The analysis of the effects ofcapital gains taxation requires a careful modelling both of the details of the tax code and the imperfections in the capital market. Under the standard assumptions concerning perfect capital marketsand under the standard idealizations of the tax code, there are...

"Illustrates how investment strategies for tax-exempt accounts don't work for individuals subject to taxes. Offers techniques for comparing tax-efficiency of mutual funds, hedge funds, and investment managers, and presents more-sophisticated strategies for offsetting gains against losses in...