Measuring the Agency Cost of Debt
调整了企业的或有债权模型，以反映资本结构的激励效应，从而衡量债务的代理成本。通过分析企业及其产品市场的随机特征，选择最优经营策略，识别杠杆带来的经营策略变化并为其定价。
ABSTRACT We adapt a contingent claims model of the firm to reflect the incentive effects of the capital structure and thereby to measure the agency costs of debt. An underlying model of the firm and the stochastic features of its product market are analyzed and an optimal operating policy is chosen. We identify the change in operating policy created by leverage and value this change. The model determines the value of the firm and its associated liabilities incorporating the agency consequences of debt.