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| Tekijä: | Garlappi, L. Huang, J. |
| Otsikko: | Are stocks desirable in tax-deferred accounts |
| Lehti: | Journal of Public Economics
2006 : DEC, VOL. 90:12, p. 2257-2283 |
| Asiasana: | borrowing portfolio selection short selling stocks taxation |
| Kieli: | eng |
| Tiivistelmä: | In order to maximize the tax benefit of retirement accounts, investors should follow a pecking order location rule of placing highly taxed assets in a tax-deferred account and lightly taxed assets in a taxable account. Despite large number of investors violate this rule. This study shows that such violations can be optimal for risk-averse investors who face portfolio constraints. This study predicts that violations are more likely when future tax benefits are more volatile, which can occur, for example when investors anticipate large future liquidity needs. |
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