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Permanent Insolvency Prediction Model in the Example of Estonian Micro-Enterprises Financed with Start-up Grant Kaspar Käsper Supervisor: Oliver Lukason (Research Fellow) University of Tartu 2016 Soovitan suunata kaitsmisele …………………………………………... (juhendaja allkiri) Kaitsmisele lubatud “ “........................ 2016. a. Olen koostanud töö iseseisvalt. Kõik töö koostamisel kasutatud teiste autorite tööd, põhimõttelised seisukohad, kirjandusallikatest ja mujalt pärinevad andmed on viidatud. …………………………………. (töö autori allkiri) 3 Abstract The objective of this paper is to create a prediction model to distinguish between government supported start-up firms becoming permanently insolvent and surviving. To achieve this, financial ratios from one and two years after foundation are applied for newly founded Estonian firms, all of which received a start-up grant in the period 2004-2009. Data are derived from Enterprise Estonia, Estonian Business Register and Estonian Tax and Customs Board. The r...