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Predicting Corporate Failure in the UK: A Multidimensional Scaling Approach

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  • Evi Neophytou
  • Cecilio Mar Molinero
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    Abstract

    Scaling techniques are proposed as a tool for the analysis and prediction of corporate failure. This approach, while keeping a strong theoretical basis, has the advantage of visualising the main features of the data in the form of statistical maps that lend themselves to intuitive interpretation. The maps contain directional statistics to help with interpretation. The methodology is demonstrated using a sample of UK industrial companies. A future-dated holdout sample is also employed to illustrate how the Multidimensional Scaling technique can aid practitioners when assessing the financial health of a company. Copyright Blackwell Publishers Ltd, 2004.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

    Volume (Year): 31 (2004-06)
    Issue (Month): 5-6 ()
    Pages: 677-710

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    Handle: RePEc:bla:jbfnac:v:31:y:2004-06:i:5-6:p:677-710

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X

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    Cited by:
    1. du Jardin, Philippe, 2012. "The influence of variable selection methods on the accuracy of bankruptcy prediction models," MPRA Paper 44383, University Library of Munich, Germany.
    2. Norhani Aripin & Greg Tower & Grantley Taylor, 2011. "Insights on the diversity of financial ratios communication," Asian Review of Accounting, Emerald Group Publishing, vol. 19(1), pages 68-85, May.
    3. Pasiouras, Fotios & Tanna, Sailesh & Zopounidis, Constantin, 2007. "The identification of acquisition targets in the EU banking industry: An application of multicriteria approaches," International Review of Financial Analysis, Elsevier, vol. 16(3), pages 262-281.
    4. Laura Marta Nuã‘Ez, 2004. "The problem of variable selection for financial distress: applying GRASP methaeuristics," Working Papers Economia wp04-30, Instituto de Empresa, Area of Economic Environment.
    5. Dionysios Polemis & Dimitrios Gounopoulos, 2012. "Prediction of distress and identification of potential M&As targets in UK," Managerial Finance, Emerald Group Publishing, vol. 38(11), pages 1085-1104, November.
    6. du Jardin, Philippe & Séverin, Eric, 2010. "Dynamic analysis of the business failure process: A study of bankruptcy trajectories," MPRA Paper 44379, University Library of Munich, Germany.
    7. Cohen, Sandra & Doumpos, Michael & Neofytou, Evi & Zopounidis, Constantin, 2012. "Assessing financial distress where bankruptcy is not an option: An alternative approach for local municipalities," European Journal of Operational Research, Elsevier, vol. 218(1), pages 270-279.

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