Archive: Richard Evans
![Working together on their budget](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_5-1536x988.jpg.webp)
Abstract We study the relative importance of market governance and non-market governance in retirement investments using a sample of variable annuities. Variable annuity investors are significantly less sensitive to performance and fees than mutual fund investors. Consistent with a complementary role of market and non-market governance, other governance mechanisms play a stronger role for variab…