Mutual Fund Tax Clienteles

• 成果类型: Article
• 署名作者: Sialm, Clemens; Starks, Laura
• 署名单位: University of Texas System; University of Texas Austin; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2012.01751.x
• 发表日期: 2012
• 页码: 1397-1422
• 关键词: performance; price; strategies; investors; returns; options; CHOICE; POLICY

摘要

Mutual funds are held by investors in taxable and tax-qualified retirement accounts. We investigate whether the characteristics, investment strategies, and performance of mutual funds held by these diverse tax clienteles differ. Examining both mutual fund distributions and mutual fund holdings, we find that funds held primarily by taxable investors choose investment strategies that result in lower tax burdens than funds held primarily in tax-qualified accounts. Despite these differences, we find no evidence that any investment constraints that may arise from these tax-efficient investment strategies result in performance differences between funds held by different tax clienteles.