Surveys on the use of agency credit ratings reveal that some investors believe that credit-rating agencies are relatively slow in adjusting their ratings. A well-accepted explanation for this perception on rating timeliness is the through-the-cycle methodology that agencies use....

The purpose of this paper is to discuss the urgent need for an early-warning system covering the historically failure-prone railroad industry and to develop a tool for providing such a system. A multivariate statistical technique called linear discriminant analysis is utilized to identify and...

This study assesses the stock return performance of 131 firms emerging from Chapter 11. Using differing estimates of expected returns, we consistently find evidence of large, positive excess returns in 200 days of returns following emergence. We also examine the reaction of our sample firms'...