Paper Title
Trading Price Ratios and Investment Performance: Evidence from The Taiwan Stock Exchange

Abstract
We examine trading price ratios and investment performance across four investor types on the Taiwan Stock Exchange from July 2009 to May 2015. We first investigate the trading price ratios of foreign investors, mutual funds, other institutions, and individuals. Second, we discuss whether different firm characteristics (firm size, book-to-market ratio, turnover rate, market return, Exchange Traded Funds (ETF50), depositary receipt (DR)) effect the trading price ratios of investors. Finally, we examine the effects of trading price ratios and various investors on investment performance. Our analysis yields the following findings: 1) Institutional investors are more aggressive than individuals in both buy and sell trades, especially mutual funds. 2) Individuals are able to transact at more favorable prices compared to institutional investors. 3) Institutional investors also use aggressive trading prices to get better investment performance. 4) Buy and sell trades demonstrate asymmetric effects. Index terms- Aggressiveness, Investor types, Mutual funds, Trade direction.