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22. Panel A: Median federal tax rates Dependent variable: difference in normalized weekly net flows around week t Model: 1 2 3 4 Constant-0.0084 0.0585 0.0559 0.0360 (0.2497) (0.3710) (0.3891) (0.6135) High tax liability 0.7487 *** 0.7231 *** 0.7257 *** 0.7260 *** (0.0000) (0.0000) (0.0000) (0.0000) Medium tax liability 0.0454 0.0258 0.0324 0.0329 (0.5608) (0.7445) (0.6798) (0.6757) Low tax liability-0.0872-0.1022 * -0.0979 * -0.0975 * (0.1272) (0.0711) (0.0849) (0.0865) Indirect-0.0048-0.0123-0.0115-0.0144 (0.4791) (0.9220) (0.9271) (0.9085) High tax liability* Indirect 0.5572 *** 0.5739 *** 0.5743 *** 0.5743 *** (0.0003) (0.0003) (0.0003) (0.0003) Medium tax liability* Indirect 0.1730 ** 0.1912 ** 0.1933 ** 0.1935 ** (0.0415) (0.0289) (0.0273) (0.0271) Low tax liability* Indirect 0.1149 0.1300 * 0.1335 * 0.1342 * (0.1045) (0.0654) (0.0592) (0.0581) Number of observations 730,007 730,007 730,007 730,007 Adj.-R2 0.0041 0.0042 0.0042 0.0042
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23. Panel A: Tax-exempt versus taxable distribution Dependent variable: difference in normalized weekly net flows around week t Model: 1 2 3 4 Constant-0.0091 0.0297 0.0247-0.0414 (0.1887) (0.7944) (0.8283) (0.7254) Tax-exempt distribution-0.0160-0.0167-0.0414-0.0420 (0.3412) (0.3216) (0.1390) (0.1355) Taxable distribution 0.4191 *** 0.3973 *** 0.4075 *** 0.4077 *** (0.0000) (0.0000) (0.0000) (0.0000) Delta return 0.0194 *** 0.0193 *** 0.0193 *** 0.0193 *** (0.0000) (0.0000) (0.0000) (0.0000) Expense ratio 0.0055 (0.3196) Share class assets 0.0048 ** (0.0231) Portfolio turnover 0.0000 (0.8128) Calendar month fixed effects No Yes Yes Yes Year fixed effects No Yes Yes Yes Investment objective fixed effects No No Yes Yes Number of observations 824,561 824,561 824,561 824,561 Adj.-R2 0.0023 0.0025 0.0025 0.0025
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8. Tax-Efficient Asset Management: Evidence from Equity Mutual Funds. (2015). Sialm, Clemens ; Zhang, Hanjiang.
   In: NBER Working Papers.
   RePEc:nbr:nberwo:21060.

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9. Do financial advisors provide tangible benefits for investors? Evidence from tax-motivated mutual fund flows. (2014). Cici, Gjergji ; Sorhage, Christoph ; Kempf, Alexander.
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10. Do financial advisors provide tangible benefits for investors? Evidence from tax-motivated mutual fund flows. (2014). Cici, Gjergji ; Sorhage, Christoph ; Kempf, Alexander.
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11. Defined Contribution Pension Plans: Sticky or Discerning Money?. (2014). Sialm, Clemens ; Starks, Laura ; Zhang, Hanjiang.
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17. Defined Contribution Pension Plans: Sticky or Discerning Money?. (2013). Sialm, Clemens ; Starks, Laura ; Zhang, Hanjiang.
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18. Tax deferral and mutual fund inflows: evidence from a quasi-natural experiment. (2013). Tommasino, Pietro ; Guazzarotti, Giovanni ; Cappelletti, Giuseppe.
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24. Selling winners, holding losers: Effect on fund flows and survival of disposition-prone mutual funds. (2011). Xu, Zhaojin ; Singal, Vijay.
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26. Who incentivizes the mutual fund manager, new or old shareholders?. (2010). Johnson, Woodrow.
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