Abstract

http://ssrn.com/abstract=1362363
 
 

References (112)



 
 

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Mutual Fund Tax Clienteles


Clemens Sialm


University of Texas at Austin - McCombs School of Business; National Bureau of Economic Research (NBER)

Laura T. Starks


University of Texas at Austin - Department of Finance

December 7, 2011

The Journal of Finance, Forthcoming

Abstract:     
Mutual funds are held by investors in taxable and tax-qualified retirement accounts. We investigate whether the characteristics, investment strategies, and performance of mutual funds held by these diverse tax clienteles differ. Examining both mutual fund distributions and mutual fund holdings, we find that funds held primarily by taxable investors choose investment strategies that result in lower tax burdens than funds held primarily in tax-qualified accounts. Despite these differences, we find no evidence that any investment constraints that may arise from these tax-efficient investment strategies result in performance differences between funds held by different tax clienteles.

Number of Pages in PDF File: 45

Keywords: mutual fund, taxes, retirement

JEL Classification: G23, H24

working papers series





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Date posted: March 18, 2009 ; Last revised: December 7, 2011

Suggested Citation

Sialm, Clemens and Starks, Laura T., Mutual Fund Tax Clienteles (December 7, 2011). The Journal of Finance, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1362363 or http://dx.doi.org/10.2139/ssrn.1362363

Contact Information

Clemens Sialm
University of Texas at Austin - McCombs School of Business ( email )
Austin, TX 78712
United States
HOME PAGE: http://faculty.mccombs.utexas.edu/Clemens.Sialm/
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Laura T. Starks (Contact Author)
University of Texas at Austin - Department of Finance ( email )
Red McCombs School of Business
Austin, TX 78712
United States
512-471-5899 (Phone)
512-471-5073 (Fax)
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