We study trading behavior and performance of foreign investors by level of active management. Usi... more We study trading behavior and performance of foreign investors by level of active management. Using a comprehensive Colombian dataset with complete transaction records, we find that aggregate underperformance of foreign investors is attributable to passively-managed foreign funds. These funds pay higher prices to increase the speed of their trades in order to accommodate daily flows proportionally to their benchmark index. Higher transaction costs occur on days when they trade multiple stocks in the same direction and make large trades near market closing. The findings highlight the potential costs of index investing in developing countries or in securities with low trading activity.
Resumo: Se trata de un estudio clínico epidemiológico de tipo analítico con diseño transversal re... more Resumo: Se trata de un estudio clínico epidemiológico de tipo analítico con diseño transversal realizado con un grupo de 51 agricultores del Municipio Tovar del Estado aragua, que utilizan los plaguicidas organofosforados de manera periódica y prolongada ...
IEEE Transactions on Appiled Superconductivity, 2004
AbstractThe authors have developed a method for commu-nicating in underground areas with voice. ... more AbstractThe authors have developed a method for commu-nicating in underground areas with voice. This system utilizes low-frequency electromagnetic radiation and high-temperature superconducting quantum interference devices (SQUIDs) as receivers. The system is ...
We study trading behavior and performance of foreign investors by level of active management. Usi... more We study trading behavior and performance of foreign investors by level of active management. Using a comprehensive Colombian dataset with complete transaction records, we find that aggregate underperformance of foreign investors is attributable to passively-managed foreign funds. These funds pay higher prices to increase the speed of their trades in order to accommodate daily flows proportionally to their benchmark index. Higher transaction costs occur on days when they trade multiple stocks in the same direction and make large trades near market closing. The findings highlight the potential costs of index investing in developing countries or in securities with low trading activity.
Resumo: Se trata de un estudio clínico epidemiológico de tipo analítico con diseño transversal re... more Resumo: Se trata de un estudio clínico epidemiológico de tipo analítico con diseño transversal realizado con un grupo de 51 agricultores del Municipio Tovar del Estado aragua, que utilizan los plaguicidas organofosforados de manera periódica y prolongada ...
IEEE Transactions on Appiled Superconductivity, 2004
AbstractThe authors have developed a method for commu-nicating in underground areas with voice. ... more AbstractThe authors have developed a method for commu-nicating in underground areas with voice. This system utilizes low-frequency electromagnetic radiation and high-temperature superconducting quantum interference devices (SQUIDs) as receivers. The system is ...
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Papers by jose vasquez