CORPORATE BANKRUPTCY POTENTIAL, STOCKHOLDER RETURNS AND SHARE VALUATION

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  • Edwakd I. Altman

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    • Assistant Professor of Finance, Graduate School of Business Administration, New York University. The author wishes to acknowledge the helpful comments of W. Michael Keenan, Edwin Elton, Martin Gruber, and Robert Higgins but assumes complete responsibility for any remaining errors. An earlier version of this paper was presented at the Western Finance Association meetings at Corvallis, Oregon, August 23, 1968. The project was financed by a grant from the Office of Research, Schools of Business, New York University.

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