Counting processes provide a very flexible framework for modeling discrete events occurring over time. Estimation and interpretation is easy, and links to more familiar approaches are at hand. The key is to think of data as "event histories," a record of times of switching between states in a...

This paper identifies the main bank specific determinants of bank failure during the financial crisis in Colombia using duration analysis. Using partial likelihood estimation, it shows that the process of failure of financial institutions during that period can be explained by differences in...