Investments: Dollar cost averaging in question

Interesting study here from the Journal of Financial Planning for the numbers-inclined.  In the most realistic investing scenarios, the study results suggest there is very little economic difference between Dollar Cost Averaging and Lump Sum investing.  Empirical evidence does suggest that DCA produces some tax benefit associated with selling higher-bases stock. That tax benefit, however, does not make up for the loss of wealth accumulation of the DCA strategy compared with the LS strategy.

(For a another perspective)