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Do foreign investors underperform ? An empirical decomposition into style and flows (English)

This paper studies the trading behavior and performance of foreign investors with different management styles. The analysis uses a comprehensive Colombian data with complete transaction records and unique investor identification, and finds that the aggregate under-performance of foreign investors is attributable to foreign passive funds, that is, those that replicate a benchmark index. ... See More +

Policy Research Working Paper WPS8002 MAR 13, 2017

Pedraza Morales,Alvaro Enrique; Pulga,Fredy; Vasquez,Jose Disclosed