{"id":4002,"date":"2025-10-30T09:29:54","date_gmt":"2025-10-30T12:29:54","guid":{"rendered":"https:\/\/www.ufrgs.br\/ppge\/?p=4002"},"modified":"2025-10-30T09:29:54","modified_gmt":"2025-10-30T12:29:54","slug":"seminario-05-11","status":"publish","type":"post","link":"https:\/\/www.ufrgs.br\/ppge\/seminario-05-11\/","title":{"rendered":"Semin\u00e1rio 05\/11"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Semin\u00e1rio de Pesquisa 05\/11<\/h2>\n\n\n\n

Deixe um coment\u00e1rio<\/a> \/ Economia Aplicada<\/a>, Semin\u00e1rios de Pesquisa<\/a> \/ Por Helena Camillo<\/p>\n\n\n\n

Ocorrer\u00e1 no dia\u00a005\/11\/2025, quarta-feira, \u00e0s 14h<\/strong>\u00a0na sala\u00a0401-A \u2013 FCE<\/strong>,\u00a0o Semin\u00e1rio de Pesquisa\u00a0\u201cProduct Complexity, Investor Experience, and Returns<\/strong><\/strong><\/strong>\u201d<\/strong>, na \u00e1rea de Economia Aplicada, ministrado pelo Prof. Alan de Genaro (FGV EAESP)<\/em>.<\/p>\n\n\n\n

Resumo:<\/strong><\/p>\n\n\n\n

We examine how financial sophistication influences investment outcomes for complex financial products. Using regulatory microdata from Brazil\u2019s 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 \u201cqualified investor\u201d 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Semin\u00e1rio de Pesquisa 05\/11 Deixe um coment\u00e1rio \/ Economia Aplicada, Semin\u00e1rios de Pesquisa \/ Por Helena Camillo Ocorrer\u00e1 no dia\u00a005\/11\/2025, quarta-feira, \u00e0s 14h\u00a0na sala\u00a0401-A \u2013 FCE,\u00a0o Semin\u00e1rio de Pesquisa\u00a0\u201cProduct Complexity, Investor Experience, and Returns\u201d, na \u00e1rea de Economia Aplicada, ministrado pelo Prof. Alan de Genaro (FGV EAESP). Resumo: We examine how financial sophistication influences investment outcomes for complex financial products. […]<\/p>\n","protected":false},"author":6,"featured_media":4004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[9,3],"tags":[],"class_list":["post-4002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economia-aplicada","category-seminarios"],"_links":{"self":[{"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/posts\/4002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/comments?post=4002"}],"version-history":[{"count":1,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/posts\/4002\/revisions"}],"predecessor-version":[{"id":4005,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/posts\/4002\/revisions\/4005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/media\/4004"}],"wp:attachment":[{"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/media?parent=4002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/categories?post=4002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ufrgs.br\/ppge\/wp-json\/wp\/v2\/tags?post=4002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}