| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7595 |
| 来源ID | Working Paper 7595 |
| Do After-Tax Returns Affect Mutual Fund Inflows? | |
| Daniel Bergstresser; James Poterba | |
| 发表日期 | 2000-03-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper explores the relationship between the after-tax returns that taxable investors earn on equity mutual funds and the subsequent cash inflows to these funds. Previous studies have documented that funds with high pretax returns attract greater inflows. This paper investigates the relative predictive power of pre-tax and after-tax returns for explaining annual fund inflows. The empirical results, based on a large sample of equity mutual funds over the period 1993-1998, suggest that after-tax returns have more explanatory power than pretax returns in explaining inflows. In addition, funds with large overhangs' of unrealized capital gains experience smaller inflows, all else equal, than funds without such unrealized gains. By disaggregating net fund inflows into gross inflows and gross redemptions, the paper also provides some insight on how after-tax returns and prospective capital gain realizations affect investor behavior. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w7595 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565148 |
| 推荐引用方式 GB/T 7714 | Daniel Bergstresser,James Poterba. Do After-Tax Returns Affect Mutual Fund Inflows?. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7595.pdf（437KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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