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Val av sparform vid aktieinvesteringar
KTH, School of Engineering Sciences (SCI), Mathematics (Dept.), Optimization and Systems Theory.
KTH, School of Engineering Sciences (SCI), Mathematics (Dept.), Optimization and Systems Theory.
2014 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Selecting the form of savings on share ownership (English)
Abstract [sv]

Val av sparform vid ägande i aktier har blivit allt mer aktuellt sedan det år 2012 infördes en ny sparform. Beskattningsskillnader mellan de tre nuvarande sparformerna har lett till konfunderade och osäkra aktieägare. Att optimalt val av sparform beror på ett flertal föränderliga och individuella faktorer gör att ett generellt och entydigt svar saknas.

Denna rapport ska på uppdrag av ett mindre förvaltningsföretag med anledning av ovanstående, ta fram ett matematiskt verktyg vilket illustrativt ska rekommendera val av sparform utifrån olika antaganden. Rekommendationerna ska leda till att aktieportföljens avkastning efter skatt maximeras. Vidare ska rekommendationer kring implementation av den matematiska modellen i företagets verksamhet ges, där fokus ligger på ökat kundvärde.

Modellen som togs fram kan utefter aktieägarens förväntade årsavkastning, förväntad prognos över statslåneräntan, placeringshorisont samt individuellt courtage rekommendera vilken sparform som ska väljas, samt när och till vilken sparform ett byte ska ske, för att därigenom maximera avkastningen efter skatt, givet att byte av sparform enbart tillåts vid årsskiftet. Genom att utgå från co-operation vid implementation av den matematiska modellen i verksamheten kan det för två specifika kundsegment leda till ökat kundvärde vid kundmöten.

Abstract [en]

Selecting the form of savings on share ownership has become increasingly relevant since the year 2012, when a new form of savings was launched. Taxation differences between the three current saving forms have led to confused and uncertain shareholders. The optimal choice of the form of savings depends on several evolving and individual factors, making that no general and simple answer could be given.

This report was assigned by a small shareholder management company by reason of the above, to provide a mathematical tool which illustratively should recommend the selection of savings form, based on different assumptions. The recommendations should lead to a maximized share portfolio return after tax. Furthermore, recommendations regarding implementation of the mathematical model in the company's operations should be given, focused on enhanced customer value.

The model that was developed should be based on the shareholder's expected annual return, expected forecast of government interests, investment horizon and individual brokers courtage, recommend which form of saving to be selected, regarding when and to what form of saving to move to, thereby maximizing the return after tax, assuming that the changed form of savings only to be allowed at end of year. By base the work on co-operation along the implementation of the mathematical model for the business, it can for two specific customer segments lead to added customer value at client meetings.

Place, publisher, year, edition, pages
2014.
Series
TRITA-MAT-K, 2014:11
Keyword [en]
Dynamic programming, Saving forms, Investeringssparkonto, Kapitalförsäkring, Värdepapperskonto, Co-Production, Customer Value
Keyword [sv]
Dynamisk programmering, Sparformer, Investeringssparkonto, Kapitalförsäkring, Värdepapperskonto, Co-production, Kundvärde
National Category
Mathematical Analysis
Identifiers
URN: urn:nbn:se:kth:diva-146744OAI: oai:DiVA.org:kth-146744DiVA: diva2:725148
Subject / course
Applied Mathematical Analysis
Educational program
Master of Science in Engineering - Industrial Engineering and Management
Supervisors
Examiners
Available from: 2014-06-16 Created: 2014-06-15 Last updated: 2014-06-16Bibliographically approved

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