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An Integrative Analysis of Business Bankruptcy in Australia

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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Paper provided by School of Economics, University of Wollongong, NSW, Australia in its series Economics Working Papers with number wp98-03.

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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 4221-3659
Fax: +612 4221-3725
Web page: http://business.uow.edu.au/econ/index.html

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  1. Opler, Tim C & Titman, Sheridan, 1994. " Financial Distress and Corporate Performance," Journal of Finance, American Finance Association, vol. 49(3), pages 1015-40, July.
  2. A. D. Castagna & Z. P. Matolcsy, 1981. "The Prediction of Corporate Failure: Testing the Australian Experience," Australian Journal of Management, Australian School of Business, vol. 6(1), pages 23-50, June.
  3. Trevor Chamberlain, 1990. "Capital Structure and the Long-Run Survival of the Firm: Theory and Evidence," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 12(3), pages 404-423, April.
  4. 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.
  5. Philippe Aghion & Oliver Hart & John Moore, 1992. "The Economics of Bankruptcy Reform," NBER Working Papers 4097, National Bureau of Economic Research, Inc.
  6. Gilson, Stuart C., 1989. "Management turnover and financial distress," Journal of Financial Economics, Elsevier, vol. 25(2), pages 241-262, December.
  7. 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.
  8. 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.
  9. 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.
  10. Levy, Amnon & Bar-niv, Ran, 1987. "Macroeconomic aspects of firm bankruptcy analysis," Journal of Macroeconomics, Elsevier, vol. 9(3), pages 407-415.
  11. 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.
  12. 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.
  13. 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.
  14. White, Michelle J, 1989. "The Corporate Bankruptcy Decision," Journal of Economic Perspectives, American Economic Association, vol. 3(2), pages 129-51, Spring.
  15. Gilson, Stuart C., 1990. "Bankruptcy, boards, banks, and blockholders : Evidence on changes in corporate ownership and control when firms default," Journal of Financial Economics, Elsevier, vol. 27(2), pages 355-387, October.
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