Clemens Sialm


Professor of Finance

University of Texas at Austin







Clemens Sialm is a Professor of Finance at the University of Texas at Austin. He is the Chair of the Department of Finance. He holds the Charles E. and Sarah M. Seay Regents Chair in Finance and is the Director of the AIM Investment Center. Sialm is is an Editor at the Review of Financial Studies and a Research Associate in the Asset Pricing and Public Economics programs of the National Bureau of Economic Research (NBER).


Sialm received an undergraduate degree (lic. oec.) in Economics from the University of St.Gallen in Switzerland and a Ph.D. in Economics from Stanford University. The University of St.Gallen recently awarded him an honorary doctorate (Dr. oec. h.c.) for his research in the fields of investments, mutual funds, retirement savings, and taxation.


Sialm's research interests are in the areas of investments, retirement savings, and taxation. His research has been published in the American Economic Review, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Review of Finance, the Journal of Financial and Quantitative Analysis, Management Science, the Journal of Public Economics, and the Financial Analysts Journal among others. Sialm's research has been frequently cited in The Wall Street Journal, The New York Times, and The Economist.


Prior to joining the University of Texas, he taught at Stanford University and at the University of Michigan in Ann Arbor. He currently is the CEO of the Texas McCombs Investment Advisers, an investment company managed by MBA students at the University of Texas at Austin. He also teaches Financial Management, the core MBA finance class in the Dallas-Fort Worth MBA program. Previously, he taught classes on Investments, Derivatives and Risk Management, and International Economics.


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 






Working Papers

"The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown" (with Jacelly Cespedes and Carlos Parra), Conditionally Accepted: Review of Financial Studies .

"Currency Management by International Fixed Income Mutual Funds" (with Qifei Zhu), Forthcoming: Journal of Finance.

"Pension Fund Flows, Exchange Rates, and Covered Interest Rate Parity" (with Felipe Aldunate, Zhi Da, and Borja Larrain), April 2023.

"Mutual Fund Revenue Sharing in 401(k) Plans" (with Veronika Pool and Irina Stefanescu), June 2023.

"Institutional Trading Around M&A Announcements" (with Eliezer Fich and Vicky Lantushenko), August 2023.


"Deconstructing the Dow Jones Industrial Average" (with Jacky Lin, Genevieve Selden, and John Shoven), Journal of Wealth Management 25(3), 120-142.

"How Global is Your Mutual Fund? International Diversification from Multinationals" (with Irem Demirci, Miguel Ferreira, and Pedro Matos), Review of Financial Studies 35 (7), 2022, 3337-3372 .

"Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations" (with Mathias Kronlund, Veronika Pool, and Irina Stefanescu), Journal of Financial Economics 141 (2), 2021, 644-668.

"Home Bias and Local Contagion: Evidence from Funds of Hedge Funds" (with Zheng Sun and Lu Zheng), Review of Financial Studies 33, 2020, 4771-4810. 

"Tax-Efficient Asset Management: Evidence from Equity Mutual Funds" (with Hanjiang Zhang), Journal of Finance 75, 2020, 735-777.

"The Tax Benefits of Separating Alpha from Beta" (with Joseph Liberman, Nathan Sosner, and Lixin Wang), Financial Analysts Journal 76, 2020, 38-61.

"Government Debt and Corporate Leverage: International Evidence " (with Irem Demirci and Jennifer Huang), Journal of Financial Economics 133, 2019, 337-356.

"Destabilizing Financial Advice: Evidence from Pension Fund Reallocations" (with Zhi Da, Borja Larrain, and Jose Tessada), Review of Financial Studies 31, 2018, 3720-3755.

"Complex Mortgages" (with Gene Amromin, Jennifer Huang, and Edward Zhong), Review of Finance 22, 2018, 1975-2018.  

"Defined Contribution Pension Plans and Mutual Fund Flows" (with Laura Starks and Hanjiang Zhang), Journal of Investment Management 16 (3), 2018.

"Taxes, Shorting, and Active Management" (with Nathan Sosner), Financial Analysts Journal 74 (1), 2018, 88-107.

"It Pays to Set the Menu: 401(k) Investment Options in Mutual Funds" (with Veronika Pool and Irina Stefanescu), Journal of Finance 71(4), 2016, 1779-1812.

"Spillover Effects in Mutual Fund Companies" (with Mandy Tham), Management Science 62, 2016, 1472-1486.

"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.

"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)

"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.

"Long Run Asset Allocation for Retirement Savings" (with John B. Shoven), The Journal of Private Portfolio Management 1 (2), 1998, 13-26.



Fall 2007 -        Fall 2019

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

Spring 2011-Fall 2019

"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.


Media Coverage


Selected Media Coverage

Blackman, Andrew:  “Do 401(k) Providers Favor Their Own Funds?Wall Street Journal, July 4, 2016.

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.


Clemens Sialm