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

Ila Patnaik and Ajay Shah

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.

Pages: 43
Date: 2013-06
New Economics Papers: this item is included in nep-ifn
Note: Working Paper 124, 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://www.nipfp.org.in/newweb/sites/default/files/WP_2013_124.pdf (application/pdf)

Related works:
Journal Article: 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) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:npf:wpaper:13/124

Access Statistics for this paper

More papers in Working Papers from National Institute of Public Finance and Policy
Bibliographic data for series maintained by S.Siva Chidambaram ( this e-mail address is bad, please contact ).