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    <title>EconStor Collection: CFR Working Papers, Centre for Financial Research (CFR), Universität Köln</title>
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  <item rdf:about="http://hdl.handle.net/10419/70484">
    <title>Are financial advisors useful? Evidence from tax-motivated mutual fund flows</title>
    <link>http://hdl.handle.net/10419/70484</link>
    <description>Title: Are financial advisors useful? Evidence from tax-motivated mutual fund flows
&lt;br/&gt;
&lt;br/&gt;Authors: Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph
&lt;br/&gt;
&lt;br/&gt;Abstract: This study shows that financial advisors provide useful tax advice to their clients, being the first to provide evidence of tangible benefits delivered by financial advisors in the U.S. We find that investors who purchase mutual fund shares through financial advisors exhibit a stronger tendency of avoiding taxable distributions than investors who buy shares directly. This differential is more pronounced for distributions that have large tax implications and are hard-to-predict. Furthermore, the differential gets stronger in December but only when investors face large capital losses, consistent with financial advisors helping the former investors engage in tax-loss selling.</description>
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  <item rdf:about="http://hdl.handle.net/10419/70483">
    <title>On the use of options by mutual funds: Do they know what they are doing?</title>
    <link>http://hdl.handle.net/10419/70483</link>
    <description>Title: On the use of options by mutual funds: Do they know what they are doing?
&lt;br/&gt;
&lt;br/&gt;Authors: Cici, Gjergji; Palacios, Luis-Felipe
&lt;br/&gt;
&lt;br/&gt;Abstract: Using detailed options holdings, we examine how mutual funds' use of options affects performance and risk. Using options generates, on average, no performance advantages. In fact, funds that follow certain distinct strategies underperformed. The only salutary impact is lower portfolio risk for a subset of funds that buy puts for insurance. Perhaps wanting to limit additional losses, these funds also respond to poor performance in the first part of the year by reducing portfolio risk. Our findings suggest no permanent or temporary aggressive risk taking by options users, suggesting instead that some funds use options primarily for risk management.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/70484">
    <title>Are financial advisors useful? Evidence from tax-motivated mutual fund flows</title>
    <link>http://hdl.handle.net/10419/70484</link>
    <description>Title: Are financial advisors useful? Evidence from tax-motivated mutual fund flows
&lt;br/&gt;
&lt;br/&gt;Authors: Cici, Gjergji; Kempf, Alexander; Sorhage, Christoph
&lt;br/&gt;
&lt;br/&gt;Abstract: This study shows that financial advisors provide useful tax advice to their clients, being the first to provide evidence of tangible benefits delivered by financial advisors in the U.S. We find that investors who purchase mutual fund shares through financial advisors exhibit a stronger tendency of avoiding taxable distributions than investors who buy shares directly. This differential is more pronounced for distributions that have large tax implications and are hard-to-predict. Furthermore, the differential gets stronger in December but only when investors face large capital losses, consistent with financial advisors helping the former investors engage in tax-loss selling.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/70483">
    <title>On the use of options by mutual funds: Do they know what they are doing?</title>
    <link>http://hdl.handle.net/10419/70483</link>
    <description>Title: On the use of options by mutual funds: Do they know what they are doing?
&lt;br/&gt;
&lt;br/&gt;Authors: Cici, Gjergji; Palacios, Luis-Felipe
&lt;br/&gt;
&lt;br/&gt;Abstract: Using detailed options holdings, we examine how mutual funds' use of options affects performance and risk. Using options generates, on average, no performance advantages. In fact, funds that follow certain distinct strategies underperformed. The only salutary impact is lower portfolio risk for a subset of funds that buy puts for insurance. Perhaps wanting to limit additional losses, these funds also respond to poor performance in the first part of the year by reducing portfolio risk. Our findings suggest no permanent or temporary aggressive risk taking by options users, suggesting instead that some funds use options primarily for risk management.</description>
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