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15. H. M. Weingartner, Mathematical Programming and the Analysis of Capital Budgeting,Budgeting Problems, (Englewood CUfis, New Jersey: Prentice-Hall, 1963).16. The choice of a twenty year period is not the best procedure since average ratios do shiftover time. Ideally we would prefer to examine a list of ratios in time period t in order to makepredictions about other firms in the following period (t -f- 1). Unfortunately it was not possibleto do this because of data limitations. However, the number of bankruptcies were approximatelyevenly distributed over the twenty year period in both the original and the secondary samples.17. The mean asset size of the firms in Group 2 ($9.6 million) was slightly greater than thatof Group 1, but matching exact asset size of the two groups seemed unnecessary.18. The data was derived from Moody's Industrial Manuals and selected Annual Reports. Theaverage lead time of the financial statements was approximately seven and one-half months priorto bankruptcy.19. One of these tests included only firms that experienced operating losses (secondary sampleof non-bankrupt firms).
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