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Absolute Priority Rule Violations, Credit Rationing, and Efficiency

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  • Longhofer, Stanley D.

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  • Longhofer, Stanley D., 1997. "Absolute Priority Rule Violations, Credit Rationing, and Efficiency," Journal of Financial Intermediation, Elsevier, vol. 6(3), pages 249-267, July.
  • Handle: RePEc:eee:jfinin:v:6:y:1997:i:3:p:249-267
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    12. Besanko, David & Thakor, Anjan V, 1987. "Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(3), pages 671-689, October.
    13. White, Michelle J, 1983. "Bankruptcy Costs and the New Bankruptcy Code," Journal of Finance, American Finance Association, vol. 38(2), pages 477-488, May.
    14. Betker, Brian L, 1995. "Management's Incentives, Equity's Bargaining Power, and Deviations from Absolute Priority in Chapter 11 Bankruptcies," The Journal of Business, University of Chicago Press, vol. 68(2), pages 161-183, April.
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    17. Allan C. Eberhart & Lemma W. Senbet, 1993. "Absolute Priority Rule Violations and Risk Incentives for Financially Distressed Firms," Financial Management, Financial Management Association, vol. 22(3), Fall.
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    19. Eberhart, Allan C & Moore, William T & Roenfeldt, Rodney L, 1990. "Security Pricing and Deviations from the Absolute Priority Rule in Bankruptcy Proceedings," Journal of Finance, American Finance Association, vol. 45(5), pages 1457-1469, December.
    20. Bebchuk, Lucian Ayre & Chang, Howard F, 1992. "Bargaining and the Division of Value in Corporate Reorganization," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 8(2), pages 253-279, April.
    21. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    22. Gertner, Robert & Scharfstein, David, 1991. "A Theory of Workouts and the Effects of Reorganization Law," Journal of Finance, American Finance Association, vol. 46(4), pages 1189-1222, September.
    23. Dwight M. Jaffee & Thomas Russell, 1976. "Imperfect Information, Uncertainty, and Credit Rationing," The Quarterly Journal of Economics, Oxford University Press, vol. 90(4), pages 651-666.
    24. Franks, Julian R. & Torous, Walter N., 1994. "A comparison of financial recontracting in distressed exchanges and chapter 11 reorganizations," Journal of Financial Economics, Elsevier, vol. 35(3), pages 349-370, June.
    25. Michelle J. White, 1980. "Public Policy Toward Bankruptcy: Me-First and Other Priority Rules," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 550-564, Autumn.
    26. Boyd, John H & Smith, Bruce D, 1994. "How Good Are Standard Debt Contracts? Stochastic versus Nonstochastic Monitoring in a Costly State Verification Environment," The Journal of Business, University of Chicago Press, vol. 67(4), pages 539-561, October.
    27. Eberhart, Allan C. & Sweeney, Richard J., 1996. "A note on noise in the market for bankrupt firms' securities," Journal of Banking & Finance, Elsevier, vol. 20(2), pages 401-415, March.
    28. Townsend, Robert M., 1979. "Optimal contracts and competitive markets with costly state verification," Journal of Economic Theory, Elsevier, vol. 21(2), pages 265-293, October.
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    30. Brown, David T, 1989. "Claimholder Incentive Conflicts in Reorganization: The Role of Bankruptcy Law," Review of Financial Studies, Society for Financial Studies, vol. 2(1), pages 109-123.
    31. White, M.J., 1993. "The Costs of Corporate Bankruptcy : A U.S.-European Comparison," Working Papers 346, Research Seminar in International Economics, University of Michigan.
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    Cited by:

    1. Chopard, Bertrand & Langlais, Eric, 2009. "Défaut de paiement stratégique et loi sur les défaillances d'entreprises [Strategic default and bankruptcy law]," MPRA Paper 14366, University Library of Munich, Germany.
    2. Wei Fan & Michelle J. White, 2002. "Personal Bankruptcy and the Level of Entrepreneurial Activity," NBER Working Papers 9340, National Bureau of Economic Research, Inc.
    3. Fan, Wei & White, Michelle J, 2003. "Personal Bankruptcy and the Level of Entrepreneurial Activity," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 543-567, October.
    4. Stanley D. Longhofer & Stephen R. Peters, 2000. "Protection for whom? creditor conflicts in bankruptcy," Working Papers (Old Series) 9909R, Federal Reserve Bank of Cleveland.
    5. Hans K. Hvide & Tore Leite, 2003. "A Theory of Capital Structure with Strategic Defaults and Priority Violations," Finance 0311003, University Library of Munich, Germany.
    6. Allen B. Frankel, 1998. "Issues in financial institution capital in emerging market economies," Economic Policy Review, Federal Reserve Bank of New York, vol. 4(Oct), pages 213-223.
    7. Jeremy Berkowitz & Michelle J. White, 2002. "Bankruptcy and Small Firms' Access to Credit," NBER Working Papers 9010, National Bureau of Economic Research, Inc.
    8. Christine M. Cumming, 1998. "Commentary on 3 papers on the role of capital regulation in bank supervision," Economic Policy Review, Federal Reserve Bank of New York, vol. 4(Oct), pages 225-227.
    9. Michelle J. White, 2005. "Economic Analysis of Corporate and Personal Bankruptcy Law," NBER Working Papers 11536, National Bureau of Economic Research, Inc.
    10. Alan Schwartz, "undated". "A Normative Theory of Business Bankruptcy," American Law & Economics Association Annual Meetings 1037, American Law & Economics Association.
    11. repec:zbw:iamodp:91954 is not listed on IDEAS
    12. Matej Marinc & Razvan Vlahu, 2011. "The Economic Perspective of Bank Bankruptcy Law," DNB Working Papers 310, Netherlands Central Bank, Research Department.
    13. Cechura, Lukas, 2008. "Investment, Credit Constraints And Public Policy In A Neoclassical Adjustment Cost Framework," IAMO Discussion Papers 91954, Institute of Agricultural Development in Transition Economies (IAMO).
    14. Wei Fan & Michelle J. White, 2001. "Personal Bankruptcy and the Level of Entrepreneurial Activity," Center for Financial Institutions Working Papers 01-11, Wharton School Center for Financial Institutions, University of Pennsylvania.
    15. Wang, Hung-Jen, 2000. "Symmetrical Information and Credit Rationing: Graphical Demonstrations," MPRA Paper 31078, University Library of Munich, Germany, revised 08 Feb 2005.

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