This paper considers whether the existing measures of credit risk order and quantify corporate credit risk in the same way. Eight measures of credit risk of different natures are compared: Altman's Z, Ohlson's O, Hannan and Hanweck model, Zmijewski model, bond spreads, CDS spreads,...

This paper presents evidence of the impact of overconfidence bias in asset prices drawn from a study based on data from tennis betting exchanges. A series of betting strategies in tournaments with a clear-cut favorite are shown to yield significant economic returns. The impact of overconfidence...

This paper analyzes the role played by pension plan governance structure in determining the power of the investor/decision maker to bargain with the management firm and how it impacts on plan fees and plan performance. The results show that fees decrease significantly and before- and after-fee...

This paper examines the role of investor type in the pension plan fees structure, using a dataset consisting of two classes of Spanish defined-contribution private pension funds: employer-sponsored and individual. The Spanish case has two interesting characteristics. One is that heavy of...

Previous studies have examined the determinants of corporate insolvency and their relationship with accounting and financial variables. Beyond the similarities or differences observed between countries, the discussion has revolved around the predictive capacity of models including these...