Fault in the formula on this page

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Z-Score (Altman) > Forum > Fault in the formula on this page

Fault in the formula on this page
Erik Werner, Student, Sweden, Member
According to Altman's own article (find references on the English Z-score Wikipedia page) the ratio for X4 for private manufacturers and non-manufacturers should be: Book value of equity/Book value of total liabilities Please correct me if I'm wrong.
 

     

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