Bharath and Shumway (2008) provide evidence that shows that it is the functional form of Merton's (1974) distance to default (DD) model that makes it useful and important for predicting defaults. In this paper, we investigate whether the default predictability of the Merton DD model would be...

Bharath and Shumway (2008) provide evidence that shows that it is the functional form of Merton’s (1974) distance to default (DD) model that makes it useful and important for predicting defaults. In this paper, we investigate whether the default predictability of the Merton DD model would be...

Bharath and Shumway (2008) provide evidence that shows that it is the functional form of Merton’s (1974) distance to default (DD) model that makes it useful and important for predicting defaults. In this paper, we investigate whether the default predictability of the Merton DD model would be...

Despite the disadvantages of limited research resources and little influence over the global electronic market, Taiwan is able to build from scratch an IC manufacturing industry that is now the fourth in the world in terms of total revenue. The manufacturing performance of Taiwan’s IC industry...