{"id":"https://openalex.org/W2125523644","doi":"https://doi.org/10.3905/jwm.2007.690951","title":"Applying After-Tax Asset Allocation","display_name":"Applying After-Tax Asset Allocation","publication_year":2007,"publication_date":"2007-07-31","ids":{"openalex":"https://openalex.org/W2125523644","doi":"https://doi.org/10.3905/jwm.2007.690951","mag":"2125523644"},"language":"en","primary_location":{"id":"doi:10.3905/jwm.2007.690951","doi":"https://doi.org/10.3905/jwm.2007.690951","is_oa":false,"landing_page_url":"https://doi.org/10.3905/jwm.2007.690951","pdf_url":null,"source":{"id":"https://openalex.org/S4210197218","display_name":"The Journal of Wealth Management","issn_l":"1520-4154","issn":["1520-4154","1534-7524","2374-1368","2374-1384"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-20","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310320662","host_organization_name":"Euromoney Institutional Investor","host_organization_lineage":["https://openalex.org/P4310320662"],"host_organization_lineage_names":["Euromoney Institutional Investor"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Wealth Management","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5081353606","display_name":"Stephen M. Horan","orcid":"https://orcid.org/0000-0002-9985-5951","observed_orcids":["https://orcid.org/0000-0002-9985-5951"]},"institutions":[{"id":"https://openalex.org/I152532586","display_name":"CFA Institute","ror":"https://ror.org/04v9v0986","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I152532586"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Stephen M. Horan","raw_affiliation_strings":["Head of Private Wealth at the CFA Institute in Charlottesville, VA. stephen.horan@cfainstitute.org"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Head of Private Wealth at the CFA Institute in Charlottesville, VA. stephen.horan@cfainstitute.org","institution_ids":["https://openalex.org/I152532586"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5081353606"],"corresponding_institution_ids":["https://openalex.org/I152532586"],"apc_list":null,"apc_paid":null,"fwci":5.4137,"has_fulltext":false,"cited_by_count":20,"citation_normalized_percentile":{"value":0.95578497,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":95},"biblio":{"volume":"10","issue":"2","first_page":"84","last_page":"93"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.7886000275611877,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.7886000275611877,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11413","display_name":"Risk and Portfolio Optimization","score":0.0746999979019165,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.05429999902844429,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/private-wealth-management","display_name":"private wealth management","score":0.843999981880188},{"id":"https://openalex.org/keywords/portfolio-construction","display_name":"portfolio construction","score":0.8709999918937683},{"id":"https://openalex.org/keywords/systematic-risk","display_name":"systematic risk","score":0.6869999766349792},{"id":"https://openalex.org/keywords/tax-burden","display_name":"tax burden","score":0.9390000104904175},{"id":"https://openalex.org/keywords/risk-free-rate","display_name":"risk-free rate","score":0.9729999899864197},{"id":"https://openalex.org/keywords/long-time-horizons","display_name":"long time horizons","score":0.7639999985694885}],"concepts":[{"id":"https://openalex.org/C157263771","wikidata":"https://www.wikidata.org/wiki/Q1313706","display_name":"Taxable income","level":2,"score":0.9786657094955444},{"id":"https://openalex.org/C139819358","wikidata":"https://www.wikidata.org/wiki/Q462748","display_name":"Asset allocation","level":3,"score":0.6438087821006775},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5541024208068848},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5405058264732361},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.5047577619552612},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.4450503885746002},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.40078121423721313},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3918265104293823},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.37125617265701294},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.32904887199401855},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.3289886713027954},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.23232170939445496},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3905/jwm.2007.690951","doi":"https://doi.org/10.3905/jwm.2007.690951","is_oa":false,"landing_page_url":"https://doi.org/10.3905/jwm.2007.690951","pdf_url":null,"source":{"id":"https://openalex.org/S4210197218","display_name":"The Journal of Wealth Management","issn_l":"1520-4154","issn":["1520-4154","1534-7524","2374-1368","2374-1384"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-20","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310320662","host_organization_name":"Euromoney Institutional Investor","host_organization_lineage":["https://openalex.org/P4310320662"],"host_organization_lineage_names":["Euromoney Institutional Investor"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Wealth Management","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W595301350","https://openalex.org/W1431819626","https://openalex.org/W1964114821","https://openalex.org/W1981067876","https://openalex.org/W1995834279","https://openalex.org/W1997683394","https://openalex.org/W2015726116","https://openalex.org/W2028447106","https://openalex.org/W2029951193","https://openalex.org/W2605508267","https://openalex.org/W2607035982","https://openalex.org/W3025356930","https://openalex.org/W3118060506","https://openalex.org/W3122228906","https://openalex.org/W3123809899","https://openalex.org/W4248413021","https://openalex.org/W7131786053"],"related_works":["https://openalex.org/W2133721416","https://openalex.org/W1987296602","https://openalex.org/W7134113658","https://openalex.org/W7095900524","https://openalex.org/W2020751754","https://openalex.org/W3026871898","https://openalex.org/W2004137528","https://openalex.org/W2301946236","https://openalex.org/W7131777933","https://openalex.org/W4391494516"],"abstract_inverted_index":{"The":[0,32],"notion":[1],"of":[2,18,35,56,84],"after-tax":[3,22,33,54,91],"asset":[4,23],"allocation":[5],"is":[6],"gaining":[7],"acceptance":[8],"among":[9],"private":[10],"wealth":[11],"managers.":[12],"This":[13],"article":[14],"presents":[15],"practical":[16],"methods":[17],"calculating":[19],"an":[20],"investor9s":[21],"allocation,":[24],"particularly":[25],"as":[26],"it":[27],"relates":[28],"to":[29,62,70,90],"taxable":[30,37,57,88],"accounts.":[31],"value":[34],"a":[36],"account":[38],"can":[39],"be":[40],"substantially":[41],"less":[42],"than":[43],"its":[44],"stated":[45],"pretax":[46],"value,":[47],"especially":[48],"for":[49],"long":[50],"time":[51],"horizons.":[52],"Interestingly,":[53],"values":[55],"accounts":[58,89],"are":[59],"relatively":[60],"insensitive":[61],"the":[63,71,76,82],"investment9s":[64,72],"systematic":[65],"risk":[66,107],"but":[67],"inversely":[68],"related":[69],"tax":[73],"burden":[74],"and":[75,101],"risk-free":[77],"rate.":[78],"These":[79],"results":[80],"highlight":[81],"importance":[83],"converting":[85],"balances":[86],"in":[87],"values\u2014a":[92],"practice":[93],"which":[94],"heretofore":[95],"has":[96],"been":[97],"dismissed":[98],"by":[99],"scholars":[100],"practitioners.":[102],"TOPICS:Wealth":[103],"management,":[104,108],"portfolio":[105],"construction,":[106],"performance":[109],"measurement":[110]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2015,"cited_by_count":2},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}
