2theassetallocationdecision中文2資產(chǎn)配置決策-展示頁
2025-03-10 05:44本頁面
【正文】 erate risk exposure Investment Constraints ? Liquidity needs – Vary between investors depending upon age, employment, tax status, etc. ? Time horizon – Influences liquidity needs and risk tolerance Investment Constraints ? Tax concerns – Capital gains or losses – taxed differently from ine – Unrealized capital gain – reflect price appreciation of currently held assets that have not yet been sold – Realized capital gain – when the asset has been sold at a profit – Tradeoff between taxes and diversification – tax consequences of selling pany stock for diversification purposes Investment Constraints ? Tax concerns (continued) – interest on municipal bonds exempt from federal ine tax and from state of issue – interest on federal securities exempt from state ine tax – contributions to an IRA may qualify as deductible from taxable ine – tax deferral considerations pounding Equivalent Taxable Yield RateTax Marginal1Yield Municip alET Y??Example ? If an investor is in the 28% marginal tax rate, a taxable investment yield of 8%has an aftertax yield of 8%(1), or %。 ? An equivalentrisk municipal security offering a yield greater than % offers the investor greater aftertax returns. ? On the other hand, a municipal bond yielding 6%has an equivalent taxable yield of ? 6%/()=% Effect of Tax Deferral on Investor Wealth over Time 0 10 20 30 ye ar s8% T axD e f e r r e d%A f te r T axR e tu r n$1,000 Investment Value Time $10, $5, Exhibit Methods of Tax Deferral ? Regular IRA tax deductible – Tax on returns deferred until withdrawal ? Roth IRA not tax deductible – taxfree withdrawals possible ? Cash value life insurance – funds accumulate taxfree until they are withdrawn ? Employer’s 401(k) and 403(b) plans – taxdeferred investments Legal and Regulatory Factors ? Limitations or penalties on withdrawals ? Fiduciary responsibilities “prudent man” rule ? Investment laws prohibit insider trading Unique Needs and Preferences ? Personal preferences such as socially conscious investments could influence investment choice ? Time constraints or lack of expertise for managing the portfolio may require professional management ? Large investment in employer’s stock may require consideration of diversification needs ? Institutional investors needs Constructing the Policy Statement ? Objective
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