It would be interesting by sector, ie tech or home builders or airlines, then you have outright bk's then emerging from bk. Maybe you could find a list of lbo's that went bk.probably a red flag. Maybe analysts sell ratings that went bk. That would be a good one. I know it's not my business but what would you do with that info? (If you care to comment) Seems too broad as an indicator, with uncontrollable factors ie asbsestos.