20180418【充实计划】第681期

1.今天你阅读到的有价值的全文内容链接http://mp.weixin.qq.com/s/n3msGdvtzxCwIPE6gq5Dmg
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3
Can Financial Innovation Succeed by Catering to Behavioral Preferences? Evidence from a Callable Options Market
行为经济学，Abstract
We examine the notion that financial products which cater to investors’ behavioral biases can yield high trading activity and thus be profitable for issuers. Our setting considers options with a callback feature, namely, callable bull/bear contracts (CBBCs). Such contracts have high skewness when close to callback and thus appeal to cumulative prospect theory preferences. CBBCs with high skewness earn negative average returns, and issuers’ gross profits vary positively with CBBC skewness. Over the 2009–2014 period, issuers earn gross profits of about $1.67 billion by trading CBBCs on the Hang Seng Index. These findings highlight the role of behavioral finance in financial innovation.
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行为经济学，金融创新。金融学经济学理论 ……
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