Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/103418 
Autor:innen: 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Passauer Diskussionspapiere - Betriebswirtschaftliche Reihe No. 16
Verlag: 
Universität Passau, Wirtschaftswissenschaftliche Fakultät, Passau
Zusammenfassung: 
In this paper we investigate the influence of coupon structure on the financial behavior of Individual Investors in the fixed-income market. Examining circa 26 million decisions on 204 standard putable bonds with different coupon offerings our major findings are: (i) Products with a flat coupon structure and a high duration attract fewer investors and are significantly more often exercised early, whereas financially equal products with a steeply rising coupon structure arouse more interest among investors and are less often redeemed early. (ii) The shape of the upcoming coupon structure is an important basis on which investors decide which putable bond in a portfolio to exercise early. (iii) Issuers who exploit empirical patterns related to a bond´s coupon structure through "behavioral financial engineering" can benefit from a lower liquidity demand and a diminishing empirical option value.
Schlagwörter: 
individual investors
product design
putable bond
JEL: 
G02
G11
Dokumentart: 
Working Paper

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