等活動統籌處理，而將需與發明人和企業密切交流的活動如授權與技術移轉的活動交由各校區的授權與技術移轉中心負責。透過此種統籌與分工管理的方式，能夠兼顧減少營運成本與增加授權效率的功能。 經由本研究節果，建議我國的大學可採用網路式的授權與技術移轉組織之概念，除各校之授權與技轉中心外，聯合設一統籌政策、法務、智慧財產資料庫之管理機構，並對大學持有公司股份、鼓勵創業、避免利益迴避等議題制定一致的政策，方能有效利用資源並發揮大學創新的價值。 / Biotech and new drug development industry are targeted toward the development of drugs for human, animal, or plant use. This also includes the high-risk industry in medical devices. Although the pharmaceutical industry shares common objectives, the biotech and new drug industry emphasizes on applications in biotechnology and its industrial structure is composed by non-profit organizations and biotech dedicated firms. While biotechnology forms the basis to the biotech and new drug industry, the improvement of biotechnology also changed the interaction between the pharmaceutical products and technologies as well as its industrial structure. Biotechnology and pharmaceutical industry have received considerable attention around the world, including Taiwan. Since U.S. has been the leading country in the development of biotechnology and pharmaceutical industry, we can surely learn from its success. In particular, universities in the U.S. have played a crucial role in providing innovation and promoting university-industry cooperation and resulted in significant contributions to the progress of global biotech and new drug industry. Thus, this study will investigate the development of the industry within the U.S. by dissecting the various university-industry cooperation models and the management of intellectual property rights. Results from this study will hopefully shed some light on bridging our university with industry for further practice operation. By examining the U.S. biotech and pharmaceutical industry, this study has concluded that breakthroughs in fundamental, the passage of Bayh-Dole Act, and the inclusion of biotechnology into patent law science in 1980s are responsible for the rise of biotechnology industry. In addition, active university-industry cooperation along with licensing, technology transfer, strategic alliance among enterprises and information flowing in the knowledge value chain added the value of the innovation provided by universities. In many cases, the university has not only provided innovation, but also a source for future leaders that would take on role of the founders or head of project management. The U.S. universities have made significant contributions to the development of biotechnology by establishing entrepreneurship programs, intellectual property rights management, and often providing substantial assistance in business start-up. One type of assistance is rendered through regulating policies on equity that allows start-up companies to provide equity in place of part of license fee. In order to avoid a “conflict of interest”, universities should be limited of their possession of industry equity, which can prevents them from taking part in the company as the board director or members. In terms of the management of intellectual property rights, the measures of management of the University of California system can help diminish operation cost and enhance licensing efficiency. University of California system resorts to Technology transfer in a distributed institutional network that feed the common needs from each campus such as patent policies, general counsel, and information technology and communications. A licensing and technology transfer center (OTT) on each campus will follow a system wide license and technology transfer process between the inventor and the enterprise. In conclusion, it is recommended that our university could adopt the concept of network licensing and technology transfer. Through an overall arrangement, a management institute can be established to regulate the planning of policies, provide general counseling, and build a database of intellectual property rights aside from the existing licensing and technology center of each university. In the best interest of the developing biotech and new drug industry, universities should initiate policies with regard to equity holding limitation, encouragement of start-up business, and the avoidance in the “conflict of interest” so the industry may effectively utilize university resources and demonstrate its innovative values.

戰後台灣經濟呈現高度發展，對於這段高度發展期間，以許有多學者進行研究。他們一致認為此一時期由技術人員出任財經官員，推動若干政策加上美援的資助下，使得台灣可以走出戰後經濟凋蔽的窘況。至今看來這批財經技術官僚獲得極高的評價，關於財經技術官僚的傳記、口述歷史、訪談錄已有相當多的著作，但對於財經技術官僚整體的研究卻是相當的缺乏。 本文所討論重點不在財經技術官僚所締造高經濟成長率，而是從另一個面向從人事關係與派系的角度來研究財經技術官僚。針對1949年中華民國政府播遷台灣至1988年蔣經國總統過世，這長達近40年期間以台灣財經技術官僚為研究對象，探討此一時期財經技術官僚的人脈與派系。在威權體制下，財經技術官僚與國家主要領導人蔣中正、蔣經國、陳誠等的互動關係，領導人對這批技術官僚的態度。國民黨在1952年改造完成後已成為黨國一體的情形下，財經技術官僚與黨內的關係為何，是否是我們印象中的以黨領政？最後是對於財經技術官僚本身的特性與出身系統背景進行分析，來說明背景、派系是否可以影響財經技術官僚的升遷。以不同的角度來看此一時期的財經技術官僚的崛起與沒落。

政府在制定政策的過程中，往往會受到利益團體影響。我們藉由 Grossman and Helpman (1994) 所發展的政治獻金模型為架構，討論在國內生產具有負面外部性的情況下，政府決定是否開放具有生產優勢的外國廠商進入本國生產的決策。我們發現開放外人直接投資與否，受到政府對社會福利重視的程度所影響。在政府極端不重視社會福利且生產完全無生產技術外溢時，政府將不會選擇開放國外廠商進入本國投資，而一般情況下，當市場規模夠大且政府重視社會福利有一定程度時，生產時所造成的負面外部性愈大，本國政府將傾向不開放外國廠商進入本國直接生產。 / Since the domestic government can makes its choice between alternative policy instruments to maximize its’ welfare, this paper analyzes how a domestic government makes the policy about foreign direct investment by Grossman and Helpman (1994) political contribution model. It shows that opening FDI or not is affected by the weight that the domestic government puts on the social welfare. We found that domestic government tends not to open FDI when it puts little weight on the social welfare. In this case that the weight and market are large enough, the domestic government tends to open FDI as the pollution externality increases.

在這篇文章裡我們採用了White所提出的真實檢驗法(Reality Check)來解決探勘資料偏誤(Data-snooping bias)的問題，結果顯示從1980年到2008年間，技術分析法則的確可以幫助投資人在日圓兌美元及英鎊兌美元這兩個外匯市場獲利；我們也發現在外匯市場最普遍的技術分析方式─移動平均法(moving average)表現不如其他的技術分析法則，而通道突破法(channel break-out)的表現則明顯優於其他技術分析法則。 除了檢驗技術分析方法的獲利性之外，我們也嘗試著探討技術分析方法的獲利性與央行干預之間的關係，追隨Szacmary與Mathur在1997年所發表的論文，我們把技術分析法則擴充為在真實檢驗法中所使用到的所有法則，並且盡可能加長分析的期間。結果顯示技術分析法則的獲利與央行干預並不存在任何特定的關係。 / In this paper we construct a huge universe of simple trading rules and apply White’s Reality Check to mitigate data-snooping bias then detect the profitability of technical trading rules. We find that technical analysis is useful no matter in the full sample time or each subsample period. The channel break-out method outperforms the other methods in our finding while the profitability of the most commonly used moving average method is worse than the others. Furthermore, we inspect the relationships between the returns of technical trading rules and central bank intervention. The results suggest that there’s no evident relationship between the return series of trading rules and central bank intervention and are not consistent with the view of our following previous study.