文章基本信息

标题：Foreign Portfolio Investors Before and during a Crisis
本地全文：下载
作者：Woochan Kim ; Shang-Jin Wei
期刊名称：Economics Department Working Papers / OECD
印刷版ISSN：0259-4633
出版年度：1999
卷号：1999
DOI：10.1787/522265260065
出版社：Organisation for Economic Co-operation and Development (OECD)
摘要：Different categories of foreign portfolio investors in Korea have differences as well as similarities in their trading behavior before and during the currency crisis. First, non-resident institutional investors are always positive feedback traders, whereas resident investors were negative feedback (contrarian) traders before the crisis but switch to be positive feedback traders during the crisis. Second, individual investors herd significantly more than institutional investors. Non-resident (institutional as well individual) investors herd significantly more than their resident counterparts. Third, differences in the Western and Korean news coverage are correlated with differences in net selling by non-resident investors relative to resident investors ...