Explaining the demand for structured financial products: survey and field experiment evidence |
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Authors: | Marc Oliver Rieger Thorsten Hens |
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Institution: | (1) Banking and Finance, University of Trier, 54286 Trier, Germany;(2) Swiss Finance Institute and IBF, University of Zurich, Plattenstrasse 32, 8032 Zurich, Switzerland |
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Abstract: | In many countries structured investment products are popular among retail investors. We explain the demand for these products
using unique field data where we let subjects freely design their “favorite” structured product. Results suggest that the
supply with capital protected products (guarantee certificates) might indeed be demand-driven. This does not seem to be the
case for other product categories where marketing and sales practices might play a more important role. In a survey among
financial practitioners we find furthermore that a demand for capital protected products can be explained by loss aversion
and saving motifs, e.g. for buying a house. |
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