Assessing the Probability of Bankruptcy

By Stephen A. Hillegeist, E. Keating, Donald P. Cram, Kyle G. Lundstedt. 2004

445 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/2d41a9b29e07125bc69eadee8aec6ac5fd6dc897

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Citations in the corpus

Accounting Quality, Stock Price Delay and Future Stock Returns (2013, unknown): “is a market-based distress measure that has been shown in Hillegeist et al. (2004) to have higher information content than accounting-based distress measures.”
Predicting Business Failures in Canada (2007, methodology): “Hillegeist et al. (2004) compared the Altman and Ohlson models against a model based on the Black-Scholes-Merton optionpricing model.”
Default Risk, Shareholder Advantage, and Stock Returns* (2008, unknown): “Hillegeist, Keating, Cram, and Lundstedt (2004) show that both Oscore and Z-score are limited in their forecasting power and advocate the use of a measure based on the Black and Scholes (1973) and Merton (1974) option pricing framework, similar to the EDF measure provided commercially by MKMV.”
Valuation of loss firms in a knowledge-based economy (2007, unknown): “8 Hillegeist, Keating, Cram, and Lundstedt (2004) report that the overall corporate bankruptcy”
Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables (2013, background): “They conclude that, ‘in terms of predictive accuracy, there is little difference between the market-based and accounting models.6’ Hillegeist et al. (2004) provide contrasting results indicating that the Black–Scholes–Merton option-pricing model provides significantly more information about the…”
Are hazard models superior to traditional bankruptcy prediction approaches? A comprehensive test (2014, methodology): “Hillegeist et al. (2004) argue that accounting data is by nature historical and prepared on a going concern assumption, hence their use in predicting future, especially one that involves violating the going concern assumption itself is fundamentally flawed.”
Access to external finance: Theory and evidence on the impact of monetary policy and firm-specific characteristics (2006, background): “In fact, studies pioneered by Altman (1969) and Merton (1974) and supplemented recently by Shumway (2001), Hillegeist et al. (2004) and Atanasova and Wilson (2004) have used a wider range of firm-specific variables to assess access to external finance.”
Corporate Fraud and the Value of Reputations in the Product Market (2014, unknown): “6 The use of a Hazard model has wide acceptance in the literature in examining time to bankruptcy models (Hillegeist et al., 2004) and time to relationship termination (Fee et al., 2006; Johnson et al., 2013).”