TY - JOUR T1 - After-Tax Performance Measurement JF - The Journal of Wealth Management SP - 69 LP - 83 DO - 10.3905/jwm.2008.706274 VL - 11 IS - 1 AU - Stephen M. Horan AU - Philip N. Lawton AU - Robert R. Johnson Y1 - 2008/04/30 UR - https://pm-research.com/content/11/1/69.abstract N2 - Measuring portfolio performance on an after-tax basis is a challenging matter. Whether one uses simple or complex models, one implicitly or explicitly makes certain assumptions about a taxable investor's time horizon and capital gains recognition behavior. This article integrates the after-tax performance measurement literature with recent advances in after-tax portfolio valuation. It implements a variation of Stein's [1998] full cost equivalent model using after-tax valuation techniques developed by Horan [2007a, b]. The approach has several advantages. It can be applied relatively easily without sacrificing precision; it accounts for the impact of taxes on portfolio risk; and it can be used to develop a customized after-tax benchmark.TOPICS: Portfolio construction, legal/regulatory/public policy, risk management, performance measurement ER -