This study compares the extent of informed trading across investor types in the Korean stock market using intraday quote and trade data. We estimate for each stock the probability of information‐based trading (PIN) using trades that are initiated by foreign investors, domestic institutional investors, and local individual investors separately. The results show that the PIN values of foreign and domestic institutional investors are much higher than those of individual investors. Contrary to the belief of some market participants, however, we find that local institutional investors engage in more informed trading than foreign institutional investors.

中文翻译：

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各种投资者类型的知情交易是否不同？*

本研究使用日内报价和交易数据比较了韩国股票市场中不同投资者类型的知情交易范围。我们使用外国投资者，国内机构投资者和本地个人投资者分别发起的交易来估计每只股票进行信息交易（PIN）的可能性。结果表明，国内外机构投资者的PIN值远高于个人投资者。但是，与某些市场参与者的看法相反，我们发现本地机构投资者比外国机构投资者从事更明智的交易。