Do Financial Advisors Provide Tangible Benefits for Investors? Evidence from Tax-Motivated Mutual Fund Flows
Do Financial Advisors Provide Tangible Benefits for Investors? Evidence from Tax-Motivated Mutual Fund Flows
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财务顾问能为投资者提供切实的好处吗？
DOI：
10.2139/ssrn.2177401
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
Christoph Sorhage
中科院分区：
文献类型：
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作者：
G. Cici;A. Kempf;Christoph Sorhage
合理性表明，寻求建议的投资者从昂贵的财务建议中获益。然而，到目前为止，还缺乏证据证明美国投资者的这些好处。本文首次证明美国共同基金投资者确实获得了之前假设的与财务建议相关的众多好处之一。记录的好处来自有价值的税收管理建议，帮助投资者避免应税基金分配，当投资者面临可能导致大量和难以预测的税收责任的分配时，这些建议变得更加有价值。其他证据表明，财务咨询有助于税务管理的其他方面，如税损销售。
Rationality would suggest that advice-seeking investors receive benefits from costly financial advice. However, evidence documenting these benefits for U.S. investors has so far been lacking. This paper is the first to document that U.S. 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.