TURNAROUNDS-Modeling the Probability of a Turnaround
The objective of this paper is to examine the possibility of predicting the recovery of a distressed firm into a turnaround based on its current financial situation and a set of variables that are considered of having a significant impact on the turnaround probability. To assess this problem 150 firms are used that were distressed at some point during the period 1991 to 2001. These firms were all