While there is a tax cost to recognizing the capital gain, doing so resets the holding period
and buys the option to recognize future capital losses. By thinking ahead and paying a long-…

In this article, the authors focus on the after-tax performance of several smart-beta strategies.
These strategies have higher turnover than the capitalization-weighted index, which leads …

In this article, the authors formally define a measure of cross-sectional volatility, demonstrate
potential uses for a set of indices that track this metric, and establish a strong, positive …

Typically smaller and less developed than their better-known emerging market (EM)
counterparts, frontier market (FM) countries offer attractive long-term growth and diversification …

The authors explore the tax-management strategy of realizing long-term capital gains in a
portfolio of equities and quantify how much it can add to after-tax performance. This approach …

Some DC plan sponsors express the view that passive investing is safer than active because
it lowers their fiduciary risk. Common arguments for this view invoke the typically lower fees …

Since 2002, the Securities and Exchange Commission has required mutual funds to present
both before and after-tax returns. Table 3A shows pretax and after-tax annualized returns for …