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Clemens Sialm is an Associate Professor of Finance at the McCombs School of Business at the University of Texas Austin. He is also a Faculty Research Fellow at the National Bureau of Economic Research (Asset Pricing and Public Economics). He received an M.A. from the University of St.Gallen (Switzerland) and a Ph.D. in Economics from Stanford University. Sialm's research interests are in the areas of investments and taxation. He analyzes the investment strategies and the behavior of institutional investors. Furthermore, he investigates the impact of the tax system on asset prices and optimal portfolio decisions. His research projects have been published in the American Economic Review, the Journal of Finance, the Review of Financial Studies, the Journal of Public Economics, and the Journal of Financial and Quantitative Analysis, among others. He is on the editorial boards of Management Science and the Review of Financial Studies.


Clemens Sialm and Laura T. Starks. 2012. Mutual Fund Tax Clienteles. Journal of Finance 67(4), 1397-1422.
Jennifer Huang, Clemens Sialm, and Zhang, Hanjiang. 2011. Risk Shifting and Mutual Fund Performance. Review of Financial Studies 24(8), 2575-2616.
David Brophy, Paige Ouimet, and Clemens Sialm. 2009. Hedge Funds as Investors of Last Resort? Review of Financial Studies 22, 541-574.
Clemens Sialm. 2009. Tax Changes and Asset Pricing. American Economic Review 99, 1356-1383.
Zoran Ivkovich, Clemens Sialm, and Scott Weisbenner. 2008. Portfolio Concentration and the Performance of Individual Investors. Journal of Financial and Quantitative Analysis 43(3), 613-655.
Marcin Kacperczyk, Clemens Sialm, and Lu Zheng. 2008. Unobserved Actions of Mutual Funds. Review of Financial Studies 21, 2379-2416.
Gene Amromin, Jennifer Huang, and Clemens Sialm. 2007. The Tradeoff between Mortgage Prepayments and Tax-Deferred Retirement Savings. Journal of Public Economics 91, 2014-2040.
Clemens Sialm. 2006. Stochastic Taxation and Asset Pricing in Dynamic General Equilibrium. Journal of Economic Dynamics and Control 30, 511-540.
Marcin Kacperczyk, Clemens Sialm, and Lu Zheng. 2005. On the Industry Concentration of Actively Managed Equity Mutual Funds. Journal of Finance 60(4), 1983-2011.
John Shoven and Clemens Sialm. 2003. Asset Location in Tax-Deferred and Conventional Savings Accounts. Journal of Public Economics 88, 607-628.
Joel Dickson, John Shoven, and Clemens Sialm. 2000. Tax Externalities of Equity Mutual Funds. National Tax Journal 53 (3/2), 607-628.

Professional Awards

McCombs Research Excellence Grant2010
Eleanor T. Mosle Fellowship2010
Faculty Research Fellow, Asset Pricing, National Bureau of Economic Research2009
NTT Fellowship from the Mitsui Center at the University of Michigan2006
BSI – Gamma Foundation Research Award2005
Institute for Quantitative Investment Research Europe Research Award2004
Chicago Quantitative Alliance Research Award2004
Faculty Research Fellow, Public Economics, National Bureau of Economic Research2002
The Kapnick Foundation Dissertation Fellowship, Stanford Institute for Economic Policy Research, Stanford University2000