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An empirical analysis of changes in the relative timeliness of issuer-paid vs. investor-paid
(Manchester, 2013)
We investigate the lead-lag relationships between issuer- and investor-paid credit rating agencies, in the aftermath of the regulatory reforms undertaken in the U.S. between 2002 and 2006 - including watch list inclusions ...
Alternative bankruptcy prediction models using option-pricing theory
(2013)
We examine the empirical properties of the theoretical Black-Scholes-Merton (BSM) bankruptcy model. We evaluate the predictive ability of various existing modifications of the BSM model and extend prior studies by estimating ...