A Further Empirical Investigation of the Bankruptcy Cost Question
评估了破产的直接和间接成本的实证证据，首次提出并测量了间接成本的代理指标，并比较了预期破产成本现值与债务利息税盾现值，对最优资本结构争论有重要启示。
ABSTRACT In this paper, empirical evidence with respect to both the direct and indirect costs of bankruptcy is assessed. This should be of interest for three related reasons. First, there is a need to provide further evidence as to the size of bankruptcy costs. Second, for the first time a proxy methodology for measuring indirect costs of bankruptcy is presented and actually measured. Third, a simple format for measuring the present value of expected bankruptcy costs is compared with the present value of expected tax benefits from interest payments on leverage. This comparison has important implications for the continuing debate as to whether or not an optimum capital structure exists for corporations.