Corporate Financial Policy and the Theory of Financial Intermediation
研究存在两种道德风险的经济中金融合同的最优结构，发现多重信息问题需要多类金融索取权，直接与间接金融市场并存能提高效率，解释了资本市场与存款机构的互补性。
ABSTRACT This paper examines the optimal structure of financial contracts in an economy subject to two forms of moral hazard. Multiple information problems are shown to generate a role for multiple classes of financial claimants. We then show that economic efficiency is enhanced if the financial structure of the economy consists of both direct and intermediated financial contract markets. Consequently, our results demonstrate a motivation for the complementarity between capital markets and depository financial institutions.