In this study we propose a decomposition of the total tax benefit (or liability) of a strategy into
what we define as character and deferral components. Our decomposition is mathematically …

Long-only active investment strategies have an inherent flaw: Investors pay capital gains
taxes on market-related gains as well as on the alpha created. By separating alpha and …

Traditional approach in implementation of investment strategy in managing equity mutual
funds is no longer enough to earn outperform return in the volatile market. This research …

Objective: This research is designed to propose empirical evidence on factors affecting stock
selection ability and market timing ability. Theoretical framework: Recent research found that …

This article investigates digital objects in video games as an alternative investment from
2015 to 2020. The authors use the Steam Community Market of the Counter-Strike Global …

For a taxable investor with a highly appreciated equity portfolio, replacing the portfolio
manager is likely to trigger substantial tax liabilities. We focus on transitioning an …

I characterize the wealth management literature that The Journal of Wealth Management
helped define over the last quarter century and then assess its impact. Eight key areas of …

After-tax performance reporting is critical for taxable investors but is unfortunately often
overlooked due, in part, to its complexity and lack of offerings in the space. Instead, most …

—Daniel Kahneman (Lewis [2016]) What portion of the profits from your investments ends
up in your wallet? This is a simple and important question, but getting the answer is …