메뉴 건너뛰기




Volumn 9, Issue 1, 2004, Pages 5-34

Assessing the probability of bankruptcy

Author keywords

Bankruptcy prediction; O Score; Option pricing models; Z Score

Indexed keywords


EID: 3843076403     PISSN: 13806653     EISSN: None     Source Type: Journal    
DOI: 10.1023/B:RAST.0000013627.90884.b7     Document Type: Article
Times cited : (808)

References (43)
  • 1
    • 84980104458 scopus 로고
    • Financial ratios, discriminant analysis and the prediction of corporate bankruptcy
    • Altman, E. (1968). "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy." Journal of Finance 23, 589-609.
    • (1968) Journal of Finance , vol.23 , pp. 589-609
    • Altman, E.1
  • 2
    • 0002437989 scopus 로고    scopus 로고
    • Relative valuation roles of equity book value and net income as a function of financial health
    • Barth, M., W. Beaver and W. Landsman. (1998). "Relative Valuation Roles of Equity Book Value and Net Income as a Function of Financial Health." Journal of Accounting and Economics 25, 1-34.
    • (1998) Journal of Accounting and Economics , vol.25 , pp. 1-34
    • Barth, M.1    Beaver, W.2    Landsman, W.3
  • 3
    • 0002554419 scopus 로고
    • Financial ratios as predictors of bankruptcy
    • Beaver, W. (1966). "Financial Ratios as Predictors of Bankruptcy." Journal of Accounting Research 6, 71-102.
    • (1966) Journal of Accounting Research , vol.6 , pp. 71-102
    • Beaver, W.1
  • 4
    • 0001466375 scopus 로고
    • Market prices, financial ratios, and the prediction of failure
    • Beaver, W. (1968). "Market Prices, Financial Ratios, and the Prediction of Failure." Journal of Accounting Research 8, 179-192.
    • (1968) Journal of Accounting Research , vol.8 , pp. 179-192
    • Beaver, W.1
  • 5
    • 0032220433 scopus 로고    scopus 로고
    • Taking time seriously: Time-series-cross-section analysis with a binary dependent variable
    • Beck, N., J. Katz and R. Tucker. (1998). "Taking Time Seriously: Time-Series-Cross-Section Analysis with a Binary Dependent Variable." American Journal of Political Science 42, 1260-1288.
    • (1998) American Journal of Political Science , vol.42 , pp. 1260-1288
    • Beck, N.1    Katz, J.2    Tucker, R.3
  • 6
    • 53349152341 scopus 로고    scopus 로고
    • Bankruptcy classification errors in the 1980's: An empirical analysis of Altman's and Ohlson's models
    • Begley, J., J. Ming and S. Watts. (1996). "Bankruptcy Classification Errors in the 1980's: An Empirical Analysis of Altman's and Ohlson's Models." Review of Accounting Studies 1, 267-284.
    • (1996) Review of Accounting Studies , vol.1 , pp. 267-284
    • Begley, J.1    Ming, J.2    Watts, S.3
  • 8
    • 0033236344 scopus 로고    scopus 로고
    • Revisiting the relation between the default risk of debt and the earnings response coefficient
    • Billings, B. (1999). "Revisiting the Relation between the Default Risk of Debt and the Earnings Response Coefficient." Accounting Review 74:4, 509-522.
    • (1999) Accounting Review , vol.74 , Issue.4 , pp. 509-522
    • Billings, B.1
  • 9
    • 84944831925 scopus 로고
    • Valuing corporate securities: Some effects of bond indenture provisions
    • Black, F. and J. Cox. (1976). "Valuing Corporate Securities: Some Effects of Bond Indenture Provisions." Journal of Finance 31:2, 351-367.
    • (1976) Journal of Finance , vol.31 , Issue.2 , pp. 351-367
    • Black, F.1    Cox, J.2
  • 10
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black, F. and M. Scholes. (1973). "The Pricing of Options and Corporate Liabilities." Journal of Political Economy 7, 637-654.
    • (1973) Journal of Political Economy , vol.7 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 12
    • 0002519023 scopus 로고    scopus 로고
    • Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk
    • Campbell, J., M. Lettau, B. Malkiel and Y. Xu. (2001). "Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk." Journal of Finance 56:1, 1-43.
    • (2001) Journal of Finance , vol.56 , Issue.1 , pp. 1-43
    • Campbell, J.1    Lettau, M.2    Malkiel, B.3    Xu, Y.4
  • 13
    • 0010160507 scopus 로고
    • A review of option-pricing theory in accounting research
    • Cheung, J. (1991). "A Review of Option-Pricing Theory in Accounting Research." Journal of Accounting Literature 10, 51-84.
    • (1991) Journal of Accounting Literature , vol.10 , pp. 51-84
    • Cheung, J.1
  • 14
    • 0013302364 scopus 로고    scopus 로고
    • The effect of accounting-based debt covenants on equity valuation
    • Core, J. and C. Schrand. (1999). "The Effect of Accounting-Based Debt Covenants on Equity Valuation." Journal of Accounting and Economics 27:1, 1-34.
    • (1999) Journal of Accounting and Economics , vol.27 , Issue.1 , pp. 1-34
    • Core, J.1    Schrand, C.2
  • 15
    • 84977341882 scopus 로고
    • Ratio stability and corporate failure
    • Dambolena, I. and S. Khoury. (1980). "Ratio Stability and Corporate Failure." Journal of Finance 35:4, 1017-1026.
    • (1980) Journal of Finance , vol.35 , Issue.4 , pp. 1017-1026
    • Dambolena, I.1    Khoury, S.2
  • 16
    • 0039458225 scopus 로고
    • Berkeley, CA: University of California Press
    • Delaney, K. (1992). Strategic Bankruptcy. Berkeley, CA: University of California Press.
    • (1992) Strategic Bankruptcy
    • Delaney, K.1
  • 17
    • 0003064069 scopus 로고
    • The association between unexpected earnings and abnormal security returns in the presence of financial leverage
    • Dhaliwal, D., K. Lee and N. Fargher. (1992). "The Association between Unexpected Earnings and Abnormal Security Returns in the Presence of Financial Leverage." Contemporary Accounting Research 8, 20-41.
    • (1992) Contemporary Accounting Research , vol.8 , pp. 20-41
    • Dhaliwal, D.1    Lee, K.2    Fargher, N.3
  • 18
    • 21344481213 scopus 로고
    • The effect of the default risk of debt on the earnings response coefficient
    • Dhaliwal, D. and S. Reynolds. (1994). "The Effect of the Default Risk of Debt on the Earnings Response Coefficient." Accounting Review 69:2, 412-419.
    • (1994) Accounting Review , vol.69 , Issue.2 , pp. 412-419
    • Dhaliwal, D.1    Reynolds, S.2
  • 19
    • 0039658591 scopus 로고    scopus 로고
    • Is the risk of bankruptcy a systematic risk?
    • Dichev, I. (1998). "Is the Risk of Bankruptcy a Systematic Risk?" Journal of Finance 53:3, 1131-1147.
    • (1998) Journal of Finance , vol.53 , Issue.3 , pp. 1131-1147
    • Dichev, I.1
  • 21
    • 0346449780 scopus 로고
    • Corporate compliance with debt covenants
    • Francis, J. (1990). "Corporate Compliance with Debt Covenants." Journal of Accounting Research 28, 326-347.
    • (1990) Journal of Accounting Research , vol.28 , pp. 326-347
    • Francis, J.1
  • 22
    • 84974489263 scopus 로고
    • The valuation of corporate liabilities as compound options
    • Geske, R. (1977). "The Valuation of Corporate Liabilities as Compound Options." Journal of Financial and Quantitative Analysis 12:4, 541-552.
    • (1977) Journal of Financial and Quantitative Analysis , vol.12 , Issue.4 , pp. 541-552
    • Geske, R.1
  • 23
    • 0043172419 scopus 로고    scopus 로고
    • Book-to-market equity, distress risk, and stock returns
    • Griffin, J. and M. Lemmon. (2002). "Book-to-Market Equity, Distress Risk, and Stock Returns." Journal of Finance 57:5, 2317-2336.
    • (2002) Journal of Finance , vol.57 , Issue.5 , pp. 2317-2336
    • Griffin, J.1    Lemmon, M.2
  • 24
    • 38249015917 scopus 로고
    • Communication of nonearnings information at the financial statements release date
    • Han, B., R. Jennings and J. Noel. (1992). "Communication of Nonearnings Information at the Financial Statements Release Date." Journal of Accounting and Economics 15:1, 63-86.
    • (1992) Journal of Accounting and Economics , vol.15 , Issue.1 , pp. 63-86
    • Han, B.1    Jennings, R.2    Noel, J.3
  • 25
    • 38249043632 scopus 로고
    • Logit versus discriminant analysis: A specification test and application to corporate bankruptcies
    • Lo, A. (1986). "Logit versus Discriminant Analysis: A Specification Test and Application to Corporate Bankruptcies." Journal of Econometrics 31, 151-178.
    • (1986) Journal of Econometrics , vol.31 , pp. 151-178
    • Lo, A.1
  • 26
    • 0003150897 scopus 로고
    • Mandated accounting changes and debt covenants: The case of oil and gas accounting
    • Lys, T. (1984). "Mandated Accounting Changes and Debt Covenants: The Case of Oil and Gas Accounting." Journal of Accounting and Economics 7, 39-65.
    • (1984) Journal of Accounting and Economics , vol.7 , pp. 39-65
    • Lys, T.1
  • 28
    • 0000606731 scopus 로고
    • A comment on discriminant analysis versus logit analysis
    • McFadden, D. (1976). "A Comment on Discriminant Analysis versus Logit Analysis." Annals of Economic and Social Measurement 5, 511-523.
    • (1976) Annals of Economic and Social Measurement , vol.5 , pp. 511-523
    • McFadden, D.1
  • 29
    • 0000808665 scopus 로고
    • On the pricing of corporate debt: The risk structure of interest rates
    • Merton, R. (1974). "On the Pricing of Corporate Debt: The Risk Structure of Interest Rates." Journal of Finance 29, 449-470.
    • (1974) Journal of Finance , vol.29 , pp. 449-470
    • Merton, R.1
  • 30
    • 0000666375 scopus 로고
    • Financial ratios and the probabilistic prediction of bankruptcy
    • Ohlson, J. (1980). "Financial Ratios and the Probabilistic Prediction of Bankruptcy." Journal of Accounting Research 19, 109-131.
    • (1980) Journal of Accounting Research , vol.19 , pp. 109-131
    • Ohlson, J.1
  • 31
    • 84993839712 scopus 로고
    • Financial distress and corporate performance
    • Opler, T. and S. Titman. (1994). "Financial Distress and Corporate Performance." Journal of Finance 49:3, 1015-1040.
    • (1994) Journal of Finance , vol.49 , Issue.3 , pp. 1015-1040
    • Opler, T.1    Titman, S.2
  • 32
    • 0001873667 scopus 로고
    • Predicting takeover targets: A methodological and empirical analysis
    • Palepu, K. (1986). "Predicting Takeover Targets: A Methodological and Empirical Analysis." Journal of Accounting and Economics 8, 3-35.
    • (1986) Journal of Accounting and Economics , vol.8 , pp. 3-35
    • Palepu, K.1
  • 33
    • 0000449179 scopus 로고
    • A note on the use of industry-relative ratios in bankruptcy prediction
    • Platt, H. and M. Platt. (1991). "A Note on the Use of Industry-Relative Ratios in Bankruptcy Prediction." Journal of Banking and Finance 15, 1183-1194.
    • (1991) Journal of Banking and Finance , vol.15 , pp. 1183-1194
    • Platt, H.1    Platt, M.2
  • 34
    • 0002745670 scopus 로고
    • Regression standard errors in clustered samples
    • Rogers, W. (1993). "Regression Standard Errors in Clustered Samples." Stata Technical Bulletin 13, 88-94.
    • (1993) Stata Technical Bulletin , vol.13 , pp. 88-94
    • Rogers, W.1
  • 35
    • 0001912233 scopus 로고
    • Factors in New York stock exchange security returns
    • Sharpe, W. (1982). "Factors in New York Stock Exchange Security Returns." Journal of Portfolio Management 8:4, 5-19.
    • (1982) Journal of Portfolio Management , vol.8 , Issue.4 , pp. 5-19
    • Sharpe, W.1
  • 36
    • 0008104389 scopus 로고    scopus 로고
    • Forecasting bankruptcy more accurately: A simple hazard model
    • Shumway, T. (2001). "Forecasting Bankruptcy More Accurately: A Simple Hazard Model." Journal of Business 74:1, 101-124.
    • (2001) Journal of Business , vol.74 , Issue.1 , pp. 101-124
    • Shumway, T.1
  • 37
    • 0030305172 scopus 로고    scopus 로고
    • Do stock prices fully reflect information in accruals and cash flows about future earnings?
    • Sloan, R. (1996). "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?" Accounting Review 71:3, 289-315.
    • (1996) Accounting Review , vol.71 , Issue.3 , pp. 289-315
    • Sloan, R.1
  • 38
    • 38149143667 scopus 로고
    • Firm financial stress and pension plan continuation/replacement decisions
    • Stone, M. (1991). "Firm Financial Stress and Pension Plan Continuation/Replacement Decisions." Journal of Accounting and Public Policy 10, 175-206.
    • (1991) Journal of Accounting and Public Policy , vol.10 , pp. 175-206
    • Stone, M.1
  • 39
    • 0000704798 scopus 로고    scopus 로고
    • The going concern assumption and the informativeness of earnings
    • Subramanyam, K. and J. Wild. (1996). "The Going Concern Assumption and the Informativeness of Earnings." Contemporary Accounting Research 13, 251-274.
    • (1996) Contemporary Accounting Research , vol.13 , pp. 251-274
    • Subramanyam, K.1    Wild, J.2
  • 40
    • 1842663087 scopus 로고    scopus 로고
    • Default risk in equity returns
    • April 2004
    • Vassalou, M. and Y. Xing. (2004). "Default Risk in Equity Returns." Journal of Finance 59:2, April 2004.
    • (2004) Journal of Finance , vol.59 , Issue.2
    • Vassalou, M.1    Xing, Y.2
  • 41
    • 0000646447 scopus 로고
    • Likelihood ratio tests for model selection and non-nested hypotheses
    • Vuong, Q. (1989). "Likelihood Ratio Tests for Model Selection and Non-Nested Hypotheses." Econometrica 57:2, 307-333.
    • (1989) Econometrica , vol.57 , Issue.2 , pp. 307-333
    • Vuong, Q.1
  • 42
    • 84870353037 scopus 로고    scopus 로고
    • Asbestos quagmire
    • Warren, S. (2003). "Asbestos Quagmire." Wall Street Journal Jan. 27, B1.
    • (2003) Wall Street Journal , vol.JAN. 27
    • Warren, S.1
  • 43
    • 0001953906 scopus 로고
    • Methodological issues related to the estimation of financial distress prediction models
    • Zmijewski, M. (1984). "Methodological Issues Related to the Estimation of Financial Distress Prediction Models." Journal of Accounting Research Supplement, 59-86.
    • (1984) Journal of Accounting Research , Issue.SUPPL. , pp. 59-86
    • Zmijewski, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.