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Bankruptcy Prediction with Industry Effects

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Cited by:

  1. Premachandra, I.M. & Bhabra, Gurmeet Singh & Sueyoshi, Toshiyuki, 2009. "DEA as a tool for bankruptcy assessment: A comparative study with logistic regression technique," European Journal of Operational Research, Elsevier, vol. 193(2), pages 412-424, March.
  2. Shun-Yang Lee & Julian Runge & Daniel Yoo & Yakov Bart & Anett Gyurak & J. W. Schneider, 2023. "COVID-19 Demand Shocks Revisited: Did Advertising Technology Help Mitigate Adverse Consequences for Small and Midsize Businesses?," Papers 2307.09035, arXiv.org, revised Jan 2024.
  3. Ruey-Ching Hwang & Jhao-Siang Siao & Huimin Chung & C. Chu, 2011. "Assessing bankruptcy prediction models via information content of technical inefficiency," Journal of Productivity Analysis, Springer, vol. 36(3), pages 263-273, December.
  4. Ruey-Ching Hwang, 2013. "Forecasting credit ratings with the varying-coefficient model," Quantitative Finance, Taylor & Francis Journals, vol. 13(12), pages 1947-1965, December.
  5. Chen, Peimin & Wu, Chunchi, 2014. "Default prediction with dynamic sectoral and macroeconomic frailties," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 211-226.
  6. Giordani, Paolo & Jacobson, Tor & Schedvin, Erik von & Villani, Mattias, 2014. "Taking the Twists into Account: Predicting Firm Bankruptcy Risk with Splines of Financial Ratios," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 49(4), pages 1071-1099, August.
  7. Li, Chunyu & Lou, Chenxin & Luo, Dan & Xing, Kai, 2021. "Chinese corporate distress prediction using LASSO: The role of earnings management," International Review of Financial Analysis, Elsevier, vol. 76(C).
  8. Arundina, Tika & Azmi Omar, Mohd. & Kartiwi, Mira, 2015. "The predictive accuracy of Sukuk ratings; Multinomial Logistic and Neural Network inferences," Pacific-Basin Finance Journal, Elsevier, vol. 34(C), pages 273-292.
  9. Zhou, Fanyin & Fu, Lijun & Li, Zhiyong & Xu, Jiawei, 2022. "The recurrence of financial distress: A survival analysis," International Journal of Forecasting, Elsevier, vol. 38(3), pages 1100-1115.
  10. Ke Wang & Darrell Duffie, 2004. "Multi-Period Corporate Failure Prediction With Stochastic Covariates," Econometric Society 2004 Far Eastern Meetings 747, Econometric Society.
  11. 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.
  12. Stef, Nicolae & Zenou, Emmanuel, 2021. "Management-to-staff ratio and a firm's exit," Journal of Business Research, Elsevier, vol. 125(C), pages 252-260.
  13. Kasper Regenburg & Morten Nicklas Bigler Seitz, 2021. "Criminals, bankruptcy, and cost of debt," Review of Accounting Studies, Springer, vol. 26(3), pages 1004-1045, September.
  14. Geršl, Adam & Jakubík, Petr & Kowalczyk, Dorota & Ongena, Steven & Peydró, José-Luis, 2015. "Monetary conditions and banks’ behaviour in the Czech Republic," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 26(3), pages 407-445.
  15. Anginer, Deniz & Mansi, Sattar & Warburton, A. Joseph & Yildizhan, Celim, 2011. "Firm Reputation and Cost of Debt Capital," MPRA Paper 64965, University Library of Munich, Germany, revised 05 Jun 2015.
  16. Rana M. Airout & Qasim A. Alawaqleh & Nashat A. Almasria & Fahd Alduais & Sonia Q. Alawaqleh, 2023. "The Moderating Role of Liquidity in the Relationship between the Expenditures and Financial Performance of SMEs: Evidence from Jordan," Economies, MDPI, vol. 11(4), pages 1-22, April.
  17. Agata Gniadkowska-Szymańska, 2022. "The liquidity of shares and the risk of bankruptcy," Bank i Kredyt, Narodowy Bank Polski, vol. 53(6), pages 565-586.
  18. Correia, Maria & Kang, Johnny & Richardson, Scott, 2018. "Asset volatility," LSE Research Online Documents on Economics 84405, London School of Economics and Political Science, LSE Library.
  19. Arvind Krishnamurthy & Annette Vissing-Jorgensen, 2007. "The Demand for Treasury Debt," NBER Working Papers 12881, National Bureau of Economic Research, Inc.
  20. Bátiz-Zuk Enrique & Mohamed Abdulkadir & Sánchez-Cajal Fátima, 2021. "Exploring the sources of loan default clustering using survival analysis with frailty," Working Papers 2021-14, Banco de México.
  21. Chang, Bi-Juan & Hung, Mao-Wei, 2021. "Corporate debt and cash decisions: A nonlinear panel data analysis," The Quarterly Review of Economics and Finance, Elsevier, vol. 81(C), pages 15-37.
  22. William H. Beaver & Stefano Cascino & Maria Correia & Maureen F. McNichols, 2019. "Group Affiliation and Default Prediction," Management Science, INFORMS, vol. 65(8), pages 3559-3584, August.
  23. Trenca Ioan & Benyovszki Anamaria, 2009. "Analysis Model On The Relation Between Macroeconomical Variable Tendencies And Comercial Bank’S Credit Risk," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 3(1), pages 682-689, May.
  24. Soo Young Kim, 2018. "Predicting hospitality financial distress with ensemble models: the case of US hotels, restaurants, and amusement and recreation," Service Business, Springer;Pan-Pacific Business Association, vol. 12(3), pages 483-503, September.
  25. Michal Karas & Mária Režòáková, 2023. "A novel approach to estimating the debt capacity of European SMEs," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 18(2), pages 551-581, June.
  26. Adriana Csikosova & Maria Janoskova & Katarina Culkova, 2020. "Application of Discriminant Analysis for Avoiding the Risk of Quarry Operation Failure," JRFM, MDPI, vol. 13(10), pages 1-14, September.
  27. Kanak Patel & Ricardo Pereira, 2007. "Expected Default Probabilities in Structural Models: Empirical Evidence," The Journal of Real Estate Finance and Economics, Springer, vol. 34(1), pages 107-133, January.
  28. Xin Guo & Robert A. Jarrow & Yan Zeng, 2009. "Credit Risk Models with Incomplete Information," Mathematics of Operations Research, INFORMS, vol. 34(2), pages 320-332, May.
  29. Maria H. Kim & Graham Partington, 2015. "Dynamic forecasts of financial distress of Australian firms," Australian Journal of Management, Australian School of Business, vol. 40(1), pages 135-160, February.
  30. Wagner, Stephan M. & Bode, Christoph & Koziol, Philipp, 2011. "Negative default dependence in supplier networks," International Journal of Production Economics, Elsevier, vol. 134(2), pages 398-406, December.
  31. John Y. Campbell & Jens Hilscher & Jan Szilagyi, 2008. "In Search of Distress Risk," Journal of Finance, American Finance Association, vol. 63(6), pages 2899-2939, December.
  32. Michael Halling & Evelyn Hayden, 2008. "Bank failure prediction: a two-step survival time approach," IFC Bulletins chapters, in: Bank for International Settlements (ed.), The IFC's contribution to the 56th ISI Session, Lisbon, August 2007, volume 28, pages 48-73, Bank for International Settlements.
  33. Yi Cao & Xiaoquan Liu & Jia Zhai & Shan Hua, 2022. "A two‐stage Bayesian network model for corporate bankruptcy prediction," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 455-472, January.
  34. Xu, Xin, 2013. "Forecasting Bankruptcy with Incomplete Information," MPRA Paper 55024, University Library of Munich, Germany, revised 31 Mar 2014.
  35. Alberto Tron & Maurizio Dallocchio & Salvatore Ferri & Federico Colantoni, 2023. "Corporate governance and financial distress: lessons learned from an unconventional approach," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(2), pages 425-456, June.
  36. Elizabeth Demers & Philip Joos, 2007. "IPO Failure Risk," Journal of Accounting Research, Wiley Blackwell, vol. 45(2), pages 333-371, May.
  37. Haipeng Xing & Yang Yu, 2018. "Firm’s Credit Risk in the Presence of Market Structural Breaks," Risks, MDPI, vol. 6(4), pages 1-16, December.
  38. Vasso Ioannidou & Steven Ongena & José-Luis Peydró, 2015. "Monetary Policy, Risk-Taking, and Pricing: Evidence from a Quasi-Natural Experiment," Review of Finance, European Finance Association, vol. 19(1), pages 95-144.
  39. Andrew Kuritzkes & Til Schuermann & Scott Weiner, 2005. "Deposit Insurance and Risk Management of the U.S. Banking System: What is the Loss Distribution Faced by the FDIC?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 27(3), pages 217-242, September.
  40. Chen, Zhizhen & Liu, Frank Hong & Opong, Kwaku & Zhou, Mingming, 2017. "Short-term safety or long-term failure? Empirical evidence of the impact of securitization on bank risk," Journal of International Money and Finance, Elsevier, vol. 72(C), pages 48-74.
  41. Jacek Welc, 2016. "Empirical Safety Thresholds for Liquidity and Indebtedness Ratios on the Polish Capital Market," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2016(3), pages 39-52.
  42. Koresh Galil & Neta Gilat, 2019. "Predicting Default More Accurately: To Proxy or Not to Proxy for Default?," International Review of Finance, International Review of Finance Ltd., vol. 19(4), pages 731-758, December.
  43. Ampudia, Miguel & Busetto, Filippo & Fornari, Fabio, 2022. "Chronicle of a death foretold: does higher volatility anticipate corporate default?," Working Paper Series 2749, European Central Bank.
  44. John Nkwoma Inekwe, 2016. "Financial Distress, Employees’ Welfare and Entrepreneurship Among SMEs," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 129(3), pages 1135-1153, December.
  45. Ahsan Habib & Mabel D' Costa & Hedy Jiaying Huang & Md. Borhan Uddin Bhuiyan & Li Sun, 2020. "Determinants and consequences of financial distress: review of the empirical literature," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 1023-1075, April.
  46. de Oliveira Leite, Rodrigo & dos Santos Mendes, Layla & de Lacerda Moreira, Rafael, 2020. "Profit status of microfinance institutions and incentives for earnings management," Research in International Business and Finance, Elsevier, vol. 54(C).
  47. Alam, Nurul & Gao, Junbin & Jones, Stewart, 2021. "Corporate failure prediction: An evaluation of deep learning vs discrete hazard models," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
  48. Lian, Yili, 2017. "Financial distress and customer-supplier relationships," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 397-406.
  49. Degl’Innocenti, Marta & Frigerio, Marco & Zhou, Si, 2022. "Development banks and the syndicate structure: Evidence from a world sample," Journal of Empirical Finance, Elsevier, vol. 66(C), pages 99-120.
  50. Gunter Löffler & Alina Maurer, 2009. "Incorporating the Dynamics of Leverage into Default Prediction," SFB 649 Discussion Papers SFB649DP2009-024, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  51. Huang, Hsing-Hua & Lee, Han-Hsing, 2013. "Product market competition and credit risk," Journal of Banking & Finance, Elsevier, vol. 37(2), pages 324-340.
  52. Cowan, Arnold R. & Salotti, Valentina & Schenck, Natalya A., 2022. "The long-term impact of bank mergers on stock performance and default risk: The aftermath of the 2008 financial crisis✰," Finance Research Letters, Elsevier, vol. 48(C).
  53. Saldías, Martín, 2013. "A market-based approach to sector risk determinants and transmission in the euro area," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4534-4555.
  54. Zhiyan Cao & Fei Leng & Ehsan Feroz & Sergio Davalos, 2015. "Corporate governance and default risk of firms cited in the SEC’s Accounting and Auditing Enforcement Releases," Review of Quantitative Finance and Accounting, Springer, vol. 44(1), pages 113-138, January.
  55. Dean Fantazzini & Silvia Figini, 2009. "Random Survival Forests Models for SME Credit Risk Measurement," Methodology and Computing in Applied Probability, Springer, vol. 11(1), pages 29-45, March.
  56. Aigbe Akhigbe & Jeff Madura & Anna Martin, 2015. "Intra-industry effects of negative stock price surprises," Review of Quantitative Finance and Accounting, Springer, vol. 45(3), pages 541-559, October.
  57. Ampudia, Miguel & Busetto, Filippo & Fornari, Fabio, 2022. "Chronicle of a death foretold: does higher volatility anticipate corporate default?," Bank of England working papers 1001, Bank of England.
  58. Ruey-Ching Hwang & Huimin Chung & Jiun-Yi Ku, 2013. "Predicting Recurrent Financial Distresses with Autocorrelation Structure: An Empirical Analysis from an Emerging Market," Journal of Financial Services Research, Springer;Western Finance Association, vol. 43(3), pages 321-341, June.
  59. Ana Simpson, 2010. "Discussion of The Relevance of Accounting Information in a Stock Market Bubble: Evidence from Internet IPOs," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(3‐4), pages 322-331, April.
  60. Robert Kelly & Eoin Brien & Rebecca Stuart, 2015. "A long-run survival analysis of corporate liquidations in Ireland," Small Business Economics, Springer, vol. 44(3), pages 671-683, March.
  61. Avino, Davide E. & Conlon, Thomas & Cotter, John, 2019. "Credit default swaps as indicators of bank financial distress," Journal of International Money and Finance, Elsevier, vol. 94(C), pages 132-139.
  62. Aneta Ptak-Chmielewska, 2019. "Predicting Micro-Enterprise Failures Using Data Mining Techniques," JRFM, MDPI, vol. 12(1), pages 1-17, February.
  63. Zhaklina Dhamo & Vasilika Kume, 2016. "Tendencies and Characteristics of Financial Distress: An Introductory Comparative Study among Three Industries in Albania," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 2(2), pages 167-180, April.
  64. Nikolov, Boris & Schmid, Lukas & Steri, Roberto, 2019. "Dynamic corporate liquidity," Journal of Financial Economics, Elsevier, vol. 132(1), pages 76-102.
  65. Filipe, Sara Ferreira & Grammatikos, Theoharry & Michala, Dimitra, 2016. "Forecasting distress in European SME portfolios," Journal of Banking & Finance, Elsevier, vol. 64(C), pages 112-135.
  66. Tomasz Korol, 2019. "Dynamic Bankruptcy Prediction Models for European Enterprises," JRFM, MDPI, vol. 12(4), pages 1-15, December.
  67. Niket Jindal & Leigh McAlister, 2015. "The Impacts of Advertising Assets and R&D Assets on Reducing Bankruptcy Risk," Marketing Science, INFORMS, vol. 34(4), pages 555-572, July.
  68. Rastin Matin & Casper Hansen & Christian Hansen & Pia M{o}lgaard, 2018. "Predicting Distresses using Deep Learning of Text Segments in Annual Reports," Papers 1811.05270, arXiv.org.
  69. Bruneau, C. & de Bandt, O. & El Amri, W., 2012. "Macroeconomic fluctuations and corporate financial fragility," Journal of Financial Stability, Elsevier, vol. 8(4), pages 219-235.
  70. Vo, D.H. & Pham, B.V.-N. & Pham, T.V.-T. & McAleer, M.J., 2019. "Corporate Financial Distress of Industry Level Listings in an Emerging Market," Econometric Institute Research Papers EI2019-15, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
  71. Stewart Jones, 2017. "Corporate bankruptcy prediction: a high dimensional analysis," Review of Accounting Studies, Springer, vol. 22(3), pages 1366-1422, September.
  72. Giesecke, Kay & Longstaff, Francis A. & Schaefer, Stephen & Strebulaev, Ilya, 2011. "Corporate bond default risk: A 150-year perspective," Journal of Financial Economics, Elsevier, vol. 102(2), pages 233-250.
  73. Nijskens, Rob & Mokas, Dimitris, 2019. "Credit Risk in Commercial Real Estate Bank Loans : The Role of Idiosyncratic versus Macro-Economic Factors," Other publications TiSEM ea4f2f0e-dc50-4987-91d3-6, Tilburg University, School of Economics and Management.
  74. Michael S. O'Doherty, 2012. "On the Conditional Risk and Performance of Financially Distressed Stocks," Management Science, INFORMS, vol. 58(8), pages 1502-1520, August.
  75. Azizpour, S & Giesecke, K. & Schwenkler, G., 2018. "Exploring the sources of default clustering," Journal of Financial Economics, Elsevier, vol. 129(1), pages 154-183.
  76. Kaiser, Ulrich & Kuhn, Johan Moritz, 2020. "Value of Publicly Available, Textual and Non-textuThe al Information for Startup Performance Prediction," IZA Discussion Papers 13029, Institute of Labor Economics (IZA).
  77. Xin Huang, 2020. "The risk of betting on risk: Conditional variance and correlation of bank credit default swaps," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(5), pages 710-721, May.
  78. Mizen, Paul & Tsoukas, Serafeim, 2012. "Forecasting US bond default ratings allowing for previous and initial state dependence in an ordered probit model," International Journal of Forecasting, Elsevier, vol. 28(1), pages 273-287.
  79. Emilia Bonaccorsi di Patti & Alessio D’Ignazio & Marco Gallo & Giacinto Micucci, 2015. "The Role of Leverage in Firm Solvency: Evidence From Bank Loans," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 1(2), pages 253-286, July.
  80. Jiabao Jing & Xiaomei Deng & Rashid Maqbool & Yahya Rashid & Saleha Ashfaq, 2020. "Default Behaviors of Contractors under Surety Bond in Construction Industry Based on Evolutionary Game Model," Sustainability, MDPI, vol. 12(21), pages 1-28, November.
  81. Cimadomo, Jacopo & Hauptmeier, Sebastian & Zimmermann, Tom, 2012. "Fiscal consolidations and banking stability," MPRA Paper 42229, University Library of Munich, Germany.
  82. Papanikolaou, Nikolaos I., 2018. "To be bailed out or to be left to fail? A dynamic competing risks hazard analysis," Journal of Financial Stability, Elsevier, vol. 34(C), pages 61-85.
  83. Viral Acharya & Sergei A. Davydenko & Ilya A. Strebulaev, 2012. "Cash Holdings and Credit Risk," The Review of Financial Studies, Society for Financial Studies, vol. 25(12), pages 3572-3609.
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  85. Wiklund, Johan & Baker, Ted & Shepherd, Dean, 2010. "The age-effect of financial indicators as buffers against the liability of newness," Journal of Business Venturing, Elsevier, vol. 25(4), pages 423-437, July.
  86. Lyandres, Evgeny & Zhdanov, Alexei, 2013. "Investment opportunities and bankruptcy prediction," Journal of Financial Markets, Elsevier, vol. 16(3), pages 439-476.
  87. Elsayed, Mohamed & Elshandidy, Tamer, 2020. "Do narrative-related disclosures predict corporate failure? Evidence from UK non-financial publicly quoted firms," International Review of Financial Analysis, Elsevier, vol. 71(C).
  88. Jens Hilscher & Mungo Wilson, 2011. "Credit ratings and credit risk," Working Papers 31, Brandeis University, Department of Economics and International Business School.
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  90. Ruey-Ching Hwang & K. F. Cheng & Jack C. Lee, 2007. "A semiparametric method for predicting bankruptcy," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 26(5), pages 317-342.
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  94. Calabrese, Raffaella, 2023. "Contagion effects of UK small business failures: A spatial hierarchical autoregressive model for binary data," European Journal of Operational Research, Elsevier, vol. 305(2), pages 989-997.
  95. Kim, Soo Y. & Upneja, Arun, 2014. "Predicting restaurant financial distress using decision tree and AdaBoosted decision tree models," Economic Modelling, Elsevier, vol. 36(C), pages 354-362.
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  121. Koen W. de Bock & Kristof Coussement & Stefan Lessmann, 2020. "Cost-sensitive business failure prediction when misclassification costs are uncertain: A heterogeneous ensemble selection approach," Post-Print hal-02863245, HAL.
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  123. Tomasz Berent & Radosław Rejman, 2021. "Bankruptcy Prediction with a Doubly Stochastic Poisson Forward Intensity Model and Low-Quality Data," Risks, MDPI, vol. 9(12), pages 1-24, December.
  124. Duffie, Darrell & Saita, Leandro & Wang, Ke, 2007. "Multi-period corporate default prediction with stochastic covariates," Journal of Financial Economics, Elsevier, vol. 83(3), pages 635-665, March.
  125. Maria Correia & Johnny Kang & Scott Richardson, 2018. "Asset volatility," Review of Accounting Studies, Springer, vol. 23(1), pages 37-94, March.
  126. Aggarwal, Nidhi & Singh, Manish K. & Thomas, Susan, 2023. "Do decreases in Distance-to-Default predict rating downgrades?," Economic Modelling, Elsevier, vol. 129(C).
  127. Alhassan Bunyaminu, 2015. "Business Failure Prediction: An emperical study based on Survival Analysis and Generalized Linear Modelling (GLM) Techniques," International Journal of Financial Economics, Research Academy of Social Sciences, vol. 4(3), pages 135-149.
  128. Li-Su Huang, 2022. "Directors and officers liability insurance and default risk," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(2), pages 375-408, April.
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