Predicting Corporate Bankruptcy: whither do we stand?

Abstract

Following triggered corporate bankruptcies, an increasing number of\nprediction models have emerged since 1960s. This study provides a critical analysis\nof methodologies and empirical findings of applications of these models across 10\ndifferent countries. The study’s empirical exercise finds that predictive accuracies of\ndifferent corporate bankruptcy prediction models are, generally, comparable.\nArtificially Intelligent Expert System (AIES) models perform marginally better than\nstatistical and theoretical models. Overall, use of Multiple Discriminant Analysis\n(MDA) dominates the research followed by logit models. Study deduces useful\nobservations and recommendations for future research in this field.

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