Over the past two decades, a wide range of behavioral finance research has been devoted to exploring the behavioral patterns and trading performance of categories of individual and institutional investors over time and across bags. Indeed, this intriguing research topic is of considerable interest to both academic scholars and market practitioners, because it has great academic value and practical implications for the industry. Specifically, capturing the business model and investment performance of each investor group within a particular country can shed light on some important issues such as market composition, information transmission, asset price formation, l efficiency and liquidity of the market. Partly due to the information asymmetry highlighted between institutional investors and individual investors (e.g., Alangar et al., 1999; Lin et al., 2007; Duong et al., 2009), each group is more likely to have its own unique characteristics . In their 2008 study, Kaniel et al. highlight that institutional investors are generally perceived as rational traders who are better informed and have a rather long-term investment perspective. In contrast, individual investors are generally viewed as unsophisticated traders, who prefer short-term investment horizons and are deeply involved in making sentiment-driven investment decisions based on their own cognitive biases. On the other hand, researchers working in the field of behavioral finance distinguish between two recognized trading patterns based on investors' reactions to past stock price movements. The first pattern of behavior is labeled momentum investing or positive feedback trading, where investors buy (sell) a stock in anticipation of further upside (d...... middle of paper ......kes (2011 ) report significant evidence that all three types of investors – particularly insurers – are more averse when selling than when buying, which suggests that investors are reluctant to realize losses, consistent with evidence presented by Grinblatt and Keloharju (2001) and Odean (1998) More recently, Phansatan et al. (2012) examine the Stock Exchange of Thailand (SET) and find that individual and institutional investors appear to be contrarian traders compared to foreign investors who are feedback traders. positive of institutions in the Thai stock market lead to a much lower safety section, and thus to a very poor overall trading performance. On the other hand, the trading behavior of individual investors brings gains from the safety section, but their poor timing market offsets these gains..