Absolute priority rule violations in bankruptcy

Charles Carlstrom and Stanley D. Longhofer

Economic Review, 1995, issue Q IV, 21-30

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.

Date: 1995
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