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Mutual Fund Tax ClientelesClemens SialmUniversity of Texas at Austin - McCombs School of Business; National Bureau of Economic Research (NBER) Laura T. StarksUniversity of Texas at Austin - Department of Finance December 7, 2011 The Journal of Finance, Forthcoming McCombs Research Paper Series No. FIN-01-10 AFA 2011 Denver Meetings Paper 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 tend to 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: 46 Keywords: Mutual Funds, Tax Management, Retirement Accounts JEL Classification: G11, G12, G23, G35, H24 working papers seriesDate posted: March 12, 2010 ; Last revised: January 10, 2012Suggested CitationContact Information
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