Este trabajo analiza la evolución en el tiempo de los estudios sobre fracaso empresarial.
Con carácter general, partimos de la revisión crítica realizada en la literatura previa, y …

Our model shows that deterioration in debt market liquidity leads to an increase in not only
the liquidity premium of corporate bonds but also credit risk. The latter effect originates from …

ABSTRACT I build a dynamic capital structure model that demonstrates how business cycle
variation in expected growth rates, economic uncertainty, and risk premia influences firms' …

Using a sample of small firms that defaulted on their bank debt in France, Germany, and the
United Kingdom, we find that large differences in creditors' rights across countries lead …

Structural models of default calibrated to historical default rates, recovery rates, and Sharpe
ratios typically generate Baa–Aaa credit spreads that are significantly below historical …

Este artículo de revisión busca analizar los principales alcances y limitaciones de los
modelos de predicción en el análisis del fracaso empresarial y su posible utilidad para el …

Research on corporate financial distress is relatively young in comparison to knowledge
about mechanisms and processes in sound enterprises. Large failures and corporate …

This article proposes a novel method of extracting the cost of default from the change in the
market value of a firm's assets upon default. Using a large sample of firms with observed …

This paper examines the relation between employee welfare practices and corporate cash
holdings. We find firms that are strongly committed to employee well-being, measured by …

We estimate probabilities of bankruptcy for 5784 industrial firms in the period 1988–2002 in
a model where common equity is viewed as a down-and-out barrier option on the firm's …