Ha respondido al tema Gestión pasiva: Bogleheads y otros temas relacionados con la indexación
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Dejo el enlace a un estudio muy interesante cuantificando las perdidas debidas al dividend tax leakage (gross vs. net returns) that has occurred over the last ten years in seven popular equity index benchmarks: http://europe.etf.com/europe/publications/journal-of-indexes/articles/7786-dividend-tax-leakage-in-popular-equity-indices.html?showall=&fullart=1&start=5
Su conclusión:
The impact of dividend tax leakage on index investors’ long-term returns can be significant. The extent of tax leakage varies widely by index type, according to the representation of different countries within the index’s constituent list, and depending on the levels of pre-tax dividend yield. In a survey of seven popular international equity indices, tax leakage represented a greater cost to investors than fund expense ratios in all but one case. Index providers’ assumptions of dividend withholding tax rates typically imply the worst possible outcome for investors. In practice, funds may achieve a better post-tax return, although fund managers are under no obligation to pass on any improved tax rate.
Y un poco más sobre el mismo asunto:
* "Net total return vs. gross total return - a fallacy?": http://www.bogleheads.org/forum/viewtopic.php?f=10&t=97899
* "Same Index, Different Return": http://europe.etf.com/europe/features-a-news/7551-same-index-different-return.html?showall=&fullart=1&start=3