HENSHER, DAVID A.; JONES, STEWART; GREENE, WILLIAM H. - In: The Economic Record 83 (2007) 260, pp. 86-103
This paper introduces a four-state failure model to depict a wider range of distress scenarios that public companies typically face in the real world. We use a multinomial error component logit model to analyse firm failure, a major advance on the modelling techniques used in previous research....