TY - JOUR A1 - Muck, Matthias T1 - Where Should You Buy Your Options? : The Pricing of Exchange-Traded Certificates and OTC Derivatives in Germany N2 - With the expansion of electronic exchanges and the nearly universal access to the Internet, it has become possible for retail investors to buy and sell exchange-traded derivative contracts from their desktops. In Europe this ability has even been extended to allow small investors to purchase over-the-counter exotic option contracts through the Internet. In this article, Muck analyzes the pricing of a variety of web-traded exotic instruments, available in this „market.” As one would expect, the contracts are overpriced on average, relative to theoretical valuations based on exchange-traded options on the same underlying DAX index. A second hypothesis, that overpricing diminishes as the contracts approach maturity receives a little less support. Y1 - 2006 UR - http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/863 UR - http://web.ebscohost.com/ehost/detail?vid=3&hid=118&sid=e525b13d-2983-4e53-b521-14c97026e35d%40sessionmgr112&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&AN=22434046 PB - Institutional Investor CY - New York, NY ER -