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This title was first published in 2003. This book provides a
much-needed comprehensive and up-to-date treatise on financial
distress modelling. Since many of the challenges facing researchers
of financial distress can only be addressed by a totally new
research design and modelling methodology, this book concentrates
on extending the potential for bankruptcy analysis from
single-equation modelling to multi-equation analysis. Essentially,
the work provides an innovative new approach by comparing each firm
with itself over time rather than testing specific hypotheses or
improving predictive and classificatory accuracy. Added to this new
design, a whole new methodology - or way of modelling the process -
is applied in the form of a family of models of which the
traditional single equation logit or MDA models is just a special
case. Preliminary two-equation and three-equation models are
presented and tested in the final chapters as a taste of things to
come. The groundwork for a full treatise on these sorts of
multi-equation systems is laid for further study - this family of
models could be used as a basis for more specific applications to
different industries and to test hypotheses concerning influential
variables to bankruptcy risk.
This title was first published in 2003. This book provides a
much-needed comprehensive and up-to-date treatise on financial
distress modelling. Since many of the challenges facing researchers
of financial distress can only be addressed by a totally new
research design and modelling methodology, this book concentrates
on extending the potential for bankruptcy analysis from
single-equation modelling to multi-equation analysis. Essentially,
the work provides an innovative new approach by comparing each firm
with itself over time rather than testing specific hypotheses or
improving predictive and classificatory accuracy. Added to this new
design, a whole new methodology - or way of modelling the process -
is applied in the form of a family of models of which the
traditional single equation logit or MDA models is just a special
case. Preliminary two-equation and three-equation models are
presented and tested in the final chapters as a taste of things to
come. The groundwork for a full treatise on these sorts of
multi-equation systems is laid for further study - this family of
models could be used as a basis for more specific applications to
different industries and to test hypotheses concerning influential
variables to bankruptcy risk.
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