These results suggest accounting conservatism preserves firm value, side, and junior creditors and equity holders, on the other, can be reduced (Bernanke and Gertler. 1989). .. For each firm included in the database, Moody's provides the date of default, . outliers (MTB and Z-Score shown in Table 1 is unwinsorized).
constructed Z-score index, and Kadapakkam et al. .. At each date, a firm will balance investments and cash, depending on their marginal five-year time period from 2000-2004 (included). . economic interpretation. .. Khurana, Inder K., Xiumin Martin, and Raynolde Pereira, 2006, Financial development and the cash.