MARKET ANTICIPATION OF CORPORATE FAILURE IN THE UK
研究了1960-1971年间20家英国破产公司的股价行为，发现分析师平均在破产前五年就察觉到财务困难，支持市场利用广泛数据评估公司偿债能力的观点。
In practice it seems that the identification of impending failure is a much more gradual process than appears to be implied by discriminant and similar models. This paper, after examining the methodological problems associated with such research and reviewing previous work in this area, reports the behaviour of share price relatives of 20 British companies which failed between 1960 and 1971. It appears that on average analysts began to perceive a fum's financial difficulties some five years prior to bankruptcy, which would seem to support the view that the market refers to a broad data set in assessing a company's solvency position.