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dc.contributor.authorSjøvoll, Espen
dc.date.accessioned2018-06-06T08:51:39Z
dc.date.available2018-06-06T08:51:39Z
dc.date.issued1999
dc.identifier.urihttp://hdl.handle.net/11250/2500531
dc.descriptionThis thesis represents the end of Espen Sjøvoll's Cand. Polit. degree in economics at the University of Bergen
dc.description.abstractIn this thesis, I present a model that measures credit risk in the Norwegian business sector, using firm bankruptcy as proxy for credit risk. Probit analysis, a discrete response model, is applied to micro level financial information from more than 500 000 observations from the period 1989-1998. Bankruptcies in the period 1995-1998 are used to develop the model, and bankruptcies in the period 1991-1993 are used for out of sample testing. A set of timeconsistent indicators of bankruptcy is found by combining ideas from both the theory of industrial organisation and financial statement analysis. The results support the idea of a learning effect in companies. This effect is recognised with reduced risk of bankruptcy when observations are subject to age. Furthermore, the results indicate that debt and interest burden increase risk of bankruptcy, while equity decrease risk of bankruptcy. Real-estate companies generally have a lower risk, while restaurants generally have a higher risk.nb_NO
dc.language.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking Papers;9/1999
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL: C13nb_NO
dc.subjectJEL: G33nb_NO
dc.subjectbankruptcynb_NO
dc.subjectprobit estimationnb_NO
dc.subjectcredit risknb_NO
dc.titleAssessment of Credit Risk in the Norwegian Business Sectornb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.source.pagenumber73nb_NO


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal