We examine the foreign ownership patterns in local stocks in an emerging capital market, i.e. the Istanbul Stock Exchange (ISE), to derive insights into the linkage between foreign investors' equity-level preferences and the information provided by the corresponding firm's financial statements. Our data consists of foreign ownership share in non-financial stocks over the period 2004 - 2008, during which foreign investors held on average 61% of the free-float equity in the ISE. Our analyses suggest that foreign investors are more likely to hold shares in firms with larger market capitalization and those with low leverage and book-to-market ratios. Overall, the results provide suggestive evidence on the asymmetric information hypothesis between local and non-local investors and, accordingly, useful insights into the equity home bias puzzle.