G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w27577
来源IDWorking Paper 27577
Conflicting Interests and the Effect of Fiduciary Duty \u2014 Evidence from Variable Annuities
Mark L. Egan; Shan Ge; Johnny Tang
发表日期2020-07-27
出版年2020
语种英语
摘要We examine the drivers of variable annuity sales and the impact of a proposed regulatory change. Variable annuities are popular retirement products with over $2 trillion in assets in the United States. Insurers typically pay brokers a commission for selling variable annuities that ranges from 0% to over 10% of investors’ premium payments. Brokers earn higher commissions for selling inferior annuities, in terms of higher expenses and more ex-post complaints. Our results indicate that variable annuity sales are roughly four times as sensitive to brokers’ financial interests as to investors’. To help limit conflicts of interest, the Department of Labor proposed a rule in 2016 that would hold brokers to a fiduciary standard when dealing with retirement accounts. We find that after the proposed fiduciary rule, sales of high-expense variable annuities fell by 52% as sales became more sensitive to expenses and insurers increased the relative availability of low-expense products. Based on our structural model estimates, investor welfare improved as a result of the fiduciary rule under conservative assumptions.
主题Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w27577
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585248
推荐引用方式
GB/T 7714
Mark L. Egan,Shan Ge,Johnny Tang. Conflicting Interests and the Effect of Fiduciary Duty \u2014 Evidence from Variable Annuities. 2020.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w27577.pdf(1237KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Mark L. Egan]的文章
[Shan Ge]的文章
[Johnny Tang]的文章
百度学术
百度学术中相似的文章
[Mark L. Egan]的文章
[Shan Ge]的文章
[Johnny Tang]的文章
必应学术
必应学术中相似的文章
[Mark L. Egan]的文章
[Shan Ge]的文章
[Johnny Tang]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w27577.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。