This paper examines the impact of foreign investors on stock returns in Korea from November 30, 1996, to the end of 1997 using trade data. We find strong evidence of positive feedback trading and herding by foreign investors before the period of Korea's economic crisis during the last three...

We investigate the relationship between the number of block ( or equal to 20,000 shares) trades over the trading day and across exchanges. In general, for each day of the week, the ratio increases from the first to the second period, declines through the period ending at 3:30 p.m., and increases...