The Private Placement of Debt and Outside Equity as an Information Revelation Mechanism
认为债务和外部股权可以分别从不同专家那里引出关于企业不同用途价值的可信信息，股权专家揭示企业主要用途价值，债务专家揭示替代用途价值，且专家需按预测价格购买相应证券以绑定其估值。
We view debt and outside equity as serving to elicit credible information from different specialists about the value of an enterprise in its various uses. The equity valuation specialist provides a price forecast for equity that reveals information about the value of the enterprise in its primary use. The debt valuation specialist provides a price forecast for debt that reveals information about the value of the enterprise in its alternative use. The prices forecast by the valuation specialists credibly reveal their private information because they are required to buy the associated claims at the forecast prices, thereby bonding their valuations.