Default and Renegotiation: A Dynamic Model of Debt
分析债务如何促使企业家支付现金流而非挪用，先研究最优债务合同中的贷款规模与还款权衡，再推导债务在更广泛合同中的最优条件。
We analyze the role of debt in persuading an entrepreneur to pay out cash flows, rather than to divert them. In the first part of the paper we study the optimal debt contract—specifically, the trade-off between the size of the loan and the repayment—under the assumption that some debt contract is optimal. In the second part we consider a more general class of (nondebt) contracts, and derive sufficient conditions for debt to be optimal among these.