Application Study Period

Criteria for failed firm

Timeframe

Model Accuracy

Altman model

33 failed and 33 non-failed US manufacturing firms 1946-1965

Firm that filed a bankruptcy petition under Chapter X of the National Bankruptcy Act

5 years

76% for hold-out sample

Taffler model

23 Failed and 45 non-failed UK industrial firms, 1968-1973

Receivership, voluntary liquidation, winding up by court order or equivalent

4 years

96% for failed firms and 100% for non-failed firms

Grammatikos and Gloubos X model

29 failed Greek industrial firms and 29 non-failed firms, 1977-1981

Went bankrupt or applied for bankruptcy

3 years

93% for failed firms and 90% for non-failed firms

Grammatikos and Gloubos Y model

29 failed Greek industrial firms and 29 non-failed firms, 1977-1981

Went bankrupt or applied for bankruptcy.

3 years

90% for failed firms and 93% for non-failed firms.

Dimitras et al. model

80 Greek firms, 40 failed firms and 40 non-failed firms, 1986-1990

Went bankrupt or applied for bankruptcy.

3 years

Hold-out sample: Year 1: Failed firms: 63.2%

Healthy firms: 68.4%

Zopounidis and Doumpos model

58 Failed and 58 non-failed firms.

Failed firms.

3 years

Hold-out sample Year-1: 65.79%

Year-2: 57.89%

Year-3: 55.26%