The purpose of this research is to determine whether bankruptcy forecasting models are subject to industry and time … specific effects. A sample of 15,848 firms was obtained from the Compustat and CRSP databases, spanning the time period 1950 to …

article examines how time-varying, firm-specific variables and changes in the macroeconomic environment affect the probability … conditions. Therefore discrete-time hazard models (using logit and cloglog) are applied; these indicate that the probability of … probability of distress over time. Furthermore, the findings provide evidence that both the legal criteria and a firm's financial …