Strategic Default, Debt Structure, and Stock Returns
从理论和实证上研究了债务结构以及股东与债权人之间的策略互动如何影响预期股票收益，发现高债务重组难度和大量担保或可转换债务的公司预期收益更高。
Abstract This paper theoretically and empirically investigates how debt structure and strategic interaction among shareholders and debt holders in the event of default affect expected stock returns. The model predicts that expected stock returns are higher for firms that face high debt renegotiation difficulties and that have a large fraction of secured or convertible debt. Using a large sample of publicly traded U.S. firms for the period 1985–2012, the paper presents new evidence on the link between debt structure and stock returns that is supportive of the model’s predictions.