A Financial Early Warning System For Over-The-Counter Broker-Dealers


  • Edward I. Altman,

  • Bettina Loris

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    • Associate Professor of Finance, New York University Schools of Business; Ms. Loris was a systems analyst with the NASD and is now an economic consultant with Evaluation Technologies, Inc. in Arlington, Virginia. The authors would like to especially acknowledge Edward Dervan who worked on the development of the technical aspects of this paper while he was with the NASD. In addition, Sandy Fuchinga and Paul Luther of the NASD, Robert Eisenbeis then with the FDIC, Robert Avery of Carnegie-Mellon and John Peterman of the SIPC all gave valuable assistance at various times in the project. The author takes sole responsibility, however, for the paper's content.