Edward Altman

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Edward Altman is affiliated with the following schools: City College of New York, University of California, Los Angeles, University of Iowa, New York University, Macquarie University

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Edward Altman

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#64

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#74

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#43

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#10

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Edward Altman's Degrees

Bachelors Economics University of Iowa

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Why Is Edward Altman Influential?

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According to Wikipedia, Edward I. Altman 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. Professor Altman is a leading academic on the High-Yield and Distressed Debt markets and is the pioneer in the building of models for credit risk management and bankruptcy prediction.

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Edward Altman's Published Works

Number of citations in a given year to any of this author's works

Total number of citations to an author for the works they published in a given year. This highlights publication of the most important work(s) by the author

Published Works

FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY (1968) (10383)
ZETATM analysis A new model to identify bankruptcy risk of corporations (1977) (1821)
Corporate distress diagnosis: Comparisons using linear discriminant analysis and neural networks (the Italian experience) (1994) (1109)
A Further Empirical Investigation of the Bankruptcy Cost Question (1984) (978)
Introducing Recursive Partitioning for Financial Classification: The Case of Financial Distress (1985) (774)
The Link between Default and Recovery Rates: Theory, Empirical Evidence and Implications (2003) (753)
Credit risk measurement: Developments over the last 20 years (1997) (673)
PREDICTING FINANCIAL DISTRESS OF COMPANIES: REVISITING THE Z-SCORE AND ZETA ® MODELS (2013) (645)
Corporate financial distress : a complete guide to predicting, avoiding, and dealing with bankruptcy (1983) (538)
Modelling Credit Risk for SMEs: Evidence from the U.S. Market (2007) (532)
Corporate Financial Distress and Bankruptcy (1993) (517)
Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt (2005) (460)
Measuring Corporate Bond Mortality and Performance (1989) (436)
Machine learning models and bankruptcy prediction (2017) (428)
Financial Distress Prediction in an International Context: A Review and Empirical Analysis of Altman's Z‐Score Model (2017) (393)
Managing Credit Risk: The Next Great Financial Challenge (1998) (334)
The success of business failure prediction models: An international survey (1984) (330)
Predicting FinancialDistress of Companies : Revisiting the Z-Score and ZETA ® Models * (2000) (328)
Corporate Financial Distress and Bankruptcy: A Complete Guide to Predicting & Avoiding Distress and Profiting from Bankruptcy (1993) (319)
Default Recovery Rates in Credit Risk Modelling: A Review of the Literature and Empirical Evidence (2003) (259)
An International Survey of Business Failure Classification Models (1997) (242)
Effects of the New Basel Capital Accord on Bank Capital Requirements for SMEs (2005) (224)
How Rating Agenices Achieve Rating Stability (2003) (219)
An Analysis and Critique of the Bis Proposal on Capital Adequacy and Ratings (1999) (201)
Predicting Railroad Bankruptcies in America (1973) (182)
An emerging market credit scoring system for corporate bonds (2005) (168)
Recent Advances in Corporate Finance (1985) (165)
Modeling Credit Risk for Smes: Evidence from the Us Market (2005) (163)
Corporate bankruptcy in America (1971) (160)
Bankruptcy, Credit Risk, and High Yield Junk Bonds (2002) (160)
Application of Classification Techniques in Business, Banking and Finance (1981) (160)
Emerging market corporate bonds — a scoring system (1998) (158)
Predicting performance in the savings and loan association industry (1977) (147)
The importance and subtlety of credit rating migration (1998) (136)
Handbook of corporate finance (1986) (131)
Distressed Firm and Bankruptcy Prediction in an International Context: A Review and Empirical Analysis of Altman's Z-Score Model (2014) (131)
Financial crises : institutions and markets in a fragile environment (1978) (121)
A Point-in-Time Perspective on Through-the-Cycle Ratings (2006) (121)
Default Rates in the Syndicated Bank Loan Market: A Mortality Analysis (2000) (121)
The value of non-financial information in small and medium-sized enterprise risk management (2010) (116)
Rating Drift in High-Yield Bonds (1992) (115)
The Equity Performance of Firms Emerging from Bankruptcy (1999) (114)
THE PREDICTION OF CORPORATE BANKRUPTCY: A DISCRIMINANT ANALYSIS* (1968) (112)
Financial Applications of Discriminant Analysis: A Clarification (1978) (111)
Revisiting Credit Scoring Models in a Basel 2 Environment (2002) (110)
WHY BUSINESSES FAIL (1983) (105)
The Link between Default and Recovery Rates: Implications for Credit Risk Models and Procyclicality (2002) (105)
Managing Credit Risk: The Great Challenge for the Global Financial Markets (2008) (104)
The Link between Default and Recovery Rates: Effects on the Procyclicality of Regulatory Capital Ratios (2005) (102)
Commercial Bank Lending: Process, Credit Scoring, and Costs of Errors in Lending (1980) (102)
Z-Score Models' Application to Italian Companies Subject to Extraordinary Administration (2013) (100)
Corporate Distress Prediction Models in a Turbulent Economic and Basel Ii Environment (2002) (95)
A FINANCIAL EARLY WARNING SYSTEM FOR OVER-THE-COUNTER BROKER-DEALERS (1976) (95)
Revisiting the High-Yield Bond Market (1992) (93)
Bank Debt Versus Bond Debt: Evidence from Secondary Market Prices (2006) (93)
The Value of Non-Financial Information in SME Risk Management (2008) (92)
Do Seniority Provisions Protect Bondholders' Investments? (1994) (90)
Comparative Analysis of Risk Measures: France and the United States (1974) (90)
Credit ratings and the BIS capital adequacy reform agenda (2002) (81)
Failure Prediction: Evidence from Korea (1995) (76)
Assessing Potential Financial Problems for Firms in Brazil (1979) (74)
Advances in Credit Risk Modelling and Corporate Bankruptcy Prediction: Default recovery rates and LGD in credit risk modelling and practice: An updated review of the literature and empirical evidence (2008) (72)
Corporate financial distress diagnosis model and application in credit rating for listing firms in China (2010) (70)
Financial Distress and Restructuring Models (1994) (70)
Ultimate recovery mixtures (2014) (68)
Default Recovery Rates and Lgd in Credit Risk Modelling and Practice (2011) (68)
Abstract: Information Effects and Stock Market Response to Signs of Firm Deterioration (1976) (63)
The Link between Default and Recovery Rates (2003) (63)
Recovery Risk: The Next Challenge in Credit Risk Management (2005) (62)
Defaults and Returns in the High Yield Bond Market: The Year 2005 in Review and Market Outlook (2004) (58)
Defaults and Returns on High Yield Bonds: Analysis Through 1994 (1994) (57)
Informational Efficiency of Loans Versus Bonds: Evidence from Secondary Market Prices (2004) (55)
Corporate Financial Distress, Restructuring, and Bankruptcy (2019) (54)
RAILROAD BANKRUPTCY PROPENSITY (1971) (51)
Corporate Financial Distress Diagnosis in China (2007) (51)
Financial and Statistical Analysis for Commercial Loan Evaluation: A French Experience (1974) (49)
The Default Rate Experience on High-Yield Corporate Debt (1985) (48)
MANAGING A RETURN TO FINANCIAL HEALTH (1981) (46)
Business Failure Classification Models: An International Survey (1996) (46)
Global Debt Markets in 2007: New Paradigm or the Great Credit Bubble? (2007) (44)
Assessing the credit worthiness of Italian SMEs and mini-bond issuers (2020) (44)
Defaults and Returns on High-Yield Bonds (2004) (42)
The Rating Agencies (2011) (40)
A Fifty-Year Retrospective on Credit Risk Models, the Altman Z -Score Family of Models and their Applications to Financial Markets and Managerial Strategies (2018) (39)
Financial and Non-Financial Variables as Long-Horizon Predictors of Bankruptcy (2015) (38)
The Effects of Rating Through the Cycle on Rating Stability, Rating Timeliness and Default Prediction Performance (2005) (37)
Applications of Distress Prediction Models: What Have We Learned After 50 Years from the Z-Score Models? (2018) (37)
The Re-Emergence of Distressed Exchanges in Corporate Restructurings (2009) (34)
EXPLORING THE ROAD TO BANKRUPTCY (1983) (33)
Regulation of Rating Agencies (2011) (33)
The Financial Dynamics of the Insurance Industry (1994) (31)
Credit Risk Measurement and Management: The Ironic Challenge in the Next Decade (1998) (31)
A Yield Premium Model For The High-Yield Debt Market (1995) (30)
Rethinking SME default prediction: a systematic literature review and future perspectives (2021) (29)
The Impact of the Rating Agencies' Through-the-Cycle Methodology on Rating Dynamics (2005) (27)
Corporate Bond and Commercial Loan Portfolio Analysis (1996) (27)
Rating Migration of Corporate Bonds: Comparative Results and Investor/Lender Implication (1996) (26)
The fair value of insurance liabilities (1998) (26)
Market Dynamics and Investment Performance of Distressed and Defaulted Debt Securities (1998) (25)
Ratio Analysis and the Prediction of Firm Failure: A Reply (1970) (24)
Post-Chapter 11 Bankruptcy Performance: Avoiding Chapter 22 (2009) (23)
VOLATILITY BEHAVIOR OF INDUSTRIAL STOCK PRICE INDICES (1973) (23)
Defaults & Returns on High Yield Bonds: Analysis Through 1998 and Default Outlook for 1999-2001 (1999) (22)
Handbook of Financial Markets and Institutions (1987) (22)
The Role of Distressed Debt Markets, Hedge Funds and Recent Trends in Bankruptcy on the Outcomes of Chapter 11 Reorganizations (2013) (22)
Setting the Record Straight on Junk Bonds: A Review of the Research on Default Rates and Returns (1990) (22)
Credit Ratings and the Bis Reform Agenda (2001) (21)
Managing Credit Risk: A Challenge for the New Millennium (2002) (20)
Intertemporal Forecasts of Defaulted Bond Recoveries and Portfolio Losses (2017) (19)
A Race for Long Horizon Bankruptcy Prediction (2020) (19)
COVID-19 and the Credit Cycle (2020) (19)
Bankrupt Firms’ Equity Securities As an Investment Alternative (1969) (19)
Loss Given Default - A Review of the Literature (2005) (18)
A Simple Empirical Model of Equity-ImpliedProbabilities of Default (2010) (18)
Investing in junk bonds : inside the high yield debt market (1987) (17)
An Integrated Pricing Model for Defaultable Loans and Bonds (2003) (17)
The Bankruptcy System's Chapter 22 Recidivism Problem: How Serious is it? (2015) (16)
Toward a Bottom-Up Approach to Assessing Sovereign Default Risk (2011) (16)
Examining Moyer's Re-examination of Forecasting Financial Failure (1978) (16)
Multidimensional Graphics And Bankruptcy Prediction - A Comment (1983) (16)
Are Historically Based Default and Recovery Models in the High-Yield and Distressed Debt Markets Still Relevant in Today's Credit Environment? (2007) (15)
Credit ratings and the proposed new BIS guidelines on capital adequacy for bank credit assets (2001) (14)
Bankruptcy & distressed restructurings : analytical issues and investment opportunities (1999) (14)
Market Size and Investment Performance of Defaulted Bonds and Bank Loans: 1987-2002 (2003) (14)
Corporate Credit Scoring–insolvency Risk Models (2011) (14)
Default risk, mortality rates, and the performance of corporate bonds (1989) (14)
Defaulted Bonds: Demand, Supply and Performance, 1987–1992 (1993) (13)
Distressed Securities: Analyzing and Evaluating Market Potential and Investment Risk (1991) (13)
Corporate bond rating drift : an examination of credit quality rating changes over time (1991) (13)
Anatomy of Bank Distress: The Information Content of Accounting Fundamentals within and Across Countries (2014) (13)
The High-Yield Debt Market: Investment Performance and Economic Impact (1998) (12)
The Market in Defaulted Bonds and Bank Loans (2006) (12)
Managing and Measuring Risk: Emerging Global Standards and Regulations After the Financial Crisis (2013) (12)
Defaults and Returns in the High-Yield Bond and Distressed Debt Market: Review and Outlook (2014) (12)
Common Stock Price Volatility Measures and Patterns (1970) (11)
Revisiting the Recidivism-Chapter 22 Phenomenon in the U.S. Bankruptcy System (2014) (11)
Corporate Credit Scoring Models: Approaches and Standards for Successful Implementation (1995) (11)
Investing in junk bonds (1987) (10)
Defaults and Returns on High Yield Bonds: Analysis Through September 30, 2002 (2002) (9)
Building Sme rating: is it necessary for lenders to monitor financial statements of the borrowers? (2013) (8)
The PD/LGD link: Empirical Evidence from the Bond Market (2005) (8)
Defaults & Returns on High Yield Bonds: Analysis Through 2001 (2002) (8)
Defaults & Returns on High Yield Bonds: Analysis Through 1999 and Default Outlook for 2000-2002 (2000) (8)
The Convertible Debt Market: Are Returns Worth the Risk? (1989) (7)
PREDICTING CORPORATE DISTRESS IN A TURBULENT ECONOMIC AND REGULATORY ENVIRONMENT (2002) (7)
Adsorption on surfaces and surface diffusion of adsorbates (2001) (7)
Introduction: Company and country risk models (1984) (7)
A Flexible Approach to Modeling Ultimate Recoveries on Defaulted Loans and Bonds ∗ (2010) (7)
AIRLINE BANKRUPTCY PROPENSITIES : A ZETA ANALYSIS (1984) (7)
Information Effects and Stock Market Response to Signs of Firm Deterioration (1981) (7)
About Corporate Default Rates (2011) (5)
Are Outlooks and Rating Reviews capable to bridge the gap between the agencies through-the-cycle and short-term point-intime perspectives ? (2005) (5)
Defaults and Returns on High Yield Bonds: The Year 2002 in Review and the Market Outlook (2003) (5)
Including Defaulted Bonds in the Capital Market Asset Spectrum (1998) (5)
The Anatomy of the High Yield Bond Market: After Two Decades of Activity-Implications for Europe (1998) (5)
The PD/LGD link: Implications for Credit Risk Modeling (2005) (5)
Distress Classification of Korean Firms (1994) (4)
Defaults and Returns on High-Yield Bonds: Lessons from 1999 and Outlook for 2000-2002 (2000) (4)
GLOBAL EFFECTS OF THE NEW BASEL CAPITAL ACCORD’S IMPLEMENTATION ON SMES (2005) (4)
Sovereign Default Risk Assessment from the Bottom-Up (2010) (4)
Discussion: “An Analysis of the Usefulness of Debt Defaults and Going Concern Opinions in Bankruptcy Risk Assessment” (1998) (4)
The Behavior of Firms in Financial Distress: Discussion (1983) (4)
Comparing value line's relative financial strength system with the Zeta bankruptcy classification approach (1983) (4)
The Return/Volatility Trade-Off of Distressed Corporate Debt Portfolios (2014) (4)
the Dodd-Frank Wall Street Reform and Consumer Protection Act: Accomplishments and Limitations (2011) (4)
Credit Markets and Bubbles: is the Benign Credit Cycle Over? (2016) (3)
Defaults and Returns in the High-Yield Bond and Distressed Debt Markets (2014) (3)
THE INVESTMENT PERFORMANCE AND MARKET SIZE OF DEFAULTED BONDS AND BANK LOANS IN 2003: OUTLOOK FOR 2004/2005 (2004) (3)
Credit Risk Migration (2011) (3)
Statistical classification models applied to common stock analysis (1981) (3)
The fair value of insurance business (2000) (3)
The Anatomy of Distressed Debt Markets (2018) (2)
Transparent and unique sovereign default risk assessment (2014) (2)
The value of personal credit history in risk screening of entrepreneurs: Evidence from marketplace lending (2021) (2)
The Role of Credit Ratings in Bank Capital (2002) (2)
Revisiting SME default predictors: The Omega Score (2022) (2)
Defaults and Returns on High Yield Bonds: First Quarter 2004 (2004) (2)
Credit Risk: The Great Challenge For the Global Economy (2011) (2)
Firm Valuation and Corporate Leveraged Restructuring (2011) (2)
Assessing Italian SME and Mini-bond Issuer Credit Worthiness (2016) (2)
Asset‐Based Lending and Lease Finance (2011) (2)
Economic Capital and Capital Allocation (2011) (2)
The Controversy Over Executive Compensation (2004) (2)
Assessing Basel III Capital Ratios: Do Risk Weights Matter? (2017) (2)
Application of Distress Prediction Models (2011) (2)
Special commentary: a note on credit market bubbles (2014) (1)
Investing in Distressed Securities (2011) (1)
Morgan Stanley Round Table on Managing Financial Trouble (2007) (1)
The Investment Performance of Defaulted Bonds for 1994 and 1987-1994 (1994) (1)
Share Markets and Portfolio Theory (1981) (1)
Sovereign default risk assessment (2013) (1)
Small and Medium-sized Enterprises that Borrow from 'Alternative' Lenders in the United Kingdom: Who Are They? (2019) (1)
Effects of corporate financial distress on peer firms: do intra-industry non-distressed firms become more conditionally conservative? (2022) (1)
Corporate fi nancial distress diagnosis model and application in credit rating for listing fi rms in China (2010) (1)
Application of Portfolio Approaches (2011) (1)
REVISITING THE HIGH YIELD BOND MARKET: MATURE BUT NEVER DULL (2000) (1)
Risky Corporate Bonds in 2021: A Bubble, or Rational Underwriting in a Low-Rate Environment? (2021) (1)
Distress Prediction Models: Catalysts for Constructive Change—Managing a Financial Turnaround (2011) (1)
CAPITALIZED LEASES, DECELERATED DEPRECIATION, AND INCOME EFFECTS (1979) (1)
COVID-19 and the Credit Cycle: 2020 Revisited and 2021 Outlook (2021) (1)
High tech company rating : financial and operative evaluation (1997) (1)
Credit market bubble building? A forming credit bubble could burst by 2017 (2016) (1)
Analyzing risks, returns and potential interest in the U.S. high yield corporate debt market for Japanese investors (1989) (0)
The Handbook of Corporate Debt Instruments (1998) (0)
Credit Models for Small Business, Real Estate, and Financial Institutions (2011) (0)
Corporate Distress: Introduction and Statistical Background (2011) (0)
Has the Evergrande Debt Crisis Rattled Chinese Capital Markets? A Series of Event Studies and Their Implications (2022) (0)
Market Chaos and a Reversion to the Mean: The Rediscovery of Culture as a Critical Risk Management Tool (2011) (0)
Country Risk Models (2011) (0)
The High Yield Bond Market: Risks and Returns for Investors and Analysts (2011) (0)
2. Credit Culture (2011) (0)
Consumer Finance Models (2011) (0)
Understanding Credit Risk for Chinese Companies using Machine Learning: A Default-Based Approach (2020) (0)
Defaults and Returns in the High-Yield Bond Market: Third-Quarter 2013 Review (2013) (0)
The Investment Performance of Defaulted Bonds for 1987-95 and Market Outlook (1995) (0)
Classic Industry Players: Banks, Savings Institutions, Insurance Companies, Finance Companies, and Special Purpose Entities (2011) (0)
The Multi-Firm Bond Issue: A Fund Raising Financial Instrument (1981) (0)
Classic Credit Analysis (2011) (0)
The Omega Score: An improved tool for SME default predictions (2023) (0)
Benchmarking the timeliness of agency credit ratings with credit model scores (2003) (0)
Evolution Of The Bankruptcy Process In The United States and International Comparisons (2011) (0)
ECONOMIC DIAGNOSTICS IN ENVIRONMENT OF STATICIZED RELATIONSHIP MARKETING (2018) (0)
Distressed Firm Valuation (2011) (0)
Risk‐Return Performance of Defaulted Bonds and Bank Loans (2011) (0)
Assessing Corporate Credit Risk Transitions and Bankruptcy Prediction on SMEs as a Result of the COVID-19 Pandemic (2022) (0)
Corporate Governance in Distressed Firms (2011) (0)
Post–chapter 11 Performance (2011) (0)
Effects of Rating Through Cycle on Rating Stability, Rating Timeliness and Default Predection Performance (2004) (0)
Introduction to Portfolio Approaches (2011) (0)
Corporate Credit Risk Models Based on Stock Price (2011) (0)
Testing and Implementation of Credit Risk Models (2011) (0)
Distressed and Defaulted Debt Securities: Market Dynamics and Investment Performance (1995) (0)
The Portfolio Managers: Investment Managers, Mutual Funds, Pension Funds, and Hedge Funds (2011) (0)
Part III: The Bond Market. - The Essentials of Duration and Convexity, by (2016) (0)
Does economic policy uncertainty exacerbate corporate financial distress risk? (2021) (0)
Influence rating methodology and rating migration 'policy' on the dynamics of agency credit ratings (2003) (0)
Edward I. Altman, PhD: Fifty Years of Z-Scores to Predict the Probability of Corporate Bankruptcy (2019) (0)
Credit Scoring via Altman Z-Score (2008) (0)
Where Should the Bailout Stop (2009) (0)
Global Zombies (2021) (0)
CDS Trading and Banking Relationship (2019) (0)
Structural Hubs: Clearinghouses, Derivative Product Companies, and Exchanges (2011) (0)
Assessing Corporate Performance in Latin America: The Potency of Logistic Regression and Random Forest for Predicting Financial Distress (2023) (0)
Statement on Accounting Disclosure About Derivative Financial Instruments (2000) (0)
Stern School of Business Report on Market Size And Investment Performance of Defaulted Bonds & Bank Loans : 1987-2001 (2002) (0)
Credit Risk Models Based upon Accounting Data and Market Values (2011) (0)
Estimating Recovery Rates on Defaulted Debt (2011) (0)
Credit Scoring via Altman Z-Score† (2008) (0)
New Markets, New Players, New Ways to Play (2011) (0)
Market Size, Investment Performance, and Expected New Supply of Defaulted Bonds & Bank Loans: 1987-1999 (2000) (0)
In This Issue: Private Equity, Capital Structure, and Payout Policy (2007) (0)
TIME-VARYING FORECASTS OF DEFAULTED BOND RECOVERIES (2014) (0)
Introduction to Credit Risk Models (2011) (0)

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