Abstract Emerging countries’ economies are dependent on foreign capital inflows. For policy makers and researchers of particular interest is to understand the nature of these flows and their impact on the domestic capital market. The first significant foreign inflows entered the Macedonian Stock Market at the end of 2004, and stock prices were increased. It was general belief among the investors that foreigners are driving the prices on the Macedonian Stock Market. This study examines the influence of foreign investors’ trades on stock returns in Macedonia using base broadening and price pressure hypotheses. Strong evidence consistent with the base-broadening hypothesis shows that 1% of monthly net inflows as a percentage of last month market capitalization is connected with 7% rise in monthly returns on the Macedonian stock market. The findings do not support the price pressure hypothesis, so the rise in the prices is permanent.

中文翻译：

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外国人交易对股票价格的影响：马其顿证券交易所的证据

摘要新兴国家的经济依赖于外资的流入。对于政策制定者和研究人员特别感兴趣的是了解这些流量的性质及其对国内资本市场的影响。2004年底，第一批大量外国资金流入马其顿股票市场，股票价格上涨。投资者普遍认为，外国人正在马其顿股票市场上推高价格。本研究使用基数拓宽和价格压力假设检验了外国投资者的交易对马其顿股票收益的影响。有力的证据与基础扩大的假设相吻合，表明马其顿股票市场上，每月净流入量的1％占上月市值的百分比与月收益7％的增长有关。