Perquisites, Risk, and Capital Structure
研究公司代理问题中，额外津贴与风险如何相互作用，产生新颖且复杂的比较静态分析，并探讨最优资本结构包含风险债券及违约时撤换内部人的条款。
ABSTRACT In a corporate agency problem, perquisites and risk interact to produce novel, complex comparative statics. For example, even if additional debt induces risk‐neutral insiders to increase risk, they never seek to increase the market value of their stock; instead, insiders decrease the present value of their subsequent, conditionally optimal perquisites. Also, the firm's optimal capital structure includes a risky bond with an agreement to remove insiders whenever the bond defaults. However, the optimal sharing rule between corporate claimants cannot be supported solely by standard securities such as bonds, stocks, options, and their hybrids.