Note(s): This table reports robustness checks using different measures of accounting conservatism in bankrupt and non-bankrupt firms using the full sample (1987–2015). C-score is the firm-year measure of conservatism as in Khan and Watts (2009); CR is the conservatism ratio measure of Callen et al. (2010) computed as the earnings surprise divided by earnings news. NOA is negative cumulative non-operating accruals over the sample period deflated by beginning total assets, multiplied by negative one, as in Givoly and Hayn (2000). ***p < 0.01, **p < 0.05, *p < 0.1