Priority and proportionality in bankruptcy

Priorities and Priority in Bankruptcy

Proportionality, Equality, and Duality in Bankruptcy Problems with Nontransferable Utility

This paper analyzes bankruptcy problems with nontransferable utility as a generalization of bankruptcy problems with monetary estate and claims. Following the classical axiomatic theory of bankruptcy, we formulate some appropriate properties for NTU-bankruptcy rules and study their implications. We explore duality of bankruptcy rules and we derive several characterizations of the generalized pr...

Public Policy toward Bankruptcy: Me-First and Other Priority Rules

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Agency Costs and Deviations from the Absolute Priority Rule in Bankruptcy Reorganization

A theoretical model examines real investment decisions during bankruptcy reorganization and the closing distribution of property rights over capital structure to creditors and equityholders. Estate value is uncertain. Risky real investment levels in firm technology are endogenous and subject to financing constraints with interest rates sensitive to the probability of default and expected credit...

Triggers and Priority: An Integrated Model of the Effects of Bankruptcy Law on Overinvestment and Underinvestment