Published in 1997, this text focuses on the conundrum between the academics ability to
distinguish between failing and non-failing businesses with models of over 85.5 per cent …

A comprehensive look at the enormous growth and evolution of distressed debt markets,
corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative …

Although copious statistical failure prediction models are described in the literature,
appropriate tests of whether such methodologies really work in practice are lacking …

Four types of bankruptcy prediction models based on financial statement ratios, cash flows,
stock returns, and return standard deviations are compared. Based on a sample of …

Analysis and management of credit risk has taken on an increased importance in recent
years. New regulations force banks and other financial institutions to make a credible effort …

Many empirical “anomalies” are actually consistent with the single beta capital asset pricing
model if the empiricist utilizes an equity‐only proxy for the true market portfolio. Equity betas …

Fifty years ago, I published the initial, classic version of the Z-score bankruptcy prediction
models. This multivariate statistical model has remained perhaps the most well-known, and …

This paper is aimed at examining the role of annual reports' sentiment in forecasting
financial performance. The sentiment (tone, opinion) is assessed using several …

The recent turbulence in the stock market has brought into question the way, and prices at
which, shares are traded, and how the market effectively values companies. It has also …

This study investigates the association between bankruptcy outcome and the capital
market's reaction to bankruptcy filings. Our sample consists of 77 firms that filed bankruptcy …