This paper reconsiders the literature on tax options by examining the ability to defer net capital gains realizations within an equity portfolio whose constituents change over time. Unlike previous st
Portfolio performance measures using holdings data are panel regressions. The returns of a funds stocks are regressed on its lagged portfolio weights. Stock fixed effects isolate average performance f
This paper evaluates the ability of U.S. investors to allocate their foreign equity portfolios across 44 countries over a 25-year period. We find that U.S. portfolios achieved a significantly higher S