Evaluating Firms In Financial Distress: An Event History Analysis

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Nancy Thorley Hill
Susan E. Perry
Steven Andes

Keywords

financial distress, bankruptcy, dynamic models

Abstract

This study uses event history methodology and dynamic models to examine bankruptcy and financial distress. Dynamic models incorporate the conditional probability of a firms financial status changing from financially distressed to stable or bankrupt and enable us to simultaneously examine stable, financially distressed and bankrupt firms. We also add to the literature by incorporating two economic indicator variables and extend prior research with an analysis by industry segment.

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