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Less is more?: Sambandet mellan kapitalskatt och likviditet på Stockholmsbörsen
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
2016 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesisAlternative title
Less is More? : The relationship between capital gains tax and liquidity onStockholm Stock Exchange (English)
Abstract [en]

Background and problem:

The capital gain tax was introduced in Sweden as late as 1991. Previous studies has shown that capital gain tax can explain differences in investors behaviour that can lead to trading changes and a lock-in effect on the stock market, which directly affects the liquidity of stocks. The problematic is that an illiquid stockmarket, among other things, could lead to that capitals stays in already mature companies and hamper IPOs.

Purpose:

The study ́s purpose is to study the relationship between capital gains tax and liquidity with control of others factors that might explain differences in liquidity on the stock market.

Method:

The study is conducted with a quantitative method and it ́s based on data collected from 1992-2000 for companies listed on Stockholm Stock Exchange. The method generated 939 observations for each variable and the study yielded a total of 5643 observations with a final loss of 34,6 % of the study ́s sample. We formed a hypothesis to answer the research question and achieve the purpose of the study.

Conclusions:

The study ́s results do not reject the study hypothesis of a negative relationship between capital gains tax and liquidity, which means that liquidity falls when capital gain tax rate increase in accordance with the existing theory. A negative correlation between capital gain tax and liquidity, might hamper IPOs of new companies, because the capital stays in the already mature companies and investors are discouraged from more productive investments.

Abstract [sv]

Bakgrund och problem:

Kapitalskatten infördes i Sverige så sent som 1991. Tidigarestudier har visat att kapitalskatt kan förklara skillnader i investerares beteende som kange upphov till tradingförändringar och en inlåsningseffekt på aktiemarknaden vilketdirekt påverkar aktiers likviditet. Med bakgrund av denna problematik skulle en illikvidaktiemarknad bland annat kunna leda till att kapital stannar i redan mogna bolag ochförsvårar börsintroduktioner.

Syfte:

Studiens syfte är att studera sambandet mellan kapitalskatt och likviditet medkontroll för andra faktorer som kan tänkas förklara skillnader i likviditet påaktiemarknaden.

Metod:

Studien genomförs med en kvantitativ undersökningsmetod och baseras på datainsamlad från åren 1992-2000 för företag noterade på Stockholmsbörsen. Denna metodgenererade 939 observationer för studiens respektive variabel vilket gav totalt 5643observationer med ett slutgiltigt bortfall på 34,6% av studiens mätpunkter. Vi utformadeen hypotes för att besvara studiens frågeställning och uppnå syftet med studien.

Slutsatser:

Studiens resultat förkastar inte studiens hypotes om ett negativt sambandmellan kapitalskatt och likviditet, vilket innebär att likviditeten sjunker närkapitalskattesatsen ökar i enlighet med befintlig teori. Eftersom ett negativt sambandföreligger mellan kapitalskatt och likviditet, finns risken att en hög kapitalskattförsvårar börsintroduktion av nya bolag, att kapital stannar i redan mogna bolag samt attinvesterare avskräcks från mer produktiva investeringar.

Place, publisher, year, edition, pages
2016. , 94 p.
Keyword [en]
Capital gain tax, Liquidity, Turnover ratio, Relative spread
Keyword [sv]
Kapitalskatt, Likviditet, Omsättningshastighet, Relativ spread
National Category
Business Administration
Identifiers
URN: urn:nbn:se:liu:diva-129716ISRN: LIU-IEI-FIL-A--16/02212--SEOAI: oai:DiVA.org:liu-129716DiVA: diva2:942620
Subject / course
Master Thesis in Business and Economics Programme (Business Administration)
Supervisors
Examiners
Available from: 2016-08-29 Created: 2016-06-25 Last updated: 2016-08-29Bibliographically approved

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