Does the Bond Market Predict Bankruptcy Settlements?
研究破产程序中绝对优先权规则的偏离如何影响债券持有人收益，并检验债券市场在破产申请月是否有效预测这些偏离，结果支持市场效率。
ABSTRACT This study shows the extent to which deviations from the absolute priority rule increase or decrease the bankruptcy emergence payoff to traded (i.e., usually junior claimants) bondholders. The data indicate that, on average, bondholders benefit, albeit slightly, from absolute priority rule (APR) violations. This paper also examines the degree to which the bond market, in the bankruptcy filing month, anticipates departures from the APR and other influences on the payoff to bondholders. In other words, we investigate the informational efficiency of the market for bankrupt bonds. Overall, despite the complex and lengthy nature of bankruptcy proceedings, the results support efficiency.