Pricing and Investor Behavior on Markets for Structured Financial Products

Dissertation project by Dr. Philip Blonski

With an outstanding volume of more than 100 billion Euros in Germany, structured products for individual investors are an important and growing market segment. Over recent years, several studies focused on the behavior of the issuers and marketers of such products with respect to their pricing policy. With a very limited number of exceptions, the behavior of investors, especially with respect to their product choice and investment timing, is still largely unexplored. The aim of this project is to close this gap by finding empirical evidence for connections between investor preferences and the pricing policies of the issuers and other factors.

• Baule, R.; Blonski, P.: Die Nachfrage nach Optionsscheinen an der European Warrant Exchange.
  Betriebswirtschaftliche Forschung und Praxis 64 (2/2012), 147–163.
  Presentation at the Doktorandenseminar der 20. Jahrestagung der Deutschen Gesellschaft für Finanzwirtschaft (DFG), Wuppertal, 26.09.2013.
  Presentation at the PhD-Workshop of the University of New South Wales (UNSW), Sydney, 06.03.2014.
• Baule, R.; Blonski, P.; Demmer, T.; Wiedemann, A.: Persuasion of Individual Investors by Scenarios.
  Schmalenbach Business Review 67 (7/2015), 333–348.
  Presentation at the 2nd European Retail Investment Conference (ERIC), Stuttgart, 24.04.2013.
  Presentation at the 30th French Finance Association Conference (AFFI), Lyon, 29.05.2013.
  Presentation at the PhD-Workshop of the University of New South Wales (UNSW), Sydney, 06.03.2014.
  Presentation at the Börse Stuttgart Research Colloquium, Stuttgart, 22.07.2014.
• Baule, R.; Blonski, P.: The Demand Function for Bank-Issued Warrants.
  Applied Finance Letters 4 (1&2/2015), 12–19.
• Baule, R.; Blonski, P.: Die Margen-Absatz-Funktion am Retail-Markt für Optionsscheine.
  Zeitschrift für das gesamte Kreditwesen 68 (8/2015), 396–399.
• Baule, R.; Blonski, P.: The Demand for Warrants and Issuer Pricing Strategies.
  Journal of Futures Markets 35 (12/2015), 1195–1219.
  Presentation at the 15th Annual Conference of the Swiss Society for Financial Market Research, Zurich, 30.03.2012.
  Presentation at the 25th Australasian Finance & Banking Conference, Sydney, 17.12.2012.
  Presentation at the 62nd Annual Meeting of the Midwest Finance Association, Chigago, 13.–16.03.2013.
  Presentation at the Eastern Finance Association Annual Meeting, St. Pete Beach (FL), 10.–13.04.2013.
  Presentation at the PhD-Workshop of the University of New South Wales (UNSW), Sydney, 06.03.2014.
  Presentation at the PhD-Workshop of the Auckland University of Technology (AUT), Auckland, 11.04.2014.
• Blonski, P.; Blonski, S. C.: Are individual investors dumb noise traders.
  Qualitative Research in Financial Markets 8, (1/2016) 45-69.