Stated and revealed investment decisions concerning retail structured products |
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Authors: | Barbara Döbeli Paolo Vanini |
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Institution: | 1. Swiss National Bank, Börsenstrasse 15, 8022 Zurich, Switzerland;2. Zurich Cantonal Bank, Josefstrasse 222, 8005 Zurich, Switzerland;3. University of Zurich, Rämistrasse 71, 8006 Zurich, Switzerland |
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Abstract: | We analyze the investment behavior of private clients with regard to retail structured products. To ascertain their stated and revealed preferences, we use a questionnaire and a field experiment. The real product issued in the field experiment is comparable to the hypothetical product in the questionnaire in terms of both payoff and communication. We find that a product described in simple words strongly motivates people to invest in structured products for the first time, and also eliminates gender differences. However, the real product attracts far fewer first-time buyers than we expected from the questionnaire results. |
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Keywords: | D81 E22 G14 |
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