Security Design
解释发行人为何通过分割资产现金流来发行多种证券（如债务和股权）而非单一证券，在信息不对称环境下，这种分割能提高发行人预期收入，并有助于理解公司及金融中介的证券发行动机。
ABSTRACT We explain why an issuer may wish to raise external capital by selling multiple financial claims that partition its total asset cash flows, rather than a single claim. We show that, in an asymmetric information environment, the issuer's expected revenue is enhanced by such cash flow partitioning because it makes informed trade more profitable. This approach seems capable of shedding light on corporate incentives to issue debt and equity, as well as on financial intermediaries' incentives to issue multiple classes of claims against portfolios of securitized assets.