Capital Structure and the Informational Role of Debt
提出一个理论，说明债务如何通过违约触发债权人干预并产生信息，从而约束管理层行为，并刻画了债务水平的时间路径及比较静态结果。
This paper provides a theory of capital structure based on the effect of debt on investors' information about the firm and on their ability to oversee management. We postulate that managers are reluctant to relinquish control and unwilling to provide information that could result in such an outcome. Debt is a disciplining device because default allows creditors the option to force the firm into liquidation and generates information useful to investors. We characterize the time path of the debt level and obtain comparative statics results on the debt level, bond yield, probability of default, probability of reorganization, etc.