Abstract
Practically,before the public get the information about the company,the informed investors will buy stock slowly to avoid uninformed investors to be aware of. Therefore, the order imbalance of volume and number of trade maybe occur some change before the price reflect the information. To verify the information content of order imbalance in Taiwan capital market, this study examine the top 50 market value of companies. The empirical result finds that the order imbalance of number and dollar have the different predictability of return of stock price in different interval. Also, the order imbalance has different sensitivity in different industry. ____________________________________________________________________ Keywords: Order Imbalance, Information Content