Asymmetric Information, Debt Capacity, and Capital Structure
研究了基于信息不对称成本的资本结构选择，通过同时选择债务面值和债务契约限制，整合了优序融资理论和权衡理论，并提出了实证含义。
Capital structure choice based on costs associated with asymmetric information is examined in order to present a new perspective on the standard pecking order and trade-off theories. In the model, both the face value of debt and the restrictiveness of the associated debt covenants are chosen as part of the financial structure, allowing a more complete characterization of this decision. Debt structure choice balances ex ante adverse selection against ex post moral hazard, providing a natural integration of the pecking order and trade-off theories and the development of interesting empirical implications.