Review of Accounting Studies, 7, 343–347, 2002 C 2002 Kluwer Academic Publishers. Manufactured in The Netherlands. Discussion of “An Empirical Examination of Tax Factors and Mutual Funds’ Stock Sales Decisions” IRA S. WEISS Columbia Business School, New York, NY Huddart and Narayanan use quarterly data on the portfolio composition of mutual funds to investigate whether mutual fund managers engage in tax planning. More speciﬁcally, they ask whether capital gains taxes affect the probability that fund managers will sell individual securities. In recent years, individuals have increasingly chosen to invest in mutual funds instead of individual stocks. Consequently, mutual funds control an ever-greater portion of the total money invested in the markets. Since mutual funds are pass-through entities for tax purposes, this shift from individual investing to professional managers has also transferred the opportunity and responsibility for tax planning to institutional managers. The question of whether fund managers tax plan is important because the beneﬁts of efﬁcient tax planning are sizable as compared to other activities undertaken by fund managers, such as attempts to time the market. When you talk to mutual fund managers about tax planning, and I have spoken to at least a dozen about this, the majority
Review of Accounting Studies – Springer Journals
Published: Oct 21, 2004
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