What is BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, Probability of Financial Distress (%)?
Probability of Financial Distress (%) measures the probability that a company will go bankrupt in the upcoming year given its current financial position. A higher ratio indicates a larger probability of bankruptcy for the company, while a lower ratio indicates a healthier fundamental. As of today, BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND,'s Probability of Financial Distress (%) is 0.00%.
Like the Altman Z-Score, the PFD measures a company's bankruptcy risk. However, the main drawback of the Z-score is it does not apply to banks and insurance companies. According to Investopedia, the concept of "working capital" does not apply to banks and insurance companies, as financial institutions do not have typical current assets or current liabilities like inventories or accounts payable.
Competitive Comparison of BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND,'s Probability of Financial Distress (%)
For the Asset Management subindustry, BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND,'s Probability of Financial Distress (%), along with its competitors' market caps and Probability of Financial Distress (%) data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND,'s Probability of Financial Distress (%) Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND,'s Probability of Financial Distress (%) distribution charts can be found below:
* The bar in red indicates where BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND,'s Probability of Financial Distress (%) falls into.
BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, Probability of Financial Distress (%) Calculation
Probability of Financial Distress (%) (PFD) was developed by John Campbell, Jens Hilscher and Jan Szilagyi in their Search of Distress Risk. It measures the probability that a company will go bankrupt within the next 12 months given its current financial position.
The Probability of Financial Distress (%) was obtained by a logit probability model based on eight explanatory variables. The logit formula to compute the probability of financial distress (LPFD) is given below:
| LPFD | = | -20.12 * NIMTAAVG | + | 1.60 * TLMTA | - | 7.88 * EXRETAVG | + | 1.55 * SIGMA | - | 0.005 * RSIZE | - | 2.27 * CASHMTA | + | 0.070 * MB | - | 0.09 * PRICE | - | 8.87 |
| = | 0.00 |
The Probability of Financial Distress (%) (PFD) was then obtianed by:
| PFD | = | 1 | / | (1 + e^(-LPFD)) | * | 100% |
| = | 0.00% |
The eight explanatory variables are:
1. NIMTAAVG = Net Income to Market Total Assets
*Note that for companies reported quarterly, geometrically declining weighted quarterly Net Income data in latest four quarters are used.
2. TLMTA = Total liabilities to Market Total Assets
3. CASHMTA = Cash to Market Total Assets
For banks, CASHMTA is measured as:
4. EXRETAVG = Excess Return compared to the S&P 500
EXRETAVG is the weighted excess return compared to the S&P 500 in past 12 month. Geometrically declining weights are imposed on the monthly excess return to reflect lagged information. The weight is halved each quarter.
5. SIGMA = Standard Deviation of Daily Returns
For sigma, we use the annualized standard deviation of a company's returns over the past 92 days (or 63 trading days).
6. RSIZE = Relative Size
| RSIZE | = | log (Market Cap | / | Total Market Cap of S&P 500 companies) |
7. MB = Market to Adjusted Book Equity Ratio
8. PRICE
PRICE is measured as the log of the stock price, capped at log(15).
BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, (BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND,) Business Description
Traded in Other Exchanges
N/A
Address
100 Bellevue Parkway, Wilmington, DE, USA, 19809
BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, INC. is a diversified, closed-end management investment company. The fund invests in the long-term municipal obligations that are investment grade quality at the time of investment. The fund's investment objective is to provide shareholders with current income exempt from U.S. federal and California income taxes as is consistent with its investment policies and prudent investment management.
Executives
| Wells Fargo & Company/mn |
10 percent owner |
420 MONTGOMERY STREET, SAN FRANCISCO CA 94163 |
| Wells Fargo Bank N A |
10 percent owner |
101 NORTH PHILLIPS AVENUE, SIOUX FALLS SD 57104 |
| Lorenzo Flores |
director |
2100 LOGIC DRIVE, SAN JOSE CA 95124 |
| James Phillip Holloman |
director |
P.O. BOX 625737, 6800 CINTAS BOULEVARD, CINCINNATI OH 45262 |
| Stayce D. Harris |
director |
1999 S. BASCOM AVE., SUITE 700, CAMPBELL CA 95008 |
| Trent Walker |
officer: Chief Financial Officer |
C/O PIMCO, 650 NEWPORT CENTER DRIVE, NEWPORT BEACH CA 92660 |
| Robert W Fairbairn |
director |
55 EAST 52ND STREET, NEW YORK NY 10055 |
| Cynthia Egan |
director |
7117 BELLONA AVENUE, BALTIMORE MD 21212 |
| Catherine A. Lynch |
director |
55 EAST 52ND STREET, NEW YORK NY 10055 |
| Michael Perilli |
other: Portfolio Manager |
55 EAST 52ND STREET, NEW YORK NY 10055 |
| Jonathan Diorio |
officer: Vice President |
55 EAST 52ND STREET, NEW YORK NY 10055 |
| Barbara Novick |
director |
21 PINE COURT, NEW PROVIDENCE NJ 07974 |
| Charles Park |
officer: Chief Compliance Officer |
55 EAST 52ND STREET, NEW YORK NY 10055 |
| Citigroup Inc |
10 percent owner |
388 GREENWICH STREET, NEW YORK NY 10013 |
| Robert Crothers |
officer: Vice President |
55 EAST 52ND STREET, NEW YORK NY 10055 |
BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND, (BLACKROCK MUNIYIELD CALIFORNIA QUALITY FUND,) Headlines
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