The Role of Private and Public Debt in Corporate Capital Structures
研究1980年至1988年间《财富》500强企业的私人债务依赖程度，发现平均超过一半的债务来自私人来源，且私人债务使用与长期债务余额负相关，但与杠杆成本代理变量无关。
This paper examines the extent of reliance on private debt from 1980 through 1988 for a set of firms selected from Fortune 500 firms in 1980. The average firm in this set obtained more than half of its debt from private sources throughout the period, with a slight decline in the mid-1980's. Cross-sectional analysis reveals that a firm's reliance on private markets for debt financing is negatively related to the amount of outstanding long-term debt. Use of private debt is not linked to standard proxies for the potential for leverage-related costs for this group of firms.