The Impact of Foreign Trading on the Trading Behavior of Main Types of Future Traders: Evidence from Taiwan Futures Contracts

• Main Authors: Pei-wen Wang, 王姵雯
• Other Authors: Chun-nan Chen
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/b9b39s

碩士 === 國立臺灣科技大學 === 財務金融研究所 === 102 === The purpose of this thesis is to offer an empirical investigation to examine the impact of Foreign Trading on the Trading Behavior of Main Types of Future Traders. Use data on daily transactions of Taiwan Stock Index Futures contract and it comes from the Taiwan Future Exchange. The sample period is between 14 November 2003 and 31 July 2008. And using ANOVA and regression model to examine the impact of foreign trading. The result shows that there isn’t significant difference in choosing types of orders, but the position of every placement decline after foreign institutional investors trade in the future market. Moreover, foreign trading doesn’t influence the payoffs of future dealer, domestic institutional investors and individual investors.