Tax‐Efficient Asset Management: Evidence from Equity Mutual Funds
从理论和实证角度研究税收负担与共同基金业绩的关系，发现节税型基金在税后和税前表现均更优，原因在于交易成本低、风格暴露有利和选股能力强。
ABSTRACT We investigate the relation between tax burdens and mutual fund performance from both a theoretical and an empirical perspective. The theoretical model introduces heterogeneous tax clienteles in an environment with decreasing returns to scale and shows that the equilibrium performance of mutual funds depends on the size of the tax clienteles. Our empirical results show that the performance of U.S. equity mutual funds is related to their tax burdens. We find that tax‐efficient funds exhibit not only superior after‐tax performance, but also superior before‐tax performance due to lower trading costs, favorable style exposures, and better selectivity.