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Bankruptcy prediction : the credit relevance of reclassfied financial statement ratios

Aae, Eirik Lunde; Hansen, Mats André
Master thesis
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URI
http://hdl.handle.net/11250/2487912
Date
2017
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  • Master Thesis [3258]
Abstract
In this thesis, we present research within the field of financial statement analysis. We seek to

investigate the credit relevance of financial statements reclassified for analytical purposes,

and in particular the marginal and absolute credit relevance of accounting ratios derived

from the reclassified financial statement. To the best of our knowledge, this is one of the first

studies addressing this particular topic.

We have conducted several tests, using a conditional logistic model, to assess the credit

relevance of the reclassified accounting ratios. The tests were conducted on a sample

consisting of 28,081 group financials registered in the Brønnøysund Register Center in the

period from 1999 - 2014.

We find a reclassification of the traditional financial statement to increase the credit

relevance of some liquidity ratios. Our test output indicates that Current interest bearing

liabilities/Current financial assets, Working capital/Invested capital and Non-current

operating assets/Invested capital have both marginal and absolute credit relevance when

tested individually. We also get indications that the combination of these reclassified ratios

improves the predictive abilities of traditional bankruptcy prediction models

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