Celerier, Claire; Vallee, Boris - HEC Paris (École des Hautes Études Commerciales) - 2013
complexity. We perform a lexicographic analysis of the term sheets of 55,000 retail structured products issued in Europe since … 2002. We observe that financial complexity has been steadily increasing, even after the recent financial crisis, and that … financial complexity is more prevalent among distributors with a less sophisticated investor base. Complex products exhibit …