Rikkers, FriedaThibeault, André2017-12-022017-12-02201110.1504/IJBAAF.2011.041455http://hdl.handle.net/20.500.12127/4079Financial statements vary between industries. Therefore, economic intuition suggests that industry effects should be an important component in bankruptcy prediction; however, in previous academic literature on default prediction, not much attention has been paid to these effects. In this study a number of questions concerning credit risk modelling of small and medium-sized enterprises (SMEs) and industry are answered.enInternational Journal of Banking Accounting and Finance141055691244711