000			02145cam a22003497 4500
001			w10502
003			NBER
005			20211020112757.0
006			m o d
007			cr cnu||||||||
008			210910s2004 mau fo 000 0 eng d
100	1		_aChoe, Hyuk. _97979
245	1	0	_aDo Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea / _cHyuk Choe, Bong-Chan Kho, Rene M. Stulz.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2004.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w10502
500			_aMay 2004.
520	3		_aWe 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.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF36 - Financial Aspects of Economic Integration _2Journal of Economic Literature class.
690		7	_aG12 - Asset Pricing • Trading Volume • Bond Interest Rates _2Journal of Economic Literature class.
700	1		_aKho, Bong-Chan. _914198
700	1		_aStulz, Rene M.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w10502.
856	4	0	_uhttps://www.nber.org/papers/w10502
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w10502
942			_2ddc _cW-PAPER
999			_c337668 _d296230