As the pandemic urged further investigations on the prediction of firms’ financial distress, this study develops and tests an alternative measure to the alert system elaborated by the NCCAAE which combines the benefits of the Z-score’s multivariate discriminant model with the background...

"Securities exchanges play a significant role in macroeconomics. They engage in the allocation process, which assures that savings are allocated to the most profitable investment opportunities. But what are the forces driving the supply side, namely, the services offered by exchanges? It is not...