“…There has been a long stream of research on predicting bankruptcy (Altman, Marco, & Varetto, 1994;Baixauli, Alvarez, & Mo´dica, 2012;Beaver, 1966;Gepp, Kumar, & Bhattacharya, 2010;Li & Sun, 2013;McKee, 2003;McKee & Greenstein, 2000;Messier Jr & Hansen, 1988;Ohlson, 1980;Premachandra, Bhabra, & Sueyoshi, 2009;Tsai, Chang, Chung, & Li, 2010;Zaki, Bah, & Rao, 2011). These papers have all had as their main goal the development of accurate prediction models while using a variety of independent variables and different statistical techniques.…”