Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies
---- Acknowledgements ----
We are also grateful for helpful discussions with Ryuzo Miyao, Kiyotaka Nakashima and Toshiyuki Souma and for insigutful comments from participants in Japanese Economic Association in 2008. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.