| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21060 |
| 来源ID | Working Paper 21060 |
| Tax-Efficient Asset Management: Evidence from Equity Mutual Funds | |
| Clemens Sialm; Hanjiang Zhang | |
| 发表日期 | 2015-04-06 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Investment taxes have a substantial impact on the performance of taxable mutual fund investors. Mutual funds can reduce the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital gains that trigger higher tax burdens to the funds’ investors. Such tax avoidance strategies constrain the investment opportunities of the mutual funds and might reduce their before-tax performance. Our paper empirically investigates the costs and benefits of tax-efficient asset management based on U.S. equity mutual funds. We find that mutual funds that follow tax-efficient asset management strategies generate superior after-tax returns. Surprisingly, more tax-efficient mutual funds do not underperform other funds before taxes, indicating that the constraints imposed by tax-efficient asset management do not have significant performance consequences. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w21060 |
| 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/578734 |
| 推荐引用方式 GB/T 7714 | Clemens Sialm,Hanjiang Zhang. Tax-Efficient Asset Management: Evidence from Equity Mutual Funds. 2015. |
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