Are Domestic Investors Better Informed Than Foreign Investors?
| Author | : Kalok Chan |
| Publisher | : |
| Total Pages | : 33 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
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Are Foreign Investors Better Informed? Evidence from the Return - Volume Relationship
| Author | : Christof W. Stahel |
| Publisher | : |
| Total Pages | : 38 |
| Release | : 2002 |
| Genre | : |
| ISBN | : |
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I investigate whether foreign investors are better informed than domestic in the framework of a rational expectations model with informed and uninformed traders as outlined by Llorente, Michaely, Saar, and Wang (2002). The paper analyzes the model implication that an increase in the fraction of informed traders reduces the return autocorrelation following high trading volume, and relates the conditional daily return autocorrelation to the level of foreign portfolio investment and the degree of investor protection in 34 countries. Using U.S. portfolio holdings in those markets to proxy for foreign portfolio investment, the hypothesis that foreign investors are better informed than domestic is rejected for economies with low private property rights. This result is consistent with the view put forth by Morck, Yeung, and Yu (2000) that informed risk arbitrage is more likely to be discouraged in countries that do not meet minimal standards of property rights.
Do Domestic Investors Have More Valuable Information about Individual Stocks Than Foreign Investors?
| Author | : Hyuk Choe |
| Publisher | : |
| Total Pages | : 56 |
| Release | : 2001 |
| Genre | : Economics |
| ISBN | : |
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Using trade data from Korea from December 1996 to November 1998, we find evidence that domestic individual investors have a short-lived private information advantage for individual stocks over foreign investors, but almost no evidence that domestic institutional investors have such an advantage. Foreign investors trade at worse prices than resident investors for large trades, for smaller stocks, and more so for sales than for purchases. Foreign investors sell to domestic investors before a stock has a large positive abnormal return and buy from domestic investors before a stock has a large negative abnormal return. Using intraday data, the large trades of domestic individual investors have more information than the large trades of foreign investors or of domestic institutional investors.
Is Informed Trading Different Across Investor Types?
| Author | : Hyejin Park |
| Publisher | : |
| Total Pages | : 33 |
| Release | : 2015 |
| Genre | : |
| ISBN | : |
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In this study we compare the extent of informed trading across investor types in the Korean stock market using intraday quote and trade data from January 2006 to September 2013. We estimate for each stock the probability of information-based trading (PIN) using trades that are initiated by foreign institutional investors, domestic institutional investors, and domestic individual investors separately. The results show that PIN values of foreign and domestic institutional investors are much higher than those of individual investors. Contrary to the belief of some market participants, however, we find that PIN values of foreign institutional investors are lower than those of domestic institutional investors, suggesting that domestic institutional investors engage in more informed trading than foreign institutional investors. We also find a strong cross-sectional relation between PIN and stock/firm attributes.
Do domestic investors have more valuable information about industrial stocks than foreign investors?
| Author | : Hyuk Choe |
| Publisher | : |
| Total Pages | : 41 |
| Release | : 2001 |
| Genre | : |
| ISBN | : |
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Are Domestic Household Investors Better Performers Than Foreign Institutions? New Evidence from Finland
| Author | : Peter L. Swan |
| Publisher | : |
| Total Pages | : 39 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
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We replicate and extend the methodology of Grinblatt and Keloharju (2000) to find that foreign institutional investors in Finland no longer achieve superior performance. This is despite their persistence in adopting 'positive-feedback' trading strategies. We find that individuals and households outperform over most horizons even though they adopt negative-feedback trading strategies. Foreign institutions appear to suffer from incentive and informational disadvantages. We conclude that the informationless strategy of buying past winners and selling past losers can no longer be associated with superior performance. Moreover, it is no longer correct to classify unambiguously household and individual investors as 'noise traders'
Behavioral Finance: Where Do Investors' Biases Come From?
| Author | : Itzhak Venezia |
| Publisher | : World Scientific |
| Total Pages | : 395 |
| Release | : 2016-10-27 |
| Genre | : Business & Economics |
| ISBN | : 9813100109 |
Download Behavioral Finance: Where Do Investors' Biases Come From? Book in PDF, ePub and Kindle
This unique volume presents new original research exploring factors that lead to investors behavioral biases. It discusses how features such as professionalism, sophistication, gender, media, and culture influence investors' decision-making in general, and in particular, how they generate (or limit) behavioral and cognitive biases. The effects of these factors on capital markets are also discussed. The book is based on the discussions and presentations at the First Israel Behavioral Finance Conference, which took place in Tel Aviv in May 2015. It examines in greater detail some of the key issues discussed at the conference.This is an innovative book in behavioral finance: it is the first to present an extensive collection of papers which discuss a comprehensive array of factors that influence or define investor character and analyzes these factors' effects on financial markets. The book is useful for readers interested in understanding the factors that influence investors' profiles and thus their behavioral biases. The book will be of great interest to researchers and students seeking a reference book which contains timely research on these areas of behavioral finance.
Do Domestic Investors Have an Edge?
| Author | : Hyuk Choe |
| Publisher | : |
| Total Pages | : 68 |
| Release | : 2004 |
| Genre | : Capitalists and financiers |
| ISBN | : |
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"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"--NBER website
The Evidence and Impact of Financial Globalization
| Author | : |
| Publisher | : Academic Press |
| Total Pages | : 807 |
| Release | : 2012-12-31 |
| Genre | : Business & Economics |
| ISBN | : 012405899X |
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The sharp realities of financial globalization become clear during crises, when winners and losers emerge. Crises usher in short- and long-term changes to the status quo, and everyone agrees that learning from crises is a top priority. The Evidence and Impact of Financial Globalization devotes separate articles to specific crises, the conditions that cause them, and the longstanding arrangements devised to address them. While other books and journal articles treat these subjects in isolation, this volume presents a wide-ranging, consistent, yet varied specificity. Substantial, authoritative, and useful, these articles provide material unavailable elsewhere. Substantial articles by top scholars sets this volume apart from other information sources Rapidly developing subjects will interest readers well into the future Reader demand and lack of competitors underline the high value of these reference works
Economics of Emerging Markets
| Author | : Lado Beridze |
| Publisher | : Nova Publishers |
| Total Pages | : 378 |
| Release | : 2008 |
| Genre | : Business & Economics |
| ISBN | : 9781600218507 |
Download Economics of Emerging Markets Book in PDF, ePub and Kindle
This book presents recent significant research dealing the economics of emerging markets. The term emerging markets is commonly used to describe business and market activity in industrialising or emerging regions of the world. The term is sometimes loosely used as a replacement for emerging economies, but really signifies a business phenomenon that is not fully described by or constrained to geography or economic strength; such countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include China, India, Mexico, Brazil, much of Southeast Asia, countries in Eastern Europe, parts of Africa and Latin America. An emerging market is sometimes defined as "a country where politics matters at least as much as economics to the markets."
