Corredor Casado, María Pilar

Profile Picture

Email Address

person.page.identifierURI

https://academica-e.unavarra.es/handle/2454/48868

Birth Date

Job Title

Last Name

Corredor Casado

First Name

María Pilar

person.page.departamento

Gestión de Empresas

person.page.instituteName

INARBE. Institute for Advanced Research in Business and Economics

ORCID

0000-0003-1739-0095

person.page.observainves

88426

person.page.upna

421

Name

Filters

20201
Reset filters

Settings

Author: Abinzano Guillén, María Isabel × Subject: Black-Scholes-Merton measure ×

Search Results

Now showing 1 - 1 of 1
  • Thumbnail Image
    PublicationOpen Access
    Measuring credit risk in family firms
    (SAGE, 2020) Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Martínez García, Beatriz; Enpresen Kudeaketa; Institute for Advanced Research in Business and Economics - INARBE; Gestión de Empresas
    This article attempts to identify the default risk measure which best reflects the idiosyncratic context of public family firms. Seven accounting- and market-based measures are compared over a sample of 981 US family and non-family firms for the period 2000–2016. The results show that the Black–Scholes–Merton (BSM) measure gives the best fit in both types of firm. However, all the accounting-based measures, especially Altman’s Z-score, come closest to the market-based measures when used to assess the credit risk of family firms. The two types of measures also coincide more closely in their default risk orderings of family than of non-family firms. Useful practical implications can be drawn from these findings, which show that accounting-based measures can be used reliably in the absence of market data for family firms with similar characteristics to those in our sample.