Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/228846 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
ECONtribute Discussion Paper No. 043
Verlag: 
University of Bonn and University of Cologne, Reinhard Selten Institute (RSI), Bonn and Cologne
Zusammenfassung: 
We study the market interaction between financial intermediaries and retail investors, who not only face uncertainty about the performance of the different investments but also have limited awareness of the available investment opportunities. Intermediaries compete for investors via the menu of investment options they offer. We show that when competition is limited, intermediaries restrict their offers to extreme options, e.g. very risky and very safe products. We also consider investor heterogeneity and show that the presence of sophisticated, fully aware investors can impose a negative externality on investors with limited awareness. Self-reported data from customers in the Italian retail investment sector support the key predictions of the model: the menus offered to less knowledgable investors contain few products, most of them are nevertheless perceived to be at the extremes.
Schlagwörter: 
Unawareness
financial investments
delegation
JEL: 
D82
D83
G24
Dokumentart: 
Working Paper

Datei(en):
Datei
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