Marketing and finance are the cornerstones of a successful business. You might protest and say that, first, you need a good product, but there are countless examples of products that were successful, solely, from marketing, like the pet rock, in the 1970’s. Moreover, marketing is not only the collaborator of finance but is also finance’s coconspirator. Indeed, marketing is more important to the financial industry than finance, itself, something that people outside of the financial industry fail to grasp.

Perception is more important that reality, for what we perceive is real to us. In that regard, from the very bottom of the financial system, money and banks, there is a need to shape perception. Paper money was developed by Italian goldsmiths, in the Middle Ages (actually, China experimented with it as early as circa 900 A.D., but the experiment failed). As gold was, then, the major medium of exchange, people would sometimes need a place for safekeeping, and the goldsmiths kept it for them, in their vaults. In return, gold receipts were issued, and those became accepted as legal tender. Moreover, those same Italian goldsmiths became the first banks and the precursors of modern banking, so-called fractional reserve banking. They discovered that, as keepers of gold and issuers of gold receipts, they always had more gold in their vaults than was needed to redeem receipts to those looking to make withdrawals. Given that, they mad loans by writing more receipts for more gold than they have in their vaults, and that is the essence of modern fractional reserve banking.

In modern banks, most of the money that is deposited is in demand accounts, from which money can be withdrawn at any time. Demand accounts and other restricted savings accounts are on the liability side of the banks’ balance sheets. Then, banks make loans by making book entries into accounts for people borrowing money, and money is created, in the system. Moreover, there is a mismatch in the maturity structure of the assets and liabilities, in that deposit can be withdrawn, almost anytime, while loans, the assets, usually have longer-term maturities. In order to keep this house of cards from crashing down, confidence must be engendered in the depositors, which is tantamount to shaping perception, which is what marketing is. When people lose confidence in a bank, and panic causes a so-called run on the bank, whereby all or a large number of the depositors, all at once, demand that the bank return their money, it can result in bank failure because no fractional-reserve bank could fill all of its depositors’ requests, at once, since, in the normal course of the fractional reserve banking business, banks do not keep a reserve equal to one hundred percent of deposits.

Design also enters the picture, in finance, even at this basic level of banks. Banks offer a safe place to keep your excess cash and to get it out on demand. What actually underlies most banking products are put and call options of one sort or another. For example, you can get the convenience of checking with no interest: you pay for the right of on demand withdrawal with a payment order, checks, by giving up interest. You might be able to get interest on checking by maintaining a minimum balance: by giving up some rights to demand money. For a bit more inconvenience of having to physically withdraw funds, you get a little interest on passbook savings. You have traded the right to payment order banking for a small amount of interest. In both cases, you have, effectively, purchased an option, in the language of finance, to “call” away the funds from the bank, and the cost of the call option manifests itself as lower or no interest. You can receive more interest by promising to keep the funds invested for a longer time. Thus, you give up your right to call away the funds at the beginning of the transaction, but you can repurchase the right, in the future, at a hefty price. This is all financial package design. Marketable CD’s (certificates of deposit) take the design one step further, assuring the bank that the CD cannot be handed in for early redemption, which can be done with a penalty for a nonmarketable CD. Instead, the original buyer has the option of early liquidation by selling it in the financial markets to another investor. These designs offer higher interest or re-salability, in order to induce people to agree to lock up funds for a longer period of time. On the other hand, on the asset side of banking, collateralized loans are the combination of a plain loan with an option to the lending institution to call away the assets from the borrower; alternatively, an option to the borrower to “put” (transfer ownership or sell) the assets to the bank. The effective packaging of loan with option, in that case, results in a lower interest rate. In a loan with an early payment option the borrower, effectively, sold debt to the bank and purchased a call option on the debt, thus, increasing his cost. A loan commitment from a bank to a potential borrower is an option to put debt to the bank at a specified interest rate. Interest rate quotes, themselves, have an element of deign: quotes are usually given as annual percentage returns (APR’s), even though they may be compounded more than once years, instead of being given as the actual effective annual returns that result from multiple compounding.

In the language of the new behavioral finance, we refer to such packaging and design as framing. Framing has to do with how something is presented. For example, a doctor could tell you that you need an operation but that 10 percent of the people who have the operation die. That is one way to frame it, but it, certainly, does not sound very reassuring. However, if the doctor says, instead, that 90 percent of the people who have the operation survive, it sounds much more appealing. A fund manager might say that your portfolio outperformed the market, rather than saying that the market lost 20 percent, while your portfolio lost only 15 percent. Research shows that framing has an inordinate affect on the decision process. The end result is that people are easily fooled, and the finance industry is aware of these facts.

At the next level of the financial industry, stock and bond brokerage houses, marketing and design play an even larger role than at banks. First of all, brokers are just salesmen. Although they might call you and tell you about a hot tip, most of them have no real financial training, and their job is to generate buy and sell orders from customers, which give the firm riskless commission dollars. The same is true for institutional salesmen, but at least they are called salesmen. What might surprise you is that even the analysts at securities firms are, normally, in the institutional sales department, and many of them do no real analysis. A number of them just hug the benchmarks created by consensus of other analysts of the same stocks that they cover. Summaries of analysts estimates are compiled by several services and most analysts do not want to go out on a limb and get too far away from the consensus. It is a matter of safety in numbers. In the end, their job is to write research reports, to give oral reports, and to talk to clients, in order to generate commission dollars. I speak of these things, not from what I have read, but from experience: my first job on Wall Street was as an analyst, and I am familiar with what most analysts do. In the end, much effort, many people, and an abundance of job titles are dedicated to marketing and sales, in the securities industry.

Although stocks and bonds are not the only investments marketed by brokerage houses, it will be instructive to take time to look at the design elements that go into these basic securities. Corporations, their investment bankers, and lawyers continually engage in design of securities, in a number of ways, some subtle and some not so subtle. First, the price per share is considered, by most companies, to be an important design feature of a stock. The reason for that is that normal lots of stock, traded on exchanges, in the U.S. (it may vary for other countries), are multiples of 100 shares. Thus, if a stock is priced in the market at, for example, $25, the smallest normal lot will cost $2,500. If the stock price were, instead, $500, the price per 100-share lot would be $50,000, which is a large amount of money for the average person to put into one stock investment. As a result, companies will do share spits when the price rises above a certain level, in order to make one-lot purchases accessible to a wider investing audience: it is pure design. Another feature that companies may look to design is dividends. Retirees, for example, gravitate towards high dividend yield stocks, and some companies might design their dividends, in order to attract retirees, who are also more likely to hold on to their investments and to align their voting with management. People, in the middle of their lives, are more apt to buy shares of stock of companies that they believe will have potential for capital appreciation, which are usually also companies that retain and reinvest their earnings and pay little or no dividends. In financial theory, this is known as the clientele effect, and companies are aware of it. Moreover, companies are also aware that investors take signals, rightly or wrongly, from changes in dividends, and they are careful, even, at longer term planning of dividend distributions and the growth, thereof.


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