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30 School of Doctoral Studies (European Union) Journal2011metrics, both in-sample and out-of-sample, we find that, ourcombined model significantly outperforms models from theextant literature.ReferencesAgarwal, V., and Taffler, R. (2008), "Comparing theperformance of market-based and accountingbasedbankruptcy prediction models", Journal ofBanking & Finance 32, PP: 1541-1551.Altman, E. I. (1968), "Financial ratios, discriminantanalysis and the prediction of corporate bankruptcy",Journal of Finance 23, PP: 589-609.Beaver, W. H. (1966), "Financial ratios as predictorsof failure", Journal of Accounting Research 4, PP:71-111.Beaver, W. H., McNichols, M.F., and Jung-Wu, R.(2005), "Have financial statements become lessinformative? Evidence from the ability of financialratios to predict bankruptcy", Review of AccountingStudies 10, PP: 93-122.Begley, J., Ming, J., and Watts, S. (1996), "Bankruptcyclassification errors in the 1980s: an empiricalanalysis of Altman's and Ohlson's models", Reviewof Accounting Studies 1, PP: 267-284.Burgstahler, D., James, J., and Noreen, E. (1989),"Changes in the probability of bankruptcy and equityvalue", Journal of Accounting and Economics 11,PP: 207-224.Campbell, J. Y., Hilscher, J., and Szilagyi, J. (2008),"In search of distress risk", Journal of Finance 63,PP: 2899-2939.Chava, S., and Jarrow, R. A. (2004), "Bankruptcyprediction with industry effects", Review ofFinance 8, PP: 537-569.Denis, D. J., Diane, K., and Denis, A. S. (1997),"Agency problems, equity ownership, and corporatediversification", Journal of Finance 52, PP: 135-160.Dichev, I. D. (1998), "Is the risk of bankruptcy asystematic risk?", Journal of Finance 53, PP: 1131-1147.Etemadi, H., Anvari Rostami, A. A., and Dehkordi,H. F. (2009), "A genetic programming model forbankruptcy prediction: empirical evidence fromIran", Expert Systems with Applications March,36, PP: 3199-3207.Francis, J. (1990), "Corporate compliance with debtcovenants", Journal of Accounting and Research28, PP: 326-347.Hillegeist, S. A., Keating, E., Donald P., Cram, J. G.,and Lunstedt. (2004), "Assessing the probability ofbankruptcy", Review of Accounting Studies 9, PP:5-34.Komijani, A., and Saadatfar, J. (2007), "Applicationof "artificial neural network models", in predictingeconomic bankruptcy of the registered corporationsin stock market", Journal of Economic Essays 3,PP: 11-44.Lyandres, E., and Alexei, Z. (2007), "Investmentopportunities and bankruptcies prediction.Working Paper, Rice University, Houston. Ohlson,James, 1980. Financial ratios and the probabilisticprediction of bankruptcy", Journal of AccountingResearch 18, PP: 109-131.Makian S.N.A.D., Almodaresi S.M.T., and KarimiTakalou S. (2010), "A comparison among artificialneural network, discriminant analysis and logisticregression techniques for bankruptcy: a case studyof Kerman's firms", The Economic Research 10,PP: 141-161.Mehrani, S., Mehrani, K., Monsefi, Y., and Karami,Gh. R. (2005), " Implication Zmijewski and Shiratabankruptcy prediction models in Tehran stockexchange", The Iranian Accounting and AuditingReview 12, PP: 105-131.Rahnamai Roud Poshti, F., Alikhani, R., andMaranjouri, M. (2009), "Applicational investigationof Altman and Fulmer bankruptcy predictionmodels in Tehran stock exchange", The IranianAccounting and Auditing Review 16, PP: 19-34.Rose, D. (1992), "Bankruptcy risk, firm-specificmanagerial human capital, and diversification",Review of Industrial Organization 7, PP: 65-73.Shumway, T. (2001), "Forecasting bankruptcy moreaccurately: a simple hazard model", Journal ofBusiness 74, PP: 101-124.Stone, M. (1991), "Firm financial stress and pensionplan continuation/replacement decisions", Journalof Accounting and Public Policy 3, PP: 175-206.Vassalou, M., and Xing, Y. (2004), "Default risk inequity returns", Journal of Finance 59, PP: 831-868.Vuong, Q. H. (1989), "Likelihood ratio tests formodel selection and non-nested hypotheses",Econometrica 57, PP: 307-333.School of Doctoral Studies (European Union) Journal - 2011