@article {Horan69, author = {Stephen M. Horan and Philip N. Lawton and Robert R. Johnson}, title = {After-Tax Performance Measurement}, volume = {11}, number = {1}, pages = {69--83}, year = {2008}, doi = {10.3905/jwm.2008.706274}, publisher = {Institutional Investor Journals Umbrella}, abstract = {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{\textquoteright}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{\textquoteright}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}, issn = {1534-7524}, URL = {https://jwm.pm-research.com/content/11/1/69}, eprint = {https://jwm.pm-research.com/content/11/1/69.full.pdf}, journal = {The Journal of Wealth Management} }