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Do domestic investors have an edge? : the trading experience of foreign investors in Korea

Author: Hyuk Choe; Bong-Chan Kho; René M Stulz; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2004.
Series: Working paper series (National Bureau of Economic Research), no. 10502.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"We investigate whether domestic investors have an edge over foreign investors in trading domestic stocks. Using Korean data, we show that foreign money managers pay more than domestic money managers when they buy and receive less when they sell for medium and large trades. The sample average daily trade-weighted disadvantage of foreign money managers is of 21 basis points for purchases and 16 basis points for  Read more...
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Additional Physical Format: Print version:
Choe, Hyuk, 1955-
Do domestic investors have an edge?.
Cambridge, Mass. : National Bureau of Economic Research, ©2004
(OCoLC)55644232
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Hyuk Choe; Bong-Chan Kho; René M Stulz; National Bureau of Economic Research.
OCLC Number: 56409694
Notes: "May 2004."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (47 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), no. 10502.
Responsibility: Hyuk Choe, Bong-Chan Kho, René M. Stulz.

Abstract:

"We investigate whether domestic investors have an edge over foreign investors in trading domestic stocks. Using Korean data, we show that foreign money managers pay more than domestic money managers when they buy and receive less when they sell for medium and large trades. The sample average daily trade-weighted disadvantage of foreign money managers is of 21 basis points for purchases and 16 basis points for sales. There is also some evidence that domestic individual investors have an edge over foreign investors. The explanation for these results is that prices move more against foreign investors than against domestic investors before trades"--National Bureau of Economic Research web site.

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