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Federal Reserve Bank of Cleveland
Economic Review
Absolute priority rule violations in bankruptcy
Stanley D. Longhofer
Charles T. Carlstrom

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.

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Stanley D. Longhofer & Charles T. Carlstrom, "Absolute priority rule violations in bankruptcy" , Federal Reserve Bank of Cleveland, Economic Review, issue Q IV, pages 21-30, 1995.
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