Clemens Sialm


Professor of Finance, University of Texas at Austin


Eleanor T. Mosle Fellow, University of Texas at Austin


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




Personal Information

Curriculum Vitae



Media Coverage


Personal Information



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

2110 Speedway; B6600

Austin, TX 78712-1276




(512) 232-6835




Research Interests 

Investments, Taxation, Mutual Funds, Asset Pricing


Curriculum Vitae 




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"It Pays to Set the Menu: 401(k) Investment Options in Mutual Funds" (with Veronika Pool and Irina Stefanescu), June 2015, Forthcoming: Journal of Finance. (Slides).

"Spillover Effects in Mutual Fund Companies" (with Mandy Tham), February 2015, Forthcoming: Management Science.

"Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes" (with Laura Starks and Hanjiang Zhang), American Economic Review Papers & Proceedings 105 (5), 2015, 805-838.

"Defined Contribution Pension Plans: Sticky or Discerning Money?" (with Laura Starks and Hanjiang Zhang), Journal of Finance 70 (2), 2015, 805-838. (Slides).

"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

"Home Bias and Local Contagion: Evidence from Funds of Hedge Funds" (with Zheng Sun and Lu Zheng), February 2014. 

"Complex Mortgages" (with Gene Amromin, Jennifer Huang, and Edward Zhong), August 2014 (Slides).  

"Tax-Efficient Asset Management: Evidence from Equity Mutual Funds" (with Hanjiang Zhang), February 2015. (Slides).

"Price Pressure from Coordinated Noise Trading: Evidence from Pension Funds" (with Zhi Da, Borja Larrain, and Jose Tessada), May 2015.

"Government Debt and Capital Structure Decisions: International Evidence" (with Irem Demirci and Jennifer Huang), June 2015.

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Fall 2007 -        Fall 2014

"Financial Management.” MBA Core Course, McCombs School of Business, University of Texas.

Spring 2011-Spring 2014

"Financial Management.” MBA Dallas Professional 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

Moore, Rebecca:  “Affiliated Funds Bias Affects Participants’ AccountsPlans Sponsor, June 8, 2015.

Choe, Stan:  “Taxes Matter in Fund Investing, Even When There’s No BillWashington Post, May 21, 2015.

Pleven, Liam:  “This is Your Brain on Money: How Investors Trip Themselves UpWall Street Journal, April 17, 2015.

Powell, Robert:  “Don't Let Inertia Sink 401(k) PlansUSA Today, December 7, 2014.

Hube, Karen:  “Tax-Overlay Trading Boosts ReturnsBarron's, May 17, 2014.

Lahart, Justin:  “Heard on the Street: Keeping Up With the Dow JonesesWall 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 AkstWall Street Journal, February 9, 2013.

Hulbert, Mark:  “A Quarter When Mutual Fund Rankings Didn't MatterNew 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) MoveWall Street Journal, May 23, 2007.

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

Belsie, Laurent:  “To Prepay or Not: Usually NotThe NBER Digest, April, 2007.

Mincer, Jilian: “Where to Put Your Extra Cash: Paying Mortgage Early? Study Sees Benefit in 401(k) Focus InsteadWall Street Journal, December 23, 2006.

Barmettler, Stefan: “MBA-Serie: In Disentis AbgehobenBilanz, 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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© 2015 Clemens Sialm