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Clemens Sialm
Professor of Finance
University of Texas at Austin
Clemens Sialm is a Professor of Finance at the University of Texas at Austin and holds the Charles E. and Sarah M. Seay Regents Chair in Finance. He is the Chair of the Department of 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 at 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 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
Research
Teaching
Media Coverage
Personal
Information
Research
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"Complex
Mortgages" (with
Gene Amromin, Jennifer Huang, and Edward Zhong), Review of Finance 22, 2018, 1975-2018.
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"Mutual
Fund Tax Clienteles" (with Laura Starks),
Journal of Finance 67 (4), 2012, 1397-1422.
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"Risk
Shifting and Mutual Fund Performance" (with Jennifer Huang and Hanjiang
Zhang), Review of Financial
Studies 24 (8), 2011, 2575-2616.
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"Tax Changes and Asset Pricing,"
American Economic Review 99 (4), 2009, 1356-1383.
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"Hedge Funds as Investors of Last Resort?" (with David J. Brophy and
Paige P. Ouimet),
Review of Financial Studies 22 (2), 2009, 541-574.
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"Unobserved
Actions of Mutual Funds" (with Marcin Kacperczyk and Lu Zheng), Review of Financial Studies
21 (6), 2008, 2379-2416. (Lead article)
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"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.
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"The Tradeoff
Between Mortgage Prepayments and Tax-Deferred Savings" (with Gene Amromin
and Jennifer Huang), Journal of Public Economics 91, 2007, 2014-2040.
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"Industry Concentration and Mutual Fund
Performance"
(with Marcin Kacperczyk and Lu Zheng), Journal
of Investment Management 5 (1), 2007, 50-64.
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"Stochastic Taxation and Asset Pricing in Dynamic General
Equilibrium," Journal of Economic
Dynamics and Control (30), 2006, 511-540.
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"On the Industry Concentration of Actively Managed Equity
Mutual Funds" (with Marcin Kacperczyk and Lu Zheng),
Journal of Finance 60 (4), 2005, 1983-2012.
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"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.
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"Asset Location in Tax-Deferred and Conventional
Savings Accounts" (with John B. Shoven),
Journal of Public Economics 88, 2003, 23-38.
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"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)
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"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.
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"Long Run Asset Allocation for Retirement Savings" (with
John B. Shoven), The Journal of Private Portfolio Management 1 (2),
1998, 13-26.
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Teaching
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Spring 2011-Fall 2023
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"Financial Management.” MBA
Dallas Professional Core Course, McCombs School of Business, University of Texas.
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Fall 2021-Fall 2023
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"Special Topics in Investment.”
MBA Investment Fund Class, McCombs School of Business, University of Texas.
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Fall 2007 - Fall
2019
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"Financial Management.” MBA
Core Course, McCombs School of Business, University of Texas.
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Winter 2002 - Fall 2006
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"Futures and Options in Corporate Decision Making.” MBA
Course, University of Michigan Business School.
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Winter 2003- Winter 2004
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"Capital Markets and Portfolio Analysis.” BBA Course,
University of Michigan Business School.
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Spring 2000
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"Issues in International Economics" (with Nigel
Key), Graduate Course, International Policy Studies, Stanford University.
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Fall 1998
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"Financial Economics", Undergraduate Course, Department
of Economics, Stanford University.
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Summer 1998
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"International Economics", Undergraduate Course,
Department of Economics, Stanford University.
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Media Coverage
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Blackman, Andrew: “Do 401(k) Providers Favor Their Own Funds?”
Wall Street Journal, July 4, 2016.
Moore, Rebecca: “Affiliated
Funds Bias Affects Participants' Accounts”
Plans Sponsor, June 8, 2015.
Choe, Stan: “Taxes Matter in
Fund Investing, Even When There's No Bill”
Washington Post, May 21, 2015.
Pleven, Liam: “This is Your Brain on
Money: How Investors Trip Themselves Up”
Wall Street Journal, April 17, 2015.
Powell, Robert: “Don't Let Inertia
Sink 401(k) Plans”
USA Today, December 7, 2014.
Hube, Karen: “Tax-Overlay Trading
Boosts Returns”
Barron's, May 17, 2014.
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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