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The investment technology of foreign and domestic institutional investors in an emerging market

Ila Patnaik () and Ajay Shah ()
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Ila Patnaik: National Institute of Public Finance and Policy

Working Papers from National Institute of Public Finance and Policy

Abstract: 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.

New Economics Papers: this item is included in nep-ifn
Date: 2013-06
Note: Working Paper 124, 2013
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Journal Article: The investment technology of foreign and domestic institutional investors in an emerging market (2013) Downloads
Working Paper: The Investment Technology of Foreign and Domestic Institutional Investors in an Emerging Market (2013) Downloads
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