Variableinsurance (VI) funds while sharing common features with mutual fundsare distinguished in that they havelong term maturity, minimum benefit guarantee, and insurance functions. We analyzed how these features influence the behavior of parties interested in VI
fund and the effect of parties’ behavioral changes on guarantee risk. We confirmed that mutual fund investors showed non-linear “flow-performance relationship” in agreement with the previous literature andmutual fund managers showed non-linear “performance-risk relationship” consistent with the investors’ behaviors.However, VI fund investorschoose funds based on fund characteristics rather than previous performance,causing a more significant growth in stable funds. VI fund managers reduceretained risk following poor
performance to satisfy risk-averse investors.
회원공간
사진첩
[2013년 제 2차] Behaviors of Interested Parties and Guarantee Optio
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2013-06-05
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