Bitu, Otávio; Giovannetti, Bruno; Guimaraes, Bernardo - 2022
Financial institutions have been issuing more complex structured retail products (SRPs) over time. Is risk-sharing the …. If the issuance of a given type of SRP is based on risk-sharing and is welfare-increasing, we should observe the usual … relation between risk and return across products of that type: the expected excess return offered to retail investors …