Mutual Fund Tax Clienteles
Mutual funds are pooled investment vehicles with potentially 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 and the investment strategies 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 taxefficient 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 return performance differences between funds held by different tax clienteles.
Clemens Sialm Laura Starks
Department of Finance University of Texas Austin, TX 78712
国际会议
广州
英文
1-49
2009-07-07（万方平台首次上网日期，不代表论文的发表时间）