Spring 2017

Document Type

Honors Project



Additional Department


First Advisor

Elizabeth Cooper

Second Advisor

Vincent Kling


This study seeks to demonstrate the relationship between firm-specific variables and their probability of emerging from Chapter 11 bankruptcy prior to and after the 2008 financial crisis. Using univariate analysis and multivariate logistic regressions, this study models a firm's probability of emerging from bankruptcy using a combination of ten firm-specific variables. The findings of this study show that the amount of time a firm spends in bankruptcy as well as whether the firm replaced their CEO during the bankruptcy process serve as indicators for bankruptcy emergence in a pre-crisis sample. Indicators of bankruptcy emergence were not found in the post-crisis sample which suggests that macroeconomic factors have a larger effect on bankruptcy emergence in a post-financial crisis climate.