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| Tekijä: | Turetsky, H. F. McEwen, R. A. |
| Otsikko: | An Empirical Investigation of Firm Longevity: A Model of the Ex Ante Predictors of Financial Distress |
| Lehti: | Review of Quantitative Finance and Accounting
2001 : JUN, VOL. 16:2, p. 323-343 |
| Asiasana: | BANKRUPTCY FINANCE ANALYTICAL REVIEW DIVIDENDS DEBT MANAGEMENT |
| Kieli: | eng |
| Tiivistelmä: | Empirical models of a potential failure process that incorporate distress states between the extremes of corporate health and bankruptcy are uncommon. The authors depict financial distress as a series of financial events that reflect varied stages of corporate adversity. The authors' intent is to provide information regarding the influence of certain risk dimensions and firm-specific attributes on distressed firm survival over time. Within a theorized distress framework, they utilize the techniques of survival analysis to longitudinally track firms, grouped a priori according to an initial decline in operating cash flows. The authors find that the event of default has a significant positive association with business failure. |
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