| Summary: | 碩士 === 南華大學 === 經濟學研究所 === 91 === This paper examines the interrelationships among stock returns, institutional investors' buy-sell difference and trading strategy in TSE (Taiwan Stock Exchange) market. The three institutional investors are: foreign institutional investors, domestic mutual funds, security dealers. Using the data available from August 1,1995 to October 3,2002, we find that stock returns are influenced by institutional investors' buy-sell difference. It appears that foreign institutional investors' trading enjoys a leading position in influencing security dealers, which subsequently affect domestic mutual funds. In essence, the trading strategy adopted by foreign institutional investors is found to be more independent than others.
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