The Investment Technology of Foreign and Domestic Institutional Investors in an Emerging Market /
The literature on the investment technology of foreign versus domestic investors has inconclusive results. This paper revisits the question, with a focus on decomposing portfolio performance into asset allocation and security selection. We document signicant differences in exposure to systematic ass...
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| Další autoři: | |
| Médium: | Časopis |
| Jazyk: | English |
| Vydáno: |
Washington, D.C. :
International Monetary Fund,
2013.
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| Edice: | IMF Working Papers; Working Paper ;
No. 2013/090 |
| On-line přístup: | Full text available on IMF |
| Shrnutí: | The literature on the investment technology of foreign versus domestic investors has inconclusive results. This paper revisits the question, with a focus on decomposing portfolio performance into asset allocation and security selection. We document signicant 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 diferences in asset allocation. Our results show that foreign investors in India do remarkably poorly at security selection. |
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| Popis jednotky: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Fyzický popis: | 1 online resource (38 pages) |
| Médium: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Přístup: | Electronic access restricted to authorized BRAC University faculty, staff and students |