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翻訳と辞書　辞書検索 [ 開発暫定版 ] スポンサード リンク Asset location ： ウィキペディア英語版 Asset location Asset location (AL) is a term used in personal finance to refer to how investors distribute their investments across savings vehicles including taxable accounts, tax-exempt accounts (e.g., TFSA, Roth IRA, ISAs, TESSAs), tax-deferred accounts (e.g., Canadia RRSP, American 401(k) and IRAs, British SIPPs, Irish Personal Retirement Savings Accounts (RPSA), and German Riester pensions), trust accounts (e.g., grantor retainer annuity trusts, generation-skipping trusts, charitable remainder trusts, charitable lead trusts), variable life insurance policies, foundations, and onshore vs. offshore accounts.〔Brunel, Jean. 2001. “Asset Location—The Critical Variable: A Case Study.” ''Journal of Wealth Management'', vol. 4, no. 1 (Summer):27–43.〕 While asset allocation (AA) determines what assets to own and in what proportions, AL determines where those assets are held. While the objective of AA is to create portfolios with the greatest return for a level of risk, and to optimize individuals' risk exposure according to their risk tolerance, goals and investment time frame, the objective of AL is to maximize the benefits of different account-types - usually to minimize taxes. There are other objectives that can be personal (e.g., the liquidity of the wealth, the expected use of the funds, privacy, etc.). In the discussion below the effective tax rate for any asset depends on a personal tax bracket, different countries' treatment of different types of income, personal frequency of realizing the tax liability (e.g. capital gains only taxable when sold after a multi-year holding period), the mix of income-types generated by an asset, and the net tax effect that includes both tax debits and credits (e.g. the treatment of dividend income in Canada and Great Britain).〔Robert M. Dammon, Chester S. Spatt and Harold H. Zhang, “Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing”, Journal Of Finance, Vol. LIX, No. 3 June 2004.〕 ==Optimal Portfolio Choice== 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Asset location」の詳細全文を読む スポンサード リンク 翻訳と辞書 : 翻訳のためのインターネットリソース Copyright(C) kotoba.ne.jp 1997-2016. All Rights Reserved.