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92

Figure 5.4 shows the decrease of the “monthly” hazard rate for acquisition based on
the change-point model in Section 5.2.1.

Hazard Function for 'Bankruptcy¹ by the Proposed
Method

0.001 -I

0.0005 -

— Before 99 Dec.

— After 99 Dec.

///////////

У ≠ s^sf У IT У У y^s У

Time

Figure 5.3: Hazard Function for Bankruptcy Obtained Using the Proposed Method with

τ= - 0.5

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