LE « FEEDBACK TRADING » DES INVESTISSEURS ETRANGERS LORS D'UN KRACH BOURSIER: L'EXEMPLE DU MARCHE DES ACTIONS THAÏLANDAISES (1996-1998)

Sandy Campart ()
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Sandy Campart: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper examines the positive feedback trading of foreign investors and its impact on stock prices before, during and after the Thai stock market crash during the period of January 3, 1996 to december 30, 1998. First, we will find evidence that foreign investors adopted trend chasing strategies whereas local individual investors were negative feedback traders and local institutions were neither positive nor negative feedback traders (they were simply net sellers during the entire sample period). Second, we will show that the feedback trading of foreign and local individual investors strengthened during the in-crisis period. Third, our data will prove that foreign investors did not impact on stock prices from 1996 to 1998. During the pre-crisis period and during a large part of the in-crisis period, they were even the counterparts to the sell orders of domestic investors.

Keywords: feedback trading; krach boursier (search for similar items in EconPapers)
Date: 2000-09
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Published in Banque & Marchés, 2000, 48, pp.31-42

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00337337

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