Dr.Nareerat Taechapiroontong has published her paper written with Prapaporn Suecharoenkit, her master student. The paper entitled Trading Performance of Individual, Institutional, and Foreign Investors: Evidence from the Stock Exchange of Thailand. at International Research Journal of Financial and Economics, Issue 75, October, 2011 (indexed by SCOPUS).
The authors examine the performance of domestic investors and foreign investors by using transaction data from the Stock Exchange of Thailand from 1999 to 2004. They find that foreign investors, in general, trade at worse prices than domestic investors who have a greater information advantage. However, foreign investors perform best when buying medium size and large size stocks during a bull market. Individual investors tend to follow a contrarian trading strategy, which leads them to act as the liquidity providers to institutions. Intense trade imbalance can predict future returns. The intensity of individuals selling at peak prices influences future negative returns. Intense buying by foreign and institutional investors is followed by price increases.