Do foreign investors' trading behavior mislead individuals' investment?

• Main Author: 姜珮瑜
• Other Authors: 李志宏
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/16303190813685114114

碩士 === 國立政治大學 === 財務管理研究所 === 98 === The main purpose of this study is to examine Taiwan's 34 major companies trading over information for retail investors is to bring useful information to profit following foreign investors’ buy-sell information. Furthermore, this observation of 34 companies to buy-sell ultra -volume, the order distribution of buy and sell would give wrong information to mislead retail investors? The result shows if retail investor follow foreign investors’ step to buy the maximum market share and volume underlying stock can bring abnormal return than market return and industry return, But if retail investors follow foreign investors’ selling behavior not to take extra return from mimic trading behavior. Next, analysis of foreign investors’ trading behavior is consistent or not? We find if foreign investors really want to buy or sell the underlying stock, their buy-order and sell –order will set at the best price to make it a deal quickly , but one the other hand, we find their sell-order and buy-order will set the price which less possible to make this transaction.