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92 Carmine Zoccali Figure n. 1 shows how the ratio E/TA is able to completely split bankrupt from non-bankrupt firms, because its mean values over the five years do not overlap and this can help us to distinguish if a firm will go out of business within one year. But going deeper, the results show the lowest degree of direct correlation existing between the level of the ratio E/TA set by the Italian watchdog committee and the likelihood of failure. Table 3 shows how if the ratio E/TA, actually set at 0.08, increases over time there will be a lower reduction in likelihood of failure, while if there is a decrease of the ratio E/TA to 0.01 there is no increase in the failure rate. Table n. 3 - Failure rate after increasing or reducing ratio E/TA Ratio E/TA > 0.08 Year n-1 n-2 n-3 n-4 n-5 mean Bankrupt 2.00 2.00 1.00 2.00 3.00 2.00 Non-bankrupt 6.00 3.00 2.00 3.00 4.00 3.60 Total 8.00 5.00 3.00 5.00 7.00 5.60 % Bankrupt 0.25 0.40 0.33 0.40 0.43 0.36 Ratio E/TA > 0.2 Year n-1 n-2 n-3 n-4 n-5 mean Bankrupt 3.00 3.00 2.00 4.00 3.00 3.00 Non-bankrupt 7.00 5.00 5.00 6.00 6.00 5.80 Total 10.00 8.00 7.00 10.00 9.00 8.80 % Bankrupt 0.30 0.38 0.29 0.40 0.33 0.34 Ratio E/TA > 0.01 Year n-1 n-2 n-3 n-4 n-5 mean Bankrupt 4.00 4.00 2.00 4.00 4.00 3.60 Non-bankrupt 7.00 6.00 5.00 6.00 8.00 6.40 Total 11.00 10.00 7.00 10.00 12.00 10.00 % Bankrupt 0.36 0.40 0.29 0.40 0.33 0.36 This means that looking through this ratio and through its evolution over time it is impossible to figure out if there will be an increase in likelihood of failure or if the firm will be able to survive without a recapitalization by shareholders.
The role of financial indicators in the life of Italian Football clubs 93 The other two ratios chosen by Italian watchdog committee are not able to do the same either because, at certain times, their mean values for bankrupt and non-bankrupt companies overlap, as it is possible to see in figures 2 and 3.
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Rivista di ISSN 1825-6678 Diritto e
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Rivista di Diritto ed Economia dell
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INDICE L’ILLECITO SPORTIVO NELLA
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GIURISPRUDENZA INTERNAZIONALE SENTE
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14 Mauro Sferrazza della contestazi
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16 Mauro Sferrazza quell’accordo
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18 Mauro Sferrazza (rinvenibili nel
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20 Mauro Sferrazza accanto alle tra
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22 Mauro Sferrazza fosse posto in e
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24 Mauro Sferrazza mezzo, di atti d
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26 Mauro Sferrazza oltre ogni dubbi
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28 Mauro Sferrazza Diversa e distin
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30 Mauro Sferrazza all’accertamen
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32 Mauro Sferrazza sportiva, ai fin
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34 Mauro Sferrazza informazioni ass
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36 Mauro Sferrazza M. SFERRAZZA, La
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38 Luca Longhi un sistema di licenz
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40 Luca Longhi che vieti l’import
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Sentenza nelle Cause C-403/08 e C-4
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172 Giurisprudenza internazionale &
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GIURISPRUDENZA NAZIONALE __________
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178 Giurisprudenza nazionale pregiu
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Volumi pubblicati: SPORTS LAW AND P
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