Open-end mutual funds and capital-gains taxes1We would like to thank Morningstar, Inc., for providing the data used in this paper, and Jim Brickley, Andrew Christie, Bruce Hansen, Ludger Hentschel, Jeff Pontiff, Jim Poterba, Peter Tufano, David Weisbach, and seminar participants at the University of Alberta, University of Arizona, Boston College, University of Chicago, University of Illinois, University of California at Irvine, University of Michigan, NBER, University of North Carolina, Penn State University, Princeton University, University of Rochester, University of Southern California, and the Wharton School of the University of Pennsylvania for helpful comments. The Bradley Center for Policy Research, NSF Grant SBR-9616675, and the Q-Group provided financial assistance.1