Suitability Checks and Household Investments in Structured Products
利用香港数据研究发现，缺乏适合性检查时，家庭投资者购买结构化产品的数量平均增加8%，且更倾向于购买风险调整后收益较低的产品，对金融素养较低的投资者影响更大。
Abstract The suitability of complex financial products for household investors is an important issue in light of consumer financial protection. The U.S. Dodd–Frank Act, for instance, mandates that distributors check suitability when selling structured products to retail investors. However, little empirical evidence exists on such transactions. Using data from Hong Kong, we find that investors purchase 8% more structured products, on average, when the suitability is not checked. The effect of suitability checks is more pronounced for less financially literate investors. Moreover, investors tend to buy products with lower risk-adjusted returns when product suitability is not checked.