Ziel des vorliegenden Diskussionspapiers ist es, einen Beitrag zur Verbesserung der Vergleichbarkeit der Schätzgüteergebnisse von Insolvenzprognosestudien zu leisten. Hierzu werden zunächst in der Literatur verwendete kategoriale, ordinale und kardinale Schätzgütemaße vorgestellt. Es wird...

Ziel des vorliegenden Diskussionspapiers ist es, einen Beitrag zur Verbesserung der Vergleichbarkeit der Schätzgüteergebnisse von Insolvenzprognosestudien zu leisten. Hierzu werden zunächst in der Literatur verwendete kategoriale, ordinale und kardinale Schätzgütemaße vorgestellt. Es wird...

Each year, in the 4th quarter’s Economic Review, the National Bank examines the situation regarding the annual accounts of Belgian non-financial corporations. By that time, the Central Balance Sheet Office has already collected a representative number of annual accounts for the preceding year....

Many structural models specify the default barrier, but few have explored its empirical significance and determinants. The effect of liquidity shortage is not well measured, nor is the effect of strategic default well identified. We use the maximum likelihood (ML) approach to estimate the...

This study attempts to show how a Kohonen map can be used to improve the temporal stability of the accuracy of a financial failure model. Most models lose a significant part of their ability to generalize when data used for estimation and prediction purposes are collected over different time...

A consequence of the inevitability of the occurrence of internal crises in companies is the taking of preventive action in place of purely remedial measures. In this respect a significant role is played by Early Warning Systems (EWS), which provide early warning information and financial threat...

Merton (1974) suggested a structural model for default prediction which allows using timely information from the equity market. The literature describes several specifications to the application of the model, including methods presumably used by practitioners. However, recent studies demonstrate...

Each year, in the 4th quarter’s Economic Review, the Bank examines the situation regarding the annual accounts of Belgian non-financial corporations. By that time, the Central Balance Sheet Office has already collected a representative number of annual accounts for the preceding year. The...

The paper investigates the determinants of bankruptcy in three representative unbalanced samples of Italian firms for the periods 1989-1991, 1992-94 and 1995-97. Two important results are that: i) the degree of relative firm inefficiency measured as the distance from the efficient frontier has...