This paper presents an analysis of how Norwegian non-listed firms are financed. Using a unique database covering all limited liability firms in Norway, both the size (leverage) and composition (maturity structure) of debt are investigated. The empirical evidence provides support for the effects...

This article presents an analysis of how Norwegian nonlisted firms are financed. Using a unique database covering all limited liability firms in Norway, both the size (leverage) and composition (maturity structure) of debt are investigated. The empirical evidence provides support for the effects...

This paper presents an analysis of how Norwegian non-listed firms are financed. Using a unique database covering all limited liability firms in Norway, both the size (leverage) and composition (maturity structure) of debt are investigated. The empirical evidence provides support for the effects...

This paper addresses the theoretical foundations of default probability, using the neo-classical theory of capital structure as a starting point. A model of optimal capital structure is constructed and reworked into a model of default probability. The comparative static analyses show that both...

This paper investigates default probabilities and their comparative statics (default Greeks) in the Black and Scholes, Merton framework, using the objective or real probability measure. First we show how a risk neutral default probability can be transformed into an objective probability. The...