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首页> 外文期刊>The review of financial studies >Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
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Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea

机译：国内投资者有优势吗？外国投资者在韩国的交易经验

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摘要

We investigate whether domestic investors have an edge over foreign investors in trading domestic stocks. Using Korean data, we show that foreign money managers pay more than domestic money managers when they buy and receive less when they sell for medium and large trades. The sample average daily trade-weighted disadvantage of foreign money managers is 21 basis points for purchases and 16 basis points for sales. There is also some evidence that domestic individual investors have an edge over foreign investors. The explanation for these results is that prices move more against foreign investors than against domestic investors before trades.
机译：我们调查了国内投资者在交易国内股票方面是否比外国投资者更具优势。使用韩国的数据，我们显示，外国资金经理在购买时的收益要比国内资金经理高，而在大中型交易中获得的收益要少于国内资金经理。外币基金经理的平均每日贸易加权不利样本为购买的21个基点和销售的16个基点。也有证据表明，国内个人投资者比外国投资者更具优势。这些结果的解释是，交易前价格相对于外国投资者的波动要大于对国内投资者的波动。

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