Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153949
Authors: 
Abildgren, Kim
Vølund Buchholst, Birgitte
Staghøj, Jonas
Year of Publication: 
2013
Series/Report no.: 
ECB Working Paper 1516
Abstract: 
Utilising a unique data set with annual accounts from around 37,000 Danish non-financial firms spanning almost one and a half decade, we offer microeconometric evidence on bankfirm relationships and the survival of firms during the financial crisis 2008-9. Within the framework of accounting-based credit-scoring models we find that the probability of default during the crisis was significantly higher for firms with a “weak” bank than for comparable firms with a “sound” bank– even after controlling for differences in the credit quality of firms. We discuss how to interpret these results in relation to the real effects of financial crisis.
Subjects: 
bank-firm relationships
financial crisis
firm survival
probability of default
JEL: 
E44
G21
G33
Document Type: 
Working Paper

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