Product Description

This is the authoritative collection of the writings of Dr. Edward I. Altman, the world's leading authority on bankruptcy, corporate distress, and defaults, and creator of the widely-used Z-Score model. This book contains both classic and never-before-published articles, along with Altman's comprehensive introduction that places all the articles in context.

Product Details

• Amazon Sales Rank: #1071216 in Books
• Published on: 2002-02-25
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 576 pages

From the Back Cover
This is the authoritative collection of the writings of Dr. Edward I. Altman, the world's leading authority on bankruptcy, corporate distress, and defaults, and creator of the widely-used Z-Score model. This book contains both classic and never-before-published articles, along with Altman's comprehensive introduction that places all the articles in context.

The four major and related themes explored here are:

• Distress Prediction Models.


• Credit Risk Management.


• High Yield "Junk" Bonds and Distressed Securities.


• Bankruptcy and Firm Valuation.

These articles span more than 30 years of contributions to scholarly and professional publications and for government regulatory and policy considerations. Altman's pioneering works have formed the basis for modern credit risk management procedures and policies by practitioners and regulators, and have motivated and guided works from other scholars around the globe.

About the Author
Edward I. Altman is the Max L. Heine Professor of Finance at the Leonar N. Stern School of Business, New York University. Since 1990, he has directed the research effort in Fixed Income and Credit Markets at the NYU Salomon Center and is currently the Vice-Director of the Center. Professor Altman is the current editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions.

Customer Reviews

Recycled and Outdated
Reading this guy's work is a real testimony to the staying power generated by doing something first. His 1967 paper on bankruptcy was the first to estimate a multivariate default prediction model. THAT'S 35 YEARS AGO. Things like computers and more data make both his estimation algorithm and parameter estimates relics of little significance, and his inability to recognize this is symptomatic of a more cluelessness exhibited in his discussion of other matters (he doesn't simply reference the old model; it's now irrelevant structure is examined and built upon throughout the book).

Very little of what is here is new, and what's new isn't that good either. Freshmen looking for succinct references to someone their professor has heard of but not read will appreciate this volume. I suggest reading S&P or Moody's research instead.

Old it might be but still surprisingly accurate
I have written software based on Altman's original work and it still comes up with surprisingöy accurate results however there are still many issues about how modern companies are structured and the shift to a services based economy where people are one of the main assets of many corporations.