Engineering lemons

被引：14
|
作者：
Vokata, Petra [1 ]
机构：
[1] Ohio State Univ, Fisher Coll Business, 2100 Neil Ave, Columbus, OH 43210 USA
来源：
JOURNAL OF FINANCIAL ECONOMICS | 2021年 / 142卷 / 02期
基金：
芬兰科学院;
关键词：
Household finance; Financial innovation; Hidden costs; Complexity; Structured products; FINANCIAL INNOVATION; OPTIONS; CONSEQUENCES; COMPETITION; COMPLEXITY; INDUSTRY; IMPACT; STOCKS;
D O I：
10.1016/j.jfineco.2021.04.035
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Recent complex financial products sold to households contradict the basic premise of canonical innovation theories: Financial innovation benefits its adopters. In my 2006-2015 sample of over 28,0 0 0 yield enhancement products (YEP), the securities offer attractive yields but negative returns. The products lose money both ex ante and ex post due to their embedded fees. On average, YEPs charge 6-7% in annual fees and subsequently lose 6- 7% relative to risk-adjusted benchmarks. Simple and cheap combinations of listed options often statewise dominate YEPs. Competition, disclosure, or learning do not eliminate this inferior financial innovation over my sample period. (c) 2021 Elsevier B.V. All rights reserved.
引用
收藏
页码：737 / 755
页数：19
相关论文
共 50 条
  • [1] Lemons
    Macpherson, Mary
    [J]. LANDFALL, 2022, (244): : 124 - 124
  • [2] 'LEMONS'
    HARRINGTON, T
    [J]. OVERLAND, 1991, (124): : 61 - 61
  • [3] Lemons
    Atlas, R
    [J]. FORBES, 1996, 157 (12): : 228 - 228
  • [4] 'LEMONS'
    COOPER, MT
    [J]. CENTENNIAL REVIEW, 1989, 33 (03): : 244 - 245
  • [5] THE 'LEMONS'
    SAMS, LM
    [J]. MINNESOTA REVIEW, 1983, (20) : 7 - 19
  • [6] 'LEMONS'
    RACHLIN, E
    [J]. CONFRONTATION, 1992, (50): : 269 - 269
  • [7] 'LEMONS'
    JAUSS, D
    [J]. PARIS REVIEW, 1995, (135): : 200 - 201
  • [8] 'LEMONS'
    FIELDS, K
    [J]. POETRY, 1975, 126 (02) : 96 - 96
  • [9] From Lemons to Peaches: Improving Security ROI through Security Chaos Engineering
    Shortridge, Kelly
    [J]. 2022 IEEE SECURE DEVELOPMENT CONFERENCE (SECDEV 2022), 2022, : 59 - 60
  • [10] BOUNCING LEMONS
    HUGHES, P
    [J]. NEW SCIENTIST, 1991, 132 (1798) : 64 - 64
12345