Trading Patterns and Performance of Trader Types in Taiwan Futures Market
By analyzing the behavior and performance of trader types in the Taiwan futures market, we find that the foreign investors, futures dealers and security dealers are positive feedback traders, whereas individuals are contrarians. Evidence shows that the foreign investors and security dealers earn sig...
Gespeichert in:
| Veröffentlicht in: | Review of Pacific basin financial markets and policies 2005-06, Vol.8 (2), p.217-234 |
|---|---|
| Hauptverfasser: | , , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 234 |
|---|---|
| container_issue | 2 |
| container_start_page | 217 |
| container_title | Review of Pacific basin financial markets and policies |
| container_volume | 8 |
| creator | Lin, Chao-Hsien Hsu, Hsinan Chiang, Chwan-Yi |
| description | By analyzing the behavior and performance of trader types in the Taiwan futures market, we find that the foreign investors, futures dealers and security dealers are positive feedback traders, whereas individuals are contrarians. Evidence shows that the foreign investors and security dealers earn significant profits. We conclude that they are information-based traders. Instead, the individuals and futures traders perform poorly. However, weak evidence reveals that futures dealers are behavioral-based traders. As it is also reported, the cumulative performance demonstrates that foreign investors are the clear winners and individuals are the clear losers in the Taiwan futures market. |
| doi_str_mv | 10.1142/S0219091505000403 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_crossref_primary_10_1142_S0219091505000403</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>869162901</sourcerecordid><originalsourceid>FETCH-LOGICAL-c3893-726a4ca0ea07f61c1df70c8a74ea286493c2c23b1c06ae8063603cf8a3bcfaeb3</originalsourceid><addsrcrecordid>eNplUE1vEzEQtVCRSAs_gJvVQ2-Bsb1rO8eqoqWiiEqEszVxxuA2613sXaL8e7xKRSV6mBnpfelpGHsv4IMQjfz4HaRYwUq00AJAA-oVWwizUkttoD1hi5lezvwbdlrKA4Cw1ogFu11n3Mb0k9_jOFJOhWPa8nvKoc8dJk-8D3zWUObrw0CFx8TXGPeY-PU0TrkiXzE_0viWvQ64K_Tu6Z6xH9ef1lefl3ffbm6vLu-WXtnax0iNjUcgBBO08GIbDHiLpiGUVjcr5aWXaiM8aCQLWmlQPlhUGx-QNuqMXRxzh9z_nqiMrovF026HifqpOGWF0a2WVXj-n_Chn3Kq3ZwEq42Utq0icRT53JeSKbghxw7zwQlw82fdi89Wz5ejJ9NA_p9hX2IeNqEb3B-nEGxdhzoSoK0nzpisa5gxYZxUjfs1djUNjmn7Pu-2xUdKYwzxOfdlgb_rQ5Mp</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>208672285</pqid></control><display><type>article</type><title>Trading Patterns and Performance of Trader Types in Taiwan Futures Market</title><source>RePEc</source><source>Business Source Complete</source><creator>Lin, Chao-Hsien ; Hsu, Hsinan ; Chiang, Chwan-Yi</creator><creatorcontrib>Lin, Chao-Hsien ; Hsu, Hsinan ; Chiang, Chwan-Yi</creatorcontrib><description>By analyzing the behavior and performance of trader types in the Taiwan futures market, we find that the foreign investors, futures dealers and security dealers are positive feedback traders, whereas individuals are contrarians. Evidence shows that the foreign investors and security dealers earn significant profits. We conclude that they are information-based traders. Instead, the individuals and futures traders perform poorly. However, weak evidence reveals that futures dealers are behavioral-based traders. As it is also reported, the cumulative performance demonstrates that foreign investors are the clear winners and individuals are the clear losers in the Taiwan futures market.</description><identifier>ISSN: 0219-0915</identifier><identifier>ISSN: 1793-6705</identifier><identifier>EISSN: 1793-6705</identifier><identifier>DOI: 10.1142/S0219091505000403</identifier><language>eng</language><publisher>Singapore: World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research</publisher><subject>Behavior ; behavioral-based trader ; Capital market ; cumulative performance ; Economic behaviour ; Economic performance ; Empirical research ; feedback trading ; Financial economics ; Futures ; Futures market ; Futures trading ; Information-based trader ; Investors ; market timing ability ; Stock exchange ; Studies ; Taiwan ; Trade</subject><ispartof>Review of Pacific basin financial markets and policies, 2005-06, Vol.8 (2), p.217-234</ispartof><rights>2005, World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research</rights><rights>Copyright World Scientific Publishing Co. Pte., Ltd. Jun 2005</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c3893-726a4ca0ea07f61c1df70c8a74ea286493c2c23b1c06ae8063603cf8a3bcfaeb3</citedby><cites>FETCH-LOGICAL-c3893-726a4ca0ea07f61c1df70c8a74ea286493c2c23b1c06ae8063603cf8a3bcfaeb3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784,4008,27924,27925</link.rule.ids><backlink>$$Uhttp://econpapers.repec.org/article/wsirpbfmp/v_3a08_3ay_3a2005_3ai_3a02_3ap_3a217-234.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Lin, Chao-Hsien</creatorcontrib><creatorcontrib>Hsu, Hsinan</creatorcontrib><creatorcontrib>Chiang, Chwan-Yi</creatorcontrib><title>Trading Patterns and Performance of Trader Types in Taiwan Futures Market</title><title>Review of Pacific basin financial markets and policies</title><description>By analyzing the behavior and performance of trader types in the Taiwan futures market, we find that the foreign investors, futures dealers and security dealers are positive feedback traders, whereas individuals are contrarians. Evidence shows that the foreign investors and security dealers earn significant profits. We conclude that they are information-based traders. Instead, the individuals and futures traders perform poorly. However, weak evidence reveals that futures dealers are behavioral-based traders. As it is also reported, the cumulative performance demonstrates that foreign investors are the clear winners and individuals are the clear losers in the Taiwan futures market.</description><subject>Behavior</subject><subject>behavioral-based trader</subject><subject>Capital market</subject><subject>cumulative performance</subject><subject>Economic behaviour</subject><subject>Economic performance</subject><subject>Empirical research</subject><subject>feedback trading</subject><subject>Financial economics</subject><subject>Futures</subject><subject>Futures market</subject><subject>Futures trading</subject><subject>Information-based trader</subject><subject>Investors</subject><subject>market timing ability</subject><subject>Stock exchange</subject><subject>Studies</subject><subject>Taiwan</subject><subject>Trade</subject><issn>0219-0915</issn><issn>1793-6705</issn><issn>1793-6705</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2005</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><recordid>eNplUE1vEzEQtVCRSAs_gJvVQ2-Bsb1rO8eqoqWiiEqEszVxxuA2613sXaL8e7xKRSV6mBnpfelpGHsv4IMQjfz4HaRYwUq00AJAA-oVWwizUkttoD1hi5lezvwbdlrKA4Cw1ogFu11n3Mb0k9_jOFJOhWPa8nvKoc8dJk-8D3zWUObrw0CFx8TXGPeY-PU0TrkiXzE_0viWvQ64K_Tu6Z6xH9ef1lefl3ffbm6vLu-WXtnax0iNjUcgBBO08GIbDHiLpiGUVjcr5aWXaiM8aCQLWmlQPlhUGx-QNuqMXRxzh9z_nqiMrovF026HifqpOGWF0a2WVXj-n_Chn3Kq3ZwEq42Utq0icRT53JeSKbghxw7zwQlw82fdi89Wz5ejJ9NA_p9hX2IeNqEb3B-nEGxdhzoSoK0nzpisa5gxYZxUjfs1djUNjmn7Pu-2xUdKYwzxOfdlgb_rQ5Mp</recordid><startdate>200506</startdate><enddate>200506</enddate><creator>Lin, Chao-Hsien</creator><creator>Hsu, Hsinan</creator><creator>Chiang, Chwan-Yi</creator><general>World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research</general><general>World Scientific Publishing Co. Pte. Ltd</general><general>World Scientific Publishing Co. Pte., Ltd</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>200506</creationdate><title>Trading Patterns and Performance of Trader Types in Taiwan Futures Market</title><author>Lin, Chao-Hsien ; Hsu, Hsinan ; Chiang, Chwan-Yi</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3893-726a4ca0ea07f61c1df70c8a74ea286493c2c23b1c06ae8063603cf8a3bcfaeb3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2005</creationdate><topic>Behavior</topic><topic>behavioral-based trader</topic><topic>Capital market</topic><topic>cumulative performance</topic><topic>Economic behaviour</topic><topic>Economic performance</topic><topic>Empirical research</topic><topic>feedback trading</topic><topic>Financial economics</topic><topic>Futures</topic><topic>Futures market</topic><topic>Futures trading</topic><topic>Information-based trader</topic><topic>Investors</topic><topic>market timing ability</topic><topic>Stock exchange</topic><topic>Studies</topic><topic>Taiwan</topic><topic>Trade</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Lin, Chao-Hsien</creatorcontrib><creatorcontrib>Hsu, Hsinan</creatorcontrib><creatorcontrib>Chiang, Chwan-Yi</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Review of Pacific basin financial markets and policies</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Lin, Chao-Hsien</au><au>Hsu, Hsinan</au><au>Chiang, Chwan-Yi</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Trading Patterns and Performance of Trader Types in Taiwan Futures Market</atitle><jtitle>Review of Pacific basin financial markets and policies</jtitle><date>2005-06</date><risdate>2005</risdate><volume>8</volume><issue>2</issue><spage>217</spage><epage>234</epage><pages>217-234</pages><issn>0219-0915</issn><issn>1793-6705</issn><eissn>1793-6705</eissn><abstract>By analyzing the behavior and performance of trader types in the Taiwan futures market, we find that the foreign investors, futures dealers and security dealers are positive feedback traders, whereas individuals are contrarians. Evidence shows that the foreign investors and security dealers earn significant profits. We conclude that they are information-based traders. Instead, the individuals and futures traders perform poorly. However, weak evidence reveals that futures dealers are behavioral-based traders. As it is also reported, the cumulative performance demonstrates that foreign investors are the clear winners and individuals are the clear losers in the Taiwan futures market.</abstract><cop>Singapore</cop><pub>World Scientific Publishing Co. and Center for Pacific Basin Business, Economics and Finance Research</pub><doi>10.1142/S0219091505000403</doi><tpages>18</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0219-0915 |
| ispartof | Review of Pacific basin financial markets and policies, 2005-06, Vol.8 (2), p.217-234 |
| issn | 0219-0915 1793-6705 1793-6705 |
| language | eng |
| recordid | cdi_crossref_primary_10_1142_S0219091505000403 |
| source | RePEc; Business Source Complete |
| subjects | Behavior behavioral-based trader Capital market cumulative performance Economic behaviour Economic performance Empirical research feedback trading Financial economics Futures Futures market Futures trading Information-based trader Investors market timing ability Stock exchange Studies Taiwan Trade |
| title | Trading Patterns and Performance of Trader Types in Taiwan Futures Market |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-05T21%3A09%3A53IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Trading%20Patterns%20and%20Performance%20of%20Trader%20Types%20in%20Taiwan%20Futures%20Market&rft.jtitle=Review%20of%20Pacific%20basin%20financial%20markets%20and%20policies&rft.au=Lin,%20Chao-Hsien&rft.date=2005-06&rft.volume=8&rft.issue=2&rft.spage=217&rft.epage=234&rft.pages=217-234&rft.issn=0219-0915&rft.eissn=1793-6705&rft_id=info:doi/10.1142/S0219091505000403&rft_dat=%3Cproquest_cross%3E869162901%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=208672285&rft_id=info:pmid/&rfr_iscdi=true |