NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Tax-Efficient Asset Management: Evidence from Equity Mutual Funds

Clemens Sialm, Hanjiang Zhang

NBER Working Paper No. 21060
Issued in April 2015

---- Acknowledgments ----

We thank Dan Bergstresser, Jonathan Cohn, Joel Dickson, Steve Dimmock, Rich Evans, Will Gerken, Greg Kadlec, Inmoo Lee, Marlena Lee, Jim Poterba, John Shoven, Laura Starks, Sheridan Titman, Scott Weisbenner, and participants at the 2015 American Finance Association Meetings in Boston, Stanford University, and the University of Texas at Austin for helpful comments. Clemens Sialm thanks the Stanford Institute for Economic Policy Research for financial support during his Sabbatical leave. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Clemens Sialm ----

Clemens Sialm has received compensation for consulting services and for giving presentations from the following institutions: the U.S. Securities and Exchange Commission, Mercer Advisors, Dimensional Fund Advisors, and MyVest.

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