This paper explores the relationship between the after-tax returns that taxable investors earn
on equity mutual funds and the subsequent cash inflows to these funds. Previous studies …

Private wealth management is the investment management specialization focused on high-
net-worth individuals and families. Portfolio design and investment solutions in private …

We value a firm that pays its cash flows to equity through share repurchases in a dynamic
environment where personal taxes are paid on capital gains upon realization. The cost of …

Tax rules are a potentially important determinant of household portfolio structure. While
media reports typically focus on pretax returns, investors actually receive the after-tax returns …

In the tax-loss harvesting literature, a typical investor is assumed to have an unlimited supply
of offsetting capital gains and can earn annualized tax alpha on the order of 100 bps. Using …

We examine the consequences of short selling in the context of quantitative investment
strategies held by individual investors in taxable accounts. Short positions not only allow …

Direct-indexing strategies realize tax benefits by harvesting losses on individual stock
positions. Some investors might benefit from this powerful tool for growing after-tax wealth …

A practical guide to adapting financial advice and investing to a post crisis world There's no
room for" business as usual" in today's investment management environment. Following the …

The authors examine the tax-aware investment practices of investment managers managing
taxable accounts. Their sample of mostly well-experienced CFA charter holders exhibits a …

While the benefits of capital gains management to the tax efficiency of investment strategies
have been extensively documented in the literature, evidence on the benefits of avoiding …