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Asset ManagementA Systematic Approach to Factor Investing$
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Andrew Ang

Print publication date: 2014

Print ISBN-13: 9780199959327

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199959327.001.0001

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Tax-Efficient Investing

Tax-Efficient Investing

Chapter:
(p.386) Chapter 12 Tax-Efficient Investing
Source:
Asset Management
Author(s):

Andrew Ang

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199959327.003.0012

Tax-efficient asset management confronts investors with a traditional asset allocation problem—how much of each asset to hold—and also an asset location problem. The traditional asset allocation problem concerns how much you should put into bonds. But taking account of taxes means having to figure out how much of your bonds you put in tax-deferred accounts versus taxable ones. Taxes also affect asset prices, a fact that can be exploited by a savvy tax-exempt investor.

Keywords:   location, tax exemption, tax arbitrage, muni default risk, muni illiquidity, MOB trade, tax-efficient allocation, tax-timing option, trusts, after-tax returns, tax risk premium

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