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来源类型Working Paper
规范类型报告
DOI10.3386/w15327
来源IDWorking 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
URLhttps://www.nber.org/papers/w15327
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/573002
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GB/T 7714
Clemens Sialm,Laura Starks. Mutual Fund Tax Clienteles. 2009.
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