unbalanced panel of nearly 700 short-term loans made to SMEs in Slovakia between January 2000 and June 2005. Of the loans granted …, on average 6.0 per cent of the firms defaulted. Several probit models and panel probit models show that liquidity and … profitability factors are important determinants of SMEs defaults, while debt factors are less robust. However, we find that above …

-Oaxaca decomposition analysis for wage differentials. The decomposition method is first developed for a single probit model and later …