The investment technology of foreign and domestic institutional investors in an emerging market
Ila Patnaik () and
Ajay Shah ()
Journal of International Money and Finance, 2013, vol. 39, issue C, 65-88
We compare the investment technology of foreign versus domestic investors with a focus on decomposing outcomes attributable to asset allocation and security selection. We document significant differences in exposure to systematic asset pricing factors between foreign and domestic investors. A quasi-experimental strategy is introduced, for comparing security selection after controlling for differences in asset allocation. Our results show that foreign investors in India fare poorly at security selection, while domestic investors fare well.
Keywords: Asset allocation; Security selection; Foreign investment; Domestic investment (search for similar items in EconPapers)
JEL-codes: G11 G12 G14 G32 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: The Investment Technology of Foreign and Domestic Institutional Investors in an Emerging Market (2013)
Working Paper: The investment technology of foreign and domestic institutional investors in an emerging market (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:39:y:2013:i:c:p:65-88
Access Statistics for this article
Journal of International Money and Finance is currently edited by J. R. Lothian
More articles in Journal of International Money and Finance from Elsevier
Bibliographic data for series maintained by Haili He ().