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Absolute priority rule violations in bankruptcy

Author

Listed:
  • Charles T. Carlstrom
  • Stanley D. Longhofer

Abstract

An examination of the impact of APR violations, demonstrating that the efficiency of such violations depends on the specific contracting problem with which a firm and its creditors are faced, and that as a result, an optimal bankruptcy institution should allow contract participants to decide ex ante whether such violations will occur.

Suggested Citation

  • Charles T. Carlstrom & Stanley D. Longhofer, 1995. "Absolute priority rule violations in bankruptcy," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 21-30.
    • Handle: RePEc:fip:fedcer:y:1995:i:qiv:p:21-30
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    File URL: http://www.clevelandfed.org/Research/Review95/95-q4-longhofer.pdf
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    Citations

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    Cited by:

    1. Régis Blazy & Bertrand Chopard & Agnès Fimayer & Jean-Daniel Guigou, 2007. "Financial versus Social Efficiency of Corporate Bankruptcy Law: the French Dilemma?," LSF Research Working Paper Series 07-02, Luxembourg School of Finance, University of Luxembourg.
    2. Longhofer, Stanley D., 1997. "Absolute Priority Rule Violations, Credit Rationing, and Efficiency," Journal of Financial Intermediation, Elsevier, vol. 6(3), pages 249-267, July.
    3. Tom Fischer, 2010. "No-arbitrage pricing under cross-ownership," Papers 1005.0768, arXiv.org.
    4. Tom Fischer, 2014. "No-Arbitrage Pricing Under Systemic Risk: Accounting For Cross-Ownership," Mathematical Finance, Wiley Blackwell, vol. 24(1), pages 97-124, January.
    5. Maria Carapeto, 2006. "Explaining Deviations from Absolute Priority Rules in Bankruptcy," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 3(3), pages 543-560, November.
    6. Bertrand Chopard, 2005. "« Ex post » vs « Ex ante » : le cas de l’économie du droit de la faillite," Revue d'Économie Financière, Programme National Persée, vol. 81(4), pages 291-303.
    7. Stef Nicolae, 2017. "Voting Rules in Bankruptcy Law," Review of Law & Economics, De Gruyter, vol. 13(1), pages 1-39, March.
    8. Greg M. Gupton, 2005. "Advancing Loss Given Default Prediction Models: How the Quiet Have Quickened," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 34(2), pages 185-230, July.
    9. Stanley D. Longhofer, 1997. "Absolute priority rule violations, credit rationing, and efficiency," Working Papers (Old Series) 9710, Federal Reserve Bank of Cleveland.

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