In December 2010 the Treasury Department presented a proposal contain-ing change in regard of current endowment assurance laws and an alterna-tive way of saving financial instruments called Investment Savings Account. The purpose of the proposal is to make investing in financial instruments easier for private investors and to prevent reigning tax evasion regarding endowment assurances. The objective of this thesis is to determine if the proposal will have the desired effect of making investments in financial in-struments easier for private investors. The purpose is also to determine whether the changes imposed by the proposal are relevant and adequate. The proposal suggests that the Investment Savings Account should be sub-jected to flat-rate tax instead of taxation on capital profit upon divestment of financial instruments, which is the case today. By doing this the investor does not have to calculate expenditure costs of investments making declar-ing tax return to the Tax Agency easier. The proposal also includes change regarding endowment assurance laws stating that deposits and withdrawals should affect the capital base of the assurance preventing tax evasion. Fur-thermore the proposal suggests an elevation of tax on endowment assur-ances conform to the tax-rate of the Investment Savings Account. The proposal shows good intentions since the Treasury Department has ac-knowledged that something has to be done concerning taxation on capital. However, the execution is in some areas quite poor. Excessive measures are taken in comparison to what is achieved. Calculations are complicated, mak-ing capital profit and taxation unpredictable for private investors. Elevating taxation on endowment assurances within a Swedish tax system which is al-ready high might impede the financial market.

Title: The Investment Savings Account – Standard Taxation – Right in TimeAuthors: Gustav Mårtensson and Erica Nordström LöfSupervisor: Göran HäggBackground: In order to facilitate and stimulate financial investments among privateinvestors the organization Aktiespararna made a proposal for a standard-taxed account. As aresult of this, the Swedish government decided to implement the Investment Savings Accountin January of 2012. The introduction of the Investment Savings Account implies that there arenow three different types of accounts for financial investments that are differently taxed onthe Swedish Market. Private investors can improve their after-tax results by combining AssetAllocation and Asset Location, according to earlier studies. This makes it interesting toinvestigate if earlier studies can be applied on the Swedish market and how the different typesof accounts would perform.Aim: This study aims to map the tax-effects of different accounts by backtesting of historicaldata. Further, the study aims to analyze the after-tax performance of different investmentstrategies in different types of accounts and how the introduction of the Investment SavingsAccount can affect investor behavior.Completion: The study uses a quantitative method to backtest the performance of differentinvestment strategies in the three different types of accounts; Investment Savings Account,Endowment Assurance and conventional brokerage account. The results of the backtest havebeen analyzed by applying modern finance theory, behavioral finance and Swedishshareholder statistics.Results: The study identifies moderate tax volatility in the standard-taxed accounts and thatinvestment strategies that yields high dividends should be placed in these accounts as long asthe government borrowing rate is low. Passive investment strategies that yield low dividendsshould preferably be placed in conventional brokerage accounts. The study also indicated thatthe Investment Savings Account is flexible and suitable for a wide range of private investors.It is also possible that the implementation of the Investment Savings Account will increase thenumber of transactions made by private investors. / Titel: Investeringssparkontot – För schablonbeskattning - i tidenFörfattare: Gustav Mårtensson och Erica Nordström LöfHandledare: Göran HäggBakgrund: För att förenkla och stimulera sparandet i finansiella instrument gavAktiespararna förslag på en schablonbeskattad sparandeform för privata investerare. Dettaresulterade i att regeringen beslutade om att investeringssparkontot skulle lanseras den förstajanuari 2012. Införandet av investeringssparkontot innebär att det nu finns tre olikasparandeformer för finansiella tillgångar som alla beskattas olika. Tidigare forskning visar attprivata investerare kan förbättra sin nettoavkastning genom att tillämpa en kombination avtillgångsallokering och tillgångsplacering. Detta öppnar upp för att undersöka hur tidigareforskning kan tillämpas på den svenska marknaden, och hur de olika sparandeformernapresterar.Syfte: Syftet med studien är att via historisk simulering kartlägga skatteeffekterna för de olikasparandeformerna depå, investeringssparkonto och kapitalförsäkring. Utifrån dennakartläggning syftar studien vidare till att analysera hur olika investeringsstrategier påverkas avsparandeform och hur införandet av investeringssparkontot kan påverka privata investerareshandelsbeteende.Genomförande: Studien har genomförts med en kvantitativ metod med fokus på att simuleraolika investeringsstrategiers utfall för de olika sparandeformerna depå, investeringssparkontooch kapitalförsäkring med hjälp av historiska data. Resultaten av simuleringarna haranalyserats med hjälp av modern finansteori, behavioral finance och aktieägarstatistik.Slutsats: Studien identifierar en dämpad skattevolatilitet i de schablonbeskattadesparandeformerna och att aktiva investeringsstrategier med hög direktavkastning gynnas avatt placeras i dessa så länge statslåneräntan är låg. Passiva strategier med låg direktavkastningplaceras med fördel i depå. Studien finner att investeringssparkontot är en flexibelsparandeform som kan passa en bred massa. Det är även tänkbart att införandet avinvesteringssparkontot kan öka privatpersoners transaktioner.Nyckelord: investeringssparkonto, schablonbeskattning, tillgångsplacering.

The purpose of this study was to determine the economic and educational values of a banking program in a public school system. The program as employed in the city schools of Dallas, Texas, has been used as the subject for consideration.

Uppsatsen syftar till att undersöka huruvida införandet av investeringssparkontot har orsakat lägre transaktionskostnader och således ökat sparande i noterade aktier hos svenska hushåll. För att undersöka införandet av investeringssparkontot i Sverige har en kontrollgrupp skapats med länder som hittills inte infört någon liknande kontoklass. Uppsatsen utgår ifrån kvartalsvisa observationer hos Sverige och kontrollgruppen under perioden 2000–2020. I syfte att studera resultatet har en difference-in-difference metod använts som jämfört Sveriges utveckling mot ett viktat snitt av länder i en kontrollgrupp. Kontrollgruppens utveckling ger en indikation om hur hushållens sparande i Sverige hade utvecklats utan investeringssparkontot. Uppsatsen finner ingen statistisk signifikans att de svenska hushållens sparande i aktier ökat relativt kontrollgruppen efter införandet av ISK. Däremot finns en deskriptiv tendens för ökat sparande vilket kan vara intressant för framtida studier. / The purpose of this thesis is to determine whether adopting “investment savings account” has led to lower transaction costs and thus increased the level of savings in publicly traded stocks in Swedish households. To examine this relationship, a control group consisting of several different countries with no clear counterpart has been created. The data contains quarterly observations from the period 2000 - 2020. A difference-in-difference method has been applied to observe the results from Sweden in contrast to the weighted average of the control group. The development of the control group gives an estimate of Sweden´s savings without the treatment. The study concludes that Swedish households has no significant increase in stock savings relative to the control group, however it shows a descriptive tendency for an increase in savings that could be relevant for future research.

The aim is to create worksheets that are dedicated to teaching selected topics of financial mathematics at the elementary school. The thesis is focused on financial products and is based on The Framework Educational Programs for Elementary Schools.

Submitted by JULIO SALVADOR (jcmsal@gmail.com) on 2013-02-28T05:12:24Z No. of bitstreams: 1 Dissertacao - Julio Salvador.pdf: 1362084 bytes, checksum: fbfc1ce4624c12d00ca89e9f7a442abf (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-02-28T12:48:44Z (GMT) No. of bitstreams: 1 Dissertacao - Julio Salvador.pdf: 1362084 bytes, checksum: fbfc1ce4624c12d00ca89e9f7a442abf (MD5) / Made available in DSpace on 2013-02-28T12:56:50Z (GMT). No. of bitstreams: 1 Dissertacao - Julio Salvador.pdf: 1362084 bytes, checksum: fbfc1ce4624c12d00ca89e9f7a442abf (MD5) Previous issue date: 2013-01-30 / Non-maturing liabilities make up a large part of the funding base of financial institutions. These liabilities, such as checking and savings accounts, while allowing their depositors to withdraw the full amount of their investments at any time, the balance remain in the financial institutions for long period of time. The lack of defined contractual maturity makes the risk management a difficult task. This study analyzes the implied maturity of savings deposits through a replicating portfolio model. As a result, it’s presented structures for allocating cash flows to manage market and liquidity risk of savings deposits. / Os depósitos sem vencimento formam grande parte da base de captação das instituições financeiras. Esses passivos, depósitos à vista ou de poupança, embora permitam que seus titulares saquem a qualquer momento o montante integral de suas aplicações, permanecem nas instituições financeiras por longos períodos de tempo. A falta de maturidade contratual definida torna o gerenciamento de riscos desses produtos uma difícil tarefa. Este estudo busca analisar as maturidades implícitas dos depósitos de poupança através de um modelo de carteira replicante. Como resultado, são apresentadas estruturas para alocação de fluxos de caixa para gestão de risco de mercado e liquidez dos depósitos de poupança.