The Reduced Form as an Empirical Tool: A Cautionary Tale from the Financial Veil
分析了简化形式实证策略在检验莫迪利亚尼-米勒公司金融结构模型时的局限性，指出脱离经济理论的实证方法通常估计不精确或不可靠，难以作为政策依据。
An analysis of the limitations of the reduced-form empirical strategy as a method of testing the Modigliani-Miller model of corporate financial structure, demonstrating that an empirical strategy that is not closely tied to an underlying economic theory of behavior will usually yield estimates that are too imprecise or too unreliable to form a basis for policy.