To investigate the investment behavior of institutional investors form a special perspective, we inspect the relationship between institutional investors' expectations and returns in the period when the market is experiencing a rapid rise by using institutional ownership of a stock as a proxy for the expectation of institutional investors for future earning of the related listed company, then we inspect the investment efficiency of institutional investors by suing nonlinear noise, and finally the investment behavior tokens and intrinsic mechanism of institutional investors in a rising market are comprehensively discussed. As shown from the empirical results, we believe that in a specific market environment, institutional investors may put up stronger irrationalism and lower investment efficiency than individual investors.