“Since attacks on the relevance of ratio analysis emanate from many esteemed members of the scholarly world, does this mean that ratio analysis is limited to the world of "nuts and bolts"? Or, has the significance of such an approach been unattractively garbed and therefore unfairly handicapped?”
(Altman, 1968)
Write a critical response to this statement drawing evidence from the following paper:
“Financial ratios, discriminant analysis and the prediction of corporate bankruptcy.”