Seminário de Pesquisa 05/11
Deixe um comentário / Economia Aplicada, Seminários de Pesquisa / Por Helena Camillo
Ocorrerá no dia 05/11/2025, quarta-feira, às 14h na sala 401-A – FCE, o Seminário de Pesquisa “Product Complexity, Investor Experience, and Returns”, na área de Economia Aplicada, ministrado pelo Prof. Alan de Genaro (FGV EAESP).
Resumo:
We examine how financial sophistication influences investment outcomes for complex financial products. Using regulatory microdata from Brazil’s structured products market, we analyze howreturns vary with investor sophistication and product complexity. We introduce a novel measure of financial sophistication that reflects prior trading experience in other securities markets. Investors with established trading experience systematically outperform inexperienced counterparts when trading complex products, exhibiting both persistent skill and greater learning capabilities. This experience-based measure is more predictive than conventional proxies such as wealth, age, and education. Our findings suggest that complexity can effectively obscure risk from unsophisticated investors, enabling strategic rent extraction through product design. These results challenge the efficacy of current “qualified investor” standards based on wealth thresholds, suggesting that direct measures of financial market experience provide more effective criteria for accessing complex financial instruments in increasingly sophisticated retail markets.