In 2008 and 2009, bondholders of ailing companies were affected by areemergence of an important corporate restructuring strategy, known as aDistressed Exchange. Fourteen companies in 2008 completed this desperateattempt to avoid a formal bankruptcy filing – about twice as manyas any single...

Forty years ago, I developed a method of predicting bankruptcies by U.S.[public] companies that makes use of equity market values as well asfundamental financial and operating data. Since that time, my“Z-Score” model has become one of the most widely usedmethods for assessing the...

In 2010, the world’s focus on the global financial crisis shiftedfrom financial markets and institutions to sovereign debt, especially inEurope. This has motivated a re-examination of techniques andtraditional indicators to assess the health of individual countries.Since the potential...

We use the consumption-based asset pricing model with habit formation to study the predictability and cross-section of returns from the international equity markets. We find that the predictability of returns from many developed countries' equity markets is explained in part by changing prices...