Do Financial Institutions Matter?
指出标准资产定价理论忽略金融机构角色，而公司金融关注代理问题，但两者存在不一致：给金融机构资金时假设无代理问题，给企业时却有。主张两个领域都应重视金融机构和市场的作用。
In standard asset pricing theory, investors are assumed to invest directly in financial markets. The role of financial institutions is ignored. The focus in corporate finance is on agency problems. How do you ensure that managers act in shareholders' interests? There is an inconsistency in assuming that when you give your money to a financial institution there is no agency problem, but when you give it to a firm there is. It is argued that both areas need to take proper account of the role of financial institutions and markets. Appropriate concepts for analyzing particular situations should be used.