Jiménez, Gabriel (contributor); … - 2007
history of firm default behavior. Third, since our sample period spans a complete
business cycle, we can analyze credit line … noted in both, banking and macroeconomic literatures, the state of the business
cycle has a definite effect on firm balance …
worsening of the business cycle, while it decreases with the age of the credit line and the
observed risk of the firm. Yet …