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4 years ago

Financial institutions use obfuscation to confuse investors, decreasing overall welfare.

Review of Financial Studies
Obfuscation, Learning, and the Evolution of Investor Sophistication
Bruce Carlin, Gustavo Manso

Paper Summary

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Investors are struggling to keep up with the complexity of financial markets. A study looked at how confusing information from financial institutions affects investor knowledge. When investors are helped to learn, companies may make things even more confusing. Competition between companies can reduce this confusion.