Search

This study presents a new database, the Swedish National Wealth Database, which contains annual data on private, public, and national wealth and sectoral saving rates in Sweden over the past two centuries. The paper reviews previous investigations of national wealth, compares their estimates with the ones presented here and discusses method approaches and measurement problems. The main results from data series are presented for assets and liabilities and their subcomponents, for the private and public domestic and foreign sectors. By complementing the past literature with its traditional focus on economic flow variables to understand long-run economic developments, this new database offers potentially new perspectives on a number of important issues in Sweden's economic history. [ABSTRACT FROM PUBLISHER]

In recent years, several accounting standards, including IFRS 3, issued by the IASB, substitute historical cost with fair value measures and so provide managers with increased discretion to determine fair value without an actual market for the asset. Using Swedish data, we document the accounting consequences of the adoption of IFRS 3 and the stock market's reaction. After the adoption of this standard in January 2005 the amount of capitalized goodwill increased substantially. Goodwill impairments under IFRS are considerably lower than goodwill amortizations and impairments made under Swedish GAAP. Consequently, the adoption of IFRS 3 increased reported earnings. An analysis of economic incentives influencing the impairment decision at the initial adoption of IFRS 3 shows that tenured management is negatively associated with the impairment decision. However, most firms did not reclassify goodwill or make additional impairments. Firms with substantial amounts of goodwill yielded abnormally high returns despite abnormally low earnings. Investors seem to, correctly or incorrectly, have viewed the accrual-based increase in earnings stemming from IFRS 3 as an indication of higher future cash flows. [ABSTRACT FROM AUTHOR]

The Swedish business angel market of 2004 is presented and compared to that of 1992 in order to determine the significance of the time factor. The presentation is carried out against the background of the macroeconomic changes that have taken place and how they have affected the informal venture capital market. The empirical findings reveal how the amounts invested have changed, which companies the business angels have invested in and the ways in which the business angels' deal flow has changed since 1992. The results show that business angels in Sweden have become more professional in their way of identifying new investment opportunities and that the informal venture capital market is becoming more mature with less information asymmetry. Furthermore, the results demonstrate that Internet hype and changes in the Swedish taxation system have probably influenced the business angel market, making investors invest at earlier stages and in high-tech companies. [ABSTRACT FROM AUTHOR]

We evaluate the ex ante efficiency of a major Swedish investment subsidy programme, the ‘local investment programme’ (LIP). The LIP, effective between 1998 and 2002, had parallel purposes: to step up the pace at which Sweden transforms into an ecologically sustainable society and to reduce unemployment. During the programme period, c670 million were granted to different municipal projects. We find that the marginal LIP subsidy to the largest beneficial environmental variable, reductions of carbon dioxide, does not vary significantly over projects, implying that LIP subsidy was efficiently allocated for such reductions. The beneficial variable with largest economic significance was, however, the employment variable. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment. [ABSTRACT FROM AUTHOR]

Objective. We investigate the causes of the stability of Swedish business confidence in the early 1930s. Surprisingly, investors seemed unruffled by the Social Democrats’ heterodox “Crisis Program,” a proto–Keynesian response to the Great Depression. This research allows a productive modification of the argument that the state is dependent on private capital formation. Methods. Analysis of stock markets, currency prices, patterns of domestic investment, as well as written primary sources in Swedish and English. Results. The cross–class cooperation practiced by the Social Democrats, and the lack of a threat of radicalization, had an important calming effect on investors. Conclusions. To avoid capital flight and resulting economic dislocation, reformist governments must cooperate with business and conservatives, and turn away from workers and revolutionaries. [ABSTRACT FROM AUTHOR]

Presents information on a study which examined the effects of European integration on the location of investments by Swedish multinational corporations. Facts about Swedish outward foreign direct investment during the period 1982-1995; Conceptual framework; Results of the study; Conclusion.

By combining unique data on Swedish multinationals with industry data for 18 countries, the influence of host country characteristics on the location of foreign production is analysed. Particular attention is directed towards agglomeration tendencies in firms' location. The sample selection incorporates countries where firms have no affiliate production, which is an extension of previous research in this area. The results suggest that agglomeration effects are present, predominantly in technologically advanced industries. It is also shown that market size, the supply of skilled labour and earlier exports pattern, affect the location of overseas production. [ABSTRACT FROM AUTHOR]

Presents an abstract of the dissertation `Swedish Direct Investment in the U.S. (United States),' by Lars Olof Agren, as presented at the Handelshogskolan I Stockholm in Sweden in 1990.

The article discusses the Swedish government's decision to invest excess social insurance funds in stocks, a move which has led to political opposition warnings of "creeping socialism." An initial stock purchase involves 500 million kroner. Other amounts from the 56 billion kroner pension fund have gone toward large building construction and public projects.