The Informational Advantage of Foreign Investors: An Empirical Study of the Swedish Bond Market

Patrik Säfvenblad ()
Additional contact information
Patrik Säfvenblad: Dept. of Finance, Stockholm School of Economics, Postal: P.O. Box 6501, S-113 83 Stockholm, Sweden

No 240, SSE/EFI Working Paper Series in Economics and Finance from Stockholm School of Economics

Abstract: This paper uses daily capital flows to the Swedish bond market to analyse the relative information endowment of domestic and foreign investors. Using the standard framework of a noisy rational expectations equilibrium it is shown that foreign investors are, on average, better informed than domestic investors. The better information of foreign investors is related to pan-European factors, including ITL bond yields, future order flow, as well as pure Swedish factors.

Keywords: bond prices; capital flows; foreign investors; informed investors; interest rate determination (search for similar items in EconPapers)
JEL-codes: E43 G12 G14 G15 (search for similar items in EconPapers)
Pages: 11 pages
Date: 1998-05-31
New Economics Papers: this item is included in nep-fmk
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://swopec.hhs.se/hastef/papers/hastef0240.pdf.zip (application/pdf)
http://swopec.hhs.se/hastef/papers/hastef0240.pdf (application/pdf)
http://swopec.hhs.se/hastef/papers/hastef0240.ps.zip (application/postscript)
http://swopec.hhs.se/hastef/papers/hastef0240.ps (application/postscript)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hhs:hastef:0240

Access Statistics for this paper

More papers in SSE/EFI Working Paper Series in Economics and Finance from Stockholm School of Economics The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden. Contact information at EDIRC.
Bibliographic data for series maintained by Helena Lundin ().