Our paper addresses firm size as a driver of systematic credit risk in loans to small and medium enterprises (SMEs … particularly rich and well developed credit market for SMEs in Germany. We estimate asset correlations as the key measure of … granted in Basel II for SMEs relative to large firms. For SME loans in the corporate portfolio of the Internal Ratings …

(SMEs). Key contributions are the use of a unique data set of SME lending by over 400 German banks and relating systematic … the particularly rich and well-developed credit market for SMEs in Germany. We estimate asset correlations as the key … has been granted in Basel II for SMEs relative to large firms. Our asset correlation estimates suggest a significantly …

Our paper addresses firm size as a driver of systematic credit risk in loans to small and medium enterprises (SMEs … particularly rich and well developed credit market for SMEs in Germany. We estimate asset correlations as the key measure of … granted in Basel II for SMEs relative to large firms. For SME loans in the corporate portfolio of the Internal Ratings …

We investigate non-financial variables for predicting bankruptcy in small and medium-sized enterprises (SMEs). The …, rendering them available to all stakeholders and allowing for the analysis of all SMEs within a market. Using a large and recent … sample of SMEs, we empirically examine the variables that predict bankruptcy over time horizons of one, two and three years …

significantly improve both in-sample model fit and out-of-sample forecasting accuracy. The improvements in forecasting accuracy are …