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

Clemens Sialm


Department: AIM Investment CenterFinance

Additional Titles: Director, AIM Investment Center
Professor of Economics

Contact Information

GSB 5.163

Biography Clemens Sialm is a Professor of Finance and Economics at the University of Texas at Austin. He holds the Charles E. and Sarah M. Seay Regents Chair in Finance and is the Director of the AIM Investment Center. He is also a Research Associate in the Asset Pricing and Public Economics programs of the National Bureau of Economic Research (NBER).

Sialm received an M.A. in Economics from the University of St.Gallen in Switzerland and a Ph.D. in Economics from Stanford University. The University of St.Gallen recently awarded him an honorary doctorate (Dr. oec. h.c.) for his research in the fields of investments, mutual funds, retirement savings, and taxation.

Sialm's research interests are in the areas of investments, retirement savings, and taxation. His research has been published in the American Economic Review, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Review of Finance, the Journal of Financial and Quantitative Analysis, Management Science, the Journal of Public Economics, and the Financial Analysts Journal among others. Sialm's research has been frequently cited in The Wall Street Journal, The New York Times, and The Economist.

Prior to joining the University of Texas, he taught at Stanford University and at the University of Michigan in Ann Arbor. He currently is the CEO of the Texas McCombs Investment Advisers LLC, an investment company managed by MBA students at the University of Texas at Austin. He also teaches Financial Management, the core MBA finance class in the Dallas-Fort Worth MBA program. Previously, he taught classes on Investments, Derivatives and Risk Management, and International Economics.
Irem Demirci, Miguel Ferreira, Pedro Matos, and Clemens Sialm. How Global is Your Mutual Fund? International Diversification from Multinationals. Review of Financial Studies, forthcoming.
Clemens Sialm, Mathias Kronlund, Veronica K. Pool, and Irina Stefanescu. 2021. Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations. Journal of Financial Economics 141(2), 644-668.
Clemens Sialm, Zheng Sun, and Lu Zheng. 2020. Home Bias and Local Contagion: Evidence form Funds of Hedge Funds. Review of Financial Studies 33(10), 4771-4810.
Clemens Sialm and Hanjiang Zhang. 2020. Tax-Efficient Asset Management: Evidence from Equity Mutual Funds. Journal of Finance 75(2), 735-77.
Joseph Liberman, Clemens Sialm, Nathan Sosner, and Lixin Wang. 2020. The Tax Benefits of Separating Alpha from Beta. Financial Analysts Journal 76(1), 38-61.
Irem Demirci, Jennifer Huang, and Clemens Sialm. 2019. Government Debt and Corporate Leverage: International Evidence. Journal of Financial Economics 133(2), 337-356.
Gene Amromin, Jennifer Huang, Clemens Sialm, and Edward Zhong. 2018. Complex Mortgages. Review of Finance 22(6), 1975-2007.
Zhi Da, Borja Larrain, Clemens Sialm, and Jose Tessada. 2018. Destabilizing Financial Advice: Evidence from Pension Fund Reallocations. Review of Financial Studies 31(1), 3720-3755.
Clemens Sialm and Nathan Sosner. 2018. Taxes, Shorting, and Active Management. Financial Analysts Journal 74(1), 88-107.
Veronika K. Pool, Clemens Sialm, and Irina Stefanescu. 2016. It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans. Journal of Finance 71(4), 1779-1812.
Clemens Sialm and T. Mandy Tham. 2016. Spillover Effects in Mutual Fund Companies. Management Science 62(5), 1472-1486.
Clemens Sialm, Laura T. Starks, and Hanjiang Zhang. 2015. Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes. American Economic Review 105(5), 432-436.
Clemens Sialm, Laura T. Starks, and Hanjiang Zhang. 2015. Defined Contribution Pension Plans: Sticky or Discerning Money? Journal of Finance 70(2), 805-828.
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.
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Academic Leadership and Awards
Professional Awards
Pangano-Zecher Award for Best Paper, Review of Finance2019
Kepos Capital Award, Best Paper on Investments, Western Finance Association2014
Distinguished Service Award, Management Science2013
Faculty Research Leave, McCombs School of Business2013
Mark and Sheila Wolfson Distinguished Visiting Associate Professor, Stanford Institute for Economic Policy Research2013
Research Grant of $25,000, TIAA-CREF Institute and PRC/Boettner Research Project Competition2013
McCombs Research Excellence Award2011
TCW Best Paper Award, China International Conference in Finance2011
Eleanor T. Mosle Fellowship2010
McCombs Research Excellence Grant2010
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
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Teaching Awards
Joe D. Beasley Award for Teaching Excellence, McCombs School of Business2016
Best Core Professor Award, Graduate Business Council, McCombs School of Business2013
Outstanding MBA Core Faculty Award, Graduate Business Council, McCombs School of Business2012
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