A New Business Model of Structured Products In the Post-Financial Crisis Period：The View From Behavioral Finance

• Main Authors: Wang, Guan-Wen, 王冠文
• Other Authors: Chung, Hui-Min
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/87354625525155953460

碩士 === 國立交通大學 === 財務金融研究所 === 98 === After the crash of global stock market in 2008 financial crisis, banks still have difficulty conferring with clients, and the governance also tried to find the appropriate structured products sale rules. Those domestic securities firms immediately adjust the direction of issuing financial product. According to the data from OTC, the sales of Equity linked notes (ELN) issued by financial institution reached NTD 39,242 million during 2009. The amount of equity- linked note which are not principal-guaranteed, and linked to Taiwanese stocks, sets the record since its first distribution in Taiwan. This study tries to figure out why domestic securities firms succeeded in issuing ELN, and analysis the change in traders’ investing preference. By studying the sales documents of a securities firm, this paper shows that investors preferred ELN with barrier options during the post-financial crisis period, and the preference diminished with the decrease of VIX. Moreover, they particularly favored the system of everyday observation period with a kick-out option and that of every-week observation period with a kick-out option plus a trigger option.