Bank credit to Egypt's private sector decreased over the last decade, despite a recapitalized banking system and high rates of economic growth. Recent macro-economic turmoil has reinforced the trend. This paper explains the decrease based on credit supply and demand considerations by 1)...

We study whether the financial analysts' concern to maintain friendly relationships with firms' managers in order to preserve their access to ‘soft' qualitative information entice them to issue pessimistic (“earnings surprise management” hypothesis) or optimistic (“management access”...

We analyze the determinants of financial analysts' forecast accuracy. The empirical literature has enlightened variables related to analysts, to firms or both, in explaining the magnitude of forecast accuracy. But this literature does not explain in a common framework two opposite theoretical...

In the context of credit scoring, ensemble methods based on decision trees, suchas the random forest method, provide better classi cation performance than standardlogistic regression models. However, logistic regression remains the benchmark in thecredit risk industry mainly because the lack of...

This paper presents an empirical investigation of the disequilibrium hypothesis on the Polish loan market in the 1990s. Using data over this period of deep transition, we estimate a disequilibrium model with a standard maximum likelihood method. However, the estimates are highly...

This paper presents an empirical investigation of the disequilibrium hypothesis on the Polish loan market in the 1990s. Using data over this period of rapid and sustained transition, we estimate a disequilibrium model with a standard maximum likelihood method. However, the estimates are highly...