事前
前提
竞赛(生物学)
样品(材料)
产量(工程)
经济
业务
金融创新
精算学
金融经济学
货币经济学
财务
宏观经济学
材料科学
冶金
化学
哲学
生物
色谱法
语言学
生态学
标识
DOI:10.1016/j.jfineco.2021.04.035
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 28,000 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.
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