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The Z-score formula for predicting bankruptcy was published in 1968 by Edward I. Altman, who was, at the time, an Assistant Professor of Finance at New York University. The formula may be used to determine the probability that a firm will go into bankruptcy within two years.
Edward I. Altman [1] [2] [3] (born June 5, 1941) is a Professor of Finance, Emeritus, at New York University's Stern School of Business. He is best known for the development of the Altman Z-score for predicting bankruptcy which he published in 1968.
In 1968, in the first formal multiple variable analysis, Edward I. Altman applied multiple discriminant analysis within a pair-matched sample. One of the most prominent early models of bankruptcy prediction is the Altman Z-score, which is still applied today.
The market developed for distressed securities as the number of large public companies in financial distress increased in the 1980s and early 1990s. [5] In 1992, professor Edward Altman, who developed the Altman Z-score formula for predicting bankruptcy in 1968, estimated "the market value of the debt securities" of distressed firms as "is approximately $20.5 billion, a $42.6 billion in face ...
Predicting Financial Distress of Companies: Revisiting the Z-Score and Zeta Models by Edward Altman; Financial Distress, Bankruptcy Law, and the Business Cycle by Javier Suarez and Oren Sussman; Insolvency Service website; Probability of bankruptcy screener for public companies based on Altman Z Score
Z-score is a type of statistical ratio. It may also refer to: Z-value, in ecology; Z-factor, in high-throughput screening; Altman Z-score, in financial analysis
One who developed an approach to making such predictions has been Edward Altman, who developed the z-score financial analysis tool (Altman, 1968). Further study of this and related tools has been done by Altman and Hotchkiss (2005).
Edward Altman: Economist Professor, 1977– Inventor of the "Altman Z-Score" Menachem Brenner: Professor, 1990– Professor of Finance; Bank and Financial Analysts Faculty Fellow Jennifer N. Carpenter: Professor, 1995– Associate Professor of Finance Aswath Damodaran: Professor, 1986– Professor in Finance; Kerschner Family Chair in Finance ...