(0.99) (0.69) (0.72) (0.00) (0.59) Note. The results are premised on the condition that when previous day’s NASDAQ returns are negative. See also Table 5. 2.64 29.58* 115.60* 59.06* 16.76* (0.45) (0.00) (0.00) (0.00) (0.00) 6.72*** 5.21 3.85 5.63 5.73 (0.08) (0.16) (0.28) (0.13) (0.13) 1.49 27.44* 14.75* 55.66* 0.27 (0.68) (0.00) (0.00) (0.00) (0.96) 11.39* 0.60 7.76** 7.00*** 33.48* (0.01) (0.90) (0.05) (0.07) (0.00) 3.48 3.25 11.08* 6.74*** 3.47 (0.32) (0.35) (0.01) (0.08) (0.32) 1.82 2.59 4.12 25.09* 4.65 (0.61) (0.46) (0.25) (0.00) (0.20) Note. The results are premised on the condition that when previous day’s NASDAQ returns are positive. See also Table 5. Figure 1 Trends of Cumulative Net Purchase, Net Purchases by the Types of Institutions, Taiwan Stock Prices, NASDAQ Index, and the NT/USD Exchange Rate a-1) Cumulative Net Purchase qfii a-2) Net Purchase qfii b-1) Cumulative Net Purchase dic b-2) Net Purchase dic c-1) Cumulative Net Purchase rtf c-2) Net Purchase rtf Notes: qualified foreign institutional investors qfii: domestic investment companies dic: registered trading firms rtf: Figure 2 Impulse Responses to Innovations in the Unrestricted VAR Models (Up to 10 Periods)
(0.99) (0.69) (0.72) (0.00) (0.59) Note. The results are premised on the condition that when previous day’s NASDAQ returns are negative. See also Table 5. 2.64 (0.45) 29.58* (0.00) 115.60* (0.00) 59.06* (0.00) 16.76* (0.00) 6.72*** (0.08) 5.21 (0.16) 3.85 (0.28) 5.63 (0.13) 5.73 (0.13) 1.49 (0.68) 27.44* (0.00) 14.75* (0.00) 55.66* (0.00) 0.27 (0.96) 11.39* (0.01) 0.60 (0.90) 7.76** (0.05) 7.00*** (0.07) 33.48* (0.00) 3.48 (0.32) 3.25 (0.35) 11.08* (0.01) 6.74*** (0.08) 3.47 (0.32) 1.82 (0.61) 2.59 (0.46) 4.12 (0.25) 25.09* (0.00) 4.65 (0.20) Note. The results are premised on the condition that when previous day’s NASDAQ returns are positive. See also Table 5. Figure 1 Trends of Cumulative Net Purchase, Net Purchases by the Types of Institutions, Taiwan Stock Prices, NASDAQ Index, and the NT/USD Exchange Rate a-1) Cumulative Net qfii Purchase a-2) Net qfii Purchase b-1) Cumulative Net dic Purchase b-2) Net dic Purchase c-1) Cumulative Net rtf Purchase c-2) Net rtf Purchase Notes: qfii: qualified foreign institutional investors dic: domestic investment companies rtf: registered trading firms Figure 2 Impulse Responses to Innovations in the Unrestricted VAR Models (Up to 10 Periods)