Higher trading costs and the associated commissions earned by IFAs certainly contribute to these outcomes, since the researchers find that advised accounts feature higher portfolio turnover (though not necessarily more frequent trading) relative to self-managed accounts.

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Ebro is a global producer of rice, pasta and sauces with a large international footprint -- its home Spanish market accounts for just 7% of its turnover.

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Reprocessing accounts for less than a third of its turnover.

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The second, duller piece is Vivendi Environment, which accounts for around half of the group's turnover and 60% of its profits, but which does not have the potential of the media and telecoms arm.

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The new tax is even more reason to move income-generating investments such as high-yield bonds or high-turnover mutual funds into tax-sheltered accounts such as IRAs, says Eric Lewis, a principal at Bedrock Capital Management, a financial-planning firm in Los Altos, Calif.

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In addition, higher short-term interest rates increase the opportunity cost of holding currency and checking accounts, and therefore will lead to an increase in the turnover or velocity of money.

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