Campbell, John Y, Jens Hilscher and Jan Szilagyi, 2005.

Table 1: Number of bankruptcies and failures per yearThe table lists the total number of active firms (Column 1), total number ofbankruptcies (Column 2) and failures (Column 4) for every year of our sample period.The number of active firms is computed by averaging over the numbers of active firmsacross all months of the year.Year Active Firms Bankruptcy (%) Failure (%)1963 1281 0 0.00 0 0.001964 1357 2 0.15 2 0.151965 1436 2 0.14 2 0.141966 1513 1 0.07 1 0.071967 1598 0 0.00 0 0.001968 1723 0 0.00 0 0.001969 1885 0 0.00 0 0.001970 2067 5 0.24 5 0.241971 2199 4 0.18 4 0.181972 2650 8 0.30 8 0.301973 3964 6 0.15 6 0.151974 4002 18 0.45 18 0.451975 4038 5 0.12 5 0.121976 4101 14 0.34 14 0.341977 4157 12 0.29 12 0.291978 4183 14 0.33 15 0.361979 4222 14 0.33 14 0.331980 4342 26 0.60 26 0.601981 4743 23 0.48 23 0.481982 4995 29 0.58 29 0.581983 5380 50 0.93 50 0.931984 5801 73 1.26 74 1.281985 5912 76 1.29 77 1.301986 6208 95 1.53 95 1.531987 6615 54 0.82 54 0.821988 6686 84 1.26 85 1.271989 6603 74 1.12 78 1.181990 6515 80 1.23 82 1.261991 6571 70 1.07 73 1.111992 6914 45 0.65 50 0.721993 7469 36 0.48 39 0.521994 8067 30 0.37 33 0.411995 8374 43 0.51 45 0.541996 8782 32 0.36 34 0.391997 9544 44 0.46 61 0.641998 9844 49 0.50 150 1.521999 9675 . . 209 2.162000 9426 . . 167 1.772001 8817 . . 324 3.672002 8242 . . 221 2.682003 7833 . . 167 2.13