Accounting-based versus market-based cross-sectional models of CDS spreads

Models of financial distress rely primarily on accounting-based information (e.g. [Altman, E., 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance 23, 589-609; Ohlson, J., 1980. Financial ratios and the probabilistic prediction of bankruptcy....

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Journal Title: Journal of banking & finance Vol. 33; no. 4; pp. 719 - 730
Authors: Paul Hanouna, Atulya Sarin, Sanjiv R. Das
Format: Article
Published: Apr 2009