This article looks at the financial situation of non-financial corporations in Belgium over the period from 1 January to 31 December 2012. After briefly describing the methodology and the population studied, it presents an extrapolation of the main operating result items for 2012, with a...

We provide evidence that existing studies relating financial condition to product market cooperation produce mixed results because of unique features of the industries examined. In particular, all evidence suggesting that poor financial condition decreases cooperation comes from the airline...

The newly established German insolvency law has become effective since January 1st,1999. At first, we outline the objectives followed up by the legislator with this insolvency law reform,the general measures taken to these ends, and the degree of practical goal achievement which has beenrealized...

We investigate the relationship between bankruptcy risk and expected future sales growthfor Norwegian non-listed rms for the period 1988-2007. We nd that rms with highbankruptcy risk also have high expected future growth. Financial ratios characterizingrms with high bankruptcy risk also...

Individual financial systems can be understood as very specific configurations of certain key elements. Often these configurations remain unchanged for decades. We hypothesize that there is a specific relationship between key elements, namely that of complementarity. Thus, complementarity seems...

We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure...

One of the important consequences to be drawn from the course of the financial crisis up to now is the insight that more attention must be paid in the future to the factors of liquidity, liquidity management and liquidity protection. That holds true for the protection of the stability of an...

On May 11-12, 2011, SUERF, the Belgian Financial Forum, the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) jointly organised the 29th SUERF Colloquium New paradigms in money and finance? The papers included in this SUERF Study are based on contributions to the...

In the era of Basel II a powerful tool for bankruptcy prognosis is vital for banks. The tool must be precise but also easily adaptable to the bank's objections regarding the relation of false acceptances (Type I error) and false rejections (Type II error). We explore the suitability of Smooth...

The goal of this paper is to present early warning models used in the process of bankruptcy recognition that should meet the terms of good economic condition. Economic condition of a company on a capital market is good when the goal of the business is achieved, namely the increase in value, that...