Do Domestic Investors Have an Information Advantage? Evidence from Indonesia
利用印尼交易数据，发现国内投资者比外国投资者利润更高；全球经纪商的客户在长期选股上更优，而本地经纪商的客户在短期有信息优势。
ABSTRACT Using transaction data from Indonesia, this paper shows that domestic investors have higher profits than foreign investors. In addition, clients of global brokerages have higher long‐term and smaller medium (intramonth) and short (intraday) term profits than clients of local brokerages. This suggests that clients of local brokerages have a short‐lived information advantage, but that clients of global brokerages are better at picking long‐term winners. Finally, domestic clients of global brokerages have higher profits than foreign clients of global brokerages, suggesting that the combination of local information and global expertise leads to higher profits.