| Summary: | 碩士 === 國立東華大學 === 國際經濟研究所 === 92 ===
Applying conditional analyses, this paper revisits Chiao and Lin’s (2004) conclusion that the strategy following the investment pace of security investment trust companies (SITC) is more profitable than the market and those following foreign investors (FI) and security dealers (SD) in the Taiwan stock market. This paper, employing the close-to-close returns, finds results consistent with Chiao and Lin’s. The only exception is that, during the period of economic recovery, following FI is more profitable than the market and those following SITC and SD. However, employing the open-to-close returns and considering the transaction costs, none of the strategies is profitable.
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