دانلود رایگان مقاله انگلیسی سرمایه گذار در محصولات خرده فروشی ساختار یافته: مشاوره یا قمار گرا؟ - الزویر 2018

abstract

Structured retail products (SRP) are one of the most visible faces of financial innovation and are becoming increasingly popular amongst retail investors. However, there is strong consensus that retail investors’ preference for structured products is difficult to explain using the standard rational theory, those products being in general sold at a significant premium. Studying the actual trading behavior of individual investors we provide evidence consistent with the view that SRP likely offer value to some informed investors compared to other products, and that SRP allow investors to access segments otherwise not available to them. Nonetheless, our results also suggest that the increasing popularity of SRP is deeply related to investors’ behavioral biases, particularly overconfidence and gambling.

5. Conclusions

There is strong consensus that retail investors’ preference for structured products is difficult to explain using the standard rational theory and that the increasing popularity of SRP can be better explained by behavioral factors. Overconfident investors are more prone to take on excessive risk for which there is no apparent reward and thus to invest and trade in SRP. Research also postulates that some retail investors view trading in the stock market as an opportunity to gamble. Moreover, it has been put forward that bank financial advice may ‘push’ the sale of SRP and justify the increasing popularity of these products.

The evidence we present in this paper is consistent with the view that SRP products likely offer value to some informed investors compared to other products, and that SRP allow investors to access segments otherwise not available to them. Nonetheless, our results also suggest that the increasing popularity of SRP is partially due to behavioral biases: gambling appears to be an important motivation for trading and overconfidence drives more trading in SRP. Moreover, gambling may justify investors’ irrationality when they opt for some types of SRP. Our evidence on the impact of these behavioral aspects on the investment and trading of SRP is novel and helps one to understand how issuers and distributors of SRP use investors’ misperception of the involved risks and lack of expertise to increase product complexity and extract consumer surplus.