The Resolution of Financial Distress
证明，即使存在无成本重组可能，由于信息不对称和法院自由裁量权，企业理性地承担高额成本来解决财务困境。
Most models of financial structure embody an assumption about financial distress that causes debt to be costly to the issuing firm. This approach has been criticized on the grounds that the assumed costs could be avoided by a costless financial reorganization. In this article we show that despite the possibility of costless reorganization, it may be rational for firms to incur significant costs in the resolution of financial distress. The main assumptions that give rise to our results are the existence of asymmetric information and of judicial discretion that allows courts to impose a reorganization on the claimants of a firm.