Mutual Fund Tax Clienteles

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 f...

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Bibliographic Details
Published in:The Journal of finance (New York) 2012-08, Vol.67 (4), p.1397-1422
Main Authors: SIALM, CLEMENS, STARKS, LAURA
Format: Article
Language:English
Subjects:
Asset management
Capital gains
Capital management
Direct taxes
Dividends
Financial investments
Fund management
Income taxes
Investment policy
Investment strategies
Investment trusts
Investors
Mutual funds
Portfolio performance
Studies
Tax burden
Taxation
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Summary: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.
ISSN:0022-1082
1540-6261
DOI:10.1111/j.1540-6261.2012.01751.x