The investment technology of foreign and domestic institutional investors in an emerging market
比较外国与国内机构投资者的投资技术，分解资产配置和证券选择对业绩的影响，发现外国投资者在证券选择上表现较差，而国内投资者表现较好。
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.