Essec\Faculty\Model\Contribution {#2216
  #_index: "academ_contributions"
  #_id: "720"
  #_source: array:26 [
    "id" => "720"
    "slug" => "better-than-expected-hidden-dynamic-of-variable-annuity-funds"
    "yearMonth" => "2016-01"
    "year" => "2016"
    "title" => "Better than Expected: Hidden Dynamic of Variable Annuity Funds"
    "description" => "MASSA, M. et YADAV, V. (2016). Better than Expected: Hidden Dynamic of Variable Annuity Funds. <i>Review of Finance (ex European Finance Review)</i>, 20(6), pp. 2273-2320."
    "authors" => array:2 [
      0 => array:3 [
        "name" => "YADAV Vijay"
        "bid" => "B00148056"
        "slug" => "yadav-vijay"
      ]
      1 => array:1 [
        "name" => "MASSA M."
      ]
    ]
    "ouvrage" => ""
    "keywords" => array:2 [
      0 => "Capital Structure and Dividend Policy"
      1 => "Mutual Funds and Institutional Investors"
    ]
    "updatedAt" => "2021-02-02 16:16:18"
    "publicationUrl" => "https://academic.oup.com/rof/article-abstract/20/6/2273/2418141?redirectedFrom=fulltext"
    "publicationInfo" => array:3 [
      "pages" => "2273-2320"
      "volume" => "20"
      "number" => "6"
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "We study how variable annuity affiliation affects fund performance. We find that VA-affiliated funds outperform pure open-end funds by about 70 basis points fourfactor alpha per year in case of actively managed US equity funds. We argue that affiliation with a variable annuity wrapper increases the ability of investors to compare performance of funds offered within the same wrapper. This increases the competitive pressure among fund families. We explain the superior performance of VA-affiliated funds in terms of self-selection: only the better funds are chosen by fund families to be part of insurance wrappers."
      "en" => "We study how variable annuity affiliation affects fund performance. We find that VA-affiliated funds outperform pure open-end funds by about 70 basis points fourfactor alpha per year in case of actively managed US equity funds. We argue that affiliation with a variable annuity wrapper increases the ability of investors to compare performance of funds offered within the same wrapper. This increases the competitive pressure among fund families. We explain the superior performance of VA-affiliated funds in terms of self-selection: only the better funds are chosen by fund families to be part of insurance wrappers."
    ]
    "authors_fields" => array:2 [
      "fr" => "Finance"
      "en" => "Finance"
    ]
    "indexedAt" => "2024-12-27T15:21:47.000Z"
    "docTitle" => "Better than Expected: Hidden Dynamic of Variable Annuity Funds"
    "docSurtitle" => "Journal articles"
    "authorNames" => "<a href="/cv/yadav-vijay">YADAV Vijay</a>, MASSA M."
    "docDescription" => "<span class="document-property-authors">YADAV Vijay, MASSA M.</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2016</span>"
    "keywordList" => "<a href="#">Capital Structure and Dividend Policy</a>, <a href="#">Mutual Funds and Institutional Investors</a>"
    "docPreview" => "<b>Better than Expected: Hidden Dynamic of Variable Annuity Funds</b><br><span>2016-01 | Journal articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="https://academic.oup.com/rof/article-abstract/20/6/2273/2418141?redirectedFrom=fulltext" target="_blank">Better than Expected: Hidden Dynamic of Variable Annuity Funds</a>"
  ]
  +lang: "en"
  +"_type": "_doc"
  +"_score": 9.157994
  +"parent": null
}