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| Author: | Berkin, A.L. Ye, J. |
| Title: | Tax management, loss harvesting, and HIFO accounting |
| Journal: | Financial Analysts' Journal
2003 : VOL. 53:1, p. 91-102 |
| Index terms: | Accounting Loss Monte Carlo technique Return on investment Taxation |
| Language: | eng |
| Abstract: | To manage taxable assets efficiently, investors need to be aware of the impact of taxes on investment returns. The benefits of loss harvesting and highest in, first out (HIFO) accounting are quantified by using Monte Carlo simulations and investigated the robustness of these strategies in various markets and with various cash flows and tax rates. It was concluded that a market with high stock-specific risk, low average return, and high dividend yield provides more opportunities to harvest losses. |
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