Table 3
NLLS Estimates of Bankruptcy Cost Parameter μ
|
Period |
Obs. |
Estimate |
Std. Err. a |
Adj. R2 |
Pr > λIb |
|
1997Q2 |
327 |
0.144 |
0.041 |
045 |
< . 01 |
|
1997Q3 |
349 |
0.105 |
0.029 |
0.41 |
<.01 |
|
1997Q4 |
368 |
0.139 |
0.040 |
0.47 |
<.01 |
|
1998Q1 |
392 |
0.080 |
0.051 |
0.40 |
<.01 |
|
1998Q2 |
399 |
0.074 |
0.030 |
0.36 |
<.01 |
|
1998Q3 |
427 |
0.074 |
0.032 |
0.38 |
<.01 |
|
1998Q4 |
442 |
0.239 |
0.046 |
0.49 |
<.01 |
|
1999Q1 |
458 |
0.163 |
0.038 |
0.48 |
<.01 |
|
1999Q2 |
460 |
0.121 |
0.031 |
0.49 |
<.01 |
|
1999Q3 |
438 |
0.106 |
0.044 |
0.42 |
<.01 |
|
1999Q4 |
442 |
0.178 |
0.048 |
0.49 |
<.01 |
|
2000Q1 |
463 |
0.193 |
0.052 |
0.52 |
<.01 |
|
2000Q2 |
476 |
0.275 |
0.050 |
0.56 |
<.01 |
|
2000Q3 |
487 |
0.262 |
0.038 |
0.59 |
<.01 |
|
2000Q4 |
492 |
0.496 |
0.063 |
0.58 |
<.01 |
|
2001Q1 |
490 |
0.472 |
0.064 |
0.52 |
<.01 |
|
2001Q2 |
500 |
0.485 |
0.077 |
0.60 |
<.01 |
|
2001Q3 |
489 |
0.400 |
0.078 |
0.58 |
<.01 |
|
2001Q4 |
480 |
0.401 |
0.079 |
0.53 |
<.01 |
|
2002Q1 |
497 |
0.291 |
0.058 |
0.52 |
<.01 |
|
2002Q2 |
508 |
0.290 |
0.062 |
0.53 |
<.01 |
|
2002Q3 |
502 |
0.349 |
0.062 |
0.54 |
<.01 |
|
2002Q4 |
523 |
0.443 |
0.055 |
0.54 |
<.01 |
|
2003Q1 |
537 |
0.342 |
0.040 |
0.54 |
<.01 |
|
2003Q2 |
523 |
0.186 |
0.029 |
0.47 |
<.01 |
|
2003Q3 |
520 |
0.203 |
0.043 |
0.46 |
< . 01 |
Notes: In every period, the sample excludes firms with leverage ratios below
the 2.5th percentile and above the 97.5th percentile, firms with credit spreads above
the 97.5th percentile, and firms with EDFs at exactly 20%.
aComputed using a heteroscedasticity-consistent asymptotic covariance matrix;
see White (1980).
bp-value for the likelihood ratio test statistic λI of the exclusion of fixed industry
effects.
32
More intriguing information
1. Transfer from primary school to secondary school2. Testing for One-Factor Models versus Stochastic Volatility Models
3. Policy Formulation, Implementation and Feedback in EU Merger Control
4. Cultural Diversity and Human Rights: a propos of a minority educational reform
5. The open method of co-ordination: Some remarks regarding old-age security within an enlarged European Union
6. The Making of Cultural Policy: A European Perspective
7. The name is absent
8. Quelles politiques de développement durable au Mali et à Madagascar ?
9. The name is absent
10. Accurate, fast and stable denoising source separation algorithms