A CLOSER LOOK AT THE CHARACTERISTICS OF STOCK HOLDINGS OF FOREIGN AND LOCAL INVESTORS IN THE INDONESIAN STOCK EXCHANGE (IDX)

Josephine Sudiman (), David Allen and Robert Powell
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Josephine Sudiman: School of Accounting, Finance and Economics, Edith Cowan University Australia, 270 Joondalup Drive, Joondalup, 6027 WA, Australia

Annals of Financial Economics (AFE), 2013, vol. 08, issue 01, 1-22

Abstract: This study provides an overview of the characteristics of stockholdings of foreign and local investors in terms of firm sizes, price levels and liquidity. There are four key findings. First, the IDX is a highly concentrated market and foreign investors dominate the ownership of high market capitalization stocks. Second, foreign investors trade less frequently than domestic counterparts. Third, small, illiquid lower priced stocks dominate this market with domestic individual investors holding most of the stocks with these characteristics. Finally, the paper profits of foreign institutional and domestic individual investors are found to be higher than those of domestic institutional investors.

Keywords: Foreign ownership; local ownership; stock characteristics; G1; G15 (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1142/S2010495213500024

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