Bankruptcy Prediction for Large and Small Firms in Asia: A Comparison of Ohlson and Altman

Abstract

This paper reports the results of a research study examining the comparative ability of Ohlson’s Logit model and Altman’s four-variance model for predicting bankruptcy of large and small firms in Thailand. A matched pair sample of 60 bankrupt and 60 nonbankrupt firms were examined over the years 1998 to 2003. The study concludes that while each of the two methods have predictive ability when applied to Thai firms, there is no significant difference in their respective predictive abilities for either large asset or small asset Thai firms.

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