Mutual Fund Size and Investible Decisions of Variable Life Insurance

  • Nan-Yu Wang
  • Sen-Sung Chen
  • Chih-Jen Huang
  • Cheng-Hsin Yen


We tested the relationship between flow-return and flow-fund characteristics relationship under different fund sizes by using quantile regression. We found that insured investors’ purchase-performance is better than non-insured investors. We found that the relationship between fund inflows and fund performance was stronger among the insured investors of both large-scale and small-scale funds than it was among the noninsured investors. In addition, deferred compensation rates also influenced the purchases and redemptions of the insured investors of large-scale funds. The relationship with performance was enhanced as purchase amounts increased.

Research Articles