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The Importance of Deviations from the Absolute Priority Rule in Chapter 11 Bankruptcy Proceedings

Author

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  • Allan C. Eberhart
  • Lawrence A. Weiss

Abstract

Departures from the absolute priority rule (APR) in Chapter 11 bankruptcy proceedings have been of great interest to finance scholars throughout the 1990s. In a recent article, Beranek, Boehmer, and Smith (1996, BBS) criticize three of the early articles in this area (Franks and Torous, 1989, Eberhart, Moore, and Roenfeldt, 1990, and Weiss (1990); collectively called the priority papers), among others. This paper reviews the BBS paper, explains why APR violations have been interesting to finance researchers, and documents the validity of the priority papers' focus.

Suggested Citation

  • Allan C. Eberhart & Lawrence A. Weiss, 1998. "The Importance of Deviations from the Absolute Priority Rule in Chapter 11 Bankruptcy Proceedings," Financial Management, Financial Management Association, vol. 27(4), Winter.
    • Handle: RePEc:fma:fmanag:eberhart98
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    Cited by:

    1. Olaru, Ioan & Zachariadis, Konstantinos, 2011. "Trading and voting in distressed firms," LSE Research Online Documents on Economics 119076, London School of Economics and Political Science, LSE Library.
    2. Thamayanthi Chellathurai, 2017. "Probability Density Of Recovery Rate Given Default Of A Firm’S Debt And Its Constituent Tranches," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 20(04), pages 1-34, June.
    3. Fantazzini, Dean, 2008. "Credit Risk Management," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 12(4), pages 84-137.
    4. Karel Janda, 2007. "Optimal Debt Contracts in Emerging Markets with Multiple Investors," Prague Economic Papers, Prague University of Economics and Business, vol. 2007(2), pages 115-129.
    5. Jakub Seidler & Petr Jakubík, 2009. "Implied Market Loss Given Default in the Czech Republic: Structural-Model Approach," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(1), pages 20-40, January.

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