Multi-Period Corporate Failure Prediction with Stochastic Covariates
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We provide maximum likelihood estimators of term structures of conditional probabilities of bankruptcy over relatively long time horizons, incorporating the dynamics of firm-specific and macroeconomic covariates. We find evidence in the U.S. industrial machinery and instruments sector, based on over
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美国国家经济研究局创建时间：
2004-09-01
