Survival prediction of distressed firms: evidence from the Chinese special treatment firms

References

• Altman, E. 1968. “Financial Ratios, Discriminate Analysis and the Prediction of Corporate Bankruptcy.” Journal of Finance 23: 589–609.
   Web of Science ®Google Scholar
• Bai, C., Q. Liu, and F. Song. 2002. The Value of Corporate Control: Evidence from China's Distressed Firms. Hong Kong: University of Hong Kong.
   Google Scholar
• Bandopadhyaya, A. 1994. “An Estimation of the Hazard Rate of Firms under Chapter 11 Protection.” The Review of Economics and Statistics 76 (2): 346–350.
   Web of Science ®Google Scholar
• Barniv, R., A. Agarwal, and R. Leach. 2002. “Predicting Bankruptcy Resolution.” Journal of Business Finance & Accounting 29 (3): 497–520.
   Google Scholar
• Beaver, W. 1966. “Financial Ratios as Predictors of Failure.” Journal of Accounting Research 4: 71–111.
   Web of Science ®Google Scholar
• Campbell, S. 1996. “Predicting Bankruptcy Reorganization for Closely Helod Firms.” Accounting Horizons 10 (3): 12–25.
   Google Scholar
• Casey, C., V. McGee, and C. Stickney. 1986. “Discriminating between Reorganised and Liquidated Firms in Bankruptcy.” The Accounting Review 16 (2): 249–262.
   Google Scholar
• Chava S., and R. Jarrow. 2004. “Bankruptcy Prediction with Industry Effects.” Review of Finance 8: 609–641.
   Google Scholar
• Chen, X., C. Lee, and J. Li. 2008. “Government Assisted Earnings Management in China.” Journal of Accounting and Public Policy 27: 262–274.
   Web of Science ®Google Scholar
• Cox, D. 1972. “Regression Models and Life-Tables.” Journal of the Royal Statistics Society B 34 (2): 187–220.
   Google Scholar
• Denis, D., and K. Rodgers. 2007. “Duration, Outcome and Post-Reorganization Performance.” Journal of Financial and Quantitative Analysis 42 (1): 101–118.
   Web of Science ®Google Scholar
• Du, J., Y. Liu, and S. Wong. 2007. “Special Treatment (ST) Firms and Administrative Governance of Capital Markets in China.” In Economic Analysis of Law in China, edited by T. Eger, M. Faure and Z. Naigen, 164–199. Cheltenham: Edward Elgar Publishing Limited.
   Google Scholar
• Fang, L. 1995. “China's Corporatization Experiment.” Duke Journal of Comparative and International Law 5: 149–269.
   Google Scholar
• Feng, X. 2007. “Irrational Exuberance and Stock Market Valuation: Evidence from China.” Journal of Post Keynesian Economics 29 (2): 285–308.
   Web of Science ®Google Scholar
• Gupta, V., and J. Wang. 2004. “From Corporate Crisis to Turnaround in East Asia: A study of China Huajing Electronics Group Corporation.” Asia Pacific Journal of Management 21: 213–233.
   Google Scholar
• Helwege, J. 1996. “Determinants of Savings and Loan Failures: Estimates of a Time-Varying Proportional Hazard and Function.” Journal of Financial Service Research 10 (4): 373–392.
   Web of Science ®Google Scholar
• Hillegeist, S., E. Keating, D. Cram, and K. Lundstedt. 2004. “Assessing the Probability of Bankruptcy.” Review of Accounting Studies 9: 5–34.
   Web of Science ®Google Scholar
• Kam, A., D. Citron, and G. Muradoglu.2010. “Financial Distress Resolution in China – Two Case Studies.” Qualitative Research in Financial Markets 2 (2): 46–79.
   Google Scholar
• Kim, M.H. 2011. “The Dynamic Prediction of Company Failure: The Influence of Time, the Economy and Non-Linearity.” PhD thesis, University of Sydney.
   Google Scholar
• Kim, M.H., and G. Partington 2015. “Dynamic Forecasts of Financial Distress of Australian Firms.” Australian Journal of Management, 40 (1): 135–160.
   Web of Science ®Google Scholar
• Lane, W., S. Looney, and J. Wansley. 1986. “An Application of the Cox Proportional Hazards Model to Bank Failure.” Journal of Banking and Finance 10 (4): 511–531.
   Web of Science ®Google Scholar
• LeClere, M. 2000. “The Occurrence and Timing of Events: Survival Analysis Applied to the Study of Financial Distress.” Journal of Accounting Literature 19: 158–189.
   Google Scholar
• Li, K. 1999. “Bayesian Analysis of Duration Models: An Application to Chapter 11 Bankruptcy.” Economics Letters 63: 305–312.
   Web of Science ®Google Scholar
• Li, Z., and J. He. 2006. “Company Restructure, Propping and ST Companies Road of Take off the Cap (Chinese).” Naikai Business Review 9 (6): 39–44.
   Google Scholar
• Liu, J. 2004. “Macroeconomic Determinants of Corporate Failures: Evidence from the UK.” Applied Economics 36:939–945.
   Web of Science ®Google Scholar
• Liu, Q., and G. Tian. 2012. “Controlling Shareholder, Expropriations and Firm's Leverage Decision: Evidence from Chinese Nontradable Share Reform.” Journal of Corporate Finance, 18:782–803.
   Web of Science ®Google Scholar
• Ma, S, T. Naughton, and G. Tian. 2010. “Ownership and Ownership Concentration: Which is Important in Determining the Performance of China's Listed Firms.” Accounting and Finance 50:871–897.
   Web of Science ®Google Scholar
• Mason, S., and N. Graham. 1999. “Conditional Probabilities, Relative Operating Characteristics and Relative Operating Levels.” Weather and Forecasting 14 (5): 716–725.
   Google Scholar
• Ohlson, J. 1980. “Financial Ratios and the Probalistic Prediction of Bankruptcy.” Journal of Accounting Research 18 (1): 109–131.
   Web of Science ®Google Scholar
• Parker, S., F. Gary, and T. Howard. 2002. “Corporate Governance and Corporate Failure: A Survival Analysis.” Corporate Governance 2 (2): 4–12.
   Google Scholar
• Partington, G., P. Russel, M. Stevenson, and V. Torbey. 2001. “Predicting Return Outcomes to Shareholders from Companies Entering Chapter 11 Bankruptcy.” Mangerial Finance 27 (4): 78–96.
   Google Scholar
• Pearce, J. 2007. “The Value of Corporate Financial Measures in Monitoring Downturn and Managing Turnaround: An Exploratory Study.” Journal of Managerial Issues 19 (2): 253–270.
   Google Scholar
• Pei, D., P. Hamill, and K. Opong. 2010. “An Analysis of Quasi-Qualification, Modified Auditor Opinions and Special Treatment Status on China's Shenzhen Market.” Applied Economic Letters 17:1265–1571.
   Web of Science ®Google Scholar
• Pistor, K., and C. Xu. 2005. “Governing Stock Market in Transitional Economies: Lessons from China.” American Law and Economic Review 7 (1): 184–210.
   Google Scholar
• Qian, G., Y. Feng, and L. Zhou. 2007. “Financial Distress Prediction Models of Chinese Listed Companies.” Paper presented at the International Conference on Management Science & Engineering at Harbin, Harbin, P.R.China , August 20–22.
   Google Scholar
• Ren, R. 2009. “Special Treatment Firm's Asset Restructure Effects: An Empirical Study.” China Management Informationization 12 (6): 37–39.
   Google Scholar
• Robbins, D., and J. Pearce. 1992. “Turnaround: Retrenchment and Recovery.” Strategic Management Journal 13:287–309.
   Web of Science ®Google Scholar
• Routledge, J., and D. Gadenne. 2000. “Financial Distress, Reorganization and Corporate Performance.” Accounting and Finance 40:233–260.
   Google Scholar
• Shumway, T. 2001. “Forecasting Bankruptcy More Accurately: A Simple Hazard Model.” Journal of Business 74:101–124.
   Web of Science ®Google Scholar
• Smith, M., and C. Graves. 2005. “Corporate Turnaround and Financial Distress.” Managerial Auditing Journal 20 (2): 304–320.
   Google Scholar
• Sudarsanam, S., and J. Lia. 2001. “Corporate Financial Distress and Turnaround Strategies: An Empirical Analysis.” British Journal of Management 12: 183–199.
   Web of Science ®Google Scholar
• Taffler, R. 1983. “The Assessment of Company Solvency and Performance Using a Statistical Model.” Accounting and Business Research 13: 295–308.
   Google Scholar
• Wang, Z., and X. Deng. 2006. “Corporate Governance and Financial Distress.” The Chinese Economy 39 (5): 5–27.
   Google Scholar
• Wheelock, D., and P. Wilson. 1995. “Explaining Bank Failures: Deposit Insurance, Regulation, and Efficiency.” The Review of Economics and Statistics 77 (4): 689–700.
   Web of Science ®Google Scholar
• White, M. 1984. Bankruptcy, Liquidation and Reorganization, Handbook of Modern Finance. New York: Warren, Gorham & Lamont Publisher.
   Google Scholar
• White, M. 1989. “The Corporate Bankruptcy Decision.” The Journal of Economic Perspectives 3 (2): 129–151.
   Web of Science ®Google Scholar
• White, M. 1994. “Corporate Bankruptcy as a Filtering Device: Chapter 11 Reorganizations and Out-of-Court Restructurings.” Journal of Law, Economics and Organizations 10:268–295.
   Web of Science ®Google Scholar
• Wong, B., G. Partington, M. Stevenson, and V. Torbey. 2007. “Surviving Chapter 11 Bankruptcies: Duration and Payoff?” ABACUS 43 (3): 363–387.
   Web of Science ®Google Scholar
• Yates, F. 1982. “External Correspondence: Decompositions of the Mean Probability Score.” Organizational Behaviour and Human Performance 30: 132–156.
   Web of Science ®Google Scholar
• Zeni, S., and R. Ameer. 2010. “Turnaround Prediction of Distressed Companies: Evidence from Malaysia.” Journal of Financial Reporting and Accounting 8 (2): 143–159.
   Google Scholar
• Zhang, L., S. Chen, J. Yen, and E. Altman. 2007. “Corporate Financial Distress Diagnosis in China.” In Working Paper Series. New York: New York University.
   Google Scholar
• Zheng, Q., and Y. Jiang. 2007. “Financial Distress Prediction based on Decision Tree Models.” Paper presented at the IEEE International Conference on Service Operations and Logistics and Informatics, Philadelphia, PA, August 27–29.
   Google Scholar
• Zheng, Y., J. Tian, Y. Tang, and Y. Sun. 2009. “Empirical Research on Turnarounds of Financial Distress firms Based on Ultimate Control.” Paper presented at the 2009 International Conference on Management Science and Engineering, Moscow, September 14–16.
   Google Scholar
• Zmijiewski, M. 1984. “Methodological Issues Related to the Estimation of Financial Distress Prediction Models.” Journal of Accounting Research 22: 59–82.
   Web of Science ®Google Scholar