I agree with Fish that looking at companies' stock prices just before, during and after filing a BK will tell us what to watch for and what, statistically, we can expect.
One finer sort or filter maybe industry by industry. I was listening to a top French economist at Davos last week and she predicted fewer BKs in France this year, but the fact is that
BKs are going to happen here in the U.S. throughout this year and next as companies simply run out of cash.
Seeing the patterns Fish is pointing out here is a key to profits.