Attention Distribution of Current Key Investor Documents: Standardization as a Long-Term Goal of the PRIIP Regulation
P. Münchhalfen () and
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P. Münchhalfen: University of Hagen
R. Gaschler: University of Hagen
Journal of Consumer Policy, 2021, vol. 44, issue 1, No 4, 73-94
Abstract The regulation of financial products is generally increasing in response to misconduct or crises that have led to losses for (retail) investors. Under the guise of various directives and laws, international and national regulators have introduced rules and standards to restore investor confidence. We tested the success of these efforts by analysing the distribution of attention in current product information sheets in an eye-tracking experiment. The results suggest that regulation has been successful as attention profiles of the different sections of product information are highly similar for different products. This suggests first success of regulation with respect to the standardization of product information sheets. However, this increased comparability does not necessarily lead to an improvement in the investment decisions of private investors, as a further aim of regulation, the increase in comprehensibility cannot be confirmed by this investigation.
Keywords: Retail investor; PRIIPs regulation; Attention distribution; Eye-tracking (search for similar items in EconPapers)
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