The Market Value of Debt, Market versus Book Value of Debt, and Returns to Assets
指出实证研究常用债务账面价值而非市场价值，但理论基于市场价值，并说明用账面价值会扭曲债务权益比率和资本成本计算。
Empirical studies usually measure the value of debt based on book rather than market value, even though the underlying theory is almost always based on market values. This paper documents how using book value to measure debt can distoret debt-equity rations and cost of capital calculations.