Clemens Sialm

Clemens Sialm

Associate Professor of Finance

Eleanor T. Mosle Fellow, McCombs School of Business

Research Associate, National Bureau of Economic Research (AP, PE)

Associate Editor, Management Science and Review of Financial Studies

Personal Information

Address	Department of Finance McCombs School of Business University of Texas at Austin 2110 Speedway; B6600 Austin, TX 78712-1276
Phone	(512) 232-6835
Office	GSB 5.163
Email	clemens.sialm@mccombs.utexas.edu
Research Interests	Investments, Taxation, Mutual Funds, Asset Pricing
Curriculum Vitae	CV

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Research

Refereed Publications

"Mutual Fund Tax Clienteles" (with Laura Starks), Journal of Finance 67 (4), 2012, 1397-1422.

"Risk Shifting and Mutual Fund Performance" (with Jennifer Huang and Hanjiang Zhang), Review of Financial Studies 24 (8), 2011, 2575-2616.

"Tax Changes and Asset Pricing," American Economic Review 99 (4), 2009, 1356-1383.

"Hedge Funds as Investors of Last Resort?" (with David J. Brophy and Paige P. Ouimet), Review of Financial Studies 22 (2), 2009, 541-574.

"Unobserved Actions of Mutual Funds" (with Marcin Kacperczyk and Lu Zheng), Review of Financial Studies 21 (6), 2008, 2379-2416. (Lead article)

"Portfolio Concentration and the Performance of Individual Investors" (with Zoran Ivković and Scott Weisbenner), Journal of Financial and Quantitative Analysis 43 (3), 2008, 613-656.

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

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

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

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

"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, 290-331.

"Asset Location in Tax-Deferred and Conventional Savings Accounts" (with John B. Shoven), Journal of Public Economics 88, 2003, 23-38.

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

"Long Run Asset Allocation for Retirement Savings" (with John B. Shoven), The Journal of Private Portfolio Management 1 (2), 1998, 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, 9-18.

Working Papers and Work in Progress

"Complex Mortgages" (with Gene Amromin, Jennifer Huang, and Edward Zhong), May 2012 (Slides).

"Spillover Effects in Mutual Fund Companies" (with Mandy Tham), January 2013 (Slides).

"Defined Contribution Pension Plans: Sticky or Discerning Money?" (with Laura Starks and Hanjiang Zhang), June 2012.

"It Pays to Set the Menu: 401(k) Investment Options in Mutual Funds" (with Veronika Pool and Irina Stefanescu), January 2013.

"Home Bias and Local Contagion: Evidence from Funds of Hedge Funds" (with Zheng Sun and Lu Zheng), December 2012.

"Government Debt and Capital Structure Decisions: International Evidence" (with Irem Demirci and Jennifer Huang), December 2012.

"Tax-Efficient Asset Management: Evidence from Equity Mutual Funds" (with Hanjiang Zhang).

"Mortgage Complexity and House Price Dynamics" (with Gene Amromin, Jennifer Huang, and Edward Zhong).

“Labor Market Conditions and Productivity: Evidence from Mutual Fund Managers,” (with Mandy Tham).

“Securities Lending by Mutual Funds,” (with Jennifer Huang, Jiekun Huang, and Xie Jing).

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Teaching

Spring 2011-Spring 2013	"Financial Management.” MBA Dallas Weekend Core Course, McCombs School of Business, University of Texas.
Fall 2007 - Fall 2012	"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.

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Media Coverage

Selected Media Coverage

Lahart, Justin: “Heard on the Street: Keeping Up With the Dow Joneses” Wall Street Journal, March 5, 2013.

“Why Bad Funds Stay in Your 401(k)” Market Watch Dow Jones & Company, February 13, 2013.

Akst, Daniel: “Week in Ideas: Daniel Akst” Wall Street Journal, February 9, 2013.

Hulbert, Mark: “A Quarter When Mutual Fund Rankings Didn't Matter” New York Times, January 25, 2009.

Mincer, Jillian: “Prepaying Mortgage May Not Trump Investing” Wall Street Journal, January 9, 2009.

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

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

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

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.

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

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.

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.

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.

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