| Περίληψη : | The aim of this dissertation is to evaluate credit risk (ex-post) by using a case study methodology of the Greek construction sector. Our data set includes both the population of listed/ non-failed (as of April 31st, 2008) and delisted/ failed construction companies in the Athens Stock Exchange (since the year 20000). The dissertation begins with the definition of credit risk, presents the most widely used models for evaluating credit risk and reviews the literature both academic and practitioners, which refers to the results and effectiveness in the use of the presented models. The second chapter separates the population of the Greek construction companies into “failed” and “non-failed”. Financial ratios which are meant to show the relationship between financial performance and credit risk are also presented and analyzes in this chapter. Chapter 3 offers an analysis of the Greek construction sector since 2000 in terms of figures, events and future prospects. The next chapter analyzes the financial performance of the failed and non-failed construction companies in terms of credit risk based on their published financial statements while, a comparison between these results and also statistical tests are undertaken in Chapter 5. The summary of the findings and the wider conclusions and proposals of the dissertation are all included in chapter 6. Parties that might be interested in the content of this dissertation include: i) Banks during any decision making process for granting or receiving back old loans, ii) suppliers of products/services that offer extensive credit to their customers, iii) investors that wish to assess financial distress in debt securities or companies’ shares,iv) Government and sector officials that aim to achieve stability in the sector and finally firms’ management who wish to take a closer look at competition.
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