Parnes, Dror - In: Journal of risk and financial management : JRFM 4 (2012) 1, pp. 1-42
We examine the relation between corporate governance and bankruptcy risk as an underlying force affecting a bond …. We estimate bankruptcy risk by Z-score, by cash-flow-score, by O-score, through Merton structural model default … four objective methodologies we find that corporate governance is inversely related to bankruptcy risk. Yet, rating …