The Importance of Deviations from the Absolute Priority Rule in Chapter 11 Bankruptcy Proceedings
回顾了Beranek等人对早期关于破产中绝对优先权规则偏离研究的批评，解释了为何该偏离引起金融学者兴趣，并证实了早期研究的有效性。
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.