Address 

Department of Finance
McCombs School of Business
University of Texas at Austin

1 University Station; B6600

Austin, TX 78712

Phone

(512) 232-6835

Email 

clemens.sialm@mccombs.utexas.edu

Research Interests 

Investments, Taxation, Mutual Funds, Asset Pricing

Curriculum Vitae 

PDF-File 

Working Papers and Work in Progress

"Tax Changes and Asset Pricing," Revise and Resubmit (3rd round): American Economic Review, October 2007.        

"Risk Shifting and Mutual Fund Performance" (with Jennifer Huang and Hanjiang Zhang), May 2008.

"Mutual Fund Tax Clienteles" (with Laura Starks), May 2008.        

"Innovation and Imitation in Mutual Funds" (with Jonathan Cohn).        

"Price Manipulation of Equity Mutual Funds" (with Mandy Tham and Lu Zheng).        

"Taxation and Asset Pricing: International Evidence."        

Main Publications

"Unobserved Actions of Equity Mutual Funds" (with Marcin Kacperczyk and Lu Zheng), Forthcoming: Review of Financial Studies.

"Hedge Funds as Investors of Last Resort?" (with David J. Brophy and Paige P. Ouimet), Forthcoming: Review of Financial Studies.

"Portfolio Concentration and the Performance of Individual Investors" (with Zoran Ivković and Scott Weisbenner), Forthcoming: Journal of Financial and Quantitative Analysis.

"The Tradeoff Between Mortgage Prepayments and Tax-Deferred Savings" (with Gene Amromin and Jennifer Huang), Journal of Public Economics 91, 2007, p. 2014-2040.

"Stochastic Taxation and Asset Pricing in Dynamic General Equilibrium," Journal of Economic Dynamics and Control (30), 2006, p. 511-540. 

"On the Industry Concentration of Actively Managed Equity Mutual Funds" (with Marcin Kacperczyk and Lu Zheng), Journal of Finance, 60 (4), 2005, p. 1983-2012.

"Asset Location in Tax-Deferred and Conventional Savings Accounts" (with John B. Shoven),  Journal of Public Economics 88 (2004) 23-38.

"Tax Externalities of Equity Mutual Funds" (with Joel M. Dickson and John B. Shoven), National Tax Journal 53 (3,2) (2000), p. 607-628.

Other Publications and Book Chapters

"Industry Concentration and Mutual Fund Performance" (with Marcin Kacperczyk and Lu Zheng), Journal of Investment Management 5 (1), 2007, p. 50-64.

"Asset Location for Retirement Savers," (with James M. Poterba and John B. Shoven), In William G. Gale et al. "Private Pensions and Public Policies," The Brookings Institution, 2004, p. 290-331.

"Long Run Asset Allocation for Retirement Savings" (with John B. Shoven), The Journal of Private Portfolio Management 1 (2), 1998, p. 13-26.

"The Dow Jones Industrial Average: The Impact of Fixing Its Flaws" (with John B. Shoven), The Journal of Wealth Management, 3 (3), 2000, p. 9-18.

Fall 2007

"Financial Management.” MBA Core Course, McCombs School of Business, University of Texas.

Winter 2002 -   Fall 2006

"Futures and Options in Corporate Decision Making.” MBA Course, University of Michigan Business School.

Winter 2003- Winter 2004

"Capital Markets and Portfolio Analysis.” BBA Course, University of Michigan Business School.

Spring 2000

"Issues in International Economics" (with Nigel Key), Graduate Course, International Policy Studies, Stanford University.

Fall 1998

"Financial Economics", Undergraduate Course, Department of Economics, Stanford University.

Summer 1998

"International Economics", Undergraduate Course, Department of Economics, Stanford University.

Selected Coverage in the Financial Press

Sahadi, Jeanne:  “Wall Street Braces for Higher Tax Rates” CNN Money, November 8, 2007.

Lange, Kai:  “Das Versteckspiel der Geldprofis” Spiegel, November 9, 2007 (in German).

Slatalla, Michelle:  “What's My House Worth? And Now?” New York Times, August 2, 2007.

Clements, Jonathan:  “Why a Mortgage May Be Your Best (and Worst) Move” Wall Street Journal, May 23, 2007.

Wasik, John:  “Now May Not Be the Time to Pay Down the Mortgage” Bloomberg.com, May 21, 2007.

Hamilton, Martha:  “Homeowners' Get-Out-of-Debt Instinct” Washington Post, May 13, 2007.

Rowley, Laura:  “The Cost of Peace of Mind” Yahoo Finance, April 26, 2007.

Belsie, Laurent:  “To Prepay or Not: Usually Not” The NBER Digest, April, 2007.

Pulliam, Liz:  “Don't Rush to Pay Off That Mortgage” MSN Money, March 23, 2007.

Kennedy Melia, Marilyn:  “To Prepay or Not: Usually Not” Chicago Tribune, February 11, 2007.

Alpert, Bill: “Why Hedge Funds Love PIPEs” Barrons, February 5, 2007.

Sialm, Clemens: “Should Individual Investors Buy Mutual Funds?” Swiss Business Guide, January 10, 2007.

Mincer, Jilian: “Where to Put Your Extra Cash: Paying Mortgage Early? Study Sees Benefit in 401(k) Focus Instead” Wall Street Journal, December 23, 2006.

Barmettler, Stefan: “MBA-Serie: In Disentis Abgehoben” Bilanz, September 29, 2006 (in German).

Maiello, Michael:  “Hold The Champagne” Forbes, September 27, 2006.

Karp, Gregory: “Spending Smart: Mortgage Strategy Gets a Different Look” Chicago Tribune, September 24, 2006.

Fleck, Thomas: “Zu viel Diversifizierung beeinträchtigt die Performance” Finanz und Wirtschaft, September 13, 2006 (in German).

Brown, Jeff: “On Personal Finance: Prepay Mortgage or Beef Up 401(k)?” Philadelphia Inquirer, September 7, 2006.

Swedroe, Larry: “Pay or Save?” Saint Louis Post, June 25, 2006.

Mahar, Jim: “Responsible Fools?” FinanceProfessor.com, April 17, 2006.

Dale, Arden: “A New Way to Gauge Mutual Funds: Study Measures Performance Against Past Holdings To Calculate 'Return Gap'.” Wall Street Journal, March 22, 2006.

Braham, Lewis: “Is Your Manager Earnings His Keep? One Way to Tell is to Use the Fund's Old Portfolio as a Benchmark.” Business Week, March 20, 2006.

“Stockmarket Indices: The Dow Puffs On,” The Economist, January 14, 2006.

Hulbert, Mark: “Strategies: A Fund vs. Its Former Self,” The New York Times, January 8, 2006.

Reynolds, Alan: “Dividend Tax Delusions,” Washington Times, December 25, 2005.

Farrell, Christopher: “Tax-Smart Stashes for Your Assets,” Business Week, June 27, 2005.

Mahar, Jim: “SSRN-Portfolio Concentration and the Performance of Individual Investors by Zoran Ivkovich, Clemens Sialm, Scott Weisbenner.” FinanceProfessor.com, April 5, 2005.

Coleman, Murray: “Don’t Count Growth Down And Out.” Investors’ Business Daily, February 10, 2005.

Swibel, Matthew: “Russian Roulette Investing.” Forbes (Investment Guide Stocks and Bonds), December 13, 2004.

Kim, Jane J: “For Portfolios, Simple May Be Best. Research Finds Investors Fare Better by Purchasing A Few Stocks They Know.” The Wall Street Journal, December 9, 2004, p. D2.

Swarts, Will: “Stock-Picking Takes Concentration.” TheStreet.com, April 26, 2004.

Brewster, Deborah: “Study Debunks Diversity Dogma: Portfolio Concentration.” Financial Times, April 19, 2004, p.24.

Hulbert, Mark: “Diversify! Diversify! Well, Not So Fast.” New York Times, April 11, 2004.

French, Kristen: “Skilled Fund Managers Don’t Diversify Says Study.” Financial Planning Magazine, November 26, 2003.

Coleman, Murray: “Focused Funds Go Further.” Investors’ Business Daily, November 25, 2003.

Shipman, John and Robert Tomsho: “Money Still Pours into Stock Funds.” The Wall Street Journal, November 25, 2003, p. D7.

Varian, Hal R.: “Economic Scene: What would be the long-term impact of tax-free dividends on markets?” New York Times, January 16, 2003.

Tergesen, Anne: “What Doesn’t Belong in Your 401(k). Make sure to reserve the limited space there for assets subject to the most tax.” Business Week, July 30, 2001, p. 84-85.

Hulbert, Mark: “Strategies; In Asset Allocation, Think Location, Location, Location.” New York Times, December 17, 2000.

Loeb, Marshall: “Trio of Flaws Prevents Dow 250,000. Stanford Economists Cite Lack of Dividends as Misleading.” CBS Market Watch, March 31, 2000.