Optimal Property Rights in Financial Contracting
从法律视角定义产权，研究在金融契约中，当贷款人的合同保护可能隐藏且增加其他贷款人发现成本时，法律应何时将其作为产权强制执行，并解释了法律为何限制产权的设立及其最优执行原则。
This article adopts a definition of property rights from legal scholarship: A property right (in contrast to a contractual right) is enforceable, not only against the parties to a contract, but also against third parties outside the contract. In a financial contracting setting, we ask: When should the law enforce a lender's contractual protections as property rights, given that these rights may be hidden and costly for other lenders to discover? Our model explains why the law limits the creation and enforceability of property rights, and develops principles of optimal enforceability. These principles are often reflected in the law. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.