The dark side of the moon: structured products from the customer’s perspective
نویسندگان
چکیده
This paper develops a framework for the design of optimal structured products (equityor index-linked notes) allowing us to analyze the maximal utility gain for an investor that can be achieved by introducing structured products. We demonstrate with data from three of the largest markets for structured products (USA, Germany and Switzerland) that most of the successful structured products are not optimal for a perfectly rational investor and we investigate the reasons that make them attractive for behavioral investors. JEL classification: G11,D14,C61,D03,D18.
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