Abstract
Investors should hold equities within their taxable accounts, rather than in their retirement accounts, according to the results of this empirical study of the risk-adjusted return of stocks and bonds in taxable, tax-deferred and Roth accounts. The results contradict the traditional view that retirement accounts can take more equity risk due to their longer time horizon, and co-author <b>Phillip Turvey</b> tells us why. Read this <b><i>Practical Applications</i></b> report for Turvey’s detailed description of his research findings in <b><i>Embedded Tax Liabilities and Portfolio Choice</i></b>, which appeared in the Spring 2013 issue of <b><i>The Journal of Portfolio Management</i></b>. Turvey and his co-authors, <b>Anup Basu</b> and <b>Peter Verhoeven</b>, are researchers at <b>Queensland University of Technology</b>.
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