第一期的文献阅读是1990年ALLAN C. EBERHART, WILLIAM T. MOORE, 和RODNEY L. ROENFELDT发表在The Journal of Finance上面的Security Pricing and Deviations from the Absolute Priority Rule in Bankruptcy Proceedings，文章主要论述了美国破产重整案例中违反绝对优先原则进行财产分配的情况，同时针对该情况导致的证券市场反应作出分析，研究发现证券市场对于该等情形已有预期。

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背景介绍

Absolute Priority Rule：绝对优先原则是美国破产法中设定的基本分配规则，指在破产财产的分配过程中，要求按一定顺序进行清偿。

绝对优先原则早期源自于Northern Pacific Railway Co. v. Boyd案，在美国破产法典中体现在1129b款的内容中，体现的核心概念是“公平与公允”（fair and equitable）。

文章导读

本文分4个部分，第一部分通过法规分析，展示绝对优先偏离情况产生的原因，第二部分描述了文本的样本选择和偏离值研究情况，第三部分分析了宣告破产后的公司市值与重整中股东分配情况之间的关系，最后一部分对文本研究进行了总结。

研究方法

本文选取了30家符合要求的公司进行分析，作者通过计算绝对优先偏离值对数据进行比对分析。

Deviation from Absolute Priority Rule(%)=Amount Paid to Common Shareholders in Violation of the Absolute Priority Rule/ Total Value Distributed to all Claimants

*The Amount Paid to Common Shareholders is the number of shares issued tor retained under each plan times the market price per share on the distribution date

*The Creditor Deficit is the total amount creditors were owed less the som of cash and the market values of securities issued on the distribution date

*Total Value Distributed is the sum of cash and the market values of all securities issued to or retained by common shareholders, preferred shareholders, and creditors.

分析结果

30个样本中，24起债权人未得到足额偿还，其中23起出资人得到了分配，平均偏离值为9.87%，最小值为0.43%，最大值为35.71%。主要产生原因可能有：出资人提出重整方案的权利提高了谈判能力，债权人信息不足，债权人希望加快重整以减少开支。同时，文章发现重整拖延时间长度与偏离值呈现反向相关。

文献启发

本文论证了偏离值和一些其他因素的相关性，是Deviations from APR的早期文献之一，具有代表性，研究方法具有参考意义。

希望本次文献导读对你也有启发。

以下为美国破产法典11章1129b原文：

11 U.S. Code § 1129 - Confirmation of plan

(b)

(1) Notwithstanding section 510(a) of this title, if all of the applicable requirements of subsection (a) of this section other than paragraph (8) are met with respect to a plan, the court, on request of the proponent of the plan, shall confirm the plan notwithstanding the requirements of such paragraph if the plan does not discriminate unfairly, and is fair and equitable, with respect to each class of claims or interests that is impaired under, and has not accepted, the plan.

(2) For the purpose of this subsection, the condition that a plan be fair and equitable with respect to a class includes the following requirements:

(A) With respect to a class of secured claims, the plan provides— (i)(I) that the holders of such claims retain the liens securing such claims, whether the property subject to such liens is retained by the debtor or transferred to another entity, to the extent of the allowed amount of such claims; and

(II) that each holder of a claim of such class receive on account of such claim deferred cash payments totaling at least the allowed amount of such claim, of a value, as of the effective date of the plan, of at least the value of such holder’s interest in the estate’s interest in such property;

(ii) for the sale, subject to section 363(k) of this title, of any property that is subject to the liens securing such claims, free and clear of such liens, with such liens to attach to the proceeds of such sale, and the treatment of such liens on proceeds under clause (i) or (iii) of this subparagraph; or

(iii) for the realization by such holders of the indubitable equivalent of such claims.

(B) With respect to a class of unsecured claims—

(i) the plan provides that each holder of a claim of such class receive or retain on account of such claim property of a value, as of the effective date of the plan, equal to the allowed amount of such claim; or

(ii) the holder of any claim or interest that is junior to the claims of such class will not receive or retain under the plan on account of such junior claim or interest any property, except that in a case in which the debtor is an individual, the debtor may retain property included in the estate under section 1115, subject to the requirements of subsection (a)(14) of this section.

(C) With respect to a class of interests—

(i) the plan provides that each holder of an interest of such class receive or retain on account of such interest property of a value, as of the effective date of the plan, equal to the greatest of the allowed amount of any fixed liquidation preference to which such holder is entitled, any fixed redemption price to which such holder is entitled, or the value of such interest; or

(ii) the holder of any interest that is junior to the interests of such class will not receive or retain under the plan on account of such junior interest any property.