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.