Incentive Conflicts, Bundling Claims, and the Interaction among Financial Claimants
指出，在某些资本结构下，股东有动机收购其他债权并改变投资策略以最大化自身与收购债权的总价值，这种重组可能重新引发代理问题，而捆绑债权或分散所有权可以避免该问题。
ABSTRACT We show that for certain capital structures equity has an incentive to buy out another claim and alter the firm's investment strategy so as to maximize the combined value of equity and the acquired claim. This restructuring may reintroduce agency problems into capital structures which appear to avoid agency conflicts. By bundling claims, it is possible to avoid this agency problem. The agency problem is also eliminated by dispersed ownership of the claims.