Based on technological innovation and climate change, clean energy has been paid increasing attention to by worldwide investors, thereby increasing their interest in investing in firms that specialize in clean energy. However, traditional energy still plays an important role nowadays, because extreme weather has often occurred in the winters of recent years. We thus explore whether investing the strategies adopted by diverse technical trading rules would matter for investing in energy-related ETFs. By employing two representative global ETFs with more than 10 years of data, iShares Global Clean Energy ETF as the proxy of clean energy performance and iShares Global Energy ETF as that of traditional energy performance, we then revealed that momentum strategies would be proper for buying the green energy ETF, but contrarian strategies would be appropriate for buying the energy ETF. Furthermore, based on investment strategies adopted by diverse technical trading rules, we showed that the performance of clean energy outperforms that of energy, indicating that green energy does matter for the economy. Moreover, while observing the price trend of these two ETFs, we found that such two ETFs may have opposite share price performances, implying that, while the green energy ETF reached a relatively high price, investors following the contrarian strategies suggested in this study may reap profits by investing the energy ETF.

The idea of this study is derived from observing the profitability of stock investments following the phenomena of continuously rising (or falling) prices of stocks and continuously overbought (or oversold) signals emitted by technical indicators. We employ the standard event study approach and technical trading strategies to explore whether investors would exploit profits in trading the constituent stocks of the Korea Composite Stock Price Index 50 and Shanghai Stock Exchange 50 when the aforementioned continuous phenomena occur. We find that both the Korean and Chinese stock markets are not fully efficient; this finding may enhance the robustness of the existing literature. In addition, we reveal that contrarian strategies are appropriate for the trading stocks listed on the Korean stock market for all the cases investigated in this study. However, momentum strategies are appropriate for the Chinese stock market when continuously rising stock prices and overbought signals are simultaneously observed. These findings imply that the difference in investor behaviors between the Korean and Chinese stock markets might result in dissimilar trading strategies being employed for these two markets.

We explore whether investors earn profits through the use of stochastic oscillator indicators (SOI) for trading stocks. The results reveal that investors might use momentum strategies when trading constituent stocks of SSE 50 as the overbought trading signals emitted by SOI. We infer that the results might be caused by herding behaviors of Chinese investors since overoptimistic moods are likely to exist as evidenced by the 80 percent trading volume traded by individual investors in the Chinese stock market.

By exploring the factors that affect the shareholding change of foreign institutions, we find that corporate governance and financial issues may not be related to the shareholding change of foreign institutions. We employ censored panel data models focusing on either positive or negative samples in terms of the shareholding change of foreign institutions; results reveal that corporate governance and financial performance are related to the shareholding change of foreign institutions for positive samples instead of negative samples, which is similar to the finding that results might not be the same for low quantile or high quantile estimation by using quantile regression models. This concern seems rarely examined in the relevant literature.