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Quality of institutions, credit markets and bankruptcy

Hainz, Christa - 2004

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank-firm relationship and show that the bank's decision to liquidate bad firms has two opposing effects. First, the bank receives a payoff if a firm is liquidated. Second, it loses the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010261107

Creditor passivity: the effects of bank competition and institutions on the strategic use of bankruptcy filings

Hainz, Christa - 2007

Why do banks remain passive? In a model of bank-firm relationship we study the trade-off a bank faces when having defaulting firms declared bankrupt. First, the bank receives a payoff if a firm is liquidated. Second, it provides information about a firm's type to its competitors. Thereby,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010264275

Estimating probabilities of default with support vector machines

Härdle, Wolfgang Karl; Moro, Rouslan A.; Schäfer, Dorothea - 2007

This paper proposes a rating methodology that is based on a non-linear classification method, the support vector machine, and a non-parametric technique for mapping rating scores into probabilities of default. We give an introduction to underlying statistical models and represent the results of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010275865

Learning machines supporting bankruptcy prediction

Härdle, Wolfgang Karl; Moro, Rouslan A.; Hoffmann, Linda - 2010

In many economic applications it is desirable to make future predictions about the financial status of a company. The focus of predictions is mainly if a company will default or not. A support vector machine (SVM) is one learning method which uses historical data to establish a classification...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010275893

Financial Risks, Bankruptcy Probabilities, and the Investment Behaviour of Enterprises

Kirchesch, Kai - 2004

repayment obligations and thus the risk of bankruptcy. If the risk of bankruptcy enters the profit maximization of the firm, the … cover a period of 12 years. The empirical results confirm the assumption that the risk of bankruptcy is an important … decisions of enterprises, or whether bankruptcy probabilities better account for these potential financial risks. …

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010295432

Estimating probabilities of default with support vector machines

Härdle, Wolfgang Karl; Moro, Rouslan A.; Schäfer, Dorothea - 2007

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010295937

Bankruptcy and Voluntary Liquidation: Evidence for New Firms in East and West Germany after Unification

Prantl, Susanne - 2003

and West Germany, I find distinct education and size effects and a higher share of bankruptcy-related liquidations in East …

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010297338

R&D and Firm Performance in a Transition Economy

Czarnitzki, Dirk; Kraft, Kornelius - 2006

We estimate the effects of R&D on firms' credit ratings and on financial distress. The main purpose is the comparison of firms in Western Germany and Eastern Germany as a transitional economy. Innovative activity has a positive impact on firm value proxied by ratings in Western Germany, but a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010297541

Afterlife: Who Takes Heart for Restart?

Metzger, Georg - 2006

percent of novice entrepreneurs who file for bankruptcy reestablish afterwards. On average, slightly more than 15 months will …

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010297546

Determinants of acquisition and failure: stylized facts and lessons for empirical studies

Köke, Jens - 2001

This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10010297767