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CFR Working Papers, Centre for Financial Research (CFR), Universität Köln >
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http://hdl.handle.net/10419/66660
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| Title: | | Are financial advisors useful? Evidence from tax-motivated mutual fund flows |
| Authors: | | Cici, Gjergji Kempf, Alexander Sorhage, Christoph |
| Issue Date: | | 2012 |
| Series/Report no.: | | CFR Working Paper 12-09 |
| 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. |
| Subjects: | | mutual funds taxable fund distributions financial advisors after-tax returns |
| JEL: | | G11 G24 H24 |
| Is replaced by the following version: | | http://hdl.handle.net/10419/70484 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CFR Working Papers, Centre for Financial Research (CFR), Universität Köln
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| The document was removed on behalf of the author(s)/ the editor(s) on: March 7, 2013 |
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