Optimal Asset Location And Allocation With Taxable And Tax - Deferred Investing  

Oleh:

Dammon, Robert M. ; Spatt, Chester S. ; Zhang, Harold H.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 3 (Jun. 2004), page 999-1038.
Topik: asset allocation; asset allocation; deferred income taxes; tax planning; investment policy; studies; mathematical models
Fulltext: p 999.pdf (1.18MB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We investigate optimal intertemporal asset allocation and location decisions for investors making taxable and tax - deferred investments. We show a strong preference for holding taxable bonds in the tax - deferred account and equity in the taxable account, reflecting the higher tax burden on taxable bonds relative to equity. For most investors, the optimal asset location policy is robust to the introduction of tax - exempt bonds and liquidity shocks. Numerical results illustrate optimal portfolio decisions as a function of age and tax - deferred wealth. Interestingly, the proportion of total wealth allocated to equity is inversely related to the fraction of total wealth in tax - deferred accounts.

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