Multi-criteria ranking of corporate distress prediction models: empirical evaluation and methodological contributions

YesAlthough many modelling and prediction frameworks for corporate bankruptcy and distress have been proposed, the relative performance evaluation of prediction models is criticised due to the assessment exercise using a single measure of one criterion at a time, which leads to reporting conflicting results. Mousavi et al. (Int Rev Financ Anal 42:64–75, 2015) proposed an orientation-free super-efficiency DEA-based framework to overcome this methodological issue. However, within a super-efficiency DEA framework, the reference benchmark changes from one prediction model evaluation to another, which in some contexts might be viewed as “unfair” benchmarking. In this paper, we overcome this issue by proposing a slacks-based context-dependent DEA (SBM-CDEA) framework to evaluate competing distress prediction models. In addition, we propose a hybrid crossbenchmarking- cross-efficiency framework as an alternative methodology for ranking DMUs that are heterogeneous. Furthermore, using data on UK firms listed on London Stock Exchange, we perform a comprehensive comparative analysis of the most popular corporate distress prediction models; namely, statistical models, under both mono criterion and multiple criteria frameworks considering several performance measures. Also, we propose new statistical models using macroeconomic indicators as drivers of distress

Reproductive biology of Echinometra lucunter (Echinodermata: Echinoidea) in a northeast Brazilian sandstone reef

The edible sea urchin Echinometra lucunter (Linnaeus, 1758) is a very common species on the sublittoral-midlittoral in Brazilian rocky shores. The aim of this work was to describe the gametogenesis and reproductive strategy of the E. lucunter population at Muro Alto beach in the Northeast coast of Brazil from August 2004 to August 2005. A total of 240 specimens were collected on the sandstone reef flat from a tidepool during spring low tides. The overall sex ratio was1.12:1,withoutsignificanttemporalvariationexceptinOctober2004. Firsts sexual maturity ocurred in individuals from a diameter of 20.8 mm. There was not a significant difference in gonad index between females and males during the sampling period. The female's gonad index variation was associated with a well-defined spawning, corroborated by the histological analysis of the gonads, which demonstrates sex differences of the gamete production. By contrast, the males showed no clear pattern. It is suggested that continuous reproduction with seasonal peaks in the E. lucunter population occurs at Muro Alto beach.<br>O ouriço-do-mar comestível Echinometra lucunter (Linnaeus, 1758) é uma espécie muito comum no infralitoral e mediolitoral do Brasil. O objetivo deste trabalho foi descrever a gametogênese e a estratégia reprodutiva da população de E. lucunterna praia de Muro Alto entre agosto de 2004 e agosto de 2005. Um total de 240 espécimes foi capturado de uma poça de maré situada no topo recifal, durante as marés baixas de sizígia. A razão sexual total foi de 1,12:1 sem variação temporal significativa, exceto em outubro de 2004. A primeira maturidade sexual ocorreu em indivíduos a partir de 20,8 mm de diâmetro. Não houve nenhuma diferença significativa no índice gonadal entre fêmeas e machos durante o período de amostragem. A variação do índice gonadal das fêmeas foi associada a um período de desova bem definido, corroborado pela análise histológica das gônadas, que demonstra diferenças sexuais na produção de gametas. Ao contrário, os machos não apresentaram nenhum padrão. Sugere-se que a reprodução da população de E. lucunter na praia de Muro Alto é contínua, compicos sazonais