@article {11218,
	title = {Credit rating model development: An ordered analysis based on accounting data},
	journal = {Research in International Business and Finance},
	volume = {38},
	year = {2016},
	pages = {122-136},
	abstract = {<span>In this paper we propose and test a methodology for constructing a credit rating model. We follow a polytomous ordered probit analysis leading to the specification of statistically significant credit rating intervals. We test our model with accounting data of Greek listed firms over the years 2004{\textendash}2013, a period which includes both the pre-crisis growth and the crisis phase of the Greek economy and the stock market. Using the empirically{\textemdash}based rating categories that the model generates endogenously, we observe not only a clear and timely response of ratings to the changing economic environment, but we also obtain significant predictive ability over a period of one, two and three years.</span>},
	author = {D. Balios and Thomadakis, S. and Tsipouri, L.}
}
