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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, where he holds the Charles E. and Sarah M. Seay Regents Chair in Finance. He chairs the Department of Finance and directs 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 his 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.
His research focuses on investments, retirement savings, and taxation. It has been published in leading journals, including 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. His research has been cited in The Wall Street Journal, The New York Times, and The Economist.
Prior to joining the University of Texas, Sialm taught at Stanford University and at the University of Michigan in Ann Arbor. He currently teaches Financial Management, the core MBA finance course in the Dallas-Fort Worth MBA program. He has also taught courses on investments, derivatives and risk management, and international economics.
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Working Papers and Works in Progress
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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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Spring 2011-Fall 2026
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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", 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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