Universität zu Köln

Cici, Gjergji, Kempf, Alexander and Sorhage, Christoph (2017). Do Financial Advisors Provide Tangible Benefits for Investors? Evidence from Tax-Motivated Mutual Fund Flows. Rev. Financ., 21 (2). S. 637 - 666. OXFORD: OXFORD UNIV PRESS. ISSN 1573-692X

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Abstract

Rationality would suggest that advice-seeking investors receive benefits from costly financial advice. However, evidence documenting these benefits for US investors has so far been lacking. This article is the first to document that US mutual fund investors indeed receive one of the many previously hypothesized benefits associated with financial advice. The documented benefit comes from valuable tax-management advice that helps investors avoid taxable fund distributions and becomes even more valuable when investors face distributions that can cause large and hard-to-predict tax liabilities. Additional evidence suggests that financial advice helps with other aspects of tax management such as tax-loss selling.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Cici, Gjergji UNSPECIFIED UNSPECIFIED UNSPECIFIED Kempf, Alexander UNSPECIFIED UNSPECIFIED UNSPECIFIED Sorhage, Christoph UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-237129
DOI:	10.1093/rof/rfw014
Journal or Publication Title:	Rev. Financ.
Volume:	21
Number:	2
Page Range:	S. 637 - 666
Date:	2017
Publisher:	OXFORD UNIV PRESS
Place of Publication:	OXFORD
ISSN:	1573-692X
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language PERFORMANCE; INDUSTRY; DEMAND; ADVICE Multiple languages Business, Finance; Economics Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/23712