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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w15327 |
来源ID | Working Paper 15327 |
Mutual Fund Tax Clienteles | |
Clemens Sialm; Laura Starks | |
发表日期 | 2009-09-04 |
出版年 | 2009 |
语种 | 英语 |
摘要 | Mutual funds are pooled investment vehicles with diverse tax clienteles. Whereas many mutual funds are held primarily by taxable investors, a significant fraction of mutual fund assets are held in tax-qualified retirement accounts. Our paper investigates whether the characteristics, investment strategies, and performance of mutual funds held by diverse tax clienteles differ. Examining both mutual fund income distributions and mutual fund holdings, we find that funds held primarily by taxable investors tend to be more tax-efficient than funds held primarily in tax-deferred retirement accounts. Despite these differences, we find no evidence that any investment constraints that may arise from the funds that pursue tax efficient management strategies result in performance differences between funds held by different tax clienteles. |
主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Corporate Finance ; Public Economics ; Taxation |
URL | https://www.nber.org/papers/w15327 |
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/573002 |
推荐引用方式 GB/T 7714 | Clemens Sialm,Laura Starks. Mutual Fund Tax Clienteles. 2009. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w15327.pdf(238KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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