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Market Efficiency and the use of Accounting Data in Bankruptcy Forecasting

Market Efficiency and the use of Accounting Data in Bankruptcy Forecasting In finance the proposition that market prices in company securities are efficient in respect of public information has received substantial confirmation over the years Fama, 1970, 1976. Since efficiency means that there are no systematic trading rules which generate abnormal returns and since the public information concerned consists to a large extent of published accounting data, it is somewhat surprising to find that a stream of empirical work e.g. Altman, 1971 using the same data claims to provide predictions of bankruptcy or quasibankruptcy which are of considerable accuracy and usefulness. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Finance Emerald Publishing

Market Efficiency and the use of Accounting Data in Bankruptcy Forecasting

Managerial Finance , Volume 7 (1): 5 – Jan 1, 1981

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0307-4358
DOI
10.1108/eb013481
Publisher site
See Article on Publisher Site

Abstract

In finance the proposition that market prices in company securities are efficient in respect of public information has received substantial confirmation over the years Fama, 1970, 1976. Since efficiency means that there are no systematic trading rules which generate abnormal returns and since the public information concerned consists to a large extent of published accounting data, it is somewhat surprising to find that a stream of empirical work e.g. Altman, 1971 using the same data claims to provide predictions of bankruptcy or quasibankruptcy which are of considerable accuracy and usefulness.

Journal

Managerial FinanceEmerald Publishing

Published: Jan 1, 1981

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