The Mutual Fund—An Institutional Investor that Acts Like an Individual
| العنوان: | The Mutual Fund—An Institutional Investor that Acts Like an Individual |
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| المؤلفون: | Spencer Usrey, Gary K. Taylor, Edward Schnee |
| المصدر: | Journal of the American Taxation Association. 33:1-24 |
| بيانات النشر: | American Accounting Association, 2011. |
| سنة النشر: | 2011 |
| مصطلحات موضوعية: | business.industry, Manager of managers fund, Fund administration, Accounting, Institutional investor, Open-end fund, Closed-end fund, Dividend, Financial system, business, Finance, Mutual fund, Investment management |
| الوصف: | We examine changes in the average mutual fund’s investments following the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRR). The JGTRR decreased the tax penalty on dividend and capital gains income. We hypothesize that mutual fund managers will respond to the investment preferences of the underlying shareholders and increase their ownership of dividend-paying firms. We present evidence supporting the hypothesis that mutual fund managers increased their ownership of dividend-paying firms following the JGTRR. However, we do not find evidence that the investment managers of other institutional investors increased their ownership of dividend-paying firms following the JGTRR. These results indicate that mutual funds are influenced by the tax preferences of their underlying investors, form tax clienteles, and exhibit different investment policies when compared to other types of institutional investors. |
| تدمد: | 1558-8017 0198-9073 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_________::bdd1b50957e95dffbaabf1430e01d725 https://doi.org/10.2308/jata.2011.33.1.1 |
| رقم الأكسشن: | edsair.doi...........bdd1b50957e95dffbaabf1430e01d725 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 15588017 01989073 |
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