This paper is devoted to the issue of forecasting financial ratios. The objective of the conducted research is to develop a predictive model with the use of an innovative methodology, i.e., fuzzy logic theory, and to evaluate its effectiveness. Fuzzy logic has been widely used in machinery,...

Due to the development of financial markets, products, financial and mathematical models, portfolio selection today represents a comprehensive set of activities. Investors take into consideration many different factors, such as the market factors, return distribution characteristics and...

The recent financial crisis that began in 2007, also known as the Global Financial Crisis, had a huge influence on the financial situations of enterprises and financial institutions around the world. The situation on world stock markets was also strongly affected by the crisis. As the behavior...

This study investigates uncertainty levels of various industries and tries to determine financial ratios having the greatest information content in determining the set of industry characteristics. It then uses these ratios to develop industry specific financial distress models. First, we employ...

The publishing sector is probably a cultural industry with one of the greatest economic projections due to its huge turnover and contribution to the Gross Domestic Product of countries. In order to gain a better understanding of this sector, this paper examines a sample of the most important...

I combine two fields of research on default prediction by empirically testing a bankruptcy prediction function where unlisted firms are evaluated on the basis of both their financial statement analysis and the macroeconomic environment. This combination is found to improve the default prediction...

A brief review of recent literature on corporate governance is provided, which is then concluded with a proposed corporate governance framework as a starting point for further development. We propose that it is stakeholder concentration that determines the quality of corporate governance. Next...

In the last few years, there has been lively debate about the appropriateness of financial ratios in determining the value of high technology stocks especially in the US market. Of particular focus in this debate has been the high to very high P-E ratios assigned to companies that by any other...

This study investigates the factors that affect Korean lodging firms’ performance measured in terms of return on assets (ROA). Using the 2005 financial data of a sample of 112 publicly traded Korean lodging firms and a stepwise regression procedure, the study identified the ratio of earnings...