 In the 1930s and on, Mervyn and others had collected matched samples and assessed that various accounting ratios appeared to be valuable in predicting bankruptcy.Altman Z-score is a customized version of the discriminant analysis technique of R. A. Fisher (1936).William Beaver's work, published in 1966 and 1968, was the first to apply a statistical method, "t"-tests to predict bankruptcy for a pair-matched sample of firms.