2010 | 2010(57(113)) | 101-124
Article title

Sequences of cash flows in a group of bankrupts and non-bankrupts

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The paper presents the findings of the author's research on some properties of cash flows in a group of bankrupts and non-bankrupts, which can be useful in financial analysis and in general in bankruptcy prediction. It analyses the temporal (sequential) relations between cash flows in the cash flow statement in the form of sequences of the signs of these flows, signs and amounts of these flows and financial ratios reflect-ing the elements of the cash flow statement. The relationships are formalized as respective hypotheses. Empirical research was carried out on a representative group of companies including bankrupts. It was proved that in bankruptcy modeling the sequences of signs and sings and amounts can be useful but financial ratios are only partly useful.
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