Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea

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 of 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.

Do Domestic Investors Have More Valuable Information About Individual Stocks Than Foreign Investors?

Using trade data from Korea from December 1996 to November 1998, we find evidence that domestic individual investors have a short-lived private information advantage for individual stocks over foreign investors, but almost no evidence that domestic institutional investors have such an advantage. Foreign investors trade at worse prices than resident investors for large trades, for smaller stocks, and more so for sales than for purchases. Foreign investors sell to domestic investors before a stock has a large positive abnormal return and buy from domestic investors before a stock has a large negative abnormal return. Using intraday data, the large trades of domestic individual investors have more information than the large trades of foreign investors or of domestic institutional investors.

Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997

This paper examines the impact of foreign investors on stock returns in Korea from November 30, 1996, to the end of 1997 using trade data. We find strong evidence of positive feedback trading and herding by foreign investors before the period of Korea's economic crisis during the last three months of 1997. The evidence of herding becomes weaker during the crisis period and positive feedback trading by foreign investors disappears. We find no evidence that trades by foreign investors had a destabilizing effect on Korea's stock market over our sample period. In particular, the market adjusted quickly and efficiently to large sales by foreign investors and these sales were not followed by negative abnormal returns amplifying their impact.

Buy-Sell Dependence and Classification Error in Market Microstructure Time-Series Models : A Markov Switching Regression Approach

This paper conducts an empirical test of a market microstructure model using a new econometric approach. I treat the direction of a trade as a discrete latent variable following a stationary Markov chain. By overlaying a three-state Markov chain on a familiar market microstructure model, I can extract information on the directions of trades efficiently from time-series data. An analysis of 100 large and 100 small firms for the year 1990 yields several important results: (1) Order types (sale, cross, purchase) are serially correlated, and the mean transition probability matrix is very similar for large and small firms. (2) Information asymmetry is greater for smaller firms. (3) The per share order processing cost is greater for larger firms. (4) When trades are classified by the bid-ask test supplemented by the tick test, the estimated misclassification probabilities are typically small for sales and purchases, but they are often fairly large for crosses. (5) Buy-sell classification error results in systematic biases for regression coefficients

What is Special about the Opening? Evidence from NASDAQ

This paper reports that prices of NASDAQ stocks are more volatile around the market opening than closing. Evidence fiom individual stocks indicates that there is a systematic relationship between the excess opening volatility and trading activity. Much of the excess opening volatility is related to two factors, bid-ask bounce and price formation. For inactively traded stocks, bid-ask bounce contributes almost all of the transitory volatility as opposed to 20?! of the transitory volatility for actively traded stocks. On the other hand, price formation is the primary source of the difference between the opening and closing variances for actively traded stocks. We also find price formation occurs in the absence of trading as quotes updated prior to the 9:30 AM. start of trading reflect new information

Flash Pulmonary Edema in a Patient With Unilateral Renal Artery Stenosis and Bilateral Functioning Kidneys

Flash pulmonary edema typically exhibits sudden onset and resolves rapidly. It generally is associated with bilateral renal artery stenosis or unilateral stenosis in conjunction with a single functional kidney. We describe a patient who presented with flash pulmonary edema treated by percutaneous therapy with stent implantation. Our case is unique in that the flash pulmonary edema occurred in the setting of unilateral renal artery stenosis with bilateral functioning kidneys

A Case of Hepatocellular Carcinoma Within Hepatocellular Adenoma in a Non-Cirrhotic Male

Hepatocellular adenoma (HA) is a benign hepatic lesion that predominantly occurs in young women. Most hepatocellular carcinomas (HCC) arise in a cirrhotic liver during the fifth or sixth decades. There have been several reported cases of HCC developing from HA in female patients. However, there are rare cases about HCC arising in HA in a non-cirrhotic male patient. We have recently encountered a 53-year-old man who had a liver mass in a non-cirrhotic liver, and the liver mass was compatible with HA on the pre-operative computed tomography. The mass was completely resected and the histopathology revealed a focus of HCC arising in HA. We report here on this case along with a brief review of the relevant literature

Direct Synthesis of Molybdenum Phosphide Nanorods on Silicon Using Graphene at the Heterointerface for Efficient Photoelectrochemical Water Reduction

MoP nanorod-array catalysts were directly synthesized on graphene passivated silicon photocathodes without secondary phase. Mo-O-C covalent bondings and energy band bending at heterointerfaces facilitate the electron transfer to the reaction sites. Numerous catalytic sites and drastically enhanced anti-reflectance of MoP nanorods contribute to the high solar energy conversion efficiency. Abstract Transition metal phosphides (TMPs) and transition metal dichalcogenides (TMDs) have been widely investigated as photoelectrochemical (PEC) catalysts for hydrogen evolution reaction (HER). Using high-temperature processes to get crystallized compounds with large-area uniformity, it is still challenging to directly synthesize these catalysts on silicon photocathodes due to chemical incompatibility at the heterointerface. Here, a graphene interlayer is applied between p-Si and MoP nanorods to enable fully engineered interfaces without forming a metallic secondary compound that absorbs a parasitic light and provides an inefficient electron path for hydrogen evolution. Furthermore, the graphene facilitates the photogenerated electrons to rapidly transfer by creating Mo-O-C covalent bondings and energetically favorable band bending. With a bridging role of graphene, numerous active sites and anti-reflectance of MoP nanorods lead to significantly improved PEC-HER performance with a high photocurrent density of 21.8 mA cm−2 at 0 V versus RHE and high stability. Besides, low dependence on pH and temperature is observed with MoP nanorods incorporated photocathodes, which is desirable for practical use as a part of PEC cells. These results indicate that the direct synthesis of TMPs and TMDs enabled by graphene interlayer is a new promising way to fabricate Si-based photocathodes with high-quality interfaces and superior HER performance. Graphic Abstrac