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Journal Article

Should Taxable Investors Shun Dividends?

June 13, 2019 - Joseph Liberman Nathan Sosner Lixin Wang

We evaluate the tax benefit of dividend avoidance for quantitative multi-style strategies and find that dividend avoidance generally reduces implementation efficiency, thus lowering expected pre-tax returns.

Journal Article

The Tax Benefits of Separating Alpha from Beta

May 14, 2018 - Joseph Liberman Clemens Sialm Nathan Sosner Lixin Wang

We show how separating a portfolio into an active long-short portfolio and a passive index portfolio can have significant tax benefits.