11
University of Groningen N.E.W.S. Kramer, Bert IMPORTANT NOTE: You are advised to consult the publisher's version (publisher's PDF) if you wish to cite from it. Please check the document version below. Document Version Publisher's PDF, also known as Version of record Publication date: 1996 Link to publication in University of Groningen/UMCG research database Citation for published version (APA): Kramer, E. L. (1996). N.E.W.S.: a model for the evaluation of non-life insurance companies 1991: s.n. Copyright Other than for strictly personal use, it is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), unless the work is under an open content license (like Creative Commons). Take-down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Downloaded from the University of Groningen/UMCG research database (Pure): http://www.rug.nl/research/portal. For technical reasons the number of authors shown on this cover page is limited to 10 maximum. Download date: 07-09-2018

University of Groningen N.E.W.S. Kramer, Bert · insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC (third non-life insurance Directive)", Official

Embed Size (px)

Citation preview

University of Groningen

N.E.W.S.Kramer, Bert

IMPORTANT NOTE: You are advised to consult the publisher's version (publisher's PDF) if you wish to cite fromit. Please check the document version below.

Document VersionPublisher's PDF, also known as Version of record

Publication date:1996

Link to publication in University of Groningen/UMCG research database

Citation for published version (APA):Kramer, E. L. (1996). N.E.W.S.: a model for the evaluation of non-life insurance companies 1991: s.n.

CopyrightOther than for strictly personal use, it is not permitted to download or to forward/distribute the text or part of it without the consent of theauthor(s) and/or copyright holder(s), unless the work is under an open content license (like Creative Commons).

Take-down policyIf you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediatelyand investigate your claim.

Downloaded from the University of Groningen/UMCG research database (Pure): http://www.rug.nl/research/portal. For technical reasons thenumber of authors shown on this cover page is limited to 10 maximum.

Download date: 07-09-2018

REFERENCES

Altman [1968]: "Financial Ratios, Discriminant Analysis, and the Prediction of Corporate Bankruptcy", The Joumal of Finance, Vol. 23, September, 589-609.

Altman, E.I. , R.B. Avery, R.A. Eisenbeis, and J.F. Sinkey [1981]: Application of Classification Techniques in Business, Banking and Finance, JAI Press, Greenwich, Connecticut.

Ambrose, J.M., and J.A. Seward [1988]: "Best's Ratings, Financial Ratias and Prior Probabilities in Insolvency Prediction", The Joumal of Risk and Insurance , Vol. 55, 229-244.

Angerer, A. [1993]: "Insurance Supervision in OECD Member Countries", in Policy Issues in Insurance , OECD, Paris, France, 13-72.

Baglini, N. [1989]: Artificial Intelligence and its Application to Insurance, Paper presented at the 16th Seminar of the European Group of Risk and Insurance Economists, Paris, France.

Baranoff, E, T.W. Sager, and R.c. Witt [1993] : Solvency Surveillance for the Life and Health Insurance Industry: A Disaggregated and Cascaded Approach , paper presented at the 1993 ARIA Meeting, August 22-25, San Francisco, CA.

BarNiv, R. [1990]: "Accounting Procedures, Market Data, Cash-Flow Figures, and Insolvency Classification: The Case of the Insurance Industry", The Accounting Review, Vol. 65, No. 3, 578-604.

BarNiv, R. , and J .B. McDonald [1992]: "Identifying Financial Distress in the Insurance Industry: A Synthesis of Methodological and Empirical Issues", The Joumal of Risk and Insurance, Vol. 59, No. 4, 543-574.

BarNiv, R. , and A. Raveh [1989]: "Identifying Financial Distress: A New Non­parametric Approach", Joumal of Business Finance & Accounting, Vol. 16, No. 3, 361-383.

Beaver, W.H. [1966]: "Financial Ratias as Predictors of Failure", Joumal of Accounting Research , Vol. 4, supplement, 71-11l.

Berkouwer, H. [1992]: "Solvency Requirements in the EEC", Quarterly Letter from the Netherlands Reinsurance Group, No. 129 (September), 3-7.

Boersma, S.K.Th. [1995]: Kennismanagement: een creatieve ondememing, inaugural speech, University of Groningen.

198 References

Boose, J.H. [1986]: "Expertise Transfer for Expert System Design", in: Salvendy (ed.), Advances in Human Factors, Ergonomics/3, West Lafayette.

Boose, J.H. [1987]: "Uses of Repertory Grid-Centered Knowledge Acquisition Tools for Knowledge-Based Systems", in: 2nd AAAI Knowledge Acquisi­tion for Knowledge Based Systems Workshop , Banff, Canada.

Bosman, A [1977]: Een me ta theorie over het gedrag van organisaties, Stenfert Kroese, Leiden, the Netherlands.

Bosman, A. [1992]: Beslissingsondersteunende Systemen en Kennissystemen, syllabus, University of Groningen, Groningen, the Netherlands.

Bosman, A, and H.G. Sol [1985]: "Knowledge Representation and Informa­tion Systems Design", in L.B. Methlie and R.H. Sprague (eds.), Knowl­edge Representation for Decision Support Systems, Elsevier, North­Holland, the Netherlands.

Brockett, P.L., W.W. Cooper, L.L. Golden, and U. Pitaktong [1994]: "A Neural Network Method for Obtaining an Early Waming of Insurer Insolvency", The Joumal of Risk and Insurance, Vol. 61, No. 3, 402-424.

Brown, M.l., and R.E. Hoyt [1995]: "Economic and Market Predictors of Insolvencies in the Property-Liability Insurance Industry", The Joumal of Risk and lnsurance, Vol. 62, No. 2, 309-327

Carson, l.M. [1994]: "Financial Distress in the Life Insurance Industry: An Empirical Examination", AFIR 1994 Proceedings, No. 3, Society of Actuaries, 1211-1240.

CaudilI, M. [1991]: "Neural Network Training Tips and Techniques", AI Expert, lanuary, 56-61.

Cheng, B., and D.M. Titterington [1994]: "Neural Networks: A Review from a Statistical Perspective", Statistical Science, Vol. 9, No. 1, 2-54.

Coats, P.K., and L.F. Fant [1993]: "Recognizing Financial Distress Patterns Using a Neural Network TooI", Financial Management, Autumn, 142-155.

Cooley, P.L. (1975), "Bayesian and Cost Considerations for Optimal Classifi­cation with Discriminant Analysis", The Joumal of Risk and lnsurance, Vol. 42, 277-287.

CSS [1993]: Brainmaker Professional User's Guide and Reference Manual , 4th Edition, Califomia Scientific Software, Nevada City, CA

References 199

Cummins, J.D., S.E. Harrington, and R. Klein [1994]: Insolvency Experience, Risk-Based Capital, and Prompt Corrective Action in Property-Liability Insurance, paper presented at the 4th Conference on Insurance Solvency and Finance, Philadelphia, PA, April 25-27.

Daykin, C.D., and G.B. Hey [1990]: Managing Uncertainty in a General Insur­ance Company, Institute of Actuaries, Oxford.

Doherty, N.A., and R.M. Korkie (1980]: "Portfolio AQjustment in a Reinsur­

ance Market", The Geneva Papers on Risk and Ins'urance, Vol. 17, June, 63-74.

DYP [1994]: "Risk-Based Capital Rules Approved", Insurance & Reinsurance Solvency Report, No. 129, February 10, 101-104.

Eck, J.R. [1982]: "Detecting Financially Troubled Property-Liability Insurers", Joumal of Business Research, Vol. 10, 445-458.

Eije, J.H. von (1993]: Insurance, Insurability and Financial Performance of Insurance Companies, Research Note No. RN 1993-03, Faculty of Man­agement and Organization, University of Groningen, Groningen, the Netherlands.

Elshout, J., and C. van Leeuwen (1992]: "Analyse van Hardop-denkprotocol­

len", chapter 6 in Kennis in Organisaties, Toepassingen en Theorie van Kennissystemen, R.J. Joma and J.L. Simons (eds.), Coutinho, Muider­berg, the Netherlands, 154-175.

Espahbodi, P. [1991]: "Identification of Problem Banks and Binary Choice

ModeIs", Joumal of Banking and Finance, Vol. 15,53-71.

EU [1992]: "Council Directive 92/49/EEC of 18 June 1992 on the coordina­tion of Iaws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC (third non-life insurance Directive)", Official Joumal of the European Communities, Vol. 35, L 228, 11 August 1992, 1-23.

Fairley, W.B. (1979]: "Investment Income and Profit Margins in Property­

Liability Insurance: Theory and Empirical Results", The Bell Joumal of Economics, Vol. 10, Spring, 192-210.

Feigenbaum, E.A., and J. Feldman (1963]: Computers and Thought, McGraw­HilI, New York.

Finsinger, J., E. Hammond, and J . Tapp [1985]: Insurance: Competition or Regulation?, The Institute of Fiscal Studies, London, England.

Fisher, R.A. [1936]: "The Use of Multiple Measurement in Taxonomic Prob­

lems", Annals of Eugenics, Vol. 7, 179-188.

-

200 References

Fletcber, R. [1980): Practical Methods of Optimization, Wiley & Sons, New York.

Ford, EN. [1985]: "Decision Support Systems and Expert Systems: A Compa­rison", Information & Management, Vol. 8,21-26.

Friedman, J.H. [1991]: "Multivariate Adaptive Regression Splines", The Annals of Statistics, Vol. 19,3-71.

Frydman, H., E.I. Altman, and D.L. Kao [1985]: "lntroducing Recursive Parti­tioning for Financial Classification: The Case of Financial Distress", The Joumal of Finance, Vol. 40, No. 1, 269-291.

Garson, G.D. [1991]: "lnterpreting Neural-Network Connection Weights", AI Expert, April, 47-51.

Geman, S., E. Bienenstock, and R. Doursat [1992]: "Neural Networks and the BiasNariance Dilemma", Neural Computation, Vol. 4, 1-58.

Gerathewohl, K. [1980]: "Risk Management bei Erst- und Rückversicherer", Zeitschrift for die gesamte Versicherungswissenschaft, Vo1.69, 137-153.

Grace, M., S. Harrington, and R. Klein [1993]: Risk-Based Capital Standards and Insurer Insolvency Risk: An Empirical Analysis, paper presented at the 1993 ARIA Meeting, August 22-25, San Francisco, CA.

Greene, W.H. [1990]: Econometrie Analysis, Macmillan, New York. Hansen, J.V. and W.F. Messier, Jr. [1991]: "Artificial Neural Networks: Foun­

dations and Application to a Decision Problem", Expert Systems With Applications, Vol. 3, 135-141.

Harmelink, P.J. [1974]: "Prediction of Best's General Policyholder's Ratings", The Joumal of Risk and Insurance, Vol. 41, 621-632.

Harrington, S.E., and J.M. Nelson [1986]: uA Regression-Based Methodology for Solvency Surveillance in the Property-Liability Insurance Industry", The Joumal of Risk and Insurance, Vol. 53, 583-605.

Hauck, W.W., and A. Donner [1977]: "Wal d's Test as Applied to Hypotheses in Logit Analysis", Joumal of the American Statistical Association, Vol. 72, 851-853.

Hebb, D.O. [1961]: Organization of Behavior, Science Editions, New York. Hecht-Nielsen, R. [1990]: Neurocomputing, Addison-Wesley, Reading, MA. Homik, K., M. Stinchcomb, and H. White [1989]: "Multilayer Feedforward

Networks are Universal Approximators", Neural Networks, Vol. 2, 359-366.

Hosmer, D.W., and S. Lemeshow [1989]: Applied Logistic Regression, John Wiley & Sons, New York.

References 201

Jennings, D .E. [1986]: "Judging Inference Adequacy in Logistic Regression", Joumal of the American Statistica! Association, Vol. 81 , 471-476.

Joma, R .J. [1992]: "Het Representeren van Kennis en Kennisrepresentaties", chapter 7 in Kennis in Organisaties, Toepassingen en Theorie van Kennis­systemen, RJ. Joma and J .L. Simons (eds.), Coutinho, Muiderberg, the Netherlands, 176-200.

Kaplan, R.S. , and G . Urwitz [1979]: "Statistical Models of Bond Ratings: A

Methodological Inquiry", Joumal of Business, Vol. 52, No. 2, 231-261. Kastelijn, W.M., and J .CM. Remmerswaal [1986]: Solvency, Surveys of Actua­

rial Studies No. 3, Nationale Nederlanden, Rotterdam, the Netherlands . Kempka, AA [1994]: "Activating Neural Networks: Part H", AI Expert,

August, 42-49. Khanna, T. [1990]: Foundations of Neural Networks , Addison-Wesley,

Reading, MA. Kim, J.W., HR. Weistroffer, and R.T. Redmond [1993]: "Expert Systems for

Bond Rating: A Comparative Analysis of Statistical, Rule-Based and

Neural Network Systems", Expert Systems, Vol. 10, No. 3, 167-171.

Klein, R.W., and M.M. Barth [1995]: "Solvency Monitoring in the Twenty­

First Century", Joumal of Insurance Regulation, Vol. 13, No. 3, 256-301. Klein, M.R., and L.B. Methlie [1995] : Knowledge Based Decision Support Sys­

tems: with Applications in Business, John Wiley & Sons, Chichester, England.

Klimasauskas, C.C [1993]: "Applying Neural Networks", in: R .R . Trippi and E. Turban (eds.) , Neura! Networks in Finance and Investing, Probus, Chicago, ILL, 47-72.

Kolari, J ., M. Caputo, and D. Wagner [1994]: "A Pattern Recognition Ap­

proach to Early Warning Systems in Commercial Banking", AFIR 1994 Proceedings, No. 3, Society of Actuaries, 1309-1350.

Kramer, B., and S. Hobma [1994]: "Solvency-Simulation in Non-Life Insur­

ance", in L. Peccati and M. Viren (eds.), Financial Modelling: Recent Research, Physica-Verlag, Heidelberg, 26-48.

Lachenbruch, P.A [1967]: "An AJmost Unbiased Method of Obtaining Confi­dence Intervals for the Probability of Misc\assification in Discriminant Analysis", Biomel1ics, Vol. 23, December, 639-645.

Lawrence, J . (1994]: Introduction to Neural Networks: Design, The01y, and Applications, 6th edition, California Scientific Press, Nevada City, CA

-

202 References

McDonald, J.B. [1992]: "Predicting Insurance Insolvency Using Generalized Qualitative Response Modeis", Chapter 10 in Worker's Compensation Insurance: Claims Costs, Prices and Regulation, KJuwer Academic Press, Boston, MA.

McKeIvey, R.D., and W. Zavoina [1975]: "A Statistica 1 Model for the Analysis of Ordinal Level Dependent Variables", Joumal of Mathematical Sociology, Vol. 4, 103-120.

Maddala, G.S. [1977]: Econometrics, McGraw-Hill, Singapore. Maddala, G.S. [1983]: Limited-Dependent and Qualitative Variables in Econo­

metrics, Cambridge University Press, USA Martin, D. [1977]: "Early Warning of Bank Failure", Joumal of Banking and

Finance, Vol. 1, 249-276. Mehra, P.M., and B.W. Wah [1992]: Artificial Neural Networks: Concepts and

Theory, IEEE Computer Society Press, Los Alamitos, CA Messier, W.F., and J.V. Hansen [1988]: "Inducing Rules for Expert System

Development: Au Example Using Default and Bankruptcy Data", Man­agement Science, Vol. 34, No. 12, 1403-1415.

Meyer, P.A., and H.W. Pifer [1970]: "Prediction of Bank Failures", The Jour­nal of Finance, Vol. 25, No. 4, 853-868.

Minsky, M., and S. Papert [1969]: Perceptrons, MIT Press, Cambridge, MA. Mockler, R.J. [1989]: Knowledge-Based Systems for Management Decisions,

Prentice-Hall, Englewood Cliffs, NJ. NAIC [1993]: Risk Based Capital for Property/Casualty Insurers. Newell, A, and H.A Simon [1972]: Human Problem Solving, Prentice-Hall,

Englewood Cliffs, NJ. Obermeier, K.K., and J.J. Barron [1989]: "Time to get fired up", Byte, August,

217-224. Oosenbrug, A [1994a]: De Wereld verging; Wie leven d 'Or?: enige maatschappe­

lijke beschouwingen naar aanleiding van de financiële verslaggeving van het venekeringsbedrijf, Gouda Quint, Arnhem, the Netherlands.

Oosenbrug, A. [1994b]: "Rating-Systemen en de Kwalificatie van Verzeke­ringsmaatschappijen", in: L.AA van den Berghe, A Oosenbrug, R. Kaas & H. Wolthuis, Heterogeniteit in Venekering, Erasmus Insurance Center, Rotterdam, 259-277.

Parsaye, K., and M. Chignell [1988]: Expert Systems for Experts, John Wiley & Sons, New Vork, NY.

References 203

Pettway, R.H. , and J.F. Sinkey (1980] : "Establishing On-Site Bank Examina­tion Priorities: An Early-Waming System Using Accounting and Market Information", The Journalof Finance, Vol. 35, No. 1, 137-150.

Pinches, G.E., and l .S. Trieschmann [1974]: "The Efficiency of AJternative Models For Solvency Surveillance in the Insurance Industry", The Jour­nal of Risk and Insurance, Vol. 41 , 563-577.

Pinches, G.E., and l .S. Trieschmann [1977]: "Discriminant Analysis, Classifi­cation Results, and Financially Distressed P-L Insurers", The Journalof Risk and Insurance , Vol. 44, 289-298.

Press, S.J. , and S. Wilson [1978]: "Choosing Between Logistic Regression and Discriminant Analysis", Journalof the American Statistical A ssociation , Vol. 73, No. 364, 699-705.

Rich, E. , and K. Knight (1991]: Artificial Intelligence, McGraw-Hill, New York, NY.

Ripley, B.D. [1993]: "Statistical Aspects of Neural Networks", in O.E. Barndorff-Nielsen, J .L. Jensen, and W.S. KendalI (eds.), Networks and Chaos - Statistical and Probabilistic Aspects, Chapman & Hall, Londen, 40-123.

Rumelhart, D.E. [1989]: "The architecture of Mind: A Connectionist Approach", in M.1. Posner (ed.), Foundations of Cognitive Science, MIT Press, Cambridge, MA, 133-159.

Rumelhart, D.E., G .E. Hinton, and J.L. McClelland [1992]: "A General Framework for Parallel Distributed Processing", in P. Mehra and B.W. Wah (eds.) , Artificial Neural Networks: Concepts and Theory , IEEE Com­puter Society Press, Los Alamitos, CA, 56-82.

Salchenberger, L.M., E.M. Cinar, and N.A Lash [1992]: "Neural Networks: A New TooI for Predicting Thrift Failures", Decision Sciences, Vol. 23, 899-916.

Santomero, AM., and 1.0 . Vinso [1977] : "Estimating the Probability of Fail­ure for Commercial Banks and the Banking Systern", Journalof Banking and Finance, Vol. 1, 185-205.

Schmidt, P., and R.P. Strauss [1975] : "The Prediction of Occupation Using Multiple Logit ModeIs", International Economic Review, Vol. 16, No. 2, 471-486.

Simon, H.A [1960] : The New Science of Management Decision , Harper & Row, New York, NY.

Simon, H.A [1976]: Administrative Behavior, 3rd edition, The Free Press, New York, NY.

-

204 References

Simon, HA. et al. [1987]: "Decision Making and Problem Solving", TIMS Interfaces, Vol. 17, No. 5,11-31.

Sinkey, l .F. [1975]: "A Multivariate Statistical Analysis of the Characteristics of Problem Banks", The Joumal of Finance , Vol. 30, No. 1, 21-36.

Spek, R. van der (ed.) [1992): Kennissystemen in de Financiële Wereld, Werk­groep Expertsystemen, Stam Tijdscbriften, Rijswijk, the Netberlands .

Sprague, R.H and, E.D. Carlson [1982): Building Effective Decision Support Systems, Prentice-Hall, Englewood Cliffs, NJ .

Sprangers, HAl. [1981]: "Het 'IRIS (Early Warning), System van de NAIC", Het VelZekerings-Archief, Vol. 58, No. 2, 121-139.

Stegwee, R.A [1992], Division for Conquest: Decision Support for Information Architecture Specification, Wolters-Noordboff, Groningen, tbe Nether­lands.

Swiss Re [1995): "World insurance in 1993: Accelerating premium growth", Sigma , No. 5.

Tam, K.Y., and M. Kiang [1990] : "Predicting Bank Failures: A Neural Net­

work Approacb", Applied Artificial Intelligence , Vol. 4, No. 4, 265-282.

Tam, K.Y, and M.Y. Kiang [1992]: "Managerial Applications of Neural Net­

works: The Case of Bank Failure Predictions", Management Science, Vol. 38, No. 7, 926-947.

Tazelaar, J .M. [1989]: "Neural Networks", Byte, August, 214.

Trieschmann, J.S., and G.E. Pinches [1973]: "A Multivariate Model For Pre­

dicting Financially Distressed P-L Insurers", The Joumal of Risk and Insurance , Vol. 40, 327-338.

Verzekeringskamer [1992] : Jaarverslag VelZekeringskamer 1992. Voûte, AB.E. [1987): "De waarde van verzekeren", in J.H. van Eije et al.

(eds.), Economie van het velZekeringsbedrijf, Kluwer Bedrijfswetenscbap­pen, Deventer, tbe Netberlands, 13-2l.

Wasserrnan, P.D. [1989]: Neural Computing: Theory and Practice, Van Nostrand Reinbold, New York, NY.

Waterman, D.A [1986]: A Guide to Expert Systems, Addison-Wesley, Reading, MA.

Weigend, AS., B.A Huberman, and D.E. Rumelhart [1990] : "Predicting the

Future: A Connectionist Approach", International Joumal of Neural Sys­tems, Vol. 1, No. 3, 193-209.

Weiss, S.M. & C.A Kulikowski [1991]: Computer Systems that Leam: Classifi­cation and Prediction Methods from Statistics, Neural Nets, Machine Lear­ning, and Expert Systems, Morgan Kaufmann, San Mateo, CA

References 205

Werff, B.M. van der [1992] : "Methoden van Kennisacquisitie", chapter 5 in Kennis in Organisaties, Toepassingen en Theorie van Kennissystemen, R.l. Joma and J.L. Simons (eds.), Coutinho, Muiderberg, the Netherlands, 125-153.

West, R.e. [1985]: "A Factor-Analytic Approach to Bank Condition", Joumal of Banking and Finance, Vol. 9, 253-266.

White, H [1989]: "Neural Network Leaming and Statistics", Al Expert, December, 48-52.

Wielinga, B.J., B. Bredeweg and J.A. Breuker [1988]: "Knowledge Acquisition for Expert Systems", in R.T. Nossum (ed.), Advanced Topics in Artificial lntelligence, Lecture Notes in Artificial Intelligence, No. 345, Springer Verlag, Berlin-Heidelberg, Germany, 96-124.

Willenborg, M. [1992]: "In Search of Candidate Predictor Variables: Financial Statement Analysis in tbe Property/Casualty Insurance Industry", Joumal of Insurance Regulation, 268-312.

Williams, T., and B. Bainbridge [1989]: "Rule Based Systems", in G.A. Ring­land and D.A. Duce (eds.) , Approaches to Knowledge Representation: An Introduction, Wiley, New York, NY, 101-115.

Williams, e.A., jr., G.e. Head, R.e. Hom, and G.W. Glendenning (1981] : Principles of Risk Management and Insurance Volume I , second edition, American Institute for Property and Liability Underwriters, USA.

Wilson, R.L., and R. Sharda (1994]: "Bankruptcy Prediction Using Neural Networks", Decision Support Syslems, Vol. 11 , 545-557.

Wit, G.W. de [1987] : "De prijsvorming van verzekeringen", in J.H. von Eije et al. (eds.), Economie van het venekeringsbedrijf, Kluwer Bedrijfsweten­schappen, Deventer, the Netherlands, 43-55.

wrv [1993]: "Wet Toezicht Verzekeringsbedrijf', in P.M. Tulfer (ed.), Neder­landse staatswetten: editie Schuwman & Jordens; 138-1, W.E.J . Tjeenk Willink, Zwolle, the Netherlands, 1-351.

Yoon, Y., T. Guimaraes, and G. Swales [1994]: "Integrating Artificial Neural Networks with Rule-Based Expert Systems", Decision Support Systems, Vol. 11, 497-507.

Young, L.F. [1989] : Decision Support and Idea Processing Systems, Wm . C. Brown Publishers, Dubuque, IA.

Zadeh, L.A. [1988]: "Fuzzy Logic", IEEE Computer, April , 83-92. Zavgren, e.V. (1983]: "The Prediction of Corporate Failure: The State of the

Art", Joumal of Accounting Literature, Vol. 2, 1-38.

--

206 References

Zmijewski, M.E. [1984]: "Methodological Issues Related to the Estimation of

Financial Distress Prediction ModeIs", Joumal of Accounting Research, Vol. 22, 59-82.