TY  - JOUR
AU  - Shoven,John B.
AU  - Sialm,Clemens
TI  - Asset Location in Tax-Deferred and Conventional Savings Accounts
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 7192
PY  - 1999
Y2  - June 1999
UR  - http://www.nber.org/papers/w7192
L1  - http://www.nber.org/papers/w7192.pdf
N1  - Author contact info:
John B. Shoven
Department of Economics
579 Serra Mall at Galvez Street
Stanford, CA 94305-6015
Tel: 650/723-3273
Fax: 650/723-8611
E-Mail: shoven@stanford.edu

Clemens Sialm
University of Texas at Austin
McCombs School of Business
1 University Station; B6600
Austin, TX 78712
Tel: 512-232-6835
E-Mail: clemens.sialm@mccombs.utexas.edu
AB  - The optimal allocation of assets among different asset classes (such as stocks and bonds) has received considerable attention in financial theory and practice. On the other hand, investors have not been given much guidance about which assets should be located in tax-deferred retirement accounts and which in conventional savings accounts. This paper derives optimal asset allocations (which assets to hold) and asset locations (where to hold them) for a risk-averse investor saving for retirement. Locating assets optimally can significantly improve the risk-adjusted performance of retirement savings.
ER  -