Alternative Solutions to Underinvestment, Under Equity and Credit Rationing
比较了抵押品、补偿性余额和信用保险（包括常规保险和结果保险）在解决企业投资不足问题上的成本和有效性，发现无道德风险时信用保险最有效，有道德风险时结果保险最有效。
We compare alternative solutions to underinvestment (UI) problems in firms subject to limited access to equity markets, interest ceilings, and constraints on the volume of debt. Collaterals (assets or compensating balances) and credit insurance (‘regular’ or ‘outcome’ insurance whereby the premium is paid at the end of the insurance period) are compared on the basis to their costs and their effective use of financial sources. It is shown that when there is no moral hazard problem, credit insurance is the most effective instrument. Otherwise, ‘outcome’ insurance program is the most effective one.