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Bakgrund: I Sverige har 76 % av befolkningen innehav i fonder och den totala fondförmögenheten uppgår till 1 925 miljarder. Kapitalvinstskatten ligger på 30 % och utlöses endast vid en realisation av vinsten. Många svenskar undviker gärna att aktivera denna skatteeffekt och blir därmed inlåsta i sina fonder. Syfte: Syftet med denna uppsats är att utifrån intervjuer med privata fondsparare och aktörer inom branschen förklara hur kapitalvinstskatten påverkar privatpersoners resonerande och agerande. Detta beteende kommer sedan att analyseras utifrån befintliga teorier inom beteendeekonomi. Metod: För att nå studiens syfte har vi använt oss av en abduktiv metod. Det empiriska materialet har samlats in med hjälp av semistrukturerade intervjuer. Totalt har vi intervjuat 10 fondsparare och 6 personer inom branschen. Materialet från intervjuerna har sedan förklarats med hjälp av de teorier vi valt ut. Slutsats: I vår studie har vi kommit fram till att inlåsningseffekten varierar beroende på fondspararens ålder. Den yngre gruppen ställde sig mer likgiltig inför kapitalvinstskatten, med anledning av en kort placeringshorisont. Den äldre gruppen hade en mer ospecificerad placeringshorisont och baserade sina investeringsbeslut utefter skattekonsekvensen. Kapitalvinstskatten hade då en bromsande effekt, eftersom det skulle minska den totala förmögenheten. / Background: In Sweden 76 % of the population has savings in mutual funds, with a combined wealth of 1 925 billion SEK. The tax on capital gains is 30 % and is activated when the profit is realized. Many Swedes avoid triggering this tax effect and is therefore locked-in in their mutual funds. Purpose The purpose of this study is, from interviews with private fund investors and industry players, to explain how the capital gains tax affects individuals’ reasoning and actions. This behavior will then be analyzed in terms of existing theories in the field. Method: We have used an abductive method to achieve the purpose of this study. The empirical material has been collected through semi-structured interviews.  We have conducted 10 interviews with private fund investors and 6 people in the fund industry. The material from the interviews was then explained by means of the theories we have selected. Conclusion: In our study we came to the conclusion that the lock-in effect varies depending on the fund savers age. The younger group was more indifferent to the capital gains tax, due to a shorter investment horizon. The older group had a more unspecified investment horizon and based their investment decisions along the tax consequence. Capital gains tax then had a braking effect, as it would reduce the total wealth.

Thesis. 1978. M.C.P.--Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Bibliography: leaves 150-153. / M.C.P.

Legal regulation of pension companies and pension funds The Master's thesis concentrates on the main issues of the legal regulation of pension companies, the designated providers of pension savings and supplementary pension savings in the Czech Republic. The thesis evaluates the reform of the pension schemes constituted by Act No. 426/2011 Coll., on Pension Savings, Act No. 427/2011 Coll., on Supplementary Pension Savings, and Act No. 428/2011 Coll., amending Certain Acts in Connection with the Adoption of the Act on Pension Savings and the Act on Supplementary Pension Savings. The thesis is divided into nine chapters. Chapter 1 is an introductory part defining the purpose of the thesis. Chapter 2 describes the pension savings regulation in the Czech Republic prior to the reform's effective date (i.e., 1 January 2013). Chapter 3 describes the pension reform and its justification. Chapter 4 concentrates on the pension companies as the managers of pension funds and supplementary pension funds. The regulation of pension funds is described in Chapter 5 while the regulation of supplementary pension funds is described in Chapter 6. Chapter 7 deals with the regulation of the (supplementary) pension funds' distribution. Chapter 8 suggests certain modifications of the reform package and discusses possible...

A b s tra c t The recent discussion of the European Parliam ent, member states, and citizens triggered the question whether there is s till a need for bi-annual clock shifting from the perspective of energy savings. Employing the difference-in-differences method on hourly data on electricity consumption between 2006 and 2017, the study con­ cludes th a t daylight saving tim e policy reduces aggregate electricity consumption by 0.35 % in the Czech Republic. Moreover, daylight saving tim e leads to 1% savings on domestic residential electricity consumption. Overall, daylight saving tim e increases electricity consumption in the morning, bu t decreases electricity consumption in the evening by greater amount. We have estimated th a t more than 65 % of to ta l electricity savings attributable to daylight saving tim e arose from effect of the daylight saving tim e on residential electricity consumption. 1

The purpose of the study is to investigate optimal asset allocation as a means of minimising the investment risk, drawdown risk and longevity risk associated with an investment linked living annuity. The three risk elements were tested for various categories of retirees investing the full retirement savings amount in a living annuity. At first the paper examines the South African public's current pre-retirement savings habits, propensity to save and knowledge on the financial industry. The literature concludes that very few people are saving adequately for retirement, thus leaving a gap between required retirement savings capital and accumulated retirement savings capital. As a consequence, retirees have to take on more risk, usually in the form of equity exposure, (only available in an investment linked living annuity) or delaying retirement, to try and breach the gap. Secondly the paper examines the constructs in developing an optimal asset allocation. An analysis of the constructs includes risk versus return relationships for retirees, various unit trust sectors and portfolios within the South African financial market, the investment horizon also stated as the life expectancy of a retiree and withdrawal strategies applied by investors or retirees. The practical data and theory from the literature study formed the basis of the empirical study where different retirement savings balances were tested at various drawdown rates and asset allocations in an investment linked living annuity. The study concluded that retirees have to consider, among other factors, the required standard of living (stated as a net replacement ratio), the need to withdraw one third of the retirement capital and life expectancy before investing in an investment linked living annuity. These factors will have the biggest influence on the risks associated with an investment linked living annuity. Furthermore, the study concluded that an optimal asset allocation would be able to support a retiree during the post-retirement phase. A well diversified portfolio with a minimum of 50% allocation towards equity and property assets seems to be optimal. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The purpose of the study is to investigate optimal asset allocation as a means of minimising the investment risk, drawdown risk and longevity risk associated with an investment linked living annuity. The three risk elements were tested for various categories of retirees investing the full retirement savings amount in a living annuity. At first the paper examines the South African public's current pre-retirement savings habits, propensity to save and knowledge on the financial industry. The literature concludes that very few people are saving adequately for retirement, thus leaving a gap between required retirement savings capital and accumulated retirement savings capital. As a consequence, retirees have to take on more risk, usually in the form of equity exposure, (only available in an investment linked living annuity) or delaying retirement, to try and breach the gap. Secondly the paper examines the constructs in developing an optimal asset allocation. An analysis of the constructs includes risk versus return relationships for retirees, various unit trust sectors and portfolios within the South African financial market, the investment horizon also stated as the life expectancy of a retiree and withdrawal strategies applied by investors or retirees. The practical data and theory from the literature study formed the basis of the empirical study where different retirement savings balances were tested at various drawdown rates and asset allocations in an investment linked living annuity. The study concluded that retirees have to consider, among other factors, the required standard of living (stated as a net replacement ratio), the need to withdraw one third of the retirement capital and life expectancy before investing in an investment linked living annuity. These factors will have the biggest influence on the risks associated with an investment linked living annuity. Furthermore, the study concluded that an optimal asset allocation would be able to support a retiree during the post-retirement phase. A well diversified portfolio with a minimum of 50% allocation towards equity and property assets seems to be optimal. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

This study investigated how the replacement of domestic savings by foreign savings for appreciation of exchange rates influenced the Brazilian economic growth from 1995 to 2012. After implementing the Real Plan, Brazil adopted a stabilization and growth strategy based on a wide use of foreign capital. At first, this strategy controlled the exchange rates in appreciated levels and contributed to the convergence of domestic and foreign prices. Nonetheless, it contributed, over time, to a loss of competitiveness of national industry, an increase of the federal debt and an excessive dependence on foreign savings. The conventional theory states that foreign savings may supplement insufficient domestic savings in order to increase investments in a country. However, econometric analyses with an error correction mechanism were performed, showing that the Brazilian domestic savings were negatively affected by the federal debt and foreign savings. Furthermore, they also showed that the GDP was negatively impacted by the exchange rate appreciation during the study period. Therefore, the results demonstrated that the reduction of external dependence is necessary to reduce the interest rates, avoid the substitution of savings and make more domestic resources available for investment. Additionally, they showed that depreciations on the exchange rates can contribute to a long term Brazilian economic growth. / O presente trabalho teve o objetivo de investigar o impacto do uso da poupança externa na substituição da poupança interna e na apreciação da taxa de câmbio, bem como a influência dessas variáveis sobre o crescimento econômico brasileiro entre 1995 e 2012. O Brasil, após a implantação do plano real, adotou uma estratégia de estabilização e crescimento pautados na larga utilização de capitais estrangeiros. Isso, apesar de contribuir, em um primeiro momento, para controle da taxa de câmbio em níveis apreciados e para a convergência dos preços internos com os externos, contribuiu, ao longo do tempo, para o desenvolvimento de uma excessiva dependência da poupança externa, perda de competitividade da indústria nacional e aumento da dívida pública federal. A teoria convencional diz que a insuficiente poupança interna em um país pode ser complementada pela poupança externa, a fim de alavancar os investimentos. No entanto, as análises econométricas realizadas com mecanismo de correção de erros demonstraram que a poupança interna brasileira foi impactada negativamente pela poupança externa e pela dívida pública federal. Não obstante, o PIB, no período estudado, foi influenciado negativamente pela tendência de apreciação cambial. Portanto, os resultados direcionam para a necessidade da diminuição da dependência externa, a fim de permitir redução da taxa de juros, evitar a substituição entre as poupanças e permitir maior disponibilidade de recursos domésticos para investimento. Adicionalmente, demonstram que depreciações na taxa de câmbio são capazes de contribuir para o crescimento econômico brasileiro de longo prazo.

This thesis analyzes the possibilities of financing own housing in the current conditions of the Czech Republic. Searches for a suitable combination of loan products in order to find the optimal variant financing housing situation of the client.

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