نتایج جستجو برای: bankruptcy

تعداد نتایج: 3661  

2002
Keven Yost

I examine how financially distressed firms choose among three alternatives: traditional Chapter 11 bankruptcy, prepackaged bankruptcy, and out-of-court restructuring. In doing so, I investigate firm performance and capital structure, as well as the previously undocumented role of managerial discretion. My sample consists of 198 observations and 174 poorly performing firms that start restructuri...

Journal: :Proceedings of the National Academy of Sciences of the United States of America 2010
Boris Podobnik Davor Horvatic Alexander M Petersen Branko Urosevic H Eugene Stanley

We analyze the size dependence and temporal stability of firm bankruptcy risk in the US economy by applying Zipf scaling techniques. We focus on a single risk factor--the debt-to-asset ratio R--in order to study the stability of the Zipf distribution of R over time. We find that the Zipf exponent increases during market crashes, implying that firms go bankrupt with larger values of R. Based on ...

2011

The purpose of this study is to examine the impact of the choice of cut-off points, sampling procedures, and the business cycle on the accuracy of bankruptcy prediction models. Misclassification can result in erroneous predictions leading to prohibitive costs to firms, investors and the economy. To test the impact of the choice of cut-off points and sampling procedures, three bankruptcy predict...

2008

In a bankruptcy problem, there is an estate to be divided among a number of claimants, whose total claim exceeds the estate available. The multi-issue allocation situations are used to model bankruptcylike problems in which the estate is divided not on the basis of a single claim for each agent, but several claims resulting from so-called issues. These situations were studied by Calleja et al. ...

2013
Douglas Gale Piero Gottardi

The financial crisis of 2007-2008 and the current sovereign debt crisis in Europe have focused attention on the macroeconomic consequences of debt financing. In this paper, we turn our attention to the use of debt finance in the corporate sector and study the generalequilibrium effects of debt finance on investment and growth. More precisely, we analyze underinvestment in equilibrium when marke...

2009
Domenico Delli Gatti Bruce C. Greenwald Alberto Russo Joseph E. Stiglitz

We analyze the properties of a three-sector network economy characterized by credit relationships connecting downstream and upstream firms (inside credit) and credit relationships connecting firms and banks (outside credit). The network topology changes over time due to an endogenous process of partner selection (the preferred-partner choice rule). The output of simulations shows that a busines...

2001
Emily Y. Lin Michelle J. White

This paper investigates the relationship between bankruptcy exemptions and the availability of credit for mortgage and home improvement loans. We develop a combined model of debtors’ decisions to file for bankruptcy and to default on their mortgages and show that the theory predicts positive relationships between both the homestead and personal property exemption levels and the probability of b...

1998
Cindy Yoshiko Shirata

After the burst of the bubble economy in 1990, the Japanese economy has been on a downward slide and many companies have been faced with financial difficulties. Hence, a certain prediction model to assess the financial distress of Japanese firms is required. This paper presents some empirical results of a study regarding financial ratios as predictors of Japanese corporate failure, evidenced by...

Journal: :Expert Syst. Appl. 2014
Joaquín Abellán Carlos Javier Mantas

Previous studies about ensembles of classifiers for bankruptcy prediction and credit scoring have been presented. In these studies, different ensemble schemes for complex classifiers were applied, and the best results were obtained using the Random Subspace method. The Bagging scheme was one of the ensemble methods used in the comparison. However, it was not correctly used. It is very important...

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