Sök

Working Paper No. 56. Does Sweden Have Too Many or Too Few Bankruptcies Compared to EU Countries, Norway and the USA?

PublikationWorking paper
Finanskris, Företagandets villkor, Klas Buttwill, Konkurs

Sammanfattning

The main purpose with this paper is to compare the frequency of liquidation bankruptcies in Sweden with the frequency of bankruptcies in countries (Germany, U.S., Finland, Norway, U.K. and Denmark) that have a similar economic structure and there by are we able to investigate the legal influence on bankruptcies and costs associated with bankruptcies. When one judges the frequency of bankruptcy in different countries, the main issue is to decide which frequency of bankruptcy is the optimal one (the efficient one). A country is classified as having “too many” bankruptcies when firms that have a positive net present value (in financial distress but not in economic distress) are closed or if many of the bankruptcies are due economically related crimes. A country is classified as having “too few” bankruptcies when firms that are in both in financial and economic distress continues to operate. Relating bankruptcies to number of employees in the respective country makes it possible to compare frequency of bankruptcies between countries. We compare frequency of bankruptcy between countries for the period 1985 to 1996. Sweden, Norway and Finland have on average a significant higher frequency of bankruptcies than the other countries. In Germany, Finland, Great Britain and Sweden is the use of a reorganisation procedure not a real option to the liquidation procedure, in contrast to U.S. The construction industry and the industry wholesale and retail, repairs, Hotels and restaurants are the industries in every country that either has the highest frequency of bankruptcy or belongs to the industries with the highest frequency of bankruptcy. In Sweden there are four years that deviate in the period of investigation (both in total number of bankruptcies but also with respect to the individual industry bankruptcies) due to an extremely high frequency of bankruptcies (1991 to 1994) and this is the case also for the other countries (at least for the total number of bankruptcies) except for Germany and U.S. Norway is the country with the highest proportion of bankruptcy firms with no employees in relation to total number of bankruptcies. There is no indication that shell-companies are the driving force behind the frequency of bankruptcies in Sweden during the time period investigated. In Sweden, for the period 1991 to 1994, there is an indication that companies ended up earlier than normally in liquidation bankruptcy and also that these companies are in better financial condition than normally. For Sweden, it seems as though the banks do not explicitly file for bankruptcy.

Buttwill, K. (2004). Does Sweden Have Too Many or Too Few Bankruptcies Compared to EU Countries, Norway and the USA? Ratio Working Paper No. 56.

Baserat på innehåll

Working Paper No. 56. Does Sweden Have Too Many or Too Few Bankruptcies Compared to EU Countries, Norway and the USA?
Working paperPublikation
Buttwill, K.
Publiceringsår

2004

Publicerat i

Ratio Working Paper

Sammanfattning

The main purpose with this paper is to compare the frequency of liquidation bankruptcies in Sweden with the frequency of bankruptcies in countries (Germany, U.S., Finland, Norway, U.K. and Denmark) that have a similar economic structure and there by are we able to investigate the legal influence on bankruptcies and costs associated with bankruptcies. When one judges the frequency of bankruptcy in different countries, the main issue is to decide which frequency of bankruptcy is the optimal one (the efficient one). A country is classified as having “too many” bankruptcies when firms that have a positive net present value (in financial distress but not in economic distress) are closed or if many of the bankruptcies are due economically related crimes. A country is classified as having “too few” bankruptcies when firms that are in both in financial and economic distress continues to operate. Relating bankruptcies to number of employees in the respective country makes it possible to compare frequency of bankruptcies between countries. We compare frequency of bankruptcy between countries for the period 1985 to 1996. Sweden, Norway and Finland have on average a significant higher frequency of bankruptcies than the other countries. In Germany, Finland, Great Britain and Sweden is the use of a reorganisation procedure not a real option to the liquidation procedure, in contrast to U.S. The construction industry and the industry wholesale and retail, repairs, Hotels and restaurants are the industries in every country that either has the highest frequency of bankruptcy or belongs to the industries with the highest frequency of bankruptcy. In Sweden there are four years that deviate in the period of investigation (both in total number of bankruptcies but also with respect to the individual industry bankruptcies) due to an extremely high frequency of bankruptcies (1991 to 1994) and this is the case also for the other countries (at least for the total number of bankruptcies) except for Germany and U.S. Norway is the country with the highest proportion of bankruptcy firms with no employees in relation to total number of bankruptcies. There is no indication that shell-companies are the driving force behind the frequency of bankruptcies in Sweden during the time period investigated. In Sweden, for the period 1991 to 1994, there is an indication that companies ended up earlier than normally in liquidation bankruptcy and also that these companies are in better financial condition than normally. For Sweden, it seems as though the banks do not explicitly file for bankruptcy.

Working Paper No. 56. Does Sweden Have Too Many or Too Few Bankruptcies Compared to EU Countries, Norway and the USA?
Working paperPublikation
Buttwill, K.
Publiceringsår

2004

Publicerat i

Ratio Working Paper

Sammanfattning

The main purpose with this paper is to compare the frequency of liquidation bankruptcies in Sweden with the frequency of bankruptcies in countries (Germany, U.S., Finland, Norway, U.K. and Denmark) that have a similar economic structure and there by are we able to investigate the legal influence on bankruptcies and costs associated with bankruptcies. When one judges the frequency of bankruptcy in different countries, the main issue is to decide which frequency of bankruptcy is the optimal one (the efficient one). A country is classified as having “too many” bankruptcies when firms that have a positive net present value (in financial distress but not in economic distress) are closed or if many of the bankruptcies are due economically related crimes. A country is classified as having “too few” bankruptcies when firms that are in both in financial and economic distress continues to operate. Relating bankruptcies to number of employees in the respective country makes it possible to compare frequency of bankruptcies between countries. We compare frequency of bankruptcy between countries for the period 1985 to 1996. Sweden, Norway and Finland have on average a significant higher frequency of bankruptcies than the other countries. In Germany, Finland, Great Britain and Sweden is the use of a reorganisation procedure not a real option to the liquidation procedure, in contrast to U.S. The construction industry and the industry wholesale and retail, repairs, Hotels and restaurants are the industries in every country that either has the highest frequency of bankruptcy or belongs to the industries with the highest frequency of bankruptcy. In Sweden there are four years that deviate in the period of investigation (both in total number of bankruptcies but also with respect to the individual industry bankruptcies) due to an extremely high frequency of bankruptcies (1991 to 1994) and this is the case also for the other countries (at least for the total number of bankruptcies) except for Germany and U.S. Norway is the country with the highest proportion of bankruptcy firms with no employees in relation to total number of bankruptcies. There is no indication that shell-companies are the driving force behind the frequency of bankruptcies in Sweden during the time period investigated. In Sweden, for the period 1991 to 1994, there is an indication that companies ended up earlier than normally in liquidation bankruptcy and also that these companies are in better financial condition than normally. For Sweden, it seems as though the banks do not explicitly file for bankruptcy.

Ratio Working Paper No. 349: Industrial conflict in essential services in a new era – Swedish rules in a comparative perspective
Working paperPublikation
Karlson, N.
Publiceringsår

2021

Publicerat i

Ratio Working Paper

Sammanfattning

This paper examines whether the Swedish regulatory system of dealing with industrial conflicts that affect essential services need an update or reform. Are the existing rules effective in a world where many essential services are upheld by many interdependent agents in complex systems where every single node becomes critical for the functioning of the system, and where the essential service activities could be either private or public? A comparative study is conducted with the corresponding regulatory systems of the United Kingdom, Germany, and Denmark.
The conclusion is that Sweden is a special case. The Swedish protection against and readiness in dealing with societally harmful industrial conflicts in essential services is weaker than in the countries of comparison. Just as in relation to other threats to essential services, it is not sustainable to claim that just because such a threat is not currently present, there would be no need for preparedness.
There are many alternative ways to handle this. Desirable methods should both prevent harmful conflicts from erupting and end conflicts that have grown harmful to society at a later stage. The labour market organisations should have a mutual interest in reforming the rules.

Visa fler

Ratio är ett fristående forskningsinstitut som forskar om hur företagandets villkor kan utvecklas och förbättras.

Sveavägen 59 4trp

Box 3203

103 64 Stockholm

Postgiro: 382621-1

|

Bankgiro: 512-6578