The prediction accuracy of Altman’s model under financial distress conditions: an empirical study on Athens Stock Exchange

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Διεθνές Πανεπιστήμιο της Ελλάδος
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Σημασιολογικός εμπλουτισμός/ομογενοποίηση από το EKT

2017 (EL)
The prediction accuracy of Altman’s model under financial distress conditions: an empirical study on Athens Stock Exchange (EN)

Papadopoulos, Miltiadis Marinos (EN)

Sikalidis, Alexandros (EN)
School of Economics, Business Administration and Legal Studies, MSc in International Accounting, Auditing and Financial Management (EN)
Grose, Christos (EN)
Charitou, Andreas (EN)

This dissertation was written as part of the MSc in International Accounting, Auditing and Financial Management at the International Hellenic University. The purpose of this paper is to examine if the Z - score model created by Edward Altman in 1968 can be used to make accurate predictions of corporate bankruptcy during economic recession periods. The first section presents a literature review of classic Z - score models. Afterwards, the model will be tested under disturbed macroeconomic circumstances like the ones in Greece for the years 2008 - 2016. The methodology used is the same as in Altman’s model for public firms that published in 1968. In order to test the hypotheses a sample of thirty - three bankrupt and another thirty - three non - bankrupt companies will be used, all listed on the Athens Stock Exchange (ATHEXGROUP). The third part of the paper introduces the sample used and the data of both bankrupt and non - bankrupt firms are compared and presented. Finally, the last part of the paper presents the results of the examination and discusses the findings, comparing the accuracy of the model using present data to that of Altman’s in 1968. (EN)

masterThesis

Διεθνές Πανεπιστήμιο της Ελλάδος (EL)
International Hellenic University (EN)

2017-10-30


IHU (EN)



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