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Open-end mutual funds and capital-gains taxes

Опубликовано на портале: 02-10-2003
Journal of Financial Economics. 1998.  Vol. 49. No. 1. P. 3-43. 
Тематический раздел:
Despite the fact that taxable investors would prefer to defer the realization of capital gains indefinitely, most open-end mutual funds regularly realize and distribute a large portion of their gains. We present a model in which unrealized gains in the fund's portfolio increase expected future taxable distributions, and thus increase the present value of a new investor's tax liability. In equilibrium, managers interested in attracting new investors pass through taxable capital gains to reduce the overhang of unrealized gains. This model contains a number of empirical predictions that are consistent with data on actual fund overhangs.

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текст статьи в формате PDF доступен на персональной страничке Майкла Барклая
J. Barclay):
http://www.simon.rochester.edu/fac/barclay/research1.htm
http://www.simon.rochester.edu/fac/barclay/PublishedPapers/jfe1998.pdf
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