We investigate whether foreign investors have better information than domestic investors. We are motivated by (1) the controversy over the performance of foreign versus domestic investors and (2) market dynamics that require investors to adapt constantly. Using 123 positive and 81 negative news items from the Indonesia Stock Exchange (IDX), we find that foreign investors account for larger price movements before news announcements, suggesting that foreign investors tend to have better information than domestic investors. The result is robust, even after including the total trading volume, total number of transactions, and trading size. Further investigation reveals that foreign investors' small trades account for the largest price movements. Initiated trades account for larger price movements. Domestic investors have more foreign advantages than foreign investors. We also find that the foreign advantage disappears during non-event periods. Our results contrast with previous findings showing that domestic investors have better information than foreign investors. Our findings suggest that investor behavior is dynamic; investors adjust to their environment, which may lead to changes in their performance.

我们调查外国投资者是否比国内投资者拥有更好的信息。我们的动机是（1）外国投资者与国内投资者的表现存在争议，以及（2）要求投资者不断适应的市场动态。通过使用印度尼西亚证券交易所 (IDX) 的 123 条正面新闻和 81 条负面新闻，我们发现外国投资者在新闻发布前对价格波动的影响更大，这表明外国投资者往往比国内投资者拥有更好的信息。即使考虑了总交易量、交易总数和交易规模，结果也是稳健的。进一步调查显示，外国投资者的小额交易对价格波动影响最大。发起的交易导致较大的价格变动。国内投资者比外国投资者拥有更多的优势。我们还发现，外国优势在非赛事期间消失了。我们的结果与之前的研究结果形成鲜明对比，表明国内投资者比外国投资者拥有更好的信息。我们的研究结果表明，投资者的行为是动态的；投资者适应环境，这可能会导致其业绩发生变化。