We conduct a choice-based conjoint analysis to evaluate the preferences of private investors with regard to the investment in structured products, especially discount certificates. Investors consider the costs and the product structure to be most important, whereas the product's issuer and...

We analyze retail order flow in terms of intra-day feedback trading patterns. Using a unique data set of exchange trades and high-frequency quotes, we first provide evidence that retail investors actively and consciously respond to short-term intra-day returns in a negative feedback, contrarian...

Previous studies refer to individual investors as "dumb noise traders." We question this undifferentiated verdict by conducting an analysis of the cognitive competence of individual investors as assessed by experts. We let experts (researchers as well as experienced practitioners) assess the...