Investeringssparkontot : För schablonbeskattning – i tiden

Sammanfattning: 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.