The Imitation of Financial Products－The Case of Equity-Linked Notes

• Main Authors: Yu-Sen Yang, 楊雨森
• Other Authors: Tzu-Kuan Chiu
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/45860519303552083766

碩士 === 國立中央大學 === 財務金融研究所 === 98 === The structured notes advertise innovations and high return to attract investors, but the designs and underlying assets of the products are very similar. Furthermore, the banks often sell principle guaranteed products with high return yet transfer risk to the investors. This thesis samples equity-linked structured notes and analyzes the similarity of product designs, including maturity, knock-in and knock-out levels, underlying numbers and underlying stocks. The results indicate these products all share many similar conditions. Moreover, the samples are then divided into more categories-information and telecommunication technology, real estate, green energy, medical-drugs and finance-and analyzed in terms of the similarity rates. The return affected by financial crisis is also discussed. It is found the profits are negative except for the products with principle guarantee. The structured products linked financial stocks are also shown to be influenced the fastest of all. Lastly, suggestions for the financial authorizes to protect innovations and development of finance are proposed.