| 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% |