(DOWNLOAD) "An Empirical Evaluation of Bankruptcy Prediction Models for Small Firms: An Over-The-Counter (OTC) Market Experience." by Academy of Accounting and Financial Studies Journal * eBook PDF Kindle ePub Free

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eBook details

• Title: An Empirical Evaluation of Bankruptcy Prediction Models for Small Firms: An Over-The-Counter (OTC) Market Experience.
• Author : Academy of Accounting and Financial Studies Journal
• Release Date : January 01, 2005
• Genre: Business & Personal Finance,Books,
• Pages : * pages
• Size : 338 KB

Description

ABSTRACT The focus of this paper is on the bankruptcy prediction of small firms. Specifically, two successful bankruptcy prediction models, Ohlson's model (1980) and Shumway's model (2001), are re-estimated with the data of a sample of firms traded on the over-the-counter (OTC) market in a recent period in the 1990s. While Ohlson's model relies strictly on accounting ratios, Shumway's model combines market measures with the accounting ratios. Both models are then validated by a classification test and a more rigorous prediction test to predict the bankruptcy probability of the holdout samples. The results indicate that both the classification accuracy and the prediction accuracy are impressive with these two models for predicting bankruptcy up to three years before their actual demise, while Shumway's model performs marginally better than Ohlson's model.

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