Strategic Debt Service
在连续时间资产定价模型中引入战略债务服务，推导出债务和权益价值的简单闭式解，发现战略债务服务能解释风险公司债溢价的大部分，并消除直接破产成本和债务代理成本。
ABSTRACT When firms experience financial distress, equity holders may act strategically, forcing concessions from debtholders and paying less than the originally‐contracted interest payments. This article incorporates strategic debt service in a standard, continuous time asset pricing model, developing simple closed‐form expressions for debt and equity values. We find that strategic debt service can account for a substantial proportion of the premium on risky corporate debt. We analyze the efficiency implications of strategic debt service, showing that it can eliminate both direct bankruptcy costs and agency costs of debt.