There is an extensive branch of literature that examines the success of Altman＇s Z-score in predicting bankruptcy or financial distress. The goal of this research paper is to investigate the stock price performance o...There is an extensive branch of literature that examines the success of Altman＇s Z-score in predicting bankruptcy or financial distress. The goal of this research paper is to investigate the stock price performance of firms that exhibit a large probability of bankruptcy according to the model of Airman. Regardless of the validity of Airman＇s Z-score, we utilize a new empirical design that relates stock price movements to Altman＇s Z-score. We focus and examine, through the methodology of panel data, whether stocks that have a high probability of bankruptcy underperform stocks with a low probability of bankruptcy or if there are differences in the way the markets react to the financial health of the sample firms.展开更多
ANNs （Artificial neural networks） are used extensively in remote sensing image processing. It has been proven that BPNNs （back-propagation neural networks） have high attainable classification accuracy. However, th...ANNs （Artificial neural networks） are used extensively in remote sensing image processing. It has been proven that BPNNs （back-propagation neural networks） have high attainable classification accuracy. However, there is a noticeable variation in the achieved accuracies due to different network designs and implementations. Hence, researchers usually need to conduct several experimental trials before they can finalize the network design. This is a time consuming process which significantly reduces the effectiveness of using BPNNs and the final design may still not be optimal. Therefore, there is a need to see whether there are some common guidelines for effective design and implementation of BPNNs. With this aim in mind, this paper attempts to find and summarize the common guidelines suggested by different authors through literature review and discussion of the findings. To provide readers with background and contextual information, some ANN fundamentals are also introduced.展开更多
文摘There is an extensive branch of literature that examines the success of Altman＇s Z-score in predicting bankruptcy or financial distress. The goal of this research paper is to investigate the stock price performance of firms that exhibit a large probability of bankruptcy according to the model of Airman. Regardless of the validity of Airman＇s Z-score, we utilize a new empirical design that relates stock price movements to Altman＇s Z-score. We focus and examine, through the methodology of panel data, whether stocks that have a high probability of bankruptcy underperform stocks with a low probability of bankruptcy or if there are differences in the way the markets react to the financial health of the sample firms.
文摘ANNs （Artificial neural networks） are used extensively in remote sensing image processing. It has been proven that BPNNs （back-propagation neural networks） have high attainable classification accuracy. However, there is a noticeable variation in the achieved accuracies due to different network designs and implementations. Hence, researchers usually need to conduct several experimental trials before they can finalize the network design. This is a time consuming process which significantly reduces the effectiveness of using BPNNs and the final design may still not be optimal. Therefore, there is a need to see whether there are some common guidelines for effective design and implementation of BPNNs. With this aim in mind, this paper attempts to find and summarize the common guidelines suggested by different authors through literature review and discussion of the findings. To provide readers with background and contextual information, some ANN fundamentals are also introduced.
