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The development of big data research methods and the information asymmetry problems in the financial market lead to the new issue of homo sociologicus, which has become a new way of thinking and has hoped to find the cause of asset pricing problem in the market. Crony capitalism is prevalent in the emerging and developing countries. It leads to wealth inequalities. Therefore, behavioral finance theory can help individual investors make investment decisions and help stock prices to reflect their true values. This study finds that the biotechnology industry does not exist an efficient market based on two OTC biotech companies, OBI Pharma and TaiMed Biologics, for the period 2015.11.23~2016.6.7. The results show that the technical analysis tested in this study can lead to trading profits and investors can increase their trading profits based on the mean reversion characteristic of company price differences.

How Investors Survive in Crony Capitalism: A Case Study of OBI Pharma Inc. in Taiwan