We use a unique data set from a large retail bank containing internal managerial accounting
data on revenues and costs per client to analyze how banks and their financial advisors …

We study the influence of systematic probability misestimation on complex financial
investment decisions on the context of structured financial products. Structured products …

In this paper, we first show that for classical rational investors with correct beliefs and
constant absolute or constant relative risk aversion, the utility gains from structured products …

This study investigates the role of asymmetric information for the pricing, issuance volume,
and design of innovative securities. By analyzing the information that structured product …

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 …

We find evidence consistent with previously unrecognized market manipulation by broker-
dealers. Specifically, we show that pre-trade hedging, which is distinct from front-running …

Structured financial products have gained more and more popularity in recent years, but
nevertheless has their success so far not thoroughly been analyzed. In this article we …

We conduct an experiment to investigate how investors assess the risk of reverse
convertibles that link their payouts to the worst performing stock of a pool of underlying …

In the pricing of exotic options, model risk arises when different models yield different prices,
even though they are calibrated to the same observable prices of plain vanilla options. We …

Das Buch führt umfassend und anwendungsorientiert in die breite Palette der derivativen
Finanzmarktinstrumente ein. Die Charakteristika von Optionen und Futures werden …