We study the association between the stock liquidity of SMEs in the US and their likelihood of bankruptcy, using a dataset that comprises information on 5075 firms over the time period from 1984 to 2013 using the hazard model of Campbell et al. (2008). We find that less liquid stocks are...

This study considers domestic and international small and medium-sized enterprises (SMEs) of the United Kingdom separately while modelling their default risk. To establish the empirical validation, separate one-year default prediction models are developed using dynamic logistic regression...

Small and medium size enterprises (SMEs) play a fundamental role in the economic performance of major economies especially in light of the new Basel Capital Accord. Several lending communities proposed to treat SMEs as retail clients to optimize capital requirements and profitability. In this...

Capital Market-Based financing for Small and Medium-sized Enterprises (SMEs) is increasingly viewed as complementary to traditional bank-based financing for SMEs. In response, policymakers are recognising the need for better access of SMEs to capital markets and are making efforts to remove...

This study aims to shed light on the debate concerning the choice between discrete-time and continuous-time hazard models in making bankruptcy or any binary prediction using interval censored data. Building on the theoretical suggestions from various disciplines, we empirically compare widely...