Much Ado about Nothing: Absolute Priority Deviations in Chapter 11
澄清了绝对优先权规则（APR）的含义，并解释了美国破产法为何允许在某些情况下偏离该规则，纠正了部分实证研究中的误解。
Some of the authors of empirical bankruptcy studies have misinterpreted the absolute priority rule (APR) and erroneously concluded that at least some bankruptcy courts are failing to enforce the law. This paper clarifies the APR and explains why departures from it are permitted by the US bankruptcy code in certain circumstances.