A Theory of Debt Based on the Inalienability of Human Capital
分析企业家无法承诺不撤回人力资本时，如何从投资者融资，指出违约或退出可能给未来债务设上限，并刻画最优还款路径及其受项目回报期限结构和资产特性的影响。
Consider an entrepreneur who needs to raise funds from an investor, but cannot commit not to withdraw his human capital from the project. The possibility of a default or quit puts an upper bound on the total future indebtedness from the entrepreneur to the investor at any date. We characterize the optimal repayment path and show how it is affected both by the maturity structure of the project return stream and by the durability and specificity of project assets. Our results are consistent with the conventional wisdom about what determines the maturity structure of long-term debt contracts.