Clemens Sialm

University of Texas at Austin - McCombs School of Business

Professor of Finance

Austin, TX 78712

United States

http://faculty.mccombs.utexas.edu/Clemens.Sialm/

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

AQR Capital Management, LLC

Greenwich, CT

United States

SCHOLARLY PAPERS

30

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24,583

CITATIONS
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Top 1,097

in Total Papers Citations

499

Scholarly Papers (30)

The Tradeoff Between Mortgage Prepayments and Tax-Deferred Retirement Savings

Number of pages: 43 Posted: 18 Mar 2006
Jennifer C. Huang, Gene Amromin and Clemens Sialm
University of Texas at Austin - Department of Finance, Federal Reserve Bank of Chicago and University of Texas at Austin - McCombs School of Business
Downloads 4,749 (1,553)
Citation 11

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Retirement Savings, Mortgage Financing, Tax Arbitrage, Savings Decisions

The Tradeoff between Mortgage Prepayments and Tax-Deferred Retirement Savings

NBER Working Paper No. w12502
Number of pages: 52 Posted: 14 Sep 2006 Last Revised: 03 Sep 2010
Jennifer C. Huang, Gene Amromin and Clemens Sialm
University of Texas at Austin - Department of Finance, Federal Reserve Bank of Chicago and University of Texas at Austin - McCombs School of Business
Downloads 67 (333,668)
Citation 11

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2.
Downloads 3,908 ( 2,228)
Citation 113

Unobserved Actions of Mutual Funds

Review of Financial Studies, Forthcoming, Sixteenth Annual Utah Winter Finance Conference, EFA 2005 Moscow Meetings Paper, Sauder School of Business Working Paper
Number of pages: 58 Posted: 28 Feb 2005
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 3,845 (2,250)
Citation 113

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Mutual Funds, Performance Evaluation, Trading Strategies

Unobserved Actions of Mutual Funds

NBER Working Paper No. w11766
Number of pages: 49 Posted: 08 Feb 2006 Last Revised: 27 Aug 2010
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 63 (344,853)
Citation 113

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Unobserved Actions of Mutual Funds

The Review of Financial Studies, Vol. 21, Issue 6, pp. 2379-2416, 2008
Posted: 15 Dec 2008
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business

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G11, G23

On the Industry Concentration of Actively Managed Equity Mutual Funds

AFA 2005 Philadelphia Meetings, Journal of Finance, Forthcoming, Sauder School of Business Working Paper
Number of pages: 50 Posted: 10 Feb 2003
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 2,589 (4,420)
Citation 158

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On the Industry Concentration of Actively Managed Equity Mutual Funds

NBER Working Paper No. w10770
Number of pages: 49 Posted: 30 Sep 2004
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 51 (382,515)
Citation 158

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4.
Downloads 1,930 ( 7,430)
Citation 39

Risk Shifting and Mutual Fund Performance

McCombs Research Paper Series No. FIN-04-08
Number of pages: 56 Posted: 20 Mar 2008 Last Revised: 26 Nov 2010
Jennifer C. Huang, Clemens Sialm and Hanjiang Zhang
University of Texas at Austin - Department of Finance, University of Texas at Austin - McCombs School of Business and Washington State University - Carson College of Business
Downloads 1,861 (7,761)
Citation 39

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Risk Shifting, Mutual Fund Performance, Agency Issues, Style Drift

Risk Shifting and Mutual Fund Performance

NBER Working Paper No. w14903
Number of pages: 49 Posted: 20 Apr 2009 Last Revised: 22 Sep 2010
Jennifer C. Huang, Clemens Sialm and Hanjiang Zhang
University of Texas at Austin - Department of Finance, University of Texas at Austin - McCombs School of Business and Washington State University - Carson College of Business
Downloads 69 (328,280)
Citation 39

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It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

Journal of Finance, Forthcoming
Number of pages: 79 Posted: 19 Jul 2012 Last Revised: 15 Aug 2015
Indiana University - Kelley School of Business - Department of Finance, University of Texas at Austin - McCombs School of Business and Federal Reserve Board, Washington D.C.
Downloads 1,805 (8,166)
Citation 3

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401(k), pension plans, trustee, favoritism, mutual funds

It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

Netspar Discussion Paper No. 01/2013-002 - revised version August 2015
Number of pages: 80 Posted: 31 Jan 2013 Last Revised: 24 Dec 2015
Indiana University - Kelley School of Business - Department of Finance, University of Texas at Austin - McCombs School of Business and Federal Reserve Board, Washington D.C.
Downloads 60 (353,521)
Citation 3

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401(k), pension plans, trustee, favoritism, mutual funds

It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

FEDS Working Paper No. 2014-96
Number of pages: 79 Posted: 09 Dec 2014 Last Revised: 15 Aug 2015
Indiana University - Kelley School of Business - Department of Finance, University of Texas at Austin - McCombs School of Business and Federal Reserve Board, Washington D.C.
Downloads 34 (449,227)
Citation 3

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401(k) pension plans, mutual funds, favoritism

It Pays to Set the Menu: Mutual Fund Investment Options in 401(K) Plans

NBER Working Paper No. w18764
Number of pages: 53 Posted: 02 Feb 2013
Indiana University - Kelley School of Business - Department of Finance, University of Texas at Austin - McCombs School of Business and Federal Reserve Board, Washington D.C.
Downloads 19 (533,260)
Citation 3

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Portfolio Concentration and the Performance of Individual Investors

AFA 2006 Boston Meetings, Journal of Financial and Quantitative Analysis, Forthcoming
Number of pages: 60 Posted: 07 Mar 2005
Zoran Ivkovich, Clemens Sialm and Scott J. Weisbenner
Michigan State University, Department of Finance, University of Texas at Austin - McCombs School of Business and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 1,678 (9,218)
Citation 15

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Portfolio choice, concentration, diversification

Portfolio Concentration and the Performance of Individual Investors

NBER Working Paper No. w10675
Number of pages: 52 Posted: 02 Sep 2004 Last Revised: 03 Sep 2010
Zoran Ivkovich, Clemens Sialm and Scott J. Weisbenner
Michigan State University, Department of Finance, University of Texas at Austin - McCombs School of Business and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 54 (372,623)
Citation 15

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Hedge Funds as Investors of Last Resort?

Review of Financial Studies, Forthcoming, EFA 2005 Moscow Meetings
Number of pages: 55 Posted: 07 Aug 2005
David J. Brophy, Paige Ouimet and Clemens Sialm
University of Michigan, Stephen M. Ross School of Business, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School and University of Texas at Austin - McCombs School of Business
Downloads 1,259 (14,521)
Citation 41

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Private Placements, Security Design, PIPE Securities, Hedge Funds

Hedge Funds as Investors of Last Resort?

The Review of Financial Studies, Vol. 22, No. 2, pp. 541-574, 2009
Posted: 25 Jan 2009
David J. Brophy, Paige Ouimet and Clemens Sialm
University of Michigan, Stephen M. Ross School of Business, University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School and University of Texas at Austin - McCombs School of Business

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G14, G23, G32

8.
Downloads 727 ( 33,059)
Citation 26

Tax Changes and Asset Pricing

AFA 2004 San Diego Meetings
Number of pages: 55 Posted: 29 Nov 2003 Last Revised: 07 Jul 2008
Clemens Sialm
University of Texas at Austin - McCombs School of Business
Downloads 680 (35,662)
Citation 26

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Tax Capitalization, Stock Returns, Stock Valuations

Tax Changes and Asset Pricing: Time-Series Evidence

NBER Working Paper No. w11756
Number of pages: 55 Posted: 22 Jan 2006 Last Revised: 17 Aug 2010
Clemens Sialm
University of Texas at Austin - McCombs School of Business
Downloads 47 (396,667)
Citation 26

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9.
Downloads 691 ( 35,434)
Citation 6

Complex Mortgages

AFA 2012 Chicago Meetings Paper
Number of pages: 48 Posted: 25 Nov 2010 Last Revised: 16 Feb 2018
Federal Reserve Bank of Chicago, University of Texas at Austin - Department of Finance, University of Texas at Austin - McCombs School of Business and University of Wisconsin-Madison
Downloads 561 (46,093)
Citation 5

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Mortgage Contract Choice, Mortgage Default, Financial Crisis

Complex Mortgages

FRB of Chicago Working Paper No. 2010-17
Number of pages: 47 Posted: 03 Dec 2010 Last Revised: 20 Dec 2013
Federal Reserve Bank of Chicago, University of Texas at Austin - Department of Finance, University of Texas at Austin - McCombs School of Business and University of Wisconsin-Madison
Downloads 115 (236,293)
Citation 6

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Mortgage Choice, Housing Crisis, Financial Innovation

Complex Mortgages

NBER Working Paper No. w17315
Number of pages: 54 Posted: 29 Aug 2011
Federal Reserve Bank of Chicago, University of Texas at Austin - Department of Finance, University of Texas at Austin - McCombs School of Business and University of Wisconsin-Madison
Downloads 15 (558,667)
Citation 6

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Tax-Efficient Asset Management: Evidence from Equity Mutual Funds

Number of pages: 92 Posted: 18 Dec 2013 Last Revised: 08 May 2019
Clemens Sialm and Hanjiang Zhang
University of Texas at Austin - McCombs School of Business and Washington State University - Carson College of Business
Downloads 601 (42,087)

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Dividend and Capital Gains Taxes, Mutual Fund Performance

Tax-Efficient Asset Management: Evidence from Equity Mutual Funds

NBER Working Paper No. w21060
Number of pages: 51 Posted: 06 Apr 2015
Clemens Sialm and Hanjiang Zhang
University of Texas at Austin - McCombs School of Business and Washington State University - Carson College of Business
Downloads 14 (565,108)

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11.
Downloads 554 ( 47,418)
Citation 10

Mutual Fund Tax Clienteles

The Journal of Finance, Forthcoming
Number of pages: 45 Posted: 18 Mar 2009 Last Revised: 07 Dec 2011
Clemens Sialm and Laura T. Starks
University of Texas at Austin - McCombs School of Business and University of Texas at Austin - Department of Finance
Downloads 362 (79,148)
Citation 10

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mutual fund, taxes, retirement

Mutual Fund Tax Clienteles

The Journal of Finance, Forthcoming, McCombs Research Paper Series No. FIN-01-10, AFA 2011 Denver Meetings Paper
Number of pages: 46 Posted: 12 Mar 2010 Last Revised: 10 Jan 2012
Clemens Sialm and Laura T. Starks
University of Texas at Austin - McCombs School of Business and University of Texas at Austin - Department of Finance
Downloads 173 (169,331)
Citation 10

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Mutual Funds, Tax Management, Retirement Accounts

Mutual Fund Tax Clienteles

NBER Working Paper No. w15327
Number of pages: 54 Posted: 08 Sep 2009 Last Revised: 25 Sep 2010
Clemens Sialm and Laura T. Starks
University of Texas at Austin - McCombs School of Business and University of Texas at Austin - Department of Finance
Downloads 19 (533,260)
Citation 10

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Defined Contribution Pension Plans: Sticky or Discerning Money?

Journal of Finance, Forthcoming
Number of pages: 55 Posted: 24 Jun 2012 Last Revised: 02 Feb 2015
Clemens Sialm, Laura T. Starks and Hanjiang Zhang
University of Texas at Austin - McCombs School of Business, University of Texas at Austin - Department of Finance and Washington State University - Carson College of Business
Downloads 439 (62,880)
Citation 10

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Flow-Performance Sensititivity, Defined Contribution Pension Plans, Retirement Savings

Defined Contribution Pension Plans: Sticky or Discerning Money?

NBER Working Paper No. w19569
Number of pages: 55 Posted: 25 Oct 2013
Clemens Sialm, Laura T. Starks and Hanjiang Zhang
University of Texas at Austin - McCombs School of Business, University of Texas at Austin - Department of Finance and Washington State University - Carson College of Business
Downloads 6 (617,771)
Citation 10

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13.

Taxes, Shorting, and Active Management

Financial Analysts Journal, Vol. 74, No. 1, 2018
Number of pages: 35 Posted: 28 Jan 2017 Last Revised: 12 Dec 2017
Clemens Sialm and Nathan Sosner
University of Texas at Austin - McCombs School of Business and AQR Capital Management, LLC
Downloads 422 (66,756)

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Tax-Efficient Asset Management, Short-Selling, Quantitative Strategies

14.

The Tax Benefits of Separating Alpha from Beta

Number of pages: 51 Posted: 25 May 2018 Last Revised: 27 Mar 2019
AQR Capital Management, LLC, University of Texas at Austin - McCombs School of Business, AQR Capital Management, LLC and AQR Capital Management, LLC
Downloads 399 (71,179)

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Alpha-Beta Separation, Portable Alpha, Active Management, Long-Short, Long-Only, Tax Efficiency, After-Tax Performance

15.
Downloads 392 ( 72,684)
Citation 3

Spillover Effects in Mutual Fund Companies

McCombs Research Paper Series No. FIN-03-11
Number of pages: 35 Posted: 18 Jan 2011 Last Revised: 27 Feb 2015
Clemens Sialm and T. Mandy Tham
University of Texas at Austin - McCombs School of Business and affiliation not provided to SSRN
Downloads 375 (75,826)
Citation 3

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Mutual Fund Flows, Financial Conglomerates, Umbrella Branding, Performance Predictability

Spillover Effects in Mutual Fund Companies

NBER Working Paper No. w17292
Number of pages: 49 Posted: 12 Aug 2011
Clemens Sialm and T. Mandy Tham
University of Texas at Austin - McCombs School of Business and affiliation not provided to SSRN
Downloads 17 (545,938)
Citation 3

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Home Bias and Local Contagion: Evidence from Funds of Hedge Funds

AFA 2013 San Diego Meetings Paper
Number of pages: 60 Posted: 17 Mar 2012 Last Revised: 02 Apr 2019
Clemens Sialm, Zheng Sun and Lu Zheng
University of Texas at Austin - McCombs School of Business, University of California, Irvine - Paul Merage School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 360 (79,670)
Citation 2

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Hedge Funds, Funds of Funds, Home Bias, Informational Advantage, Contagion, Comovement

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds

NBER Working Paper No. w19570
Number of pages: 60 Posted: 25 Oct 2013
Clemens Sialm, Zheng Sun and Lu Zheng
University of Texas at Austin - McCombs School of Business, University of California, Irvine - Paul Merage School of Business and University of California, Irvine - Paul Merage School of Business
Downloads 13 (571,629)
Citation 2

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17.

Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

Number of pages: 8 Posted: 02 Feb 2015
Clemens Sialm, Laura T. Starks and Hanjiang Zhang
University of Texas at Austin - McCombs School of Business, University of Texas at Austin - Department of Finance and Washington State University - Carson College of Business
Downloads 289 (102,511)

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Portfolio Choice, Macroeconomic Conditions, Economic Uncertainty

Destabilizing Financial Advice: Evidence from Pension Fund Reallocations

Forthcoming: Review of Financial Studies
Number of pages: 52 Posted: 02 Feb 2015 Last Revised: 10 Jan 2018
Zhi Da, Borja Larrain, Clemens Sialm and José Tessada
University of Notre Dame - Mendoza College of Business, Pontificia Universidad Catolica de Chile, University of Texas at Austin - McCombs School of Business and Business School, Pontificia Universidad Católica
Downloads 258 (115,057)

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Coordinated Noise Trading, Pension Funds, Price Pressure, Financial Advisors, Social Media

Coordinated Noise Trading: Evidence from Pension Fund Reallocations

NBER Working Paper No. w22161
Number of pages: 50 Posted: 11 Apr 2016
Zhi Da, Borja Larrain, Clemens Sialm and José Tessada
University of Notre Dame - Mendoza College of Business, Pontificia Universidad Catolica de Chile, University of Texas at Austin - McCombs School of Business and Business School, Pontificia Universidad Católica
Downloads 7 (610,994)

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19.

Asset Location for Retirement Savers

NBER Working Paper No. w7991
Number of pages: 50 Posted: 03 Nov 2000 Last Revised: 01 Mar 2010
James M. Poterba, Clemens Sialm and John B. Shoven
National Bureau of Economic Research (NBER), University of Texas at Austin - McCombs School of Business and Stanford University - Department of Economics
Downloads 243 (122,856)
Citation 8

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Government Debt and Corporate Leverage: International Evidence

Number of pages: 69 Posted: 21 Nov 2016 Last Revised: 10 Sep 2018
Irem Demirci, Jennifer Huang and Clemens Sialm
Nova School of Business and Economics, Cheung Kong Graduate School of Business and University of Texas at Austin - McCombs School of Business
Downloads 215 (138,235)

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Government Debt, Capital Structure, Crowding Out

Government Debt and Corporate Leverage: International Evidence

NBER Working Paper No. w23310
Number of pages: 55 Posted: 10 Apr 2017
Irem Demirci, Jennifer Huang and Clemens Sialm
Nova School of Business and Economics, Cheung Kong Graduate School of Business and University of Texas at Austin - McCombs School of Business
Downloads 13 (571,629)

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Stochastic Taxation and Asset Pricing in Dynamic General Equilibrium

AFA 2003 Washington, DC Meetings, Journal of Economic Dynamics and Control, Forthcoming
Number of pages: 48 Posted: 23 Apr 2002
Clemens Sialm
University of Texas at Austin - McCombs School of Business
Downloads 204 (145,447)
Citation 9

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Tax Changes, Asset Pricing, Equity Premium, Term Premium

Stochastic Taxation and Asset Pricing in Dynamic General Equilibrium

NBER Working Paper No. w9301
Number of pages: 40 Posted: 07 Nov 2002
Clemens Sialm
University of Texas at Austin - McCombs School of Business
Downloads 22 (514,452)
Citation 9

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22.

Pipe Dreams? The Performance of Companies Issuing Equity Privately

NBER Working Paper No. w11011
Number of pages: 54 Posted: 28 Dec 2004 Last Revised: 20 Sep 2012
David J. Brophy, Clemens Sialm and Paige Ouimet
University of Michigan, Stephen M. Ross School of Business, University of Texas at Austin - McCombs School of Business and University of North Carolina (UNC) at Chapel Hill - Kenan-Flagler Business School
Downloads 135 (208,051)
Citation 4

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23.

Institutional Trading Around M&A Announcements

Number of pages: 53 Posted: 20 Dec 2018 Last Revised: 01 May 2019
Drexel University - Department of Finance, Saint Joseph's University and University of Texas at Austin - McCombs School of Business
Downloads 81 (296,179)

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M&A, Mutual Funds, Hedge Funds, Performance

24.

Asset Location in Tax-Deferred and Conventional Savings Accounts

NBER Working Paper No. w7192
Number of pages: 34 Posted: 27 Apr 2000 Last Revised: 13 Oct 2010
John B. Shoven and Clemens Sialm
Stanford University - Department of Economics and University of Texas at Austin - McCombs School of Business
Downloads 79 (300,510)
Citation 20

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25.

Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations

Kelley School of Business Research Paper No. 19-6
Number of pages: 51 Posted: 26 Dec 2018 Last Revised: 18 Apr 2019
University of Illinois at Urbana-Champaign, Indiana University - Kelley School of Business - Department of Finance, University of Texas at Austin - McCombs School of Business and Federal Reserve Board, Washington D.C.
Downloads 73 (314,671)

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Defined Contribution, Expense Ratio, Performance, Mutual Fund, Flows, Participants, 401(k), Regulation, Disclosure

26.

Tax Externalities of Equity Mutual Funds

NBER Working Paper No. w7669
Number of pages: 47 Posted: 18 May 2000 Last Revised: 12 Mar 2010
John B. Shoven, Clemens Sialm and Joel M. Dickson
Stanford University - Department of Economics, University of Texas at Austin - McCombs School of Business and Stanford University
Downloads 72 (317,048)
Citation 18

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27.

How Global is Your Mutual Fund? International Diversification from Multinationals

Number of pages: 58 Posted: 19 Mar 2019
Nova School of Business and Economics, Nova School of Business and Economics, University of Virginia - Darden School of Business and University of Texas at Austin - McCombs School of Business
Downloads 41 (411,003)

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Home bias, Mutual funds, Performance, International diversification, Multinationals, Cross-border M&A

28.
Downloads 26 (476,435)
Citation 2

Investment Taxes and Equity Returns

NBER Working Paper No. w12146
Number of pages: 54 Posted: 18 May 2006 Last Revised: 10 Sep 2010
Clemens Sialm
University of Texas at Austin - McCombs School of Business
Downloads 26 (490,247)
Citation 2

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Investment Taxes and Equity Returns

EFA 2006 Zurich Meetings, 8th Annual Texas Finance Festival
Posted: 16 Mar 2006 Last Revised: 13 Jul 2008
Clemens Sialm
University of Texas at Austin - McCombs School of Business

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Tax Capitalization, Limits to Arbitrage, Dividend Payments

29.

Institutional Trading Around M&A Announcements

NBER Working Paper No. w25814
Number of pages: 54 Posted: 07 May 2019
Drexel University - Department of Finance, Saint Joseph's University and University of Texas at Austin - McCombs School of Business
Downloads 4 (604,149)
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Industry Concentration and Mutual Fund Performance

Journal of Investment Management, Vol. 5, No. 1, First Quarter 2007
Posted: 28 Mar 2007
Marcin T. Kacperczyk, Clemens Sialm and Lu Zheng
Imperial College London - Accounting, Finance, and Macroeconomics, University of Texas at Austin - McCombs School of Business and University of California, Irvine - Paul Merage School of Business

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Industry concentration, mutual fund performance, active portfolio management