کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1004234 | 937755 | 2007 | 19 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Modelling corporate failure: A multinomial nested logit analysis for unordered outcomes
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
This study evaluates the theoretical and empirical significance of the multinomial nested logit (NL) model as an advanced closed-form model for the explanation and prediction of firm financial distress. Using a four-state failure model based on Australian company samples, we estimate an NL model and test its predictive performance on a holdout sample. Comparison of model fits and out-of-sample forecasts indicate that the unordered NL model statistically outperforms a standard logit model by substantial margins. NL may even be used as an effective practical alternative to more advanced open-form models such as mixed logit in the modelling of firm financial distress.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The British Accounting Review - Volume 39, Issue 1, March 2007, Pages 89–107
Journal: The British Accounting Review - Volume 39, Issue 1, March 2007, Pages 89–107
نویسندگان
Stewart Jones, David A. Hensher,