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Absolute priority rule violations, credit rationing, and efficiency

Stanley D. Longhofer

No 9710, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: A demonstration that violations of the absolute priority rule exacerbate credit rationing problems by reducing the payment lenders receive in default states.

Keywords: Bankruptcy; Credit (search for similar items in EconPapers)
Date: 1997, Revised 1997
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Handle: RePEc:fip:fedcwp:9710