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The Score Models For Analyzing The Bankruptcy Risk. Some Specific Features For The Case Of Romania


  • Daniel Cîrciumaru

    (University of Craiova Faculty of Economics and Business Administration Craiova, Romania)


The paper presents some of the most relevant score functions developed worldwide, used to assess the bankruptcy risk. Among these, we mention the Altman model, developed in 1968, the model elaborated by the Central Bank of France, by Conan and Holder, or by Ohlson. Also, we present the models developed in Romania, with the specific features that such score functions have for the Romanian theory and practice. We also emphasize the limits of using the score functions in analyzing the bankruptcy risk and the difficulties of elaborating them for the case of Romania

Suggested Citation

  • Daniel Cîrciumaru, 2012. "The Score Models For Analyzing The Bankruptcy Risk. Some Specific Features For The Case Of Romania," Revista Tinerilor Economisti (The Young Economists Journal), University of Craiova, Faculty of Economics and Business Administration, vol. 1(18), pages 200-207, April.
  • Handle: RePEc:aio:rteyej:v:1:y:2012:i:18:p:200-207

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    References listed on IDEAS

    1. Fama, Eugene F., 1998. "Market efficiency, long-term returns, and behavioral finance," Journal of Financial Economics, Elsevier, vol. 49(3), pages 283-306, September.
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    6. Barry Eichengreen & Ashoka Mody, 1998. "What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?," NBER Working Papers 6408, National Bureau of Economic Research, Inc.
    7. Houthakker, Hendrik S. & Williamson, Peter J., 1996. "The Economics of Financial Markets," OUP Catalogue, Oxford University Press, number 9780195044072, June.
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    9. Burton G. Malkiel, 2003. "The Efficient Market Hypothesis and Its Critics," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 59-82, Winter.
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    More about this item


    critical; statistical methodology; discriminant analysis; bankruptcy risk; failure; financial distress; score function.;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation


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