Discriminating Between Reorganized and Liquidated Firms in Bankruptcy.
实证检验了White模型，发现自由资产比例和破产前盈利变化能有效区分重组与清算的破产企业，模型对估计样本和保留样本的分类准确率分别为69%和59%。
Abstract ABSTRACT: A model proposed by White [1981, 1984] for distinguishing bankrupt firms that successfully reorganize from those that liquidate is tested empirically in this study. Using probit analysis, two factors were found to have significant discriminating power: the proportion of assets not secured or pledged at the bankruptcy filing date (referred to as the free assets percentage) and the change in profitability In the years preceding bankruptcy. The probit model was able to classify accurately 69 percent of the firms in the estimation sample and 59 percent of the firms in a holdout sample.