PT  - JOURNAL ARTICLE
AU  - Meyer Melnikoff
TI  - Investment Performance Analysis on a Tax-Adjusted Basis
AID  - 10.3905/joi.1999.319408
DP  - 1999 May 31
TA  - The Journal of Investing
PG  - 98--110
VI  - 8
IP  - 2
4099  - https://pm-research.com/content/8/2/98.short
4100  - https://pm-research.com/content/8/2/98.full
AB  - Applying his actuarial approach to investment performance Analysis, which defines investment risk as the likelihood and the extent of underperforming a pre-established hurdle rate or return, and recognizes the fundamental significance of the investment holding period, the author determines the after-tax returns and risk-adjusted returns for a decade of the Fidelity Magellan fund, by reinvesting only the net after-tax amount of distributions, after deducting the maximum Federal 1998 tax rates of 20% on long-term capital gains and 39.6% on all other taxable income.