~ Germany, structured financial products already account for 6-8% of all assets ~vested, proving that the market for these products is still very attractive for retail mvestors. A question often discussed in this context is whether these products are priced fairly. One of the latest contributions in this field is the paper by Rathgeber an~ Wang (2011) , who analyzed the pricing of credit linked notes (CLNs) in the pnmary market. In this paper, we significantly extend the work of Rathgeber and

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... ng (~Oll) and analyze the effect of the 2007-9 financial crisis on the pricing of CLNs: specifically, on their pricing in the secondary market. Therefore, we analyze the.pricing of ninety CLNs covering 13 555 daily quoted prices. In addition to the ffia.Jor finding that CLNs in the secondary market arenot only overpriced but also underp · d · N · 'fi antly d nce m many cases, we discover that the overpricing of CL s stgnt c ecreased after the financial crisis.