Financial Contracting Under Imperfect Enforcement
研究了在不完全执行环境下，金融契约如何设计以防止企业家转移项目收益，解释了为何直债和普通股普遍存在，预测与资本结构实证规律一致。
We develop a model of financial contracting under imperfect enforcement. Financial contracts are designed to keep entrepreneurs from diverting project returns, but enforcement is probabilistic and penalties are limited. The model rationalizes the prevalence of straight debt and common stock, and its predictions are consistent with a host of empirical capital structure regularities.