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An emerging market credit scoring system for corporate bonds

Citations

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Cited by:

  1. Mattia Iotti & Giuseppe Bonazzi, 2018. "Analysis of the Risk of Bankruptcy of Tomato Processing Companies Operating in the Inter-Regional Interprofessional Organization “OI Pomodoro da Industria Nord Italia”," Sustainability, MDPI, vol. 10(4), pages 1-23, March.
  2. Laura Alfaro & Gonzalo Asis & Anusha Chari & Ugo Panizza, 2017. "Lessons Unlearned? Corporate Debt in Emerging Markets," NBER Working Papers 23407, National Bureau of Economic Research, Inc.
  3. Yi Jiang & Stewart Jones, 2018. "Corporate distress prediction in China: a machine learning approach," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(4), pages 1063-1109, December.
  4. Frank Ranganai Matenda & Mabutho Sibanda & Eriyoti Chikodza & Victor Gumbo, 2022. "Bankruptcy prediction for private firms in developing economies: a scoping review and guidance for future research," Management Review Quarterly, Springer, vol. 72(4), pages 927-966, December.
  5. Edward I. Altman & Rui Dai & Wei Wang, 2024. "Global zombie companies: measurements, determinants, and outcomes," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(6), pages 723-744, August.
  6. Bo Jiang & Tahsin Saadi Sedik, 2019. "The Turning Tide: How Vulnerable are Asian Corporates?," IMF Working Papers 2019/093, International Monetary Fund.
  7. Shilpa Shetty H. & Theresa Nithila Vincent, 2024. "Corporate Default Prediction Model: Evidence from the Indian Industrial Sector," Vision, , vol. 28(3), pages 344-360, June.
  8. Dolinšek Tatjana & Kovač Tatjana, 2024. "Application of the Altman Model for the Prediction of Financial Distress in the Case of Slovenian Companies," Organizacija, Sciendo, vol. 57(2), pages 115-126, May.
  9. Valentina Bruno & Hyun Song Shin, 2020. "Currency Depreciation and Emerging Market Corporate Distress," Management Science, INFORMS, vol. 66(5), pages 1935-1961, May.
  10. Paolo Saona & Pablo San Martín, 2018. "Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors," Review of Managerial Science, Springer, vol. 12(1), pages 65-112, January.
  11. Jia, Gang & Li, Wanli & Zhang, He, 2019. "Impact of entrenched ultimate owners’ self-dealing on SEO methods choice and discounts of private placements––Evidence from listed companies in China," Emerging Markets Review, Elsevier, vol. 38(C), pages 404-422.
  12. 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.
  13. Monica Dudian & Monica Balcan Maciuca, 2010. "Internal Ratings Systems: An Empirical Approach," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 5(1), pages 71-79, april.
  14. Edward I. Altman & Tushar Kant & Thongchai Rattanaruengyot, 2009. "Post‐Chapter 11 Bankruptcy Performance: Avoiding Chapter 22," Journal of Applied Corporate Finance, Morgan Stanley, vol. 21(3), pages 53-64, June.
  15. Xinhua Mao & Jiahua Gan & Xilong Zhao, 2019. "Debt Risk Evaluation of Toll Freeways in Mainland China Using the Grey Approach," Sustainability, MDPI, vol. 11(5), pages 1-17, March.
  16. 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.
  17. Tijana Matejić & Snežana Knežević & Vesna Bogojević Arsić & Tijana Obradović & Stefan Milojević & Miljan Adamović & Aleksandra Mitrović & Marko Milašinović & Dragoljub Simonović & Goran Milošević & Ma, 2022. "Assessing the Impact of the COVID-19 Crisis on Hotel Industry Bankruptcy Risk through Novel Forecasting Models," Sustainability, MDPI, vol. 14(8), pages 1-44, April.
  18. Thao Tran & Ngoc Hong Nguyen & Binh Thien Le & Nam Thanh Vu & Duc Hong Vo, 2023. "Examining financial distress of the Vietnamese listed firms using accounting-based models," PLOS ONE, Public Library of Science, vol. 18(5), pages 1-17, May.
  19. 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.
  20. Min Zhang & Lu Xie & Haoran Xu, 2016. "Corporate Philanthropy and Stock Price Crash Risk: Evidence from China," Journal of Business Ethics, Springer, vol. 139(3), pages 595-617, December.
  21. Alexander Karminsky, 2016. "Rating models: emerging market distinctions," Papers 1607.02422, arXiv.org.
  22. Yi Huang & Marco Pagano & Ugo Panizza, 2020. "Local Crowding‐Out in China," Journal of Finance, American Finance Association, vol. 75(6), pages 2855-2898, December.
  23. Marcela Basovníková & Miloš Konečný & Roman Dubový & Andrea Masařová, 2018. "The Use of the Altman Model in Evaluation of Economic Performance of a Corporation in the Crisis Period in the Building Sector in the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 66(2), pages 409-421.
  24. Monica Dudian, 2009. "Credit Risk Assessment By Rating Agencies: Standardization Versus Subjectivity," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 4(4), pages 52-65, december.
  25. Ağca, Şenay & Celasun, Oya, 2012. "Sovereign debt and corporate borrowing costs in emerging markets," Journal of International Economics, Elsevier, vol. 88(1), pages 198-208.
  26. Asis, Gonzalo & Chari, Anusha & Haas, Adam, 2021. "In search of distress risk in emerging markets," Journal of International Economics, Elsevier, vol. 131(C).
  27. repec:bcp:journl:v:8:y:2024:i:14:p:28-46 is not listed on IDEAS
  28. Saona, Paolo & San-Martin, Pablo & Vallelado, Eleuterio, 2024. "The zero-debt puzzle in BRICS countries: Disentangling the financial flexibility and financial constraints hypotheses," Emerging Markets Review, Elsevier, vol. 61(C).
  29. Li, Wanli & Zhou, Jingting & Yan, Ziqiao & Zhang, He, 2020. "Controlling shareholder share pledging and firm cash dividends," Emerging Markets Review, Elsevier, vol. 42(C).
  30. Wang, Wenlong & Huang, Yuqin & Watson, John & Yang, Bowen, 2023. "The intra-regional spillover effects of bond defaults: Evidence from the Chinese corporate debt market," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
  31. Duc Hong Vo & Binh Ninh Vo Pham & Chi Minh Ho & Michael McAleer, 2019. "Corporate Financial Distress of Industry Level Listings in Vietnam," JRFM, MDPI, vol. 12(4), pages 1-17, September.
  32. Florin Mihai Magda & Adina Elena Danuletiu, 2015. "Econometric Model Used In Decision-Making Process Of Company Financing," Romanian Economic Business Review, Romanian-American University, vol. 10(3), pages 57-82, September.
  33. Shahriar Ahanaf & Mehzabin Saima & Azad Md. Abul Kalam, 2022. "Impact of Country-Level Governance and Ownership Concentration on Firm Value in Central Europe," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 30(2), pages 153-170, June.
  34. Godlewski, Christophe J. & Le, Nhung Hong, 2022. "Family firms and the cost of borrowing: empirical evidence from East Asia," Research in International Business and Finance, Elsevier, vol. 60(C).
  35. Svatopluk Kapounek & Jan Hanousek & František Bílý, 2022. "Predikční schopnost Altmanova Z-skóre evropských soukromých společností [Predictive Ability of Altman Z-score of European Private Companies]," Politická ekonomie, Prague University of Economics and Business, vol. 2022(3), pages 265-287.
  36. Caro, Norma Patricia & Arias, Ver—nica & Ortiz, Pablo, 2017. "Predicci—n de fracaso en empresas latinoamericanas utilizando el mŽtodo del vecino más cercano para predecir efectos aleatorios en modelos mixtos || Prediction of Failure in Latin-American Companies U," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 24(1), pages 5-24, Diciembre.
  37. Marszałek Jakub, 2015. "The Essence Of The Emerging Markets’ Investment Risk. Comparative Analysis Of American And Central European Convertible Bond Issuers / Istota Ryzyka Inwestycyjnego Rynków Wschodzących. Analiza Porówna," Comparative Economic Research, Sciendo, vol. 18(3), pages 81-97, August.
  38. Nan‐Ting Kuo & Shu Li & Shiyun Zhai, 2022. "Institutional features and audit pricing of excess cash holdings: Do auditor liabilities beyond financial statement assurance matter?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(9-10), pages 1581-1604, October.
  39. Assaf Eisdorfer & Amit Goyal & Alexei Zhdanov, 2018. "Distress Anomaly and Shareholder Risk: International Evidence," Financial Management, Financial Management Association International, vol. 47(3), pages 553-581, September.
  40. Shahriar Ahanaf & Mehzabin Saima & Azad Md. Abul Kalam, 2022. "Impact of Country-Level Governance and Ownership Concentration on Firm Value in Central Europe," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 30(1), pages 153-170, June.
  41. Yi Huang & Marco Pagano & Ugo Panizza, 2016. "Public Debt and Private Firm Funding. Evidence from Chinese Cities," EIEF Working Papers Series 1611, Einaudi Institute for Economics and Finance (EIEF), revised Aug 2016.
  42. Alfaro, Laura & Asis, Gonzalo & Chari, Anusha & Panizza, Ugo, 2019. "Corporate debt, firm size and financial fragility in emerging markets," Journal of International Economics, Elsevier, vol. 118(C), pages 1-19.
  43. Abele, Christian & Bénassy-Quéré, Agnès & Fontagné, Lionel, 2024. "The impact of financial tightening on firm productivity: Maturity matters," Journal of International Money and Finance, Elsevier, vol. 144(C).
  44. Erdely, Arturo, 2017. "Value at Risk and the Diversification Dogma || Valor en riesgo y el dogma de la diversificación," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 24(1), pages 209-219, Diciembre.
  45. Umair Bin Yousaf & Khalil Jebran & Irfan Ullah, 2024. "Corporate governance and financial distress: A review of the theoretical and empirical literature," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 1627-1679, April.
  46. Ioan TRENCA & Annamaria BENYOVSZKI, 2009. "Using credit scoring method for probability of non-financial companies default estimation at industry level," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(9), pages 45-58, May.
  47. Michał Thor & Łukasz Postek, 2024. "Gated recurrent unit network: A promising approach to corporate default prediction," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 43(5), pages 1131-1152, August.
  48. Sanchita Saha & Gagari Chakrabarti, 2025. "Impact of stock exchange listing on financial stability of small and medium enterprises: evidence from BSE SME platform in India," Economics Bulletin, AccessEcon, vol. 45(2), pages 928-943.
  49. Oksana V. Savchina & Dmitriy A. Pavlinov & Alexander L. Bobkov & Natalia Konovalova, 2022. "Comparative Analysis of the Financial Stability of Renewable-based Electricity Companies: The Case for Hydroelectric Organizations," International Journal of Energy Economics and Policy, Econjournals, vol. 12(5), pages 392-408, September.
  50. Yu He & Lei Xu & Minhua Yang, 2021. "The impact of tunnelling on financial distress and resolution: Evidence from listed firms in China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 1773-1792, April.
  51. Kariya, Ankitkumar, 2021. "Borrowing from government owned banks & firm's liquidation risk," Journal of Corporate Finance, Elsevier, vol. 69(C).
  52. Saona, Paolo & San Martín, Pablo, 2016. "Country level governance variables and ownership concentration as determinants of firm value in Latin America," International Review of Law and Economics, Elsevier, vol. 47(C), pages 84-95.
  53. Marrenbach, Ludwig, 2024. "Leveraging credit ratings through impression management: An exploratory study of German small and medium-sized family firms," Junior Management Science (JUMS), Junior Management Science e. V., vol. 9(2), pages 1511-1539.
  54. Liu, Bai & Ju, Tao & Bai, Min & Yu, Chia-Feng (Jeffrey), 2021. "Imitative innovation and financial distress risk: The moderating role of executive foreign experience," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 526-548.
  55. Hussein A. Abdou & John Pointon, 2011. "Credit Scoring, Statistical Techniques And Evaluation Criteria: A Review Of The Literature," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 18(2-3), pages 59-88, April.
  56. Xing, Kai & Yang, Fang & Liu, Ping & Wang, Jue & Wu, Junchuan, 2025. "Environmental violations and financial distress risk: Evidence from Chinese listed heavily polluting companies," Pacific-Basin Finance Journal, Elsevier, vol. 89(C).
  57. Muhammad Usman Akmal & Syed Ahmed Salman & Rana Yassir Hussain & Kai-Yin Woo, 2025. "Ownership Structure and Leverage as Precursors to Financial Distress in an Emerging Economy: A Mediating Model," Advances in Decision Sciences, Asia University, Taiwan, vol. 29(3), pages 1-43.
  58. Gasanov, Oscar & Chirskaya, Marina, 2021. "Manufacturing Industry Financial Condition of the City of Rostov-On-Don: Examine by the Altman Models," MPRA Paper 119771, University Library of Munich, Germany.
  59. Zhandos Ybrayev & Serik Rustanov & Aknur Baglanova, 2025. "Corporate characteristics and firm’s financial fragility: evidence from Kazakhstan," International Economics and Economic Policy, Springer, vol. 22(4), pages 1-19, October.
  60. Pham Vo Ninh, Binh & Do Thanh, Trung & Vo Hong, Duc, 2018. "Financial distress and bankruptcy prediction: An appropriate model for listed firms in Vietnam," Economic Systems, Elsevier, vol. 42(4), pages 616-624.
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