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Asset Location in Tax-Deferred and Conventional Savings Accounts

By John B. Shoven and Clemens Sialm

Abstract

The optimal allocation of assets among different asset classes (such as stocks and bonds) has received considerable attention in financial theory and practice. On the other hand, investors have not been given much guidance about which assets should be located in tax-deferred retirement accounts and which in conventional savings accounts. This paper derives optimal asset allocations (which assets to hold) and asset locations (where to hold them) for a risk-averse investor saving for retirement. Locating assets optimally can significantly improve the risk-adjusted performance of retirement savings

Year: 1999
DOI identifier: 10.3386/w7192
OAI identifier: oai:CiteSeerX.psu:10.1.1.160.4972
Provided by: CiteSeerX
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