An evaluation of Altman's Z-score using cash flow ratio to predict corporate failure amid the recent financial crisis: Evidence from the UK

Agarwal, 2007, Twenty-five years of the Taffler Z-score model: does it really have predictive ability?, Account. Bus. Res., 37, 285, 10.1080/00014788.2007.9663313 Al Zaabi, 2011, Potential for the application of emerging market Z-score in UAE Islamic banks, Int. J. Islam. Middle East. Finance Manag., 4, 158, 10.1108/17538391111144498 Altman, 1968, Financial ratios, discriminant analysis and the prediction of corporate bankruptcy, J. Financ., 23, 589, 10.1111/j.1540-6261.1968.tb00843.x Altman, 1993, 179 Altman, 1977, ZETATM analysis a new model to identify bankruptcy risk of corporations, J. Bank. Financ., 1, 29, 10.1016/0378-4266(77)90017-6 Back, 1996, Choosing Bankruptcy Predictors Using Discriminant Analysis, Logit Analysis and Genetic Algorithms, TUCS Res. Group Comput. Intell. Bus., 1, 1 Beaver, 1966, Financial ratios as predictors of failure, J. Account. Res., 71, 10.2307/2490171 Bellovary, 2007, A review of bankruptcy prediction studies: 1930 to present, J. Financ. Educ., 1 Bhandari, 2013, Predicting business failure using cash flow statement based measures, Manag. Financ., 39, 667 Dichev, 1998, Is the risk of bankruptcy a systematic risk?, J. Financ., 53, 1131, 10.1111/0022-1082.00046 Dietrich, 2011, Determinants of bank profitability before and during the crisis: evidence from Switzerland, J. Int. Financ. Mark. Inst. Money, 21, 307, 10.1016/j.intfin.2010.11.002 Dimitras, 1996, A survey of business failures with an emphasis on prediction methods and industrial applications, Eur. J. Oper. Res., 90, 487, 10.1016/0377-2217(95)00070-4 Drapeau, 2004 Fahlenbrach, 2012, This time is the same: using bank performance in 1998 to explain bank performance during the recent financial crisis, J. Financ., 67, 2139, 10.1111/j.1540-6261.2012.01783.x Field, 2009 Fitzpatrick, 1932, A Comparison Of Ratios Of Successful Industrial Enterprises With Those Of Failed Firms, Certif. Public Accountant, 1, 598 Goswami, 2014, Predicting financial stability of select BSE companies revisiting Altman Z score, Int. Lett. Soc. Humanist. Sci., 15, 92 Grice, 2001, The limitations of bankruptcy prediction models: some cautions for the researcher, Rev. Quant. Finan. Acc., 17, 151, 10.1023/A:1017973604789 Griffin, 2002 Gutzeit, 2011, Z-score performance amid great recession, Am. Bankruptcy Inst. J., 30, 44 Klecka, 1980 Li, 2013, Forecasting business failure using two-stage ensemble of multivariate discriminant analysis and logistic regression, Expert. Syst., 30, 385, 10.1111/j.1468-0394.2012.00642.x Li, 2012, Application of the Z-score model with consideration of total assets volatility in predicting corporate financial failures from 2000 to 2010, J. Account. Finance, 12, 11 Lugovskaya, 2010, Predicting default of Russian SMEs on the basis of financial and non-financial variables, J. Financ. Serv. Mark., 14, 301, 10.1057/fsm.2009.28 Mizan, 2014, Financial soundness of cement industry of Bangladesh: an empirical investigation using Z-score, Am. J. Trade Policy, 1, 16, 10.18034/ajtp.v1i1.357 Ohlson, 1980, Financial ratios and the probabilistic prediction of bankruptcy, J. Account. Res., 109, 10.2307/2490395 Taffler, 1982, Forecasting company failure in the UK using discriminant analysis and financial ratio data, J. R. Stat. Soc. Ser. A, 145, 342, 10.2307/2981867 Teti, 2013