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A note on the use of industry-relative ratios in bankruptcy prediction

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  1. Jorge Dietrich & F. J. Arcelus & G. Srinivasan, 2005. "Predicting financial failure: some evidence from new brunswick agricultural co‐ops," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 76(2), pages 179-194, June.
  2. Greta Falavigna, 2006. "Models for Default Risk Analysis: Focus on Artificial Neural Networks, Model Comparisons, Hybrid Frameworks," CERIS Working Paper 200610, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.
  3. Diana Bonfim & Daniel Dias, 2011. "What Happens After Default? Stylized Facts on Access to Credit," Working Papers w201101, Banco de Portugal, Economics and Research Department.
  4. Somoza, Antonio, 2021. "The influence of the vulnerability of sectors on their survival and probability of insolvency: the case of small and medium entities in Spain || La influencia de la vulnerabilidad de los sectores en s," 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. 32(1), pages 148-174, December.
  5. Veres Ferrer, Ernesto Jesús & Labatut Serer, Gregorio & Pozuelo Campillo, Jose, 2009. "Hacia una ordenación de las pequeñas empresas atendiendo a su posible situación de fracaso/Towards a Ranking of Smaller Companies According to Their Failure Risk," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 27, pages 775(18á)-77, Diciembre.
  6. Douglas, Ella & Lont, David & Scott, Tom, 2014. "Finance company failure in New Zealand during 2006–2009: Predictable failures?," Journal of Contemporary Accounting and Economics, Elsevier, vol. 10(3), pages 277-295.
  7. Jacobson, Tor & Linde, Jesper & Roszbach, Kasper, 2005. "Exploring interactions between real activity and the financial stance," Journal of Financial Stability, Elsevier, vol. 1(3), pages 308-341, April.
  8. Altman, Edward I. & Saunders, Anthony, 1997. "Credit risk measurement: Developments over the last 20 years," Journal of Banking & Finance, Elsevier, vol. 21(11-12), pages 1721-1742, December.
  9. Sami Ben Jabeur & Youssef Fahmi, 2014. "Les modèles de prévision de la défaillance des entreprises françaises : une approche comparative," Working Papers 2014-317, Department of Research, Ipag Business School.
  10. Trueck, Stefan & Rachev, Svetlozar T., 2008. "Rating Based Modeling of Credit Risk," Elsevier Monographs, Elsevier, edition 1, number 9780123736833.
  11. Foreman, R. Dean, 2003. "A logistic analysis of bankruptcy within the US local telecommunications industry," Journal of Economics and Business, Elsevier, vol. 55(2), pages 135-166.
  12. Bastien Lextrait, 2021. "Scaling up SME's credit scoring scope with LightGBM," EconomiX Working Papers 2021-25, University of Paris Nanterre, EconomiX.
  13. Van Laere, Elisabeth & Baesens, Bart, 2010. "The development of a simple and intuitive rating system under Solvency II," Insurance: Mathematics and Economics, Elsevier, vol. 46(3), pages 500-510, June.
  14. Wijn, M.F.C.M. & Bijnen, E.J., 2001. "Firm size and bankruptcy elasticity," Research Memorandum FEW797, Tilburg University, School of Economics and Management.
  15. Taieb Hamadi & Sami El Omari, & Wafa Khlif, 2012. "Poids De L'Avis De L'Expert Comptable Judiciaire Dans La Decision Du Juge En Matiere De Redressement Judiciaire : Cas De La Tunisie," Post-Print hal-00937922, HAL.
  16. Carling, Kenneth & Jacobson, Tor & Lindé, Jesper & Roszbach, Kasper, 2002. "Capital Charges under Basel II: Corporate Credit Risk Modelling and the Macro Economy," Working Paper Series 142, Sveriges Riksbank (Central Bank of Sweden).
  17. Miao, Hong & Ramchander, Sanjay & Ryan, Patricia & Wang, Tianyang, 2018. "Default prediction models: The role of forward-looking measures of returns and volatility," Journal of Empirical Finance, Elsevier, vol. 46(C), pages 146-162.
  18. Carling, Kenneth & Rönnegård, Lars & Roszbach, Kasper, 2004. "Is Firm Interdependence within Industries Important for Portfolio Credit Risk?," Working Paper Series 168, Sveriges Riksbank (Central Bank of Sweden).
  19. Christian Lohmann & Thorsten Ohliger, 2020. "Bankruptcy prediction and the discriminatory power of annual reports: empirical evidence from financially distressed German companies," Journal of Business Economics, Springer, vol. 90(1), pages 137-172, February.
  20. Sunti Tirapat & Aekkachai Nittayagasetwat, 1999. "An Investigation of Thai Listed Firms' Financial Distress Using Macro and Micro Variables," Multinational Finance Journal, Multinational Finance Journal, vol. 3(2), pages 103-125, June.
  21. Lu, Yang-Cheng & Shen, Chung-Hua & Wei, Yu-Chen, 2013. "Revisiting early warning signals of corporate credit default using linguistic analysis," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 1-21.
  22. Fayçal Mraihi & Inane Kanzari, 2019. "Predicting financial distress of companies: Comparison between multivariate discriminant analysis and multilayer perceptron for Tunisian case," Working Papers 1328, Economic Research Forum, revised 21 Aug 2019.
  23. Khoja, Layla & Chipulu, Maxwell & Jayasekera, Ranadeva, 2019. "Analysis of financial distress cross countries: Using macroeconomic, industrial indicators and accounting data," International Review of Financial Analysis, Elsevier, vol. 66(C).
  24. Eriksson, Kent & Jonsson, Sara & Lindbergh, Jessica & Lindstrand, Angelika, 2014. "Modeling firm specific internationalization risk: An application to banks’ risk assessment in lending to firms that do international business," International Business Review, Elsevier, vol. 23(6), pages 1074-1085.
  25. Gupta, Jairaj & Wilson, Nicholas & Gregoriou, Andros & Healy, Jerome, 2014. "The effect of internationalisation on modelling credit risk for SMEs: Evidence from UK market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 31(C), pages 397-413.
  26. Tor Jacobson & Jesper Lindé & Kasper Roszbach, 2013. "Firm Default And Aggregate Fluctuations," Journal of the European Economic Association, European Economic Association, vol. 11(4), pages 945-972, August.
  27. Elizabeth Demers & Jurian Hendrikse & Philip Joos & Baruch Lev, 2021. "ESG did not immunize stocks during the COVID‐19 crisis, but investments in intangible assets did," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(3-4), pages 433-462, March.
  28. Harlan D. Platt & Marjorie B. Platt, 2008. "Financial Distress Comparison Across Three Global Regions," JRFM, MDPI, vol. 1(1), pages 1-34, December.
  29. Sebahattin Demirkan & Harlan Platt, 2009. "Financial status, corporate governance quality, and the likelihood of managers using discretionary accruals," Accounting Research Journal, Emerald Group Publishing Limited, vol. 22(2), pages 93-117, September.
  30. Catherine Refait, 2004. "La prévision de la faillite fondée sur l’analyse financière de l’entreprise : un état des lieux," Économie et Prévision, Programme National Persée, vol. 162(1), pages 129-147.
  31. Loredana Cultrera & Mélanie Croquet & Jérémy Jospin, 2017. "Predicting Bankruptcy of Belgian SMEs: A Hybrid Approach Based on Factorial Analysi," International Business Research, Canadian Center of Science and Education, vol. 10(3), pages 33-41, March.
  32. Balcaen, Sofie & Ooghe, Hubert, 2006. "35 years of studies on business failure: an overview of the classic statistical methodologies and their related problems," The British Accounting Review, Elsevier, vol. 38(1), pages 63-93.
  33. Grice, John Stephen & Ingram, Robert W., 2001. "Tests of the generalizability of Altman's bankruptcy prediction model," Journal of Business Research, Elsevier, vol. 54(1), pages 53-61, October.
  34. Fayçal Mraihi & Inane Kanzari & Mohamed Tahar Rajhi, 2015. "Development of a Prediction Model of Failure in Tunisian Companies: Comparison between Logistic Regression and Support Vector Machines," International Journal of Empirical Finance, Research Academy of Social Sciences, vol. 4(3), pages 184-205.
  35. Bijnen, E.J. & Wijn, M.F.C.M., 1994. "Corporate prediction models, ratios or regression analysis?," Other publications TiSEM c8a6c1f1-1ff8-4666-b502-f, Tilburg University, School of Economics and Management.
  36. Paweł Zając & Piotr Gurgul, 2012. "Forecasting of migration matrices in business demography," Statistics in Transition new series, Główny Urząd Statystyczny (Polska), vol. 13(2), pages 387-404, June.
  37. Jayasekera, Ranadeva, 2018. "Prediction of company failure: Past, present and promising directions for the future," International Review of Financial Analysis, Elsevier, vol. 55(C), pages 196-208.
  38. Fernando Zambrano Farias & María del Carmen Valls Martínez & Pedro Antonio Martín-Cervantes, 2021. "Explanatory Factors of Business Failure: Literature Review and Global Trends," Sustainability, MDPI, vol. 13(18), pages 1-26, September.
  39. Luca Ianni & Gianluca Marullo & Stefania Migliori & Francesco De Luca, 2021. "I modelli predittivi della crisi e dell?insolvenza aziendale. Una systematic review," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2021(2), pages 127-146.
  40. McGurr, Paul T. & DeVaney, Sharon A., 1998. "Predicting Business Failure of Retail Firms: An Analysis Using Mixed Industry Models," Journal of Business Research, Elsevier, vol. 43(3), pages 169-176, November.
  41. Bonfim, Diana & Dias, Daniel A. & Richmond, Christine, 2012. "What happens after corporate default? Stylized facts on access to credit," Journal of Banking & Finance, Elsevier, vol. 36(7), pages 2007-2025.
  42. N. Dewaelheyns & C. Van Hulle, 2004. "The Impact of Business Groups on Bankruptcy Prediction Modeling," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(4), pages 623-645.
  43. Halpern, Paul & Kieschnick, Robert & Rotenberg, Wendy, 2009. "Determinants of financial distress and bankruptcy in highly levered transactions," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(3), pages 772-783, August.
  44. Keeling Bond, Jennifer J., 2005. "Cooperative Performance and Board of Director Characteristics: A Quantitative Investigation," 2005 Annual meeting, July 24-27, Providence, RI 19314, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  45. Christian Lohmann & Thorsten Ohliger, 2017. "Nonlinear Relationships and Their Effect on the Bankruptcy Prediction," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 18(3), pages 261-287, August.
  46. Catherine Refait-Alexandre, 2004. "A Review of Business Failure Prediction Based on Financial Analysis of the Firm [La prévision de la faillite fondée sur l'analyse financière de l'entreprise : un état des lieux]," Post-Print hal-01391654, HAL.
  47. Förstemann, Till, 2011. "Improvements in rating models for the German corporate sector," Discussion Paper Series 2: Banking and Financial Studies 2011,11, Deutsche Bundesbank.
  48. fernández, María t. Tascón & gutiérrez, Francisco J. Castaño, 2012. "Variables y Modelos Para La Identificación y Predicción Del Fracaso Empresarial: Revisión de La Investigación Empírica Reciente," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 15(1), pages 7-58.
  49. Oscar Martínez, 2003. "Determinantes De Fragilidad En Las Empresas Colombianas," Borradores de Economia 2300, Banco de la Republica.
  50. Grewal, Rajdeep & Chakravarty, Anindita & Ding, Min & Liechty, John, 2008. "Counting chickens before the eggs hatch: Associating new product development portfolios with shareholder expectations in the pharmaceutical sector," International Journal of Research in Marketing, Elsevier, vol. 25(4), pages 261-272.
  51. Crouhy, Michel & Galai, Dan & Mark, Robert, 2001. "Prototype risk rating system," Journal of Banking & Finance, Elsevier, vol. 25(1), pages 47-95, January.
  52. Oscar Martínez A., 2003. "Determinantes de Fragilidad en las Empresas Colombianas," Borradores de Economia 259, Banco de la Republica de Colombia.
  53. Zhichao Luo & Pingyu Hsu & Ni Xu, 2020. "SME Default Prediction Framework with the Effective Use of External Public Credit Data," Sustainability, MDPI, vol. 12(18), pages 1-18, September.
  54. Oscar Martínez A., 2003. "Determinantes de fragilidad en las empresas colombianas," Temas de Estabilidad Financiera 001, Banco de la Republica de Colombia.
  55. Lalit Arora & Shailendra Kumar & Piyush Verma, 2018. "The Anatomy of Sustainable Growth Rate of Indian Manufacturing Firms," Global Business Review, International Management Institute, vol. 19(4), pages 1050-1071, August.
  56. Nico Dewaelheyns & Cynthia Van Hulle, 2006. "Corporate Failure Prediction Modeling: Distorted by Business Groups' Internal Capital Markets?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(5‐6), pages 909-931, June.
  57. Wijn, M.F.C.M. & Bijnen, E.J., 2001. "Firm size and bankruptcy elasticity," Other publications TiSEM 8291f06c-a796-4587-914e-c, Tilburg University, School of Economics and Management.
  58. In Tae Hwang & Sun Min Kang & Shun Ji Jin, 2014. "A delisting prediction model based on nonfinancial information," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 21(3), pages 328-347, September.
  59. Bijnen, E.J. & Wijn, M.F.C.M., 1994. "Corporate prediction models, ratios or regression analysis?," Research Memorandum FEW 658, Tilburg University, School of Economics and Management.
  60. Fayçal Mraihi, 2016. "Distressed Company Prediction Using Logistic Regression: Tunisian’s Case," Quarterly Journal of Business Studies, Research Academy of Social Sciences, vol. 2(1), pages 34-54.
  61. Pinder, Jonathan P., 1996. "Decision analysis using multinomial logit models: Mortgage portfolio valuation," Journal of Economics and Business, Elsevier, vol. 48(1), pages 67-77, February.
  62. Dror Parnes, 2011. "Corporate Governance and Corporate Creditworthiness," JRFM, MDPI, vol. 4(1), pages 1-42, December.
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