Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
利用韩国数据，研究发现外国基金经理在买卖中大盘股时比国内基金经理支付更高、收入更低，日均交易加权劣势达21个基点（买入）和16个基点（卖出），且国内散户也有优势，原因是交易前价格对国外投资者更不利。
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. Copyright 2005, Oxford University Press.