Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/192448 
Authors: 
Year of Publication: 
2006
Series/Report no.: 
Discussion Papers No. 466
Publisher: 
Statistics Norway, Research Department, Oslo
Abstract: 
I combine two fields of research on default prediction by empirically testing a bankruptcy prediction function where unlisted firms are evaluated on the basis of both their financial statement analysis and the macroeconomic environment. This combination is found to improve the default prediction compared to financial statements alone. The GDP-gap, a production index and the money supply M1 in combination with some financial health indicators for individual firms are found to be significant predictors on default for Norwegian firms during both a recovery and expansion in the 1990's.
Subjects: 
bankruptcy prediction
macroeconomic environment
financial ratios
logit model
JEL: 
G32
G33
Document Type: 
Working Paper

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