%0 Journal Article
	%A Ε. Giovanis
	%D 2010
	%J International Journal of Economics and Management Engineering
	%B World Academy of Science, Engineering and Technology
	%I Open Science Index 40, 2010
	%T A Study of Panel Logit Model and Adaptive Neuro-Fuzzy Inference System in the Prediction of Financial Distress Periods
	%U https://publications.waset.org/pdf/7348
	%V 40
	%X The purpose of this paper is to present two different
approaches of financial distress pre-warning models appropriate for
risk supervisors, investors and policy makers. We examine a sample
of the financial institutions and electronic companies of Taiwan
Security Exchange (TSE) market from 2002 through 2008. We
present a binary logistic regression with paned data analysis. With
the pooled binary logistic regression we build a model including
more variables in the regression than with random effects, while the
in-sample and out-sample forecasting performance is higher in
random effects estimation than in pooled regression. On the other
hand we estimate an Adaptive Neuro-Fuzzy Inference System
(ANFIS) with Gaussian and Generalized Bell (Gbell) functions and
we find that ANFIS outperforms significant Logit regressions in both
in-sample and out-of-sample periods, indicating that ANFIS is a
more appropriate tool for financial risk managers and for the
economic policy makers in central banks and national statistical
services.
	%P 423 - 429