Cindy Yoshiko Shirata

Tokyo International University · Faculty of Commerece

Rating is widely used as one of the means to evaluate the creditworthiness of a company not only by investors, but also by other stakeholders of the company. This is because rating is deemed to be associated with the occurrence of corporate bankruptcies. By nature, however, rating involves the evaluation of bonds subject to rating by an expert rati...

After the burst of the bubble economy in 1990, the Japanese economy has been on a downward slide and many companies have been faced with financial difficulties. Hence, a certain prediction model to assess the financial distress of Japanese firms is required. This paper presents some empirical results of a study regarding financial ratios as predict...

Bankruptcy predictions have been one of the most interesting topics for accounting researchers. Most bankruptcy prediction models are developed by using financial ratios. However, signs of the changing financial position of a company may appear in the nonfinancial information earlier than we can identify the changes in the financial numbers. In rec...

We relate physical distance to formation of relationships in corporate banking context. We focus on the physical distance between firms and their main banks. Because banks have strong incentive to bail out corporate customers, bank staff visit distressed customers frequently in order to help them. If firms are physically farther, it costs more for...

Bankruptcy predictions have been one of the most interesting topics for accounting researchers. Most bankruptcy prediction models are developed by using financial ratios. However, signs of the changing financial position of a company may appear in the nonfinancial information earlier than we can identify the changes in the financial numbers. In rec...

The Japanese economy is on a clear recovery path. Average share prices showed a gradual uptrend since September 2005, reaching 17,000 yen ($155 USD) in March 2007 before falling back in recent months; Bank of Japan's quantitative easing policy, an economic stimulus program introduced in March 2001, has been dismantled; and land prices in certain co...

The Japanese economy is on a clear recovery path. Average share prices showed a gradual uptrend since September 2005, reaching 17,000 yen ($155 USD) in March 2007 before falling back in recent months; Bank of Japan's quantitative easing policy, an economic stimulus program introduced in March 2001, has been dismantled; and land prices in certain co...

The Japanese economy is on a clear recovery path. Share prices have shown a gradual uptrend since September 2005, reaching 17,000 Yen in March 2007: BoJ’s quantitative easing policy, which was introduced on 19 March 2001, has been dismantled; and land prices in certain commercial areas of central Tokyo have seen a sharp rise. One factor behind this...

There has been a recent spate of corporate bankruptcies in Japan in the midst of a worsening economic climate. I presented the SAF model in 1999 to predict Japanese corporate bankruptcy. The model was highly evaluated for prediction of corporate bankruptcies in Japan immediately after the collapse of the bubble economy, and has been widely adopted...

In this paper, the relation between each financial ratio and changes in the economic environment has been elucidated through time-series observations of financial ratios in bankrupt companies. As a result, it has been demonstrated that some financial ratios are affected by changes in the economic environment and also that there are financial ratios...

Abstract: It has been pointed in a number of papers that decision-making by managers is deeply related to business failures. However, there is hardly any research in which the relationship between business failures and the risks of manager’s decision-making was verified. This is because it is believed that there is no way to logically measure decis...

This paper reports an importance of disclosure of contingency information/hidden risks from the point of view of the corporate governance. This paper also introduces a nuclear accident at a uranium-processing plant run by JCO Co., a subsidiary of Sumitomo Metal Mining Co., Ltd. as a case study. This paper pointed out that a parent company never dis...

We presents some empirical results of a study regarding financial ratios as predictors of Japanese corporate bankruptcy based on a large sample of bankrupt and non-bankrupt firms’ financial data. In this study, variable as predictors of bankruptcy had been selected by three AI-based data mining techniques and two conventional statistical methods, L...

The study presents some empirical results of a study regarding financial ratios as predictors of Japanese corporate bankruptcy based on a large sample of bankrupt and non-bankrupt firms' financial data. In this study, variables as predictors of bankruptcy were selected by two data mining techniques: CART and Stepwise. After the selection of a set o...

This paper reports some empirical results of an analysis regarding prediction of Japanese corporate failure, evidenced by bankruptcy. Several empirical studies of corporate failure in Japan have been undertaken in the past. However, the results of these studies are not generalizable, due to the limited size of their samples. In contrast, this study...

The Japan accounting principles have undergone dramatic changed in recent years, spurring various discussions on how the change in accounting standards brought about by reform affects the economic system. Most empirical studies on the impact of the change in accounting standards published in recent years analyze market-wide impacts, such as the imp...

Abstract: This paper reports some empirical results of an analysis regarding prediction of Japanese corporate failure, evidenced by bankruptcy. Several empirical studies of corporate failure in Japan have been undertaken in the past. However, the results of these studies are not generalizable, due to the limited size of their samples. In contrast,...