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Obfuscation, Learning, and the Evolution of Investor Sophistication

Citations

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Cited by:

  1. Oliver Entrop & Michael McKenzie & Marco Wilkens & Christoph Winkler, 2016. "The performance of individual investors in structured financial products," Review of Quantitative Finance and Accounting, Springer, vol. 46(3), pages 569-604, April.
  2. Gamp, Tobias, 2015. "Search, Differentiated Products, and Obfuscation," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112886, Verein für Socialpolitik / German Economic Association.
  3. Alisdair McKay, 2011. "Household Saving Behavior and Social Security Privatization," Boston University - Department of Economics - Working Papers Series WP2011-027, Boston University - Department of Economics.
  4. Allen, Franklin & Barbalau, Adelina, 2024. "Security design: A review," Journal of Financial Intermediation, Elsevier, vol. 60(C).
  5. Brice Corgnet & Mark DeSantis & David Porter, 2020. "Information Aggregation and the Cognitive Make-up of Traders," Working Papers 20-18, Chapman University, Economic Science Institute.
  6. Schultz, Paul, 2012. "The market for new issues of municipal bonds: The roles of transparency and limited access to retail investors," Journal of Financial Economics, Elsevier, vol. 106(3), pages 492-512.
  7. Gu, Yiquan & Wenzel, Tobias, 2012. "Strategic obfuscation and consumer protection policy in financial markets: Theory and experimental evidence," DICE Discussion Papers 76, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  8. Brenner, Lukas & Meyll, Tobias, 2020. "Robo-advisors: A substitute for human financial advice?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 25(C).
  9. Anderson, Anders & Baker, Forest & Robinson, David T., 2017. "Precautionary savings, retirement planning and misperceptions of financial literacy," Journal of Financial Economics, Elsevier, vol. 126(2), pages 383-398.
  10. Tse, Alan & Friesen, Lana & Kalaycı, Kenan, 2016. "Complexity and asset legitimacy in retirement investment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 60(C), pages 35-48.
  11. Olena Havrylchyk, 2018. "Regulatory framework for the loan-based crowdfunding platforms," OECD Economics Department Working Papers 1513, OECD Publishing.
  12. Yiquan Gu & Tobias Wenzel, 2014. "Strategic Obfuscation and Consumer Protection Policy," Journal of Industrial Economics, Wiley Blackwell, vol. 62(4), pages 632-660, December.
  13. Bruce Ian Carlin & Simon Gervais, 2012. "Legal Protection in Retail Financial Markets," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 1(1), pages 68-108.
  14. Jakša Cvitanić & Julien Hugonnier, 2022. "Optimal fund menus," Mathematical Finance, Wiley Blackwell, vol. 32(2), pages 455-516, April.
  15. Mark Grinblatt & Seppo Ikäheimo & Matti Keloharju & Samuli Knüpfer, 2016. "IQ and Mutual Fund Choice," Management Science, INFORMS, vol. 62(4), pages 924-944, April.
  16. Bing Han & Liyan Yang, 2013. "Social Networks, Information Acquisition, and Asset Prices," Management Science, INFORMS, vol. 59(6), pages 1444-1457, June.
  17. Hämäläinen, Saara, 2018. "Competitive search obfuscation," Journal of Economic Dynamics and Control, Elsevier, vol. 97(C), pages 38-63.
  18. Bożena Frączek, 2020. "A System to Support the Transparency of Consumer Credit Offers," JRFM, MDPI, vol. 13(12), pages 1-13, December.
  19. Ammann, Manuel & Arnold, Marc & Straumann, Simon, 2017. "Illuminating the Dark Side of Financial Innovation: The Role of Investor Information," Working Papers on Finance 1704, University of St. Gallen, School of Finance.
  20. Ammann, Manuel & Arnold, Marc & Straumann, Simon, 2023. "Pricing, issuance volume, and design of innovative securities: The role of investor information," Journal of Financial Intermediation, Elsevier, vol. 55(C).
  21. Francisco Gomes & Michael Haliassos & Tarun Ramadorai, 2021. "Household Finance," Journal of Economic Literature, American Economic Association, vol. 59(3), pages 919-1000, September.
  22. Doan, Anh-Tuan & Phan, Thu & Lin, Kun-Li, 2020. "Governance quality, bank price synchronicity and political uncertainty," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 231-262.
  23. Bello, Piera, 2023. "Gender-based price discrimination in the annuity market: Evidence from Chile," European Economic Review, Elsevier, vol. 151(C).
  24. Mark Egan & Gregor Matvos & Amit Seru, 2019. "The Market for Financial Adviser Misconduct," Journal of Political Economy, University of Chicago Press, vol. 127(1), pages 233-295.
  25. Anderson, Robert D.J. & Ashton, John K. & Hudson, Robert S., 2014. "The influence of product age on pricing decisions: An examination of bank deposit interest rate setting," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 31(C), pages 216-230.
  26. Baller, Stefanie & Entrop, Oliver & McKenzie, Michael & Wilkens, Marco, 2016. "Market makers’ optimal price-setting policy for exchange-traded certificates," Journal of Banking & Finance, Elsevier, vol. 71(C), pages 206-226.
  27. Élise PAYZAN LE NESTOUR, 2010. "Bayesian Learning in UnstableSettings: Experimental Evidence Based on the Bandit Problem," Swiss Finance Institute Research Paper Series 10-28, Swiss Finance Institute.
  28. Gene Amromin & Jennifer Huang & Clemens Sialm & Edward Zhong, 2018. "Complex Mortgages [Why don’t lenders renegotiate more home mortgages? Redefaults, self-cures, and securitization]," Review of Finance, European Finance Association, vol. 22(6), pages 1975-2007.
  29. Corgnet, Brice & DeSantis, Mark & Porter, David, 2021. "Information aggregation and the cognitive make-up of market participants," European Economic Review, Elsevier, vol. 133(C).
  30. Aghamolla, Cyrus & Smith, Kevin, 2023. "Strategic complexity in disclosure," Journal of Accounting and Economics, Elsevier, vol. 76(2).
  31. Shujing Li & Jiaping Qiu, 2014. "Financial Product Differentiation over the State Space in the Mutual Fund Industry," Management Science, INFORMS, vol. 60(2), pages 508-520, February.
  32. Vikander Nick, 2019. "Sellouts, Beliefs, and Bandwagon Behavior," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 19(1), pages 1-21, January.
  33. Xindan Li & Avanidhar Subrahmanyam & Xuewei Yang & Wei Jiang, 0. "Winners, Losers, and Regulators in a Derivatives Market Bubble," Review of Economic Studies, Oxford University Press, vol. 34(1), pages 313-350.
  34. Arnold, Marc & Schuette, Dustin & Wagner, Alexander, 2014. "Neglected Risk: Evidence from Structured Product Counterparty Exposure," Working Papers on Finance 1406, University of St. Gallen, School of Finance, revised Apr 2016.
  35. Bruce I. Carlin & Li Jiang & Stephen A. Spiller, 2018. "Millennial-Style Learning: Search Intensity, Decision Making, and Information Sharing," Management Science, INFORMS, vol. 64(7), pages 3313-3330, July.
  36. Homa Molavi & Fariborz Rahimnia & Lihong Zhang, 2026. "Enhancing financial advisory quality in emerging markets: the role of strategic planning, FinTech adoption, and policy in service delivery," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-41, December.
  37. Friesen, Lana & Earl, Peter E., 2015. "Multipart tariffs and bounded rationality: An experimental analysis of mobile phone plan choices," Journal of Economic Behavior & Organization, Elsevier, vol. 116(C), pages 239-253.
  38. Yiquan Gu & Tobias Wenzel, 2017. "Consumer confusion, obfuscation and price regulation," Scottish Journal of Political Economy, Scottish Economic Society, vol. 64(2), pages 169-190, May.
  39. Henderson, Brian J. & Pearson, Neil D. & Wang, Li, 2020. "Pre-trade hedging: Evidence from the issuance of retail structured products," Journal of Financial Economics, Elsevier, vol. 137(1), pages 108-128.
  40. Ratnovski, Lev, 2013. "Liquidity and transparency in bank risk management," Journal of Financial Intermediation, Elsevier, vol. 22(3), pages 422-439.
  41. Karthik Krishnan & Pinshuo Wang, 2019. "The Cost of Financing Education: Can Student Debt Hinder Entrepreneurship?," Management Science, INFORMS, vol. 65(10), pages 4522-4554, October.
  42. Martin, Daniel, 2017. "Strategic pricing with rational inattention to quality," Games and Economic Behavior, Elsevier, vol. 104(C), pages 131-145.
  43. Pavel V. Shevchenko & Xiaolin Luo, 2016. "A Unified Pricing of Variable Annuity Guarantees under the Optimal Stochastic Control Framework," Risks, MDPI, vol. 4(3), pages 1-31, July.
  44. Mark Egan & Shan Ge & Johnny Tang, 2022. "Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities," The Review of Financial Studies, Society for Financial Studies, vol. 35(12), pages 5334-5386.
  45. Alisdair McKay, 2013. "Search for Financial Returns and Social Security Privatization," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(2), pages 253-270, April.
  46. Pavel V. Shevchenko & Xiaolin Luo, 2016. "A unified pricing of variable annuity guarantees under the optimal stochastic control framework," Papers 1605.00339, arXiv.org.
  47. Marc Arnold & Dustin Schuette & Alexander Wagner, 2021. "Neglected Risk in Financial Innovation: Evidence from Structured Product Counterparty Exposure," European Financial Management, European Financial Management Association, vol. 27(2), pages 287-325, March.
  48. Kosfeld, Michael & Schüwer, Ulrich, 2016. "Pricing in retail financial markets and the fallacies of consumer education," SAFE Working Paper Series 47, Leibniz Institute for Financial Research SAFE, revised 2016.
  49. Karakoç, Gülen & Pagnozzi, Marco & Piccolo, Salvatore & Puopolo, Giovanni Walter, 2024. "Information acquisition and financial advice," Economic Modelling, Elsevier, vol. 141(C).
  50. Harris, Lawrence E. & Hartzmark, Samuel M. & Solomon, David H., 2015. "Juicing the dividend yield: Mutual funds and the demand for dividends," Journal of Financial Economics, Elsevier, vol. 116(3), pages 433-451.
  51. Reurink, Arjan, 2016. "Financial fraud: A literature review," MPIfG Discussion Paper 16/5, Max Planck Institute for the Study of Societies.
  52. Begley, Taylor A. & Purnanandam, Amiyatosh, 2021. "Color and credit: Race, regulation, and the quality of financial services," Journal of Financial Economics, Elsevier, vol. 141(1), pages 48-65.
  53. Chen, Xudong & Yao, Liming & Xu, Zhenye & Xu, Qi, 2018. "Foreign entry and bank competition on financial products in China: A model of bank size," Pacific-Basin Finance Journal, Elsevier, vol. 49(C), pages 43-59.
  54. Heidhues, Paul & Köszegi, Botond, 2018. "Behavioral Industrial Organization," CEPR Discussion Papers 12988, C.E.P.R. Discussion Papers.
  55. Ferreira, Miguel A. & Keswani, Aneel & Miguel, Antonio F. & Ramos, Sofia B., 2012. "The flow-performance relationship around the world," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1759-1780.
  56. Rossen Valkanov & Andra Ghent, 2014. "Complexity in Structured Finance: Financial Wizardry or Smoke and Mirrors," 2014 Meeting Papers 104, Society for Economic Dynamics.
  57. Perusset, Florian & Rockinger, Michael, 2025. "Do structured products improve portfolio performance? A backtesting exercise," Journal of International Money and Finance, Elsevier, vol. 157(C).
  58. Hakenes, Hendrik & Schnabel, Isabel, 2013. "Regulatory Capture by Sophistication," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79991, Verein für Socialpolitik / German Economic Association.
  59. Bruce Carlin & Arna Olafsson & Michaela Pagel, 2017. "FinTech Adoption Across Generations: Financial Fitness in the Information Age," NBER Working Papers 23798, National Bureau of Economic Research, Inc.
  60. Felix Holzmeister & Martin Holmén & Michael Kirchler & Matthias Stefan & Erik Wengström, 2023. "Delegation Decisions in Finance," Management Science, INFORMS, vol. 69(8), pages 4828-4844, August.
  61. Ziying Yang & Jie Gao & Du Yu, 2024. "Cognition ability, financial advice seeking, and investment performance: New evidence from China," International Review of Finance, International Review of Finance Ltd., vol. 24(1), pages 53-82, March.
  62. Guiso, Luigi & Pozzi, Andrea & Tsoy, Anton & Gambacorta, Leonardo & Mistrulli, Paolo Emilio, 2022. "The cost of steering in financial markets: Evidence from the mortgage market," Journal of Financial Economics, Elsevier, vol. 143(3), pages 1209-1226.
  63. Bruce I. Carlin & Florian Ederer, 2019. "Search Fatigue," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 54(3), pages 485-508, May.
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