This dissertation consists of three independent papers. The second paper examines the role of obfuscation in the market for structured products. By exploiting the staggered adoption of a price disclosure policy, I show that issuers subject to price disclosure significantly increase the...

This dissertation consists of three independent papers. The third paper proposes an explanation for the empirically documented relation between the value factor and the investment factor of the Fama-French five-factor model: Investors observing that a firm decreases its investment perceive the...

This dissertation consists of three independent papers. The first paper investigates the role of incomplete investor information in financial innovations. We analyze the information that structured product issuers provide to the investors and find that issuers have an information advantage over...