The study, together with a number of subsequent papers, suggested that taxes have a significant negative impact on returns, in the range of 1 % to 3 % p.a., for the typical active equity manager. (indexologyblog.com)
Q123 Dr Harris: My question is: in subsequent papers when that was done was it always explicit, albeit only by reference to the Nature paper to which you were referring? (climateaudit.org)
Subsequent papers from multiple scientists pulled initial numbers far back and reported figures closer to 3 feet, he said. (scientificamerican.com)