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...

A huge diversity exists within the broad category of SMEs. They differ widely in their capital structure, firm size, access to external finance, management style, numbers of employees etc. We contribute to the literature by acknowledging this diversity while modeling credit risk for them, using...

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...