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An Integrative Analysis of Business Bankruptcy in Australia

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Author Info
Cheung, L.
Levy, A. () (University of Wollongong)

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Abstract

This paper proposes an integrative and dynamic approach for analyzing business failure. The simulaneous estimation results obtained with Australian data indicate significant associations between bankruptcy rates in different industries. Most of these associations are positive and hence implying that bankruptcy in one industry can inflict a "domino" effect on other industries.

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File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow012247.pdf
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Publisher Info
Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp98-03.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 32 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:uow:depec1:wp98-03

Contact details of provider:
Postal: School of Economics, University of Wollongong, Northfields Avenue, Wollongong NSW 2522 Australia
Phone: +612 4221-3663
Fax: +612 4221-3725
Web page: http://www.uow.edu.au/commerce/econ/
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Related research
Keywords: BANKRUPTCY;

Find related papers by JEL classification:
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
G30 - Financial Economics - - Corporate Finance and Governance - - - General

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Levy, Amnon & Bar-niv, Ran, 1987. "Macroeconomic aspects of firm bankruptcy analysis," Journal of Macroeconomics, Elsevier, vol. 9(3), pages 407-415. [Downloadable!] (restricted)
  2. Bandopadhyaya, Arindam, 1994. "An Estimation of the Hazard Rate of Firms under Chapter 11 Protection," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 346-50, May. [Downloadable!] (restricted)
  3. Opler, Tim C & Titman, Sheridan, 1994. " Financial Distress and Corporate Performance," Journal of Finance, American Finance Association, vol. 49(3), pages 1015-40, July. [Downloadable!] (restricted)
  4. Michelle J. White, 1980. "Public Policy Toward Bankruptcy: Me-First and Other Priority Rules," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 550-564, Autumn. [Downloadable!] (restricted)
  5. Gilson, Stuart C., 1989. "Management turnover and financial distress," Journal of Financial Economics, Elsevier, vol. 25(2), pages 241-262, December. [Downloadable!] (restricted)
  6. Baldwin, Carliss Y & Mason, Scott P, 1983. " The Resolution of Claims in Financial Distress: The Case of Massey Ferguson," Journal of Finance, American Finance Association, vol. 38(2), pages 505-16, May. [Downloadable!] (restricted)
  7. White, Michelle J, 1994. "Corporate Bankruptcy as a Filtering Device: Chapter 11 Reorganizations and Out-of-Court Debt Restructurings," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(2), pages 268-95, October.
  8. Platt, Harlan D. & Platt, Marjorie B., 1994. "Business cycle effects on state corporate failure rates," Journal of Economics and Business, Elsevier, vol. 46(2), pages 113-127, May. [Downloadable!] (restricted)
  9. Goudie, A W & Meeks, G, 1991. "The Exchange Rate and Company Failure in a Macro-Micro Model of the UK Company Sector," Economic Journal, Royal Economic Society, vol. 101(406), pages 444-57, May. [Downloadable!] (restricted)
  10. Aghion, Philippe & Hart, Oliver & Moore, John, 1992. "The Economics of Bankruptcy Reform," Journal of Law, Economics and Organization, Oxford University Press, vol. 8(3), pages 523-46, October.
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  11. James S. Ang & Jess H. Chua, 1980. "Coalitions, the Me-First Rule, and the Liquidation Decision," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 355-359, Spring. [Downloadable!] (restricted)
  12. Denis, David J. & Denis, Diane K., 1995. "Causes of financial distress following leveraged recapitalizations," Journal of Financial Economics, Elsevier, vol. 37(2), pages 129-157, February. [Downloadable!] (restricted)
  13. Melicher, Ronald W. & Hearth, Douglas, 1988. "A time series analysis of aggregate business failure activity and credit conditions," Journal of Economics and Business, Elsevier, vol. 40(4), pages 319-333, November. [Downloadable!] (restricted)
  14. White, Michelle J, 1989. "The Corporate Bankruptcy Decision," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 129-51, Spring. [Downloadable!] (restricted)
  15. David M. Cutler & Lawrence H. Summers, 1988. "The Costs of Conflict Resolution and Financial Distress: Evidence from the Texaco-Pennzoil Litigation," RAND Journal of Economics, The RAND Corporation, vol. 19(2), pages 157-172, Summer. [Downloadable!] (restricted)
    Other versions:
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