Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/89552 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
LEM Working Paper Series No. 2009/06
Verlag: 
Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM), Pisa
Zusammenfassung: 
This paper investigates the relevance of financial and economic variables as determinants of firm defaults. Our analysis is not limited to publicly traded companies but extends to a large sample of limited liability firms. We consider size, growth, profitability and productivity together with a standard set of financial indicators. Non parametric tests allow to assess to what extent defaulting firms differ from the non-defaulting group. Bootstrap probit regressions confirm that economic variables play both a long and short term effect. Our findings are robust with respect to the inclusion of Distance to Default and risk ratings among the regressors.
Schlagwörter: 
firm default
financial indicators
selection and growth dynamics
kernel densities
stochastic equality
bootstrap probit regressions
Distance to Default
JEL: 
C14
C25
D20
G30
L11
Dokumentart: 
Working Paper

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