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Who knows better in an Emerging Market? Performance of Institutions, Foreigners and Individuals.

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dc.contributor.authorAgudelo, Diego A.
dc.contributor.authorByder, James E.
dc.contributor.authorYepes, Paula
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.creator.emaildagudelo@eafit.edu.co
dc.creator.emailjbyder@eafit.edu.co
dc.creator.emailpyepes@eafit.edu.co
dc.date.accessioned2016-02-16T17:19:17Z
dc.date.available2016-02-16T17:19:17Z
dc.date.issued2015-12-01
dc.description.abstractWe find that local investors do better than foreigners in terms of trading execution. However foreign investors obtain better returns than local individuals both in short and long term. Local institutions are the best group on both dimensions. Our result reconcile apparent contradictions in the international finance literature on who invests better in an emerging market. These contradictions disappears with a more careful formulation of the research question at hand. The traditional Locals vs Foreigners or Institutions versus Individuals is too simplistic because it doesn’t distinguish between the different dimensions of performance. Our study makes use of two unique databases of Colombian stocks and acts as out-of-sample test of previous findings. Moreover, we provide evidence that the better performance of Institutions and Foreigners is driven by information advantages.eng
dc.format.mimetypeapplication/pdf
dc.identifier.instnameinstname:Universidad EAFIT
dc.identifier.jelG14
dc.identifier.jelG15
dc.identifier.jelD82
dc.identifier.reponamereponame:Repositorio Institucional Universidad EAFIT
dc.identifier.repourlrepourl:https://repository.eafit.edu.co
dc.identifier.urihttps://hdl.handle.net/10784/8020
dc.language.isoeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentCentro Valor Públicospa
dc.publisher.facultyEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordInstitutional investorspa
dc.subject.keywordforeign investorsspa
dc.subject.keywordindividual investorsspa
dc.subject.keywordInformed tradingspa
dc.subject.keywordbid-ask spread decompositionspa
dc.titleWho knows better in an Emerging Market? Performance of Institutions, Foreigners and Individuals.eng
dc.typeinfo:eu-repo/semantics/workingPaper
dc.type.coarhttp://purl.org/coar/resource_type/c_8042
dc.type.localDocumento de trabajo de investigaciónspa
dc.type.redcolhttp://purl.org/redcol/resource_type/WP
dc.type.versioninfo:eu-repo/semantics/draft
dspace.entity.typePublication

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