Download 6 Covad Communications 39.2 -111.8

Il seguente dataset si riferisce a un campione bilanciato composto da 25
imprese del settore delle telecomunicazioni che hanno dichiarato bancarotta
nel periodo dal Maggio 2000 al gennaio 2002 a cui sono state affiancate 25
imprese sane che avevano caratteristiche simili per quanto riguarda variabili
non inserite nel dataset.
Gli indicatori di bilancio sono:
(1) Working capital as a percentage of total assets (WC/TA, expressed as a
percentage). Working capital is the difference between current assets and
liabilities, and is thus a measure of liquidity as it relates to total
capitalization. Firms on the road to bankruptcy would be expected to have
less liquidity.
(2) Retained earnings as a percentage of total assets (RE/TA, expressed as a
percentage). This is a measure of cumulative profitability over time, and is
thus an indicator of profitability, and also of age. A younger firm is less
likely to be able to retain earnings, since it would reinvest most, if not all, of
its earnings in order to stimulate growth. Both youth and less profitability
would be expected to be associated with
an increased risk of insolvency.
(3) Earnings before interest and taxes as a percentage of total assets
(EBIT/TA, expressed as a percentage). This is a measure of the productivity
of a firm's assets, with higher productivity expected to be associated
with a healthy firm.
(4) Sales as a percentage of total assets (S/TA, expressed as a percentage).
This is the standard capital turnover ratio, indicating the ability of a firm's
assets to generate sales; lower sales would be expected to be associated with
unhealthy prospects for a firm.
(5) Book value of equity divided by book value of total liabilities (BVE/TL).
This ratio measures financial leverage, being the inverse of the debt to equity
ratio. A smaller value is indicative of the decline of a firm's assets relative to
its liabilities, presumably an indicator of unhealthiness. While it is typical
in bankruptcy studies to use the market value of equity in this ratio, the
“Internet bubble" of the late 1990's makes this problematic. It was not at all
unusual during this time period for so-called dot-coms to have very high
stock prices that collapsed within a matter of months, making the market
value of equity unrealistically high before the collapse.
IMPORTANTE: L’indicatore di bancarotta vale 1 se l’impresa ha dichiarato
bancarotta.
Questi sono i dati.
Row Company WC/TA RE/TA EBIT/TA S/TA BVE/BVL Bankrupt
1 360Networks 9.3 -7.7 1.6 9.1 3.726 1
2 Advanced Radio Telecom 42.6 -60.1 -10.1 0.3 4.130 1
3 Ardent Communications -28.8 -203.2 -51.0 14.7 0.111 1
4 At Home Corp. 2.5 -433.1 -6.0 29.3 1.949 1
5 Convergent Communications 26.1 -57.4 -23.5 54.2 0.855 1
6 Covad Communications 39.2 -111.8 -77.8 10.5 0.168 1
7 e.spire -5.4 -105.2 -5.8 38.9 0.028 1
8 eGlobe -35.2 -92.4 -32.5 48.5 11.280 1
9 Exodus Communications 10.5 -12.4 -2.3 21.0 2.500 1
10 General Datacomm Industries -22.4 -124.5 -7.9 125.6 1.595 1
11 Global Telesystems 24.6 -29.0 -2.0 21.3 1.968 1
12 GST Telecom 6.6 -50.9 -2.6 28.9 0.258 1
13 Metricom 33.9 -46.5 -17.5 0.9 0.828 1
14 Net2000 Communications 19.1 -66.3 -25.5 22.3 0.460 1
15 NetVoice Technologies -21.1 -46.0 -26.8 81.4 0.698 1
16 PSINet 2.5 -228.7 -6.7 38.6 0.030 1
17 Rhythms NetConnections 47.0 -78.2 -42.0 4.4 0.168 1
18 RSL Communications 9.1 -40.2 -0.7 81.5 0.522 1
19 SSE Telecom 43.0 -49.2 -87.4 119.9 2.919 1
20 Startec Global Communications -34.9 -79.0 -13.5 127.8 0.197 1
21 Teligent 20.6 -146.3 -36.0 12.6 0.075 1
22 U.S. Wireless -51.6 -326.1 -98.7 0.9 2.402 1
23 Viatel -93.0 -95.2 -7.3 34.8 0.071 1
24 WebLink Wireless -127.5 -121.3 6.4 65.7 0.248 1
25 Winstar -1.2 -47.5 -9.7 14.5 0.456 1
26 Aether Systems 30.6 -14.4 -4.9 2.2 3.482 0
27 Akamai Technologies 9.8 -33.8 -7.1 3.2 5.965 0
28 Allegiance Telecom 37.8 -45.4 -7.1 17.1 3.450 0
29 ALLTEL Corp. 2.2 31.6 22.0 58.0 2.758 0
30 BellSouth -11.5 27.6 24.4 51.4 2.266 0
31 Broadwing -4.1 -5.8 7.7 31.6 1.222 0
32 CenturyTel -5.7 21.1 14.3 28.9 1.153 0
33 Citizens Communications 25.2 0.0 7.9 25.9 0.717 0
34 Commonwealth Telephone -5.7 0.0 16.3 49.9 1.517 0
35 Conestoga Enterprises 1.7 11.4 14.1 48.0 1.347 0
36 Digex 13.8 -37.6 -13.0 32.3 13.768 0
37 Equant 8.2 -15.6 0.3 87.7 5.444 0
38 Garmin 74.7 54.6 27.9 74.6 3.720 0
39 Gilat Satellite Networks 43.1 -0.4 3.4 40.0 0.925 0
40 IDT Corp. 48.7 38.4 -9.2 65.4 0.705 0
41 Infonet 40.7 0.6 1.8 49.2 7.497 0
42 Openwave Systems 20.3 -61.3 1.9 27.0 35.178 0
43 Price Communications 16.1 3.6 11.6 21.4 0.856 0
44 Qwest -6.1 0.0 9.4 22.6 2.123 0
45 SBC Communications -7.2 18.6 20.8 52.2 2.413 0
46 Telephone and Data Systems -5.3 31.0 4.9 26.9 1.362 0
47 Time Warner Telecom 4.1 -10.1 9.7 36.0 7.623 0
48 U.S. Cellular 0.3 27.9 16.1 49.5 4.357 0
49 Verizon Communications -7.4 8.9 15.3 39.3 1.273 0
50 Western Wireless 1.1 -39.5 15.7 41.8 1.449 0
N.B. Una analisi dettagliata del dataset si trova nel sito:
http://pages.stern.nyu.edu/~jsimonof/classes/2301/ps/