Asymmetric Information, Repeated Lending, and Capital Structure
构建了一个三期委托代理模型，说明借款人通过留存收益减少贷款需求，从而降低违约概率并获得更优惠的信贷条件，模型还能通过金融市场效应使真实冲击持续存在。
This paper develops a model of capital structure in a three period agency framework. Borrowers retain earnings to reduce their loan needs, which reduces their probability of default, which allows them to obtain more favorable credit terms. The model is capable of generating persistence of real shocks through financial market effects. Copyright 1993 by Ohio State University Press.