Memoryless properties of Markov first order have been powerful enough to cast light upon rating movement behavior. Further, Laplace transform is used to generate transition matrix, with homogenous continuous time assumption from discretized generator matrix. Various metric testing, i.e.: eigen...

This paper intends to analyse the default risk in micro, small and medium enterprises (MSMEs) and its relation to new debt opportunities, debt overhang theory and growth intention. The results confirm that cash flow, capacity and leverage are the major determinants of firms' default, while gross...

Though corruption has been declared as an extra ordinary crime, little discussion and research is done on the effect of corruption to financial accounting information. This paper explains how corruption that had been taken for granted as acceptable practices by society in Indonesia during the...